Senior Finance Center

Negotiating the ropes of senior finance can be difficult. Browse the articles below to learn more.

Senior FinanceLong Term Care Insurance

Long-term care doesn’t have one hard or fast definition. In general, any chronic or disabling condition that requires nursing care or constant supervision can trigger the need for long-term care services. Long-term care insurance was introduced 30 years ago to supplement Medicare’s limited coverage for nursing home care.

Medicare: What is it?

Medicare is a national health care program that provides medical coverage to U.S. residents over the age of 65 years. Those under the age of 65 with certain disabilities and individuals with end-stage renal (kidney) failure may also qualify for Medicare benefits. The enrollment process is automatically initiated at the age of 65 years and consists of two parts, Part A and Part B. Read more about Medicare

Medicaid: A Brief Overview

Understanding Medicaid can be overwhelming at times especially as the laws can change annually. It is important to stay on top of your coverage and know your rights. You may be missing out on certain benefits that you didn’t even know you were eligible for. Learn more about Medicaid

Medigap: What is it?

Medigap is a supplemental insurance plan that was designed to cover the gaps in coverage left by Medicare. Unlike Medicare, however, Medigap is not a government-sponsored insurance program. It is sold through private insurance companies and you purchase the policy on your own. Learn more about Medigap

Medicare Part D: What is it?

Medicare Part D is Medicare’s prescription dug coverage plan. Like Medigap, it is sold through private insurance companies. Medicare beneficiaries who are entitled to Part A or enrolled in Part B may elect to enroll in Medicare Part D. Enrollment is voluntary.

Veterans Benefits: A Brief Overview

Veterans benefits are wide-ranging, and cover education, health care, home loans, burial and more. This article details the health and long-term care coverage available to veterans and eligible family members though the benefit package administered by the Department of Veterans Affairs (VA). Learn more about veterans benefits

Life Settlement: An Introduction

As you may know, most seniors need more money to live comfortably through their golden years. This is especially true when faced with unforeseen expenses such as assisted living and long-term care. The urgency of finding a significant amount of money quickly exacerbates an already stressful, emotional situation. For these seniors, the options can be bleak. The answer, a life settlement. Learn more about how a life settlement can help you…

Reverse Mortgages

By and large, seniors use reverse mortgages to augment their existing funding sources, such as Social Security, and to meet unexpected medical expenses, pay real estate taxes, and for travel and vacations. But a reverse mortgage consumer can also use their new-found cash to buy a long-term care insurance policy that could significantly reduce the cost of senior care when they’re at an advanced old age. Learn more about reverse mortgages

Social Security Benefits: A Brief Overview

While seniors in or who are nearing retirement are safe, once the Baby Boomer generation begins to retire, the Social Security system will quickly face larger and larger deficits. That’s why it’s so important that America’s seniors should learn all they can about Social Security. With change coming—and nobody really knows when—maximizing your benefits isn’t a luxury, it’s a necessity.

Long-Term Insurance: Planning for Your Future

Approximately 75% of American singles and 50% of couples spend nearly all of their retirement savings within in a year of living in a nursing home. That’s where long-term insurance can really help. Learn more about long-term insurance

Health Care For Elderly Seniors: Can Annuities Help Cover the Costs?

With the threat of financial ruin so prevalent, seniors need to take concrete measures to protect their financial health. High health care costs are a big problem, but an annuity, properly used, can help seniors significantly mitigate the costs associated with health care for the elderly. Learn more about how annuities can help defray the costs of health care for elderly seniors…

A Long-Term Care Insurance Policy: Five Things You Need To Know Before You Buy

Of all the key healthcare categories, none are projected to grow faster over the next few decades than long-term healthcare. The long-term care market is projected to grow ever more expensive, just as the first wave of Baby Boomers, at 77 million strong, begin reaching retirement age. The U.S. Government projects long-term care insurance policy costs to rise by 5% in 2011, and then at a faster rate for the remainder of the decade.

Paying for Care: Overcoming the Biggest Hurdle to Senior Care

As the population ages and Baby Boomers face the realities of paying for care for their parents and for themselves, it becomes clear that the biggest hurdle to senior care is paying for it. Many long-term care facilities charge extra for services provided beyond basic room and board, although some may have “all-inclusive” fees. Learn more about paying for care

Long-Term Care Costs: A Primer

Americans are having a hard enough time saving money for an adequate retirement, but there is one omission—and it’s a major one—that many are making in planning for their golden years. It’s all about long-term medical care, and fewer and fewer American consumers are making room for it in their retirement budgets. Learn more about the costs of long-term care

How Can the Equity in Your Home Help Pay for Long-Term Care?

What many people don’t know about home ownership is that it also offers an excellent asset that one can borrow against when it comes to long term care.  With a reverse mortgage, older adults can tap into the equity of their homes to pay for in-home personal and medical care. Learn more about how equity in your home to help pay for long-term care…

Advanced Health Care Directives and Living Will

As end-of-life health care services become more complex and patient-centric, both medical professionals and legal experts are now recommending advanced heathcare directives be completed by all adults. Learn more about advanced healthcare directives…

Wills, Living Trusts and Planning Ahead

Not many enjoy discussing their mortality. The truth is, there is no greater bequest to the people who will grieve for the departed than to spare them the agony of trying to guess what he or she wanted in terms of end-of-life medical decisions, organ donation, funeral arrangements and distribution of assets.

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