Medicare Premium, Deductible and Coinsurance 2008

New Medicare Premium, Deductible, and Coinsurance Charges for 2008

The Centers for Medicare and Medicaid Services (CMS) has announced the new Medicare premiums, deductibles, and coinsurances. The standard Medicare Part B premium is increasing by 3.1 percent to $96.40 a month, the smallest increase since 2001.
The increase is lower than previously expected in part due to the correction of an accounting error. Money for certain hospice benefits had been inadvertently drawn from the Part B trust fund rather than the fund that pays hospital costs. In addition, the lower premium assumes that physicians will take a 10 percent cut in their reimbursement rates. It is expected that Congress will act to offset some of or all of that pay cut, meaning that future-year premiums will reflect the additional expense.

Here are all the new Medicare figures:

Part B premium: $96.40/month (was $93.50)

Part B deductible: $135 (was $131)

Part A deductible: $1,024 (was $992)

Co-payment for hospital stay days 61-90: $256/day (was $248)

Co-payment for hospital stay days 91 and beyond: $512/day (was $496)

Skilled nursing facility co-payment, days 21-100: $128/day (was $124)

As directed by the 2003 Medicare law, for the first time, higher income beneficiaries will pay higher Part B premiums. Following are the higher premium rates:

Individuals with annual incomes between $82,000 and $102,000 and married couples with annual incomes between $164,000 and $204,000 in 2008 will pay a monthly premium of $122.20.
Individuals with annual incomes between $102,000 and $153,000 and married couples with annual incomes between $204,000 and $306,000 in 2008 will pay a monthly premium of $160.90.
Individuals with annual incomes between $153,000 and $205,000 and married couples with annual incomes between $306,000 and $410,000 in 2008 will pay a monthly premium of $199.70.
Individuals with annual incomes of $205,000 or more and married couples with annual incomes of $410,000 or more in 2008 will pay a monthly premium of $238.40.

Rates differ for beneficiaries who are married but file a separate tax return from their spouse:
Those with incomes between $82,000 and $123,000 will pay a monthly premium of $199.70.
Those with incomes greater than $123,000 will pay a monthly premium of $238.40.

FREE information on life care planning and veterans benefits - www.texaselderlawattorney.com

Creating a Trust for Your Pet

Creating a Trust for Your Pet

Who will care for your dog or cat when you pass away? What will happen to your bird should you become incapacitated? For many people, providing care for their pet after they pass away or become incapacitated is a very big concern and most states have statutes that provide for the enforcement of trusts created for the benefit of pets.

An animal cannot be a beneficiary of your will. Instead, pet owners need to designate someone to take care of their pet after they die or become incapacitated. Any money left in a last will and testament to an individual “for the care of a pet” is merely a request and unenforceable.

Setting up a trust for your pet is much like setting one up for a person. The trust is a legal entity into which you put money and then designate a trustee who is responsible to safeguard and administer the money. You designate a caregiver and then the trustee is in charge of making payments to the caregiver for your pet’s expenses. It is always a good idea to name one or more alternate trustees and caregivers in the event something should happen to them. You will also need to designate where the money you have set aside for your pet will go after their death. Many people chose to have the remaining balance go to the caregiver or a charitable organization.

It is important to keep your trust up to date with current information and to ensure nothing has changed in your designated caregiver’s situation that might warrant changing designees. It is also a good idea to give a copy of the trust to your chosen caregiver, and family members who may be involved with the care of your pet.
Creating a trust for your pet is not just for the wealthy or the eccentric. It is a relatively inexpensive and practical way to ensure you have provided for your pet when you can no longer do so because of death or incapacity. www.texaselderlawattorney.com

One of Veteran Administrations Best-Kept Secrets

One of Veteran Administrations Best-Kept Secrets

One of the Veteran Administration's best-kept secrets and an excellent source of funds for long-term care (either at home or in an assisted living facility) are benefits for non-service connected disabilities. Most VA benefits are based on wartime injuries but another benefit, called "Aid and Attendance" ("A&A") is for individuals who are disabled due to Arthritis, Alzheimer's or other ailments of aging.

"A&A" is available to veterans or surviving spouses needing assistance to safely bathe, dress, prepare meals, etc. Benefits for 2008 are:

Housebound, one dependent $1, 427.00
"A&A," one dependent 1, 843.00
Housebound, no dependents 1, 139.00
"A&A," no dependents 1, 554.00
Death Benefit w/ household allowance 764.00
Death Benefit w/ "A&A" 999.00

Applicants need only show that they are in need of regular help. Someone who's 65, housebound or in assisted living is presumed by the VA to need A&A.

This program has income and asset limits but certain expenses can reduce income to a level that may qualify applicants. Specifically, un-reimbursed medical expenses can reduce income, as can the costs of assisted or independent living facilities.

To find out more, seek the involvement of a Veteran's Service Officer, or an experienced elder law attorney who can provide the appropriate pre-filing consultations to determine the best steps to take for asset preservation, before applying, and the coordination of future Medicaid benefits. Request your FREE "Consumers Guide to Veteran Benefits for the Veteran and their Widow" http://www.texaselderlawattorney.com/

Seven Reasons Why It’s Important to Talk To An Attorney Who Understands the Needs Of Hospice Patients and Their Families

Seven Reasons Why It’s Important to Talk To An Attorney Who Understands the Needs Of Hospice Patients and Their Families


Hospice is an approach to medical care for patients nearing the end of their life. The goal is to enhance the quality of life for patients who have a terminal illness. With that in mind, hospice focuses on pain management and symptom relief while addressing the patient’s emotional, social and spiritual needs-as well as the needs of the family members. Hospice lets patients and their families share their end-of-life experience with dignity, and in most cases, in the comfort of their own homes.

There are often legal issues which arise at this time. There may be decisions to make on how to handle things ranging from healthcare decisions making to financial management to how your property should pass at your death. Following is a list of some of the reasons why it’s important to deal with an attorney skilled in helping families during this difficult time.

1. It’s important to deal with an attorney who concentrates his or her practice on these types of issues. Helping families through this difficult time takes a special set of skills. Not only is it important to have an attorney who understands the technical part of the law, but it’s also critical to have an attorney who understands the emotional aspects. You want someone you will be comfortable with, and someone who has provided the services to countless families going through the same issues you and your family face now.

2. The attorney’s staff must also be well-trained. Hospice caseworkers are a special group of people. Once you’ve dealt with them, you quickly find that to be true. And while it’s important to deal with an attorney who is sensitive and understands the issues you’re facing...it’s also crucial to deal with an attorney whose practice is geared toward helping you and your loved ones. Plus it’s important that the attorney’s staff also understands all of the challenges you are facing since you may be dealing with the support staff often.

3. You want an attorney who understands the government programs that are available to you. In this day and age, it’s difficult for any professional to know all there is to know about any given topic. That’s especially true when it comes to issues of government benefits like Medicare and Medicaid. It’s important that you deal with an attorney who works frequently in this area and who is used to dealing with the State. You need an attorney who knows how to help you and your family.

4. It’s important to deal with an attorney who knows how to help you to protect your life’s savings. No matter the size of your estate, you worked hard to earn it. It’s important to you and it’s important to your family that you pass along as much of it as possible. When selecting an attorney, be sure that he or she is knowledgeable on how to help you arrange things so that you receive the care you need and so that your assets will be preserved for your family to the greatest extent allowed by the law.

5. How to avoid probate - For many hospice patients, one of the most important concerns in the even of their death is that they want their estate to pass to their loved ones without going through probate. There are many ways to accomplish this, ranging from simple beneficiary designations to gifting strategies to trust planning and so on. It is important that you deal with an attorney who understands the various ways that property passes...and who can show you how to arrange your estate to avoid probate where that is appropriate.

6. It is important to work with an attorney who knows the value of a dollar. One of the biggest gripes people have in dealing with legal professionals is that they feel like they are “on the clock” and will be charged extra for every question they ask or every time they pick up the phone. Where possible, you should consider an attorney who works on a flat fee basis. Ideally, you want someone who will not charge for the initial phone call or consultation, and then who will tell you to the penny exactly what will be involved and what the cost will be. That way you can be a smart consumer and get the most for your dollar, while making sure that things are handled in the most appropriate manner.

7. Select an attorney who makes house calls. Dealing with clients on hospice is unlike most other types of legal practice. Usually the family has to go to the attorney’s office for a consultation. Not only can this be stressful, but it also takes a lot of time. An attorney who deals with hospice, on the other hand, will make house calls when needed. This makes things easier on the family, especially in the late stages, since often times hospice patients have great difficulty getting around.

All of these are reasons why it is important to deal with someone who practices in this important area of the law and who has a sensitivity to the needs of hospice patients and their families.

www.texaselderlawattorney.com

"The Top 8 Mistakes People Make With Medicaid"

"The Top 8 Mistakes People Make With Medicaid"

Finding the right nursing home, getting the best care there, paying for it properly, protecting yourself and your family..... all of these can be accomplished if only you know who to talk to and what to ask.

The decision to place yourself or a family member into a nursing home is one of the most difficult decisions you may ever be asked to make. That’s why it’s important to have a plan and to know what mistakes to avoid.

In a perfect world, you’d have plenty of time to visit the nursing homes, talk to the residents, meet the care staff, sample the food and so on. Unfortunately, we don’t live in a perfect world. Often decisions have to be made quickly and without a lot of information or comparisons.

Our Mission is to Help Our Clients.....
Find the right nursing home
Get the best care there
Pay for it without going broke
Legally protect their assets and income

Next, you need to know what mistakes to avoid with Medicaid. Here are the top 8 mistakes:

1.Thinking it’s too late to plan.

It’s almost never too late to take planning steps after a senior has moved to a nursing home.

2. Giving away assets too early.
First, it’s your money (or your house, or both), make sure you take care of yourself first. Don’t put your security at risk by putting it in the hands of your children. Precipitous transfers can cause difficult tax and Medicaid problems as well.

3. Ignoring Important safe harbors created by Congress.
Certain transfers are allowable without jeopardizing Medicaid eligibility. These include; transfers to disable children, caretaker children, certain siblings and into trust for anyone disabled and under age 65; a transfer to a "pay-back" trust if under age 65; and a transfer to a pooled disability trust at any age.

4. Failing to take advantage of protections for the spouse of a nursing home resident.
These protections include the purchase of an immediate annuity, petitioning for an increased community spouse resource allowance, and in some instances petitioning for an increased income allowance or refusing to cooperate with the nursing home spouse’s Medicaid application.

5. Applying for Medicaid too early.
This can result in a longer ineligibility period in some instances.

6. Applying for Medicaid too late.
This can mean the loss of many months of eligibility.

7. Not getting expert help.
This is a complicated field that most people deal with once in their lives. Tens of thousands of dollars are at stake. It’s penny wise and pound foolish not to consult with people who make their living guiding clients through the process.

8. Confusion about the difference between lifetime liens on property and estate recovery.
There are a number of exceptions to lifetime liens on property, but estate recovery there is only a deferral for a surviving spouse and a hardship waiver. http://www.texaselderlawattorney.com/