The Livens Law Firm

March 2018 Archives

Retirement checklist for long-term care expenses

One of the biggest hurdles seniors face during retirement is the rising cost of health care. Medicare premiums and prescription drug costs can eat into savings quickly. On average, a 65-year-old person will spend over $200,000 on health care during retirement, and that does not include long-term care. In Texas and other states, retirees on a limited income are looking for ways to lower the cost of health care.

Start planning for retirement and long-term care now

No matter the age of a person, taking steps now to save for the future can help create a comfortable retirement. Everyone envisions their retirement to be enjoyable and comfortable. However, some may find they need long\-term care, and the last thing anyone wants is to run out of money. In Texas, people are making changes now to ensure that their senior years are happy and healthy ones.

How to handle a parent's insolvent estate

Studies show that debt among senior Americans is higher than ever before. Over one half of seniors will die with less than $10,000 in assets, according to the National Bureau of Economics. In Texas and other states, a higher percentage of seniors retire with a mortgage and credit card debt. When a family member passes away, is the estate responsible for any outstanding debt that may be left behind? 

Important Medicare answers for long-term care planning

More senior Americans rely on Medicare for medical coverage when they retire, but it can be a difficult and complicated program. Gaining a better understanding of how the Medicare works will make it easier to integrate the program into long\-term care planning. In Texas and other states, individuals can apply for Medicare benefits when they reach the age of 65, although, some may be younger depending on certain disabilities or diseases. The benefits' costs are determined by the time worked and the payroll contributions made over one's lifetime.

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