Posted by Nina Whitehurst | Feb 10, 2025 |
Updates to Medicare coverage in 2025 include higher costs for Parts A and B, a new option to pay for Part D prescription drugs on a monthly basis, and a cap on out-of-pocket costs for prescription drugs. In addition, Medicare coverage of some telehealth services will continue through March 2025.
Posted by Nina Whitehurst | Feb 07, 2025 |
New legislation signed by President Biden will boost monthly benefits for nearly 3 million public sector employees in 26 states.
Posted by Nina Whitehurst | Feb 03, 2025 |
Under the new law, veterans can receive HCBS if the cost is equal to or less than the cost of receiving the same care in a VA nursing home. The VA can also allow home and community-based services that exceed the cost of VA nursing home services if the VA determines that paying the higher cost is in the best interest of the veteran.
Posted by Nina Whitehurst | Jan 27, 2025 |
Whether you have a dog, cat, parrot, or lizard, there are options you can pursue to help secure their well-being. When you’ve passed away or can no longer tend to your pet’s needs, your estate plan will prove essential to them.
Posted by Nina Whitehurst | Jan 24, 2025 |
Estate planning can help to ensure that your property is handled according to your wishes and doesn’t become a source of conflict or financial burden for your heirs. Here are key considerations and strategies for including a vacation home in your estate plan.
Posted by Nina Whitehurst | Jan 17, 2025 |
Today, understanding which digital information and accounts you can legally leave to your loved ones is crucial to protecting your assets, while laws governing these online assets continue to change. However, legally gaining access to digital assets and encoded financial data can present challenges for anyone other than the original owner.
Posted by Nina Whitehurst | Jan 15, 2025 |
You may assume that you won’t ever need long-term care services, but data shows that nearly seven in 10 adults aged 65 and over will, in fact, require it at some point in their later years. Although it does add another expense to one’s life, long-term care insurance can be helpful. Plus, keep in mind that you may be able to deduct all or some of your long-term care insurance premium when you file your taxes.
Posted by Nina Whitehurst | Jan 10, 2025 |
Medicare is a program with many benefits but also with a great deal of complexity. Knowing about the options available to Medicare beneficiaries will help you understand and navigate the system. Let’s look at Medicare’s annual wellness visits.
Posted by Nina Whitehurst | Jan 08, 2025 |
As the population ages, the number of people affected by Alzheimer’s disease and other forms of dementia continues to rise. In turn, families increasingly find themselves providing unpaid care to loved ones with cognitive impairments. This caregiving role, though essential, comes with hidden personal, financial, and societal costs that can be substantial. In fact, a new study reveals that family caregivers of loved ones with dementia, if they were paid for their services, would be making six figures.
Posted by Nina Whitehurst | Jan 02, 2025 |
The rules for Medicaid can quickly become complex and often vary widely by state. To ensure that you are pursuing the best coverage options for your situation, speak with a qualified elder law attorney in your area. Here at Cumberland Legacy Law, we routinely handle Medicaid qualification cases in Tennessee, where the Medicaid Agency is called Tenncare.
Posted by Nina Whitehurst | Dec 27, 2024 |
The Centers for Medicare & Medicaid Services (CMS) has issued the 2025 figures for Medicare. As in 2024, these health care costs are going up across the board.
Posted by Nina Whitehurst | Dec 23, 2024 |
If a patient with chronic health issues wants to leave Medicare Advantage, they may not be able to switch to Original Medicare due to cost concerns.
Posted by Nina Whitehurst | Dec 20, 2024 |
Since its enactment in 1965, the Older Americans Act (OAA) has guided the priorities and operations of key programs and services for the benefit of older adults across the United States. The OAA's primary objective is to promote the well-being, dignity, and independence of older Americans. By providing billions of dollars in funding for essential services, the OAA helps seniors live in their homes and communities for as long as possible.
Posted by Nina Whitehurst | Dec 16, 2024 |
The increased use of telehealth has benefited patients and providers. Meeting with health care providers via phone or internet has streamlined the health care process and saved patients money and time since they no longer have to travel for every medical appointment.
Posted by Nina Whitehurst | Dec 13, 2024 |
Does having more money lead to greater happiness? Some people will say yes, and others will say no. The answer is actually more nuanced. The effect income has on happiness can vary greatly depending on factors such as how much money one already has, cultural attitudes, and individual priorities.
Posted by Nina Whitehurst | Dec 09, 2024 |
We are in the midst of one of the most substantial intergenerational transfers of wealth in history. Referred to as the “Great Wealth Transfer,” it is expected to continue for another couple of decades. Baby boomers are the primary source of the wealth being transferred to younger generations across the United States. Some estimates put the amount of assets that will be transferred at over $68 trillion.
Posted by Nina Whitehurst | Dec 06, 2024 |
With identity theft and taxpayer fraud on the rise, the Internal Revenue Service (IRS) is encouraging taxpayers to take extra caution when filing tax returns. One simple way to help safeguard your identity is to create an identity protection personal identification number (IP PIN) through the IRS. An IP PIN is a six-digit number that helps the IRS verify your identity when you are filing your tax return.
Posted by Nina Whitehurst | Dec 03, 2024 |
Popular in video gaming and entertainment, VR has more recently been deployed in health care for a variety of purposes, from treating phobias and PTSD to training physicians.
Posted by Nina Whitehurst | Nov 28, 2024 |
Once you've taken the step to create a will and get your estate plan in order, you need to figure out what to do with the will itself.
Keeping track of the location of your current will – as well as any old wills – can be crucial. Old wills should usually be destroyed, but there are rare circumstances under which you might want to preserve the originals or just copies. You want to ensure that your loved ones know how to find the most recent versions of your will and other estate planning documents. This way, they can easily access important information they may need to manage your affairs when you pass away.
Posted by Nina Whitehurst | Nov 25, 2024 |
Estate planning may be the most overlooked important part of adulthood. According to a Caring.com survey, only 32 percent of Americans have a will.
Posted by Nina Whitehurst | Nov 21, 2024 |
Inheritance tax is a state-level tax that beneficiaries pay when they receive assets from an estate after somebody has passed away. The inheritance tax is distinct from estate taxes, but planning tools for avoiding or minimizing it, such as lifetime gifting and placing assets in a trust, can be used for both types of so-called “death taxes.”
Posted by Nina Whitehurst | Nov 18, 2024 |
Effective January 1, 2025, you will be able to make individual gifts of up to $19,000 in the calendar year (an increase from $18,000 in 2024) tax-free. In other words, giving more than $19,000 to any individual in 2025 means you may have to file a gift tax return. For a married couple filing jointly in 2025, the annual gift tax exclusion will be double that: $38,000.
Meanwhile, the IRS has announced that the federal estate tax exemption will jump to $13,990,000 per individual in 2025, up from $13,610,000 million in 2024. Again, married couples’ exemption will be twice that, at $27,980,000 million. Over the course of your lifetime, you would therefore be able to give away up to $13,990,000 (as of 2025) before you owed a federal gift tax.
Posted by Nina Whitehurst | Nov 14, 2024 |
The Social Security Administration (SSA) advises you to apply for retirement benefits three months before you want your benefits to begin. Even if you have no plans to receive retirement benefits, you should still sign up for Medicare three months before age 65.
Posted by Nina Whitehurst | Nov 11, 2024 |
An excessive amassing of possessions can indicate hoarding behavior and hoarding disorder (HD), a mental health condition. Hoarding disorder leads to a level of clutter that often makes it difficult for those affected to use and maintain their residences.
Posted by Nina Whitehurst | Nov 06, 2024 |
The Qualified Medicare Beneficiary (QMB) Program is one of four types of Medicare Savings Programs. The QMB Program is also the most comprehensive of the four, as it helps individuals with limited income and assets pay not only for Medicare Part A and B premiums, but also for deductibles and co-payments. This fall, a new rule will ensure that many more people gain access to this valuable program.