the elder care journey - new canaan men's club · the elder care journey: how to protect...

The Elder Care Journey: How to protect Yourself, Your family, and Your Finances

DANIEL O. TULLY, ESQ.

ATTORNEY AT LAW

KILBOURNE & TULLY, P.C.

BRISTOL ○ GLASTONBURY ○ NORTH HAVEN ○ STAMFORD

Our Goal

Design a Plan to Allow You to Stay Independent as Long as Possible… and to Protect Yourself, Your Family

and Your Finances…

Does Anyone here today:

•Eat a low fat diet?

•Exercise?

•Take Vitamins?

That’s Great Because…

You’re part of the problem!

Why So Many are Concerned •Life expectancies continue to increase

•Financial strains on Medicare and Medicaid

•More seniors now than ever before, plus the Baby Boomers are aging

The Elder Care Journey

Journey Stop 1: j

THE HEALTHY VIGOROUS SENIOR (WITH PERHAPS SOME CHRONIC HEALTH PROBLEMS)

Journey Stop 1

•Medicare “Cares”

•Private Insurance

•Traditional Estate Planning?

Why Do Many Use Long Terms Care Insurance In Their Planning?

•You wouldn’t think of going without homeowners or car insurance

•Insurance transfers the risk

•The cost can be economical and gives piece of mind

Long Term Care Insurance Policies Have Improved

•Policies are geared to meet your needs

•Inflation Protection

•Home health care

•Adult day care

•State Partnership Plans

Journey Stop 2: THE DECLINING SENIOR WITH MEMORY

OR MOBILITY ISSUES

This Situation Needs Immediate Attention Once the Person Needs

•In Home Assistance, or

•Lives in an Assisted Living Facility ◦Private Pay ◦Long Term Care Insurance ◦Veterans Benefits ◦Estate Planning Coordination

There Is Money Available For •Wartime veterans

•Surviving spouses of wartime veterans

The key is to qualify!

Requirements for Extra Money

•Wartime Service (or widow of wartime Veteran)

•Medical expenses

•Based on household income and assets

Service Requirements

•Served at least 90 days of actual duty

•Served at least one day during a war period

•Can’t have a dishonorable discharge

What Aid and Attendance Means

Inability to…

•Dress/undress

•Keep oneself presentable

•Bathe oneself

•Feed oneself

Co-ordination Between Veterans and Medicaid is Tricky

Journey Stop 3: THE FRAGILE SENIOR

CURRENT NURSING HOME RESIDENT

(OR EXPECTED WITHIN A YEAR)

Journey Stop 3

•Private Pay (15,000 to 18,000 per month or more)

•Long Term Care Insurance

•Medicaid Planning (to preserve assets and dignity)

•Estate Planning Changes

Power of Attorney Health Care

•Advance Directives

•Living Will

•Caveat HIPAA

•Terry Schiavo Case

Special Situations That Demand Immediate Attention Summary

•Nursing Home Residents

•Memory Loss, Alzheimer's, Parkinson's, MS, ALS

•Child being paid to care for parent(s)

•Veterans in assisted living or with large medical expenses

•Healthy seniors who want to get their “ducks in a row”

The Elder Care Journey: How to Protect Yourself, Your Family, and Your Finances

Daniel O. Tully, Esq.

Kilbourne & Tully, P.C.

2389 Main Street

Glastonbury, CT

888-583-8838

120 Laurel Street

Bristol, CT

860-583-1341

605 Washington Ave.

North Haven, CT

816-903-5713

Visit us online at:

www.ktelderlaw.com

700 Canal Street

Stamford, CT

860-583-1341

Like & Follow us:

@ktelderlaw