» Elder Law Attorney With Hook Law Center Says Planning Crucial For Retirement Health Care

Elder Law Attorney With Hook Law Center Says Planning Crucial For Retirement Health Care

Virginia Beach, VA (Law Firm Newswire) September 17, 2013 – A recent study shows baby boomers may not adequately understand their retirement health care needs.

Hook Law Center (formerly Oast & Hook)

Hook Law Center (formerly Oast & Hook)

The Center for Secure Retirement surveyed 1,300 middle-income people aged 49 to 67. Those surveyed tended to underestimate the cost of long-term care and the likelihood they will need it. Most lacked a plan to pay for health care and a proper understanding of what Medicare provides.

“Health care in retirement represents a great financial challenge for many Americans,” said Virginia elder law attorney Andrew Hook. “Knowledge and planning are immensely important no matter your financial situation.”

The results show 72 percent of those surveyed have no plan for health care in retirement, 20 percent had a rough plan, and just 8 percent had a detailed plan. About half had not discussed with anyone their wishes for long-term care or how they might pay for it. Statistics show some two thirds of middle-income baby boomers will need long-term care, but just one third of those surveyed believe they will require it. Survey respondents as a whole underestimated by half the cost of nursing home care, and nearly 80 percent either had the mistaken belief that Medicare covers long-term care or simply had no idea how they would pay for it if needed.

“Recent and upcoming retirees seem to be reluctant to engage in even the first stages of information-gathering and planning,” added Hook. “This may be based on a fear of what they might find, which is understandable. But middle-income Americans can usually piece together Medicare, private insurance, and retirement savings to make a good strategy. They just need a little help, and that's where an experienced elder law attorney comes in.”

The survey also illustrated a shift in how baby boomers expect to manage their care when compared with previous generations. For instance, 71 percent of previous generations included moving in with their kids as part of their plan to manage their health care. Less than half as many boomers – 33 percent – said the same. An option rising in popularity is long-term care insurance. 72 percent of boomers expect to incorporate it into their plans, as compared with 22 percent of retirees from previous generations.

Hook Law Center
295 Bendix Road, Suite 170
Virginia Beach, Virginia 23452-1294
Phone: 757-399-7506
Fax: 757-397-1267

SUFFOLK
5806 Harbour View Blvd.
Suite 203
Suffolk VA 23435
Phone: 757-399-7506
Fax: 757-397-1267
http://www.hooklawcenter.com/

  • Decanting an Irrevocable Trust to Protect Public Benefit Eligibility
    Unintended consequences can occur when people fail to consider the effect of a plan on persons with special needs. Estate planners who are unfamiliar with public benefits may unintentionally create plans that can wreck a beneficiary’s eligibility for SSI, Medicaid and other means-tested public benefits, resulting in a loss of income, healthcare coverage, housing, etc. […]
  • ‘Tis the Season…for hospital admissions and long-term care planning!
    Author: Stephanie Washington Co-Author: Letha Sgritta-McDowell During the holidays, it is not uncommon for emergency rooms to see an increase in visits by the elderly population. As we know, the elderly are more susceptible to catching pneumonia due to their waning immune systems, falling due to lower body weakness and poor balance, combined with vision […]
  • Life-Saving Tech Tip for Cell Phone Users
    Your cell phone may have a life-saving feature that you should be aware of. For iPhone users, the feature is called “Medical ID.”  Medical ID lets others access important medical information about you without unlocking your phone.  From the “unlock” screen, a first responder can tap the “Emergency” option in the bottom left corner, then […]
  • What President-Elect Trump and the Republican Party have in Store for You: Estate, Gift and Generation Skipping Transfer Taxes
    Well, one of the more painful election cycles I have ever experienced is, thankfully, over. Now that the American people have finally cast their votes and elected Donald Trump to the White House and a Republican-controlled Congress, it is natural to wonder what changes, if any, you can expect. Certainly, a lot of promises have […]
  • State Tax Credit Can Help With Home Improvement Costs
    A recent article in our newsletter discussed Universal Home Design and the advantages it has for individuals of all ages. Fortunately, Virginia has a tax incentive that may help with the cost of retrofitting your home, the Livable Homes Tax Credit (LHTC).  The tax credit can be as much as $5,000, which is a huge […]

See other news sources publishing this article. BETA | Tags: , , , , ,



Get headlines from Law Firm Newswire sent right to your inbox.

* indicates required