House Speaker Paul Ryan (R-WI) promises that 2018 will be the year Congress attempts to reduce spending on big federal programs like Medicare. As that debate unfolds, keep this in mind: A 65-year old woman will need to have put aside $95,000 to have a just a 50/50 chance of paying her Medicare premiums and prescription drug costs over her [...]
Baby Boomers are in serious denial when it comes to their medical and long-term care costs in retirement. Yes, Medicare provides excellent health insurance (subsidized in large part by taxpayers). But it doesn’t come close to paying for a senior’s medical costs. And doesn’t pay for long-term supports and services at all. Those holes in the Medicare system mean a [...]
It isn't news that needing long-term care services can be brutal on your finances but a new study shows just how it can destroy your assets. Median household wealth for those who spend fewer than 30 days in a nursing home is about $108,000. But after 6 months, many nursing home residents are effectively broke, with median assets of barely $5,000. In other words, after [...]
After my mother-in-law died suddenly, my wife and I found ourselves caring for my father-in-law. There was so much we didn't know. One area where we were flying blind: We had no idea what financial resources he had, what banks and mutual funds he used, or how to access the funds he needed to pay for his home health aides and, later, assisted living [...]