A Guide to Elder Planning

Planning for the Home 138 Reverse Mortgages 139 Keep It in the Family 141 Uncle Sam Likes Reverse Mortgages 141 Using Reverse Mortgages to Pay for Long-Term Care Insurance 142 Creative Uses of Reverse Mortgages 143 Counseling 146 Bells and Whistles 147 Shared Equity and Appreciation Fees 148 Reverse Mortgage Fees 150 For Whom the Reverse Mortgage Tolls 151 The Bottom Line 152 Mortgage Prepayment 152 Private Mortgage Insurance 153 Refinancing 154 Life Estates 155 Sell the Home to the Children 156 Chapter 9 Alternative Housing 157 Retirement Communities 158 Important Considerations in Evaluating a Continuing Care Retirement Community 162 Assisted Living 165 Legalities 165 What's in a Name? 166 Accreditation 167 Important Considerations in Evaluating an Assisted-Living Facility 168 A Word of Warning 170 Location, Location, Location 170 Check It Out 171 Security 171 Hospitals 171 The Smell Test 172 Smoking 172 Pet Policy 172 Transportation 172 Do You Get Fries with That? 173 What Would Tim Russert Ask? 173 The Fine Print 174 How Do You Pay? 174 Checklist of Important Issues in Considering an Assisted-Living Facility or Continuing Care Retirement Community 175 The Final Words 177 Endnote 177 Chapter 10 Long-Term Care 178 History 178 Cost of Long-Term Care 181 Future Cost of Long-Term Care 181 Financing Long-Term Care 181 Finding the Money 185 Another Thing to Think About 185 Swap 186 Other Considerations 186 Creative Solutions 197 Who Is in Jeopardy of a Premium Increase? 197 Good News 198 It Pays to Be Married 198 Group Policies 199 Deferred Annuities 199 Disability Insurance 200 Surf and Turf 200 Make the Kids Pay 201 Endnote 201 Chapter 11 Social Security 202 History 202 Eligibility and Benefit Calculations 203 Look for Your Annual Statement 204 Full Retirement Age 205 Early or Late Retirement 206 Show Me the Money 207 A Bird in the Hand 208 Over-Under 209 Take the Money and Run 209 A Work in Progress 210 Getting a Larger Check Later 210 Spousal Benefits 211 Income Taxes 211 Another Reason to Delay Taking Benefits 212 COLAs 213 Social Security Retirement Strategies 213 Survivor's Benefits 214 Notch Babies 216 Social Security Disability Income 216 Getting a Copy of Your Record 218 Overpayments 219 Medicare and Your Application for Social Security Benefits 219 Endnote 219 Chapter 12 Medicare 220 The Medicare Alphabet 220 Managed Care 228 The Fly in the Ointment 230 Where Do You Get Your Plan? 231 When Can You Join or Switch a Plan 231 What Does It Cost? 231 The Math 232 Who Is Keeping Score? 232 Sticky Little Detail 233 Don't Cry for Me Argentina: Tiered Drugs 233 Exceptions Process 234 Penalty 234 Tricare 235 Things to Consider When Choosing a Drug Plan 235 Don't Give Up the SHIP 236 Medicare Home Healthcare 236 Home Healthcare Services Provided 237 Post-Hospital Home Healthcare 238 Hospice Care 238 Premiums 239 Enrollment 240 Medicare D 241 Medigap Insurance 241 Traditional Medicare or Medicare Advantage? 242 Appeals 244 Endnote 245 Chapter 13 Medicaid 246 Medicaid 101 248 Asset Eligibility 248 Life Insurance 250 Retirement Planning 251 Exceptions to Transfer Penalties 253 Home Improvement 254 Consideration of Income 254 Protection from Spousal Impoverishment 254 How Much Do You Pay? 256 Increasing the Allowance for At-Home Spouses 256 Medicaid Planning 257 Just Say No 259 Estate Planning for the Community Spouse 260 Estate and Financial Planning for the Spouse in the Nursing Home 260 Tactics for Reducing Assets Without a Medicaid Penalty 261 Trusts 265 Protecting the Home 266 Tips for the Home 269 Tactics for Increasing Assets to Achieve a Greater Spousal Resource Allowance 270 Annuities 271 Promissory Notes 273 Do Nothing Strategy 274 As if You Don't Have Enough to Worry About 274 Partnership for Long-Term Care 275 Estate Recovery 276 Exceptions 277 The Latest Information 279 Chapter 14 Veterans' Benefits 280 Veterans Eligible for Veterans Administration (VA) Pension Benefits 281 Spouses and Family Members Eligible for VA Benefits 282 Basic Requirements for Veterans' Benefits 283 Pension Benefits for War Veterans and Their Families 284 Chapter 15 Being Patient 288 Privacy and Medical Records 289 Access to Medical Records-By You and Others 290 Chapter 16 Scams 291 Identity Theft 292 Affinity Fraud 293 The Grandparent Scam 294 Social Security Scams 294 Medicare Scams 297 Charity Scams 298 Investment Frauds 299 Variable Annuities 299 Charitable Gift Annuities 300 Churning 300 Stranger-Owned Life Insurance (SOLI) 301 Sham Tax Forms 302 Phony Prizes 303 Slavery Reparations 303 IRS Impersonators 304 Credit-Card Protection 304 Chain Letters 305 Pyramid Schemes 306 Cramming 306 Credit Repair Services 308 Travel Fraud 309 Reloading 309 Some Good Advice 310 Identity Theft from the Dead 311 A Few Tips 311 Chapter 17 End-of-Life Issues 313 Health Care Proxy 313 Hospice Care 314 Organ Donation 314 Durable Power of Attorney 314 Beneficiary Designations 315 Monetary Needs 315 Wills 316 Planning Your Funeral 316 Wills to Live By 317 Glossary 318 Favorite Websites 331 Forms 338 State Income Tax Deductibility of Section 529 Plans 342 Index 344