It is usually the case that very few seniors know what rights they have when it comes to long-term care, as well as their options when it comes to their finances. Many people will either avoid thinking and planning about the issue or develop a faith that they won’t need senior care when they grow older. The statistics point out that nearly 70 percent of Americans age 65 and older will need some kind of long-term care for their sunset years. Nursing Home bills can be expensive if you are not aware of it.
When it comes to payment for nursing home costs, you will typically use a combination of Medicaid, long-term care insurance, assuming you took out a policy and have been faithful with the premiums and money out of your own pocket. Paying for it out of your own pocket or some form of insurance will take a lot of planning beforehand and savings as well. Because most people don’t do this, they instead turn to Medicaid.
Medicaid isn’t like Medicare, which doesn’t cover long-term care. Medicaid is a means-tested system which means that you can only qualify if you have a low income, own a small amount of money or assets or both.
It is usually the case that seniors will want to preserve their money, either to pass it on to their families or simply because they want to preserve it. The problem is that Medicaid has strict requirements that do not allow for this. Medicaid requires Americans to spend money out of their pockets before the program steps in. If a senior American gives their assets away to their families, then Medicaid has a 60-month look-back period where they will look for this inheritance and hit the senior with a penalty period where they will be disqualified from Medicaid.
There are, however, various legal strategies you can use to protect your finances, according to The National Association of Nursing Home Attorneys.
Put Your Money in an Asset Protection Trust:
These trusts, as you might imagine, are designed to protect your wealth. You can, however, use it to protect your money in other instances as well. When you pass your assets along to a properly designed trust, then that property no longer belongs to you. It is therefore not within reach of any creditors or even Medicaid. Make sure you make the transfer more than five years before you need long-term care because it could still come within the look-back period of Medicaid.
Put Your Money in an Income Trust:
You have to deal with income limits when you apply for Medicaid. If your income exceeds that limit, it will be considered as excess. To avoid this situation, you can put your money in either a pooled income trust or a Qualified Income Trust.
Qualified income trusts are designed to hold any of your excess income. It is an irrevocable income trust. A pooled income trust, on the other hand, is used to hold excess income for disabled individuals. The income from many such individuals is pooled together managed by a not-for-profit organization.
Caregiver Agreements:
This can prove to be a useful strategy in some situations. It is useful when the individual would like to access extra services that Medicaid does not cover. You can get a friend or family member that has taken some time off from work to provide you with these services and pay them an income for it. It is an excellent way to ensure you are cared for by someone you trust and also to reduce your countable resources from Medicaid’s perspective.
I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.
As your business grows, it will eventually become too tedious for you to keep track of your finances and do all the necessary financial paperwork. Before hiring an accounting firms you must know certain vital things. Financial planning, management, and reporting are crucial to a business, and that is why it is essential for a company to hire someone to keep track of its financial movements.While there are many accounting firms in Rochester, they all differ on the type, quality, and service each one has to offer. You must carefully choose which one can fulfill your business needs.
Tips To Hiring Accounting Firms Rochester NY For Your Business:
Here are tips on finding the right accounting firm for your business:
Choose a certified firm:
In many cases, you may be able to get off with a bookkeeper. However, if your company is already on the medium scale, then choosing a firm of Certified Public Accountants is a must. They should be able to offer the highest professional standards. These professionals, like Davie Kaplan, are heavily regulated by the government. They are experts in their profession and regularly keep up with the standards mandated by the law and accounting bodies.
Identify the specialty of the firm:
You’re not going to have quality output if you ask a firm that specializes in tax services to create a financial management plan for you for the next year. It would be similar to asking an electrician to do your plumbing. There are specializations in the accounting field, and identifying their specialty can deliver you the advantages of hiring an accounting firm.
Know what services are needed:
Identify first the level of service your company may need and match it with a firm that provides the same services, as doing so may save you money in the long run. For you to identify your needs, do some of the accounting work yourself. Accountants are usually paid by the hour, so giving them all the accounting work can be costly. These firms can charge you for services that you may not necessarily need and are not immediately helpful to your goal.
Find someone who values your business:
Any business who values another upholds confidentiality, integrity, and transparency. These are the basics in terms of business dealings. So then, hire a firm that you can trust with all your financial information, one that you can confidently speak to about any financial situation your business may come across. Getting a firm where you have this kind of trust and confidence can help you get your needs done without any worries about your financial information being compromised.Also, as your accountant, they have to let you know of your financial situation, so getting an accountant that could explain your financial situation to you in very simple terms is extremely important.
Know the fees and charges:
As a potential customer to these firms, you should gain knowledge about how much they charge for their services. Some firms will charge you more for a service because they specialize in it. Rates differ per firm, and the difference can sometimes be double the rate another firm can charge you for a service. Doing a bit of research and careful study will help you save a lot of money.
Find out how they do their business:
Some accounting firms may need you to have a meeting with them regularly while some of them may only require you to meet with them at least once a year. You may also need to consider their business location if it is viable for conducting business with your company. Some big companies, on the other hand, use cloud technology for their business, so the site will not matter anymore.
Ask for referrals from friends or relatives:
Even if the information is readily available online at this day and age, it’s undeniable that a recommendation from a trusted friend or relative is still valuable when you’re looking for a service. Firms may have such grandiose websites, but nothing beats a loyal customer who has tried and tested their service.
Conclusion:
Again, hiring someone that can ultimately provide the accounting or auditing needs of your business is all in your hands. Inevitably, a firm that offers an affordable fee for its services may be very tempting, but you might want to do more research. After all, it’s not only about the money you can save now but the overall impact it will have on your financial management in the long run. Being careful with your business finances will help you greatly in future business expansions like mergers or inviting new investors. At the same time, you can be confident in terms of tax issues and other legalities.Read Also:3 Must Know Accounting Tips To Help You Finance Correctly
Signs That You Need To Ditch Your Full-Time Accounting Staff For An Accounting Firm
Before entering into marriage, you and your soon-to-be lifetime partner should talk about finances. Both of you might have different ways of handling your finances.Settling down and starting to grow a family is one big responsibility that both of you will share. One may be frugal and minimalist, while the other is the opposite. Your differences, if not taken seriously, like by discussing it, might cause a collision.Just let me share one fact about what happens in marriage nowadays. Few are getting married. Many are getting divorced. And according to Forbes, one of the factors why couples end up divorcing is money issues. Unsettled issues!It's not the main factor, but somehow, it contributes tension to the couple. And we don't want to let that happen to you. This article aims to help you understand what a couple should do in creating your budget.Take this opportunity to know what couples should do in handling money. These best-picked tips will guide you in building your budget.
Vital Tips For an Effective Budget-
Communicate at all times:
Discussing financial matters is vital, and it's the only way to know each other, especially in handling money.Let's face reality. Not all couples have the same spending habits. One might want to save more and choose to live a simple lifestyle, while the other might want the opposite.As you can see, managing your finances contrasts with the other. With that scenario, both of you might encounter some financial struggles while building your budget goals.Through proper communication, you can set things up with an open mind. But both should adjust each other's expectations. This way, you can organize everything and meet one's goal.Remember, this isn't a simple game to win. It's a real-life game that both should work together as one.
Categorize your budget:
If both of you feel like your goals are somewhat overwhelming, you have to remember that you can only eat an elephant one bite at a time.By simply categorizing your budget, you can have a more exact path to follow. You can see which to prioritize and which is more necessary. Do it one step at a time.As you continue to discuss things, one should jot down everything. This way, you won't miss or forget some information or idea.
Identify your household needs:
Both should identify your household needs. This way, it will become easy for you to categorize them. List them down. Afterward, you order them to either mandatory expenses, significant, nice, or unnecessary.Don't forget to include your existing debts on your list. May it be a mortgage loan, credit card, other outstanding debts, car loans, utility bills, food, and other different personal needs.After listing things, you can now identify which category it is.Mandatory expenses and significant ones should be your top priority. The rest will be considered as your minor focus.You might be wondering what mandatory expense is? In layman's terms, mandatory means something that obliges you to perform. That means "mandatory expenses" are something that obliges you to settle.For instance, debts that should be settled fall to mandatory expenses. Whatever type of debt it is, it will be considered mandatory spending.Settling debts might be overwhelming. Why not consider paying your debts in full using a personal loan from a licensed money lender Tampines? It's a form of debt consolidation. It merely means combining your debts into one.For example, you consolidate all your credit card debts and pay them using a loan from moneylender woodlands. You settle your debts in total, with lower interest and one monthly payment.If there's something you are paying because you need it, you can categorize it as a pressing need.Important or significant things refer to your basic needs. Foods, clothing, water, electricity, internet connection, and the likes are your basic needs.Nice things give you fun and convenience, but not that important. For example, car accessories, upgrading or changing phones, buying too many dresses. Everything's look nice but not necessary.Unnecessary things are simply those that don't have value. For instance, you purchased an online subscription that you seldom use for leisure. It's a total expense that you don't benefit anything. And it only cost you money.Spending money to buy trendy things, eat at a restaurant, and travel around is not bad. As long as you know to discipline yourself. You can never deprive your happiness in reaching your goals.But if you want to achieve your financial goals faster successfully, you have to be patient. Always remember that it takes strong commitment and determination to do it. Saving more, spending less will help you a lot.
Set money goals:Setting goals means taking in-depth planning. It is about creating a path towards your goal, guiding you on how to achieve it.Achieving your money goals is not impossible as long as you make a well-thought plan. To make it happen, both of you must cooperate with your plan.Visualize what both of you want to have. Both should be specific.Let’s say you are dreaming of buying a condominium property. In what location? How big should it be? Would it be a two-bedroom or three-bedroom unit? Such questions show what particular property you dream of having.Aside from being specific, you evaluate whether it is realistic and achievable in your current state. Your partner dreams of having a sports car. The question is, is it realistic to get such a thing based on both financial capabilities?The next thing you must consider is the time-frame. Home property is expensive and needs a considerable amount of money. If you aim to buy one, you have to set a timeline.Just say, after two to three years, you will buy your dream property for your family. Within those three years, both will have to work hard and commit to saving a part of your income until you reach your specific goal.The mentioned tips above will be the most thoughtful way to start building your budget goals. Otherwise, the case can probably push you to sacrifice valuable things. You and your partner should evaluate your money flow before you decide.
Determine how much you earn:The next thing you do after setting your goals is to determine how much earning you have. There are types of income that we make - gross and net income. Among these two, net income is what you are going to use in creating a budget.Gross income is a sum of money before your taxes and deductions. In contrast, the net income is your take-home pay.The question is, are both of you work as a salaried employee or not? If you are an employee paid hourly, your income would likely be stable.But if you work seasonally, or you are self-employed, that means you earn irregularly. That said, you have to track your income section monthly.
Track your spendings by having a meeting:
You both need to track your spendings. You can do it daily, weekly, or monthly. But for couples who have just begun to create their budget goals, it is recommended to do it every day. You can eventually do it weekly or monthly.You talk about where your progress is towards your budget goals. You check every spending you take on different categories and manage what's left.You can do less work by using some financial apps exclusively designed for couples to organize and track finances. It gives convenience and, at the same time, can make your meetings shorter and more effective.
Are you ready to begin your financial journey?
Creating a budget has to be undergone through in-depth planning. Start-ups aren't easy. Both of you might face financial challenges along the way. But with concrete planning, if both are committed to achieving the goals, nothing is impossible. Follow what you should do, focus, and get it one by one.Read Also:Make Your Savings Goals Come True with Gold
Eight Essential Tips For Getting Out Of Debt
The Importance Of Saving: The Bedrock of a Bright Financial Future
Dialysis is a process where machines clean the blood of toxins, excess salts, and excess fluids. It is an alternative to kidney transplantation.
Physicians can also use a transplant with other treatments such as peritoneal dialysis or kidney irrigation when a transplant is not possible.
As you can imagine, people who have this medical condition have higher risks of developing infections and mortality rates due to prolonged use of anti-rejection drugs. This may lead to heart failure, strokes, and organ damage.For that reason, it is not surprising that the average life expectancy of dialysis patients is about a year or less.
But for those who are already anticipating their untimely death and have a family to look after when they die, the best option to consider is a life insurance plan for individuals with dialysis.There are several benefits of dialysis life insurance. The first is to protect your family financially in the event of your death.
They will have an insurance payout to help make ends meet independently. Another is the peace of mind that you get knowing that you have protected your family's future.
It can also reduce the stress of dialysis patients whose family members are also undergoing dialysis and have no other way to save for their future.Here Are The Different Types Of Dialysis Life Insurance Plans For Individuals With Dialysis1. Long-Term Care InsuranceSuppose you are a dialysis patient and have dependents such as children.
In that case, you may consider taking out a long-term care insurance policy when seeking the Best Life Insurance Companies That Insure People on Dialysis (2022).
These policies usually pay out benefits when the insured individual becomes disabled or dies. In most cases, the amount is equal to your monthly income.
This money can be used as a financial safety net if you get sick or die prematurely. One downside is that long-term care insurance policy coverage is usually limited to certain conditions such as strokes, Alzheimer's disease, and multiple sclerosis.2. Term Life InsuranceTerm life insurance provides a death benefit payout to your beneficiary when you die. Individuals should understand that there are two types of term life insurance.
This includes the level term and decreasing term. The former pays the same amount every year while the latter pays less every year.3. Protective Life InsuranceThis type of policy pays out a death benefit on the condition that you are alive at the payout. It is ideal for people who want to remain well-insured but don't have family dependents to worry about.4. Variable Life Insurance PolicyThis policy provides a death benefit payout and a cash value build-up. The cash value of the policy increases with tax-deferred investments. You can opt for dividend options and use the money to pay for your expenses or let the cash accumulate for the future.5. Universal Life InsuranceThis is a hybrid between term and whole life insurance policies. The main difference is that the death benefit payout is guaranteed. And because it's usually cheaper than traditional whole life policies, it's a good option for people who want to get more bang for their buck.6. Whole Life Insurance PolicyThis type of policy pays out a death benefit when you die. It is similar to variable life insurance in that your premium will rise or fall depending on how long you're alive.
The main difference is that you choose the level of coverage. For example, a 7-year, $500,000 coverage plan would have an annual premium of about $858, with the first year's premium paid yearly.
In contrast, a 10-year, $250,000 policy would have a yearly premium of about $1,110, with the first year's premium paid annually. As with variable life insurance, you may purchase a whole life policy to provide a death benefit and income for your family.ConclusionSo, if you are dreaming of having a future life after dialysis and have dependents counting on you to take care of them when you die, then dialysis life insurance is the answer. It may even be more than the sense of security that your family members feel knowing that they are financially secure.
Read Also: How to Get Low-Cost Life Insurance for Seniors
Some Kinds of Death are Not Covered by Term Life Insurance
How Private Hire Insurance Takes You Out from Problems?
