Elderlaw News February 2011
- Turning 65? What You Need to Know about Signing up for Medicare
- The Virtues of Private Reverse Mortgages
- State Laws Create Obstacles to End-of-Life Planning, Study Finds
- Proposed Chinese Law Would Require Adult Children to Visit Elderly Parents Regularly
To Clients, Colleagues and Friends:
The first of the 78 million baby boomers turned 65 on January 1, 2011, and some 10,000 boomers a day will reportedly be turning 65 between now and 2030. If you are among those about to reach that milestone, then it is time to think about Medicare. You become eligible for Medicare as soon as you turn 65, and delaying your enrollment can result in penalties.
Banks have been touting the advantages of so-called “reverse” mortgages. But if the homeowner moves to a nursing home, this means liquidating an asset that must be spent down before the former homeowner can qualify for Medicaid coverage. There is another alternative that in many instances better meets the needs and goals of older homeowners.
Despite well-publicized cases like that of Terri Schiavo, most Americans still do not have “advance directives” that give caregivers instructions on the kind of care they would like to receive should they become terminally ill or permanently unconscious. One impediment may be state laws.
Adult children in China would be required to visit their elderly parents on a regular basis under a proposed amendment to the nation’s Law on Protection of the Rights and Interests of the Aged.