medical bills

More on Medi-Cal

In my previous post, I was sharing a resource for Medi-Cal information if someone needs additional help in caring for a loved one and doesn’t have medical insurance or savings to cover the costs of care.

Plus, another option is to apply for a Reverse loan if the homeowner is at least age 62.   This way they can utilize the money they would receive from a Reverse mortgage to pay for their care and medical expenses.

The Title stays in their name, the Lender never takes over the property and it goes to the estate  (heirs) when the last borrower “leaves” the property.   Plus they will have the benefit of a mortgage tax deduction when the heirs pay off the loan by refinancing the property or selling it.

But I digress.   Here is the remainder of the article that I partially shared in the previous post.

“My firm, the Estate Planning Law Center, is dedicated to helping families who are overwhelmed or confused by all the decisions they have to make when they have a loved one in or about to enter a nursing home. If your situation is similar, we can help with little-known strategies that can protect you and your family.

It’s never too late! If your spouse or loved one is in a nursing home, with the right tools, and using my knowledge of the law and strategies that have been successful in the past, we may be able to…

•    Reduce or even eliminate your nursing home bills;
•    Protect your lifesavings and financial security;
•    Increase the amount of income you get to keep;
•    And safely pass on an inheritance to your children.

I can explain some of the strategies that smart families use to protect their loved ones right now. If you would like to discuss how this type of planning might benefit you more specifically and in greater detail, please give me a call. I’ll be happy to answer any questions you might have.”

Richard M. Seff                                     818-292-8160

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Boomers and Seniors Financial Insecurity

The news out of Washington to resolve the nation’s debt ceiling continues to drag on due to the inability for the Republicans in the House to come to a majority vote to pass their proposal, which as we all know will not get passed in the Senate.

What a mess and the financial markets are negatively reacting to this continued uncertainty as to whether or not the country will be able to pay their bills next month.   And if this does happen, this may mean that Social Security checks will not be going out to seniors which is unthinkable.  And now the latest figures are indicating that the Boomer generation is very worried about their financial future as well as their retirement funds have dropped to such low levels, that they will be unable to retire.

My personal feeling is one of frustration but I do feel that in the future the importance and value of Reverse loans will finally gain some respect.   As the population ages into the future, more people will make a Reverse mortgage part of their over-all financial plan & will be simply become another option for additional funds to live life and pay the bills each month.

Following is the remaining portion of the article that I posted yesterday:

Percentage of Economically Insecure Senors Surges to 75% and Counting

“Not only are 36% of seniors economically insecure, but also 40% of seniors are classified as financially vulnerable, meaning they’re neither secure nor insecure, for a total of 76% of seniors in what IASP calls an “economically precarious position.” And minorities have been hit especially hard, with 52% of African-Americans and 56% of Latinos experiencing economic insecurity.

Nearly half of single female seniors are at risk, too, at 47%, as women generally outlive men and thus face a higher chance of outliving their resources. This, says IASP, is especially true since women generally earn less than men and often spend less time in the workforce due to raising families and fulfilling caregiving duties.

In order to alleviate and even reverse these trends, says IASP, action must be taken. However, contrary to some proposals to “dramatically alter” Social Security or Medicare benefits, IASP says it’s better to work on policies and interventions designed to reduce expenses and boost income.
Suggestions along these lines include increasing asset-building opportunities throughout the life-course, expanding low-income housing options for seniors, and strengthening Social Security for vulnerable groups.”

By Elizabeth Ecker Published in Data, News, Reverse Mortgage 7/26/2011

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