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

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/

  • New Year…New Will?
    <p>Many people make New Year’s resolutions. If one of your resolutions was to make sure your affairs and finances are in order, then you are going to need to review your estate plan – or create one if you do not already have one. But how do you know if it needs to be changed [...]</p>
    <p><a class="btn btn-secondary bravehart-read-more-link" href="http://www.hooklawcenter.com/2021/01/13/new-yearnew-will/">Read More...</a></p>
    <p>The post <a href="http://www.hooklawcenter.com/2021/01/13/new-yearnew-will/" target="_blank">New Year…New Will?</a> first appeared on <a href="http://www.hooklawcenter.com/" target="_blank">Hook Law Center</a>.</p>
  • Protection of Personal Injury Proceeds in Virginia
    <p>One of the unique provisions under Virginia law is the statutory protection of personal injury and wrongful death proceeds against creditors. Specifically, the Virginia Code states that, subject to a few specific exceptions, “all causes of action for personal injury or wrongful death and the proceeds derived from court award or settlement shall be exempt [...]</p>
    <p><a class="btn btn-secondary bravehart-read-more-link" href="http://www.hooklawcenter.com/2021/01/08/protection-of-personal-injury-proceeds-in-virginia/">Read More...</a></p>
    <p>The post <a href="http://www.hooklawcenter.com/2021/01/08/protection-of-personal-injury-proceeds-in-virginia/" target="_blank">Protection of Personal Injury Proceeds in Virginia</a> first appeared on <a href="http://www.hooklawcenter.com/" target="_blank">Hook Law Center</a>.</p>
  • Fed Releases Important Figures for 2021 Long-term Care Planning
    <p>The Center for Medicare and Medicaid Services (CMS) has announced changes to the Long-term Care Spousal Standards that apply to married couples who seek Medicaid assistance for payment of ones long-term care services. The standards that will change in 2021 include, but are not limited to, the Maximum and Minimum Spousal Resource Standards and the [...]</p>
    <p><a class="btn btn-secondary bravehart-read-more-link" href="http://www.hooklawcenter.com/2020/12/31/fed-releases-important-figures-for-2021-long-term-care-planning/">Read More...</a></p>
    <p>The post <a href="http://www.hooklawcenter.com/2020/12/31/fed-releases-important-figures-for-2021-long-term-care-planning/" target="_blank">Fed Releases Important Figures for 2021 Long-term Care Planning</a> first appeared on <a href="http://www.hooklawcenter.com/" target="_blank">Hook Law Center</a>.</p>
  • What to Do With All of Those U.S. Savings Bonds
    <p>United States Savings Bonds have been around since 1935 and have evolved from the Series E Bond, which contributed billions of dollars to finance World War II, to the electronic versions of Series EE and Series I bonds that we have today.  Prior to January 1, 2012, you could still buy paper Savings Bonds from [...]</p>
    <p><a class="btn btn-secondary bravehart-read-more-link" href="http://www.hooklawcenter.com/2020/12/31/what-to-do-with-all-of-those-u-s-savings-bonds/">Read More...</a></p>
    <p>The post <a href="http://www.hooklawcenter.com/2020/12/31/what-to-do-with-all-of-those-u-s-savings-bonds/" target="_blank">What to Do With All of Those U.S. Savings Bonds</a> first appeared on <a href="http://www.hooklawcenter.com/" target="_blank">Hook Law Center</a>.</p>
  • Financial Planning Before and During a Pandemic
    <p>The COVID-19 pandemic has had sudden and significant repercussions for how individuals conduct their financial planning, specifically, how they approach their spending and saving goals. Many households have seen a steep reduction in income and have subsequently, though unintentionally, burned through their savings as the pandemic nears the one year mark. For many, this pandemic [...]</p>
    <p><a class="btn btn-secondary bravehart-read-more-link" href="http://www.hooklawcenter.com/2020/12/28/financial-planning-before-and-during-a-pandemic/">Read More...</a></p>
    <p>The post <a href="http://www.hooklawcenter.com/2020/12/28/financial-planning-before-and-during-a-pandemic/" target="_blank">Financial Planning Before and During a Pandemic</a> first appeared on <a href="http://www.hooklawcenter.com/" target="_blank">Hook Law Center</a>.</p>

Tags: , , , , ,



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

* indicates required