New Obama-era rules designed to give nursing home residents more control of their care are gradually going into effect. The rules give residents more options regarding meals and visitation as well as make changes to discharge and grievance procedures. The Centers for Medicare and Medicaid finalized the rules -- the first comprehensive update to nursing
By GINA KOLATA Pat Reilly had good reason to worry about Alzheimer’s disease: Her mother had it, and she saw firsthand the havoc it could wreak on a family, much of it financial. So Ms. Reilly, 77, a retired social worker in Ann Arbor, Mich., applied for a long-term care insurance policy. Wary of enrolling
by Mark Makela for The New York Times In many ways, the life that Karen Kanter and Stan Tobin share in Philadelphia sounds entirely typical. Both 75, they happily see movies and plays together, visit children and grandchildren, try new restaurants (but avoid sushi). Mr. Tobin, an accountant who maintains a small tax practice, makes
The Pennsylvania Department of Treasury has announced that the PA ABLE Savings Program will open on April 3, 2017. On that date the Department will officially begin accepting applications for enrollment. In December 2014, the Federal government enacted a law which authorizes states to create “Achieving a Better Life Experience” [ABLE ] tax free savings account programs. ABLE accounts allow certain individuals with disabilities to accumulate savings without losing their eligibility for means tested SSI, Medicaid and other government benefit programs. To be eligible for an ABLE account an individual’s blindness or disability must have occurred before the individual reached age 26.
While I certainly hope that no one reading this is currently involved in a fight with their life insurer over the rising costs of their universal life premiums, I know better. Over just the last two years, tens of thousands of universal life policyholders have been hit with double-digit premium increases from companies such as Axa Equitable, Voya Financial VOYA, +1.31% and Transamerica. More premium hikes, especially to longtime policyholders, are expected.
Given the results of last November’s election, a repeal of the federal estate tax is now a distinct possibility faced by an entire generation of people who, only a few months ago, were planning for potential increases to the tax. President Donald Trump and several other prominent government officials have called for a complete repeal of the so-called federal “death tax,” which, aside from 2010, has been in place for about a century.
A little-known insurance option can be an answer for some people who might need care but are unable to buy long-term care insurance. Short-term care insurance provides coverage for nursing home or home care for one year or less. As long-term care premiums rise, short-term care insurance is gaining in popularity. This type of insurance
Many attorneys create trusts, and some even create special needs trusts, often using pre-written templates. So why, you may ask, do you really need an attorney whose practice focuses on special needs planning? It is important that special needs trusts not be unnecessarily inflexible and generic, which is what can happen with a “one size
Private retirement savings plans, like IRAs and 401(k)s, have become the main way for American families to save for retirement. But parents of children with special needs need to be vigilant when signing up for a retirement plan or company life insurance program. Most retirement accounts allow the owner to choose a designated beneficiary to
All hospitals must now give Medicare recipients notice when they are in the hospital under observation status. The notice requirement is part of a law enacted in 2015 but that just took effect. Signed by President Obama in August 2015, the law was intended to prevent surprises after a Medicare beneficiary spends days in
