ElderLaw News March 2010
In This Issue
- More Seniors Eligible for Big Medicare Drug Subsidy
- Demise of Estate Tax Could Have Serious Consequences for Spouses
- Book Review: Next Steps: A Practical Guide to Planning for the Best Half of Your Life
- How to Cope With Big Rate Hikes on Long-Term Care Policies
- Medigap Coverage Is Changing
To Clients, Colleagues and Friends:
A million low-income seniors have become eligible for a big assist on prescription drug expenses this year under a newly expanded federal program. The subsidy can defray thousands of dollars in costs, and in many cases eliminate prescription drug expenses entirely for participating seniors.
The estate tax expired on January 1, 2010. It remains to be seen whether Congress will reinstate it before it returns in 2011, but the fact that there is currently no estate tax can have unintended consequences for spouses. Standard language found in many estate plans could leave spouses with nothing.
The authors of a nationally syndicated newspaper column on elder law have written a book based on decades of experience helping people both on the page and in the office.
If you have long-term care insurance, brace for the possibility of a steep increase in premiums this year. Some of the largest long-term care underwriters are asking state regulators for large increases on some policies this year.
Several changes are coming to Medigap plans, which supplement Medicare’s coverage. In June 2010, four current plans will be dropped and two new plans will be added, bringing the total number of available Medigap plans to 10.
Disclaimer: The information contained in this newsletter is not intended as legal advice and should not be relied upon to answer any specific questions concerning your own circumstances or for purposes of legal planning. For specific legal advice, please contact our offices.