Articles on "Money & Legal"
Settlement Eases Rules for Some Medicare Patients
A New York Times article details the a proposed settlement of a nationwide class-action lawsuit, the administration has agreed to scrap a decades-old practice that required many beneficiaries to show a likelihood of medical or functional improvement before Medicare would pay for skilled nursing and therapy services. Under the agreement, which amounts to a significant change in Medicare coverage rules, Medicare will pay for such services if they are needed to “maintain the patient’s current condition or prevent or slow [...]
Boomer Women Feeling More Financially Insecure than Men
Boomer women are more uncomfortable, worried, or concerned than boomer men about their current financial situation and what the future may hold for them, according to an AARP Public Policy Institute survey of nearly 4,000 boomers aged 50-64 with current or recent labor market experience. This fact sheet focuses on the responses to 16 questions in the survey that were designed to get at feelings of worry or concern; they do not include specific events or situations that might cause [...]
National Academy of Elder Law Attorneys Celebrates National Special Needs Law Month
Elder and Special Needs Law Attorneys Across the Country Educate People with Disabilities and Their Families on Legal Options This October The National Academy of Elder Law Attorneys (NAELA), a professional association of attorneys dedicated to improving the quality of legal services provided to older Americans and individuals with special needs, established October as National Special Needs Law Month as a way to educate people with disabilities and their families about their legal options in dealing with durable powers of [...]
Report Details Cost Of Elderly Care is Challenging Military
First Command Financial Behavior Index® reveals that half of middle-class servicemembers who care for an elderly family member say costs are higher than they expected At a time when men and women in uniform are dealing with the twin uncertainties of a global economic turmoil and defense downsizing, many military households are facing an extra financial challenge: caring for an elderly family member. The First Command Financial Behaviors Index® reveals that 36 percent of middle-class military families (senior NCOs and [...]
Survey Finds Most Older Adults Upbeat about Aging, But Some Are Uncertain about Long-Term Outlook for their Health and Finances
Survey reveals seniors and baby boomers expect their lives to improve as they grow older. A significant minority of respondents feel less secure: about one in four report trouble with current monthly living expenses; one-third say they will not be able to afford future long-term care services; and 72% of those who make less than $30,000 per year live with a chronic health condition. Perceptions of community services for older Americans vary; boomers are less confident than older respondents that [...]
Report questions if Senior Checking Accounts are a good “deal” at all
In its report, Still Risky: An Update on the Safety and Transparency of Checking Accounts, the Pew Safe Checking in the Electronic Age Project examined checking accounts offered by the 12 largest U.S. banks and 12 largest credit unions. Five of these financial institutions (four banks and one credit union) marketed special checking accounts tailored for seniors. To understand the costs and benefits of these accounts, Pew compared each senior account to its bank’s or credit union’s most basic checking [...]
AARP Survey Reveals Boomers Don’t Expect to Retire
The AARP survey uses these five factors to compile a unique new feature among election-year polls: an “Anxiety Index.” Non-retired boomer voters, defined as non-retired 50- to 64-year-olds by the pollsters, scored 70 percent on the Anxiety Index, significantly higher than both the 59 percent scored by 18- to 49-year-olds and the 46 percent scored by those 65 and older. The results belie a common stereotype of boomers as “comfortable and living high on the hog compared to everyone else,” [...]
Home Ownership Trends Among Older Americans – Report
Home ownership peaks at age 65, then falls slowly until the age of 75, when the rate of home ownership declines steadily, according to a new report by the nonpartisan Employee Benefit Research Institute (EBRI). The EBRI study finds that owning is the most common housing arrangement for older Americans: At the traditional retirement age of 65, more than 8 in 10 Americans report living in houses they own. After 65, home ownership rates fall and at the age of [...]
CEO Predicts Retirement Age Will Increase to 80
American International Group Inc. Chief Executive Officer Robert Benmosche said Europe’s debt crisis shows governments worldwide must accept that people will have to work more years as life expectancies increase. “Retirement ages will have to move to 70, 80 years old,” Benmosche, who turned 68 last week, said during a weekend interview at his seaside villa in Dubrovnik, Croatia. “That would make pensions, medical services more affordable. They will keep people working longer and will take that burden off of [...]
Protecting Aging Parents from Financial Predators
Estimates from the Aging, Demographics, and Memory Study at Duke University show that 13.9 percent of Americans over age 71 have dementia, millions of caregivers trying to protect parents from financial predators and help them manage their money. Of course, even those who don’t have a dementia diagnosis may find it more challenging to pay bills or stay on top of finances as they age. US News and World Report presents some strategies to get started, click here for more [...]
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