"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.

The Cost of Living Longer Part 2

In my opinion, the greatest threat to the financial security of middle-income Boomers and seniors is the cost of long-term care. And "Obamacare" - whether you're for it or against it - will not assist with this.

Assisted-living facilities are now climbing toward the $4,000-a-month mark. And many have started bundling more services together, rather than charging for each individually. The result? Many people end up paying for services they don't need.

A private room at a nursing home will soon hit an average of $300 a day. And the cost of home healthcare is rising, too.

Some people choose - at least temporarily - independent-living apartments. These facilities typically don't require lump-sum payments, and residents can contract with home health-services independently.

Medicaid may - or may not - be there for those who qualify. But if you ever want to learn the true meaning of "jumping through hoops" - just try qualifying!

The best thing, of course, is long-term care insurance. But that's getting more expensive, too, as companies raise their rates while cutting their coverage. In addition, this insurance is getting more complicated, now encompassing aspects such as protection of the surviving spouse, caregiver issues, scams/ID theft - and making sure you have an advocate to fight for your rights in a system that's slanted against you.

In short, we're living longer. And, unlike previous generations, we're generally not living with - or even near - our children. So we're going to need more money for this longer life...and for the possibility of illness, which is, of course, greater as you age.

If you're considering long-term care, you're going to have questions...a lot of them. We can help - because we have the answers.

At The Law Offices of Alice Reiter Feld & Associates, we've been answering these questions for South Florida families for 34 years. And we've answered their questions, too, about comprehensive estate planning, wills, trusts, powers of attorney, asset-protection plans, and assistance with Medicaid and the VA.

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

The Cost of Living Longer - Part 1

Every day, I see clients for whom long-term care is the elephant in the room. They feel they can't afford it. But they also feel they can't afford not to have it. So their solution is to pretend they don't see the elephant.

The older you are, the more expensive a long-term care policy gets. And if you get sick before you have long-term care protection in place...it's too late. That elephant will crush what's left of your bank account - and your estate.

And, in some areas, the costs for these policies are rising faster than inflation.

Therein lies the conundrum for Boomers and seniors. We're living longer than our parents did. But that means we'll need more money to make it through our "old age" than they did.

Finding long-term care is a tough process. You've got to find a place that cares for people with your (or your loved one's) circumstances. With the right facilities and staff. A place that leaves you with a good feeling. And you have to be able to afford it!

You've got to be strategic. And if you can identify the specific services you (or your loved one) will need, and are willing to haggle on the price, you can at least get more for your money.

Remember that "long-term care" is a broad category, with options ranging from live-in facilities to your own home. In Part 2 of this series, we'll talk about some of them.

Meanwhile, if you've got questions, we've got answers.

At The Law Offices of Alice Reiter Feld & Associates, we practice Elder Law. We've been answering questions like these for South Florida families for 34 years now. And we've been helping them secure their futures, as well, with comprehensive estate planning, wills, trusts, powers of attorney, asset-protection planning, and assistance with Medicaid or the VA.

We can help you navigate the long-term care conundrum. And we're just a phone call away.

Ellen Goodman and "The Conversation Project"

It might be the most difficult conversation you'll ever have. But it'll definitely be the most important.

My clients know me as a devoted "Death With Dignity" advocate. I believe in peoples' right to die in the manner they - not their doctors - wish!

So does Ellen Goodman.

Ellen Goodman is a Pulitzer-Prize-winning writer for The New York Times. She's a keen observer of modern American culture. When she talks, people listen. And now she's talking about "The Conversation Project."

It's the conversation you and your family have probably been avoiding...the conversation about how you (or your parent) would like to die. Whether you'd like to be kept alive by artificial means. What measures you'd like taken - or not taken. Whether you'd rather die at home or on hospice than in a hospital.

The Conversation Project started in 2010, when Goodman, who had recently lost her mother, found herself in a conversation with friends about loved ones' "good" and "bad" deaths. Goodman - like so many of her friends - had never had "the conversation" with her mother. And when her mother had gotten sick and, eventually, unable to communicate her wishes, Goodman had no idea what to do.

The sense of loss she felt at her mother's passing was amplified by the fact that she hadn't asked her mother, in advance, what she wanted. She realized that millions of other people were carrying the same burden. So she started The Conversation Project (www.theconversationproject.org).

At The Law Offices of Alice Reiter Feld & Associates, we've been having these conversations with our clients for a long time - 34 years, to be exact. And during that time, we've helped thousands of South Florida seniors - and their families - define what, to them, would be a "good" death. And we've helped them, as well, map out their financial futures, with comprehensive estate planning, wills, trusts, powers of attorney, long-term care planning, asset-protection plans, and assistance with Medicaid or the VA.

It's not an easy subject. But we can help. And we're just a phone call away.

Moving In With Your Kids? A Survival Handbook - Part 3

As we’ve noted, moving in with your adult children is not the end of the world. It can actually be a time of great fulfillment…for them as well as you.

Here are a few more tips…

* THE BATHROOM – Try to plan your use (other than when nature calls!) around the family’s use. And don’t leave your things lying around in there; if possible, store them in your room.

TV - For many seniors, TV is an important diversion. But it can also lead to resentment, if other family members can’t watch their favorite shows. If possible, buy yourself a small TV and watch in your room.

GRANDCHILDREN – Perhaps the greatest joy of living with your children is that you may also be living with your grandchildren. But remember that disciplining them is their parents’ job – not yours. Your children may sometimes ask for your advice…and that’s the time to give it. But until asked, hold your tongue!

For seniors, who’ve been masters of their own lives for many years, moving in with their children can be very disorienting, and even frightening. All of a sudden they’re not the masters of their own lives anymore. And it’s natural to feel uncomfortable, and to feel confused.

But if you follow these rules – and keep an open, optimistic mind – you may be very pleasantly surprised. Just use common sense. And give your children the respect you always taught them to give to others.

If you’re moving into your child’s house, you may feel uncomfortable and disoriented, too. But we can help.

At The Law Offices of Alice Reiter Feld & Associates, we’ve been practicing Elder Law for 34 years. We’ve helped thousands of South Florida families with issues like this. And we’ve helped them with financial issues, too, with 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.