Elder Care Consulting

 

Elder care is a major financial care that everyone who aspires to leave a comfortable life at advanced age should consider investing in. It is recommended that people purchase a long-term care insurance policy. When you invest in insurance at an advanced age, the cost may be higher than when you are higher since the premiums increase with age. For this reason, many people are avoiding to buy insurance cover. There are however other alternative elder care programs for those individuals who might not have purchased an insurance cover to cater for their elderly needs. These programs are either private or owned by the government.

 

Only a few people truly understand the options they have besides investing in an insurance cover. Some people mistakenly think that Medicare will pay for their long-term care. The truth of the matter is that Medicare is a health insurance that will only pay for a maximum of 100 days in a nursing home and the rest of the stay you have to pay.

 

Most people also have misconceptions about Medicaid, and also what is required to receive it. Most people can shelter at least half to three quarters of their assets and personal belongings and still receive Medicaid. There is also a veteran's benefit that pays for elder care, but only a smaller percentage of eligible people in any country are receiving this entitlement. The reason why most people are not benefiting from it is that of misinformation and lack of people to properly educate them on what they could be missing out on. Benefits can be as much as $30,000 per year which could help a great deal in paying for some of your needs, click here!

 

Recently, there have been major tax law changes in most countries in elder care in the past few years. However, few retirees are taking advantage of the new tax-saving opportunities that exist. For instance, the existing non-qualified annuities can now be transferred into tax-free and long-term care annuities that grow per year. This can be helpful to you as the benefits are that you will be earning more.

 

Also, there are new financial investments and instruments that are available which provide tax-free elder care advantages. They also provide additional tax-deferred interest and also estate benefits. Every amount of money invested in a cash account is set to provide 2 - 3 times as much in the tax-free long-term care or the estate benefits, view website!