The official average cost of one day of nursing home care in Pennsylvania (2025) is $399.80. This amounts to over $12,000 each month or close to $146,000 a year! And, to the surprise of many, Medicare and health insurance don’t pay for this. There are helpful financial products persons can buy when healthy and before
According to the U.S. Department of Health and Human Services, 70% of people who reach age 65 will need some form of long-term care during their lives. “Long-term care” refers to those services and supports that might become necessary to perform everyday tasks and personal care needs. Everyday tasks, sometimes called “instrumental activities of daily
An ABLE (Achieving a Better Life Experience) account is a must-have savings tool for persons with special needs. It supplements but does not replace needed public benefits while often providing greater flexibility than available under a supplemental needs trust. George Vasiliadis, an attorney with the law firm of Vasiliadis Pappas Associates, notes that “in Pennsylvania,
Takeaways Actor Bruce Willis’ diagnosis of aphasia and frontotemporal dementia (FTD) highlights the importance of incapacity planning. Incapacity planning involves creating legal documents to manage financial and medical affairs if one becomes unable to make decisions. Financial documents include a durable financial power of attorney and a revocable living trust. Medical documents include a living
Takeaways Full Social Security Retirement Age (FRA) is 67 for those born in 1960 or later, not 65 as it once was, due to legislation adjusting for increased life expectancy. Claiming Social Security benefits before FRA results in permanently reduced monthly payments. Your plans for retirement should consider your health, work plans, and other income
Two or more people can co-own a bank account. There are pros and cons to this arrangement — some of which most people are unaware. George Vasiliadis, an attorney with the law firm of Vasiliadis Pappas Associates, notes that “as with so many other estate planning tools, joint bank accounts are sometimes used when better
Did you ever wonder what happens to most inheritances after they are received? An Ohio State University study determined that those who receive an inheritance spend half. One-third of those who receive an inheritance spend it all within two years and end up with negative savings. Unfortunately, a typical inheritance does not provide sustained financial
Every year, 16 million people in the United States care for family and friends with dementia, the Centers for Disease Control and Prevention reports. Caregivers of people with dementia provide care for longer durations than those who assist individuals with other conditions. They also have comparably higher risks for anxiety, depression, and reduced quality of
“Long-term care” refers to those services and supports that help persons perform everyday tasks and personal care needs. According to the U.S. Department of Health and Human Services 70% of people who reach age 65 will need some form of long-term care during their lives. Everyday Tasks Everyday tasks, also referred to as “instrumental activities
Takeaways Aging in place involves making modifications to ensure safety, comfort, and accessibility for older adults. Home modifications, measures for preventing falls, and fire and carbon monoxide safety are crucial for creating a safer environment. Maintaining social and mental well-being is also essential for older adults’ safety and quality of life. Aging in place, the
