HOBBIES ARE GOOD FOR YOUR HEALTH

Do you have a hobby? Hobbies can give meaning and purpose to your life in retirement. As Robert Putnam points out in his book, Bowling Alone, it’s easy to discount the importance of hobbies and social engagements. Putnam details the widespread decline in civic engagement, from PTA memberships to neighborhood potlucks and bowling leagues. Over a couple of generations, Americans have misplaced the concept of free time.

SPECIAL PLANS FOR YOUR SPECIAL PEOPLE

Lily is a beautiful, active and full of personality toddler who happens to have Down syndrome. Lily’s parents and I have been friends for years and I have the continuing pleasure of watching Lily and her siblings grow up. While Lily is becoming a physical therapy rock star and hitting all her milestones in a timely fashion, her parents have started planning for the future.

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WHY WE ENJOY OUR HOBBIES

The Merriam-Webster dictionary defines a hobby as “a pursuit outside one’s regular occupation, engaged in especially for relaxation.” Hobbies include anything from playing a musical instrument to gardening, bird watching or sewing. A hobby is a way of focusing on something you enjoy just for the sake of that enjoyment. It may also be a way to clear your mental palette. You could be stressed out by a situation at work or the challenges of raising children and need an escape.

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5 WAY TO PAY FOR LONG-TERM CARE


Long-term care insurance prices also can vary based on your age and health history. However, it is almost always cheaper for younger applicants. Your attorney and financial advisor can work together to determine if a policy is right for you.


3. VA Aid and Attendance

For certain military veterans and their spouses, the VA Aid and Attendance Pension will cover the costs of long-term care. Not everyone will qualify, and Tricare will not pay for long-term care.


4. Medicare

Medicare will provide limited nursing home coverage for persons who have been admitted to a hospital for three consecutive nights and then receive a rehabilitative discharge to a nursing home. If you have been admitted for “observation” you have NOT been admitted. You need to ASK!   

Once admitted to a rehab facility, Medicare will pay for 20 days and up to an additional 80 for a rehabilitation stay in a nursing facility. Medicare may deny the additional coverage or will only pay part of the additional days.


5. Medicaid

Medicaid is the largest payer of skilled nursing home care. For individuals that qualify, Medicaid will pay most or all of the monthly bill. The Medicaid benefit paid is personalized to each individual. Factors include marriage, income, and asset levels.


With proper planning, many individuals can become qualified for the Medicaid benefit. However, don’t do any planning without the oversight of an experienced attorney. Medicaid do-it-yourself planning can often have disastrous effects. Medicaid regulations are intricate and are different in every state.


Learn more at www.bgelderlaw.com/medicaid.   

120 N. Mill St., Ste. 201 Lexington, KY 40507

Call Today: 859-281-0048 www.bgelderlaw.com

Amy E. Dougherty

PARTNER

Carolyn L. Kenton

MANAGING PARTNER

Mary Ellis Patton

SR. ASSOCIATE ATTORNEY

Katherine E. Finnell

ASSOCIATE ATTORNEY

Long-term care is expensive. Whether it’s assisted living, memory care, personal care or skilled nursing, care comes with a price tag. Often that price is more than the income of the resident. So how are you going to pay for it? There are five common ways to pay for long-term care.


1. Private Pay: You or Your Kids Pay

The first option is simply to pay your bill out of your income and/ or savings. This will deplete your savings over time. If you know you will need specialized care, you can certainly start saving and investing in advance to cover the cost of care.


The other avenue of private pay is children or other family members. Family will sometimes foot the bill for care. Sometimes this comes through a monthly loan or by paying the difference between a semi-private and private room.


2. Long-Term Care Insurance

Long-term care (LTC) insurance is a great resource for paying for care. Depending on the policy, the insurance can pay for in-home care as well as many different types of care in a facility. It is important to read the policy carefully. Look especially for: