Lifestyles over 50 Finance & Money
Medicaid – With “Gift & Annuity” You Don’t Have to Wait Five Years
Nursing homes cost over $125,000 a year. Medicare and health insurance don’t pay for this. Fortunately, Medicaid does. But impoverishment is the price of admission into the Medicaid program. While most spend themselves broke, a savvy few manage to qualify for Medicaid without forfeiting their estate. One way for single clients to do that is with the “gift & annuity” strategy.
Under gift & annuity, a person gifts a substantial portion of their estate – typically about half of their assets - outright or into a trust. At the same time, the remaining assets are converted into an income stream via purchase of a Single Premium Immediate Annuity, or “SPIA.”
Industry News For Local Professionals Spring 2019
HealthNet
Wed. Mar. 13, Apr. 10 at 12 pm. Traditions of Hanover Bethlehem, 5300 Northgate Dr., Bethlehem. Monthly networking group for professionals hosted monthly and features a speaker and time for networking - $5.
Lehigh Valley Aging in Place Mixers
Wed. Mar. 20 Westminster Adult Day Services Mixer 4-6PM, 803 N Wahneta St, Allentown, PA 18109
Wed. Apr. 17 Fox Rehabilitation, 1251 S. Cedar Crest Blvd., Allentown 18103, PA
Aging in Place Coalition (LVAIP) provides an ongoing forum for professionals from private, public and non-profit business sectors to inform, educate and help older adults age in place. lehighvalleyaginginplace.org
Grief and Caregiver - Educational Seminar Wed. Mar 6 - presented by Colleen McCabe, MBA, CDP, PCHA, Executive Director, South Mountain Memory Care, Noon Luncheon, enjoy lunch and learn. Please RSVP by Mar. 1 to Wendy Scott at This email address is being protected from spambots. You need JavaScript enabled to view it. or 610-969-2278
Excellent Phone Apps for Seniors
Mint
Get your finances under control with an all-in-one budget and money tracker called Mint. By securely syncing to your bank accounts and credit cards, Mint will track your income and expenses (by category) as well as help you set monthly budgets, alert you to bills that need to be paid, and give you tips for saving more money. It brings together everything from balances and bills to your credit score and more. It’s free and easy to get started, and it connects to almost every US financial institution connected to the Internet.
Adjusting Your Home to Your Lifestyle
As the frozen ground relinquishes its grip on budding tulips, we take note of the regeneration around us. Spring represents a rebirth and renewed vitality and stimulates a re-assessment of our lives. For some this is manifested in a physical sense with purging of clutter and spring-cleaning, for others it is the planning of activities and goals during the summer months. I would challenge readers to ask themselves a more fundamental question about their home – is this where I need to be? Below are five considerations to help you:
Six Social Security Changes to Expect in 2019
Every October the Social Security Administration announces changes to the Social Security program. Here are the changes set for Jan. 1, 2019, according to the SSA’s annual fact sheet. Increased payments actually begin Dec. 31, 2018.
Industry News For Local Professionals - Holiday 2018
HealthNet
Wed., Nov. 14, Dec. 12 at 12 pm. Traditions of Hanover Bethlehem, 5300 Northgate Dr., Bethlehem. Monthly networking group for professionals hosted monthly and features a speaker and time for networking. $5.
Lehigh Valley Aging in Place Mixer
Wed., Nov. 14 breakfast from 8-10AM at South Mountain Memory Care, 201 S. 7th Street, Emmaus, PA 18049. Aging in Place Coalition (LVAIP) provides an ongoing forum for professionals from private, public and non-profit business sectors to inform, educate and help older adults age in place. lehighvalleyaginginplace.org.
Selling Your Parents’ Home
There comes a point in time for many that they need to sell their parents’ home. This may be due to downsizing, transition into a health care facility or to their passing. Regardless of the circumstances, it is never easy. The physical task is daunting and the emotional process is draining. Below is an outline of the necessary tasks:
Talk with siblings - this is the first step. You might be related, but you probably do not all think alike. Discuss your wishes and expectations, divide up responsibilities and come to an agreement. If your parents are still alive involve them in the process as much as possible.
Elder Law Alert: Department of Veterans Affairs Makes Sweeping Changes to VA Pension and Aid & Attendance Benefit
Introduction
VA Pension benefits are “nonservice connected” disability benefits that provide a monthly tax-free income to eligible wartime veterans and their surviving spouses. A married veteran can receive up to $2,169/month, a single veteran up to $1,830, and a surviving spouse up to $1,176. Pension benefits are particularly valuable to seniors because they can help defray the high cost of medical expenses (e.g. in-home care, adult day care, assisted living).
Discounts for Veterans 2018
This section is a list of local and national organizations that offer discounts to veterans. These discounts can change so check first to verify the discounts offered. Also included are resources available to veterans and their families.