"Obamacare" Might be Good for Boomers

I know what you're thinking.

"Oh, great...more information on the Affordable Care Act? I can't even understand the information I've already read!"

Well, folks if you were born between 1946 and 1964, you should read this - because "Obamacare" may be good for Boomers.

Boomers were shattered by the recent recession, and many have significantly-shrunken savings. This is happening at the exact time they're starting to fall prey to the infirmities of advancing age. Many, as a result of the recession, have gone without health insurance. And those who've had to purchase their own insurance are paying five to seven times as much as younger people. Talk about a perfect storm!

People who retire before 65 are at special risk. They're not eligible for Medicaid, and if they're not on insurance plans from their former employers, they won't get group discounts. In addition, this age group has been hard-hit by denial of coverage for pre-existing conditions - which cannot happen under ACA.

Under ACA, there will be no limit on annual or lifetime benefits, and Boomers will pay no more than three times as much as younger people.

In addition, many Boomers will be eligible for tax breaks, which will be used toward paying part of their insurance bills...therefore lowering their rates. And Boomers who've kept working just so they could keep employer-sponsored insurance may now have the freedom to retire, because costs for individual coverage will be lower.

But it's certainly complicated. And as of this writing, the government has shut down, politicians are screaming, and registration for ACA has started...making everything even more complicated.

But we can help.

At The Law Offices of Alice Reiter Feld & Associates, we're Elder Law attorneys. We know how this new legislation will affect Boomers. In fact, we've been helping South Florida families figure out new legislation - both Federal and state - for the past 35 years. And we've helped them, too, with comprehensive estate planning, wills, trusts, powers of attorney, long-term care planning, asset-protection plans, and assistance with Medicaid and the VA.

If you're confused about "Obamacare," give us a call. We'll clear it up for you.

How to Select the Right Retirement Village

Admit it. If you're a Boomer (or older), you've pictured the "ideal" retirement village. Something, perhaps, out of a Currier & Ives postcard (but without the snow!).

Well, there's certainly nothing wrong with dreaming about it. But just be sure that your dream is still in touch with reality.

The ads in newspapers, magazines, and TV are beautiful. But, just remember - they're meant to sell something. Which is why I tell my clients to do their homework before signing on any dotted lines.

Retirement communities often boast pools, clubhouses, and sometimes even restaurants and golf courses. Many project an image that's almost like a resort...except that you can actually live in this resort.

But a retirement home is one of the biggest investments you'll ever make. And you have to treat it as such.

If you want to bring your dream retirement village into reality, start by thinking carefully about your "needs," "must-have's," "wants," and "would-be-nices." And then set your financial parameters, to see how many of your wants, needs, etc., you can afford, and the type of location in which you can afford them.

Do you want a private home? Villa? Apartment? Townhouse? And would you be willing to compromise, say, from a private home to an apartment or townhouse if it meant living in a nicer area?

Would you like to live in a city? Suburbs? Small-town "Exurbia?" Or out in the country (again, if you can afford it)?

This, folks, is a business decision...not one based on emotion!

Where you live is a big decision as you age...and a complicated one. But we can help.

At The Law Offices of Alice Reiter Feld & Associates, we practice Elder Law. We've been helping South Florida families make big decisions for the past 34 years. And we can help them with big decisions, such as comprehensive estate planning, wills, trusts, powers of attorney, long-term care planning, asset-protection plans, and assistance with Medicaid and the VA.

We can help your family, too. And we're just a phone call away.

Are You On Medicare? Confused By Obamacare?

Welcome to the club! In my practice, it's very rare to meet a Medicare beneficiary who's not confused by the new healthcare legislation!

It's confusing, in part, because many of the same insurance companies are offering coverage for both Medicare and the new healthcare exchanges. But, if you're on Medicare, you don't have to do anything differently. Open enrollment still starts Oct. 15 and closes Dec. 7, while enrollment for the new state exchanges for people 65 and under runs from Oct. 1 through March.

Because of the confusion, however, the state exchanges are already fielding calls from Medicare recipients, many of whom are concerned that their Medicare supplement costs will rise. But that's not going to happen.

In actuality, your Medicare benefits won't change under the Affordable Care Act.

ONE NOTE OF CAUTION: There's one group of people who aren't confused at all - scammers. They're ready, willing, and able to prey on seniors who are confused. So don't give out personal information unless you know for sure to whom you're speaking!

Bottom line? Medicare beneficiaries may actually be the ones who benefit the most from Obamacare. They're the ones most likely to have pre-existing conditions, and most likely to be charged more because of these conditions, and their age. And that won't be allowed under the new law.

Confused? We can help.

At The Law Offices of Alice Reiter Feld & Associates, we're Elder Law attorneys. We've been answering questions like these for South Florida families for the past 34 years. And we've been helping them achieve financial security, as well, with comprehensive estate planning, wills, trusts, powers of attorney, long-term care planning, asset protection plans, and assistance with Medicaid (and Medicare!) and the VA.

If you've got questions, we've got answers. And we're just a phone call away.

The Cost of Living Longer Part 3

Do you know the fastest way for a middle-income Boomer or senior couple to become a lower-income Boomer or senior couple?

Simple. Just become ill...without long-term care insurance.

I see it every day...people who've worked hard and saved some money, only to see it wash away in a flood of medical bills as they age. And it breaks my heart. Because, if you've managed to squirrel some money away, you could probably have afforded long-term care.

Our life expectancies are going up these days...along with the cost of healthcare, the distance we're living from our children and families, and the financial pressures on Medicare and Medicaid. The new Affordable Care Act, in fact, stipulates $500 billion in Medicare cuts over the next decade!

Where do you turn if you or your spouse gets ill? Home health care? Adult day-care? Assisted-living? A nursing facility? Respite-care services, which allow the caregiver to drop off the senior for a limited period? Who's going to pay for it? And for how long?

And if you haven't purchased long-term care before you or your spouse become ill...forget about it. No one will insure you once you're sick!

If this happens to you, you're going to be out of time, out of options, and - probably very quickly - out of money. And if you've planned to leave something for your heirs, there may be nothing left to leave.

I'm not big on clichés. But I do believe that those who fail to plan, are planning to fail. When it comes to healthcare expenses as you age, you fail to plan at your own risk. And at the risk of those you love.

We can help.

At The Law Offices of Alice Reiter Feld & Associates, we've been helping South Florida families plan for healthcare costs for the past 34 years. And we've helped them, as well, with comprehensive estate planning, wills, trusts, powers of attorney, asset-protection plans, and assistance with Medicaid or the VA.

It's expensive to live longer. But we can help you figure it out. We're just a phone call away.