Aging Well: Enjoying Life on a New Scale

Where — and how — do you want to live when your work and family responsibilities become simpler and you can make choices just for yourself?

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Imagine finally having a reduced work schedule, fewer family responsibilities and being free to make your own choices. That’s what happened to Grimaldi & Yeung clients William and Flora Dubcek. They had spent time raising their children and then, caring for William’s elderly mother, with whom they shared a two-family home. Because they had been thrifty, they had a number of options. Cautious by nature, they came to Grimaldi & Yeung for help in evaluating their choices and planning so they would not be a burden on their own children. We helped the Dubceks:

  • Sell the two-family home, which was too big to meet their needs.
  • Consolidate their savings, including separate retirement finds and a variety of small investments, including funds they inherited from William’s mother.
  • Locate and purchase a smaller home in the same neighborhood.
  • Resolve an ongoing dispute with William’s sister regarding their mother’s estate.
  • Preserve their independence and financial well-being as they grow older.
  • Establish decision-making criteria to realize the cherished dream of a second home in rural Pennsylvania.

Now the Dubceks are enjoying their lives, confident that they won’t be a burden to anyone.

Elder Law: Health Insurance

A sound financial strategy for long-term care can include various kinds of insurance coverage in addition to the basics provided by Medicare, HMO’s, employer retiree health insurance or medigap insurance. There are many complicated products on the market for long term care and more to come under the new federal health care reform. Grimaldi & Yeung is your independent advisor to help:

  • Evaluate your current insurance coverage and advice on supplemental plans.
  • Determine the insurance policies’ likely financial and tax benefits.
  • Match insurance policies to your overall long-term care needs.
  • Assess any impact your insurance has on possible eligibility for entitlement programs.
  • Assist with analyzing Medicare Part D and C options.

Long-Term Care Insurance

Specialized long-term care insurance can cover a substantial portion of the cost of homecare services, nursing home care, home health care equipment and other care providers and expenses. Since these out-of-pocket costs can mount rapidly, insurance can be an alternative to offset them. It is critical to purchase long-term care insurance before you need it, as part of your advance plan. Once you actually need care, you may no longer be accepted by the insurer. Additionally, the younger you are when you first purchase long-term care insurance, the less expensive it tends to be.

Medigap Insurance

Medicare provides basic health coverage to the elderly and disabled. However, this coverage has coverage gaps. Insurers offer various policies to cover the Medicare gaps, covering such things as doctor and hospital deductibles, copayments, costs above the Medicare fixed reimbursement level and uncovered prescription drug costs (until the new health care reform law eliminates most of the “donut hole” in several years). Some policies also cover needed transportation services, limited personal care services and out of network treatment. The federal government has standardized the benefits for these policies and there are 12 different policy templates (Medigap policies A — L). As part of your advance planning process, Grimaldi & Yeung can help you identify Medigap policies that most closely match your situation and your budget.