Medicare Deadline

Medicare Deadline

The Medicare deadline for applying for Part B coverge depends on several important factors.  If you or your spouse are covered under your employers group plan and the employer employs fewer than 20 workers your coverage becomes secondary to Medicare when you turn 65.  If you or your husband then retire the enrollment deadline is three (3) months after you turn 65.  If the employer has 20 or more workers the employers plan is primary even after you turn 65.  If you and a covered spouse retire at age 65 you will have eight (8) months after coverge ends to apply for Part B.  Failure to apply for Part B will result in a 10% increase in Part B Premiums.  If you miss the deadline it can leave you temporarily uninsured and your next opportunity to enroll is between January 1 and March 31 for coverage that will not begin until July 1.

Do not take these deadlines for granted.  Contact Social Security and double check these deadlines with them.

Divorce Ends Beneficiary Status

Divorce Ends Beneficiary Status

Under New York State law, divorce automatically revokes beneficiary designations to an ex-wife or ex-husband on a life insurance policy.  The law does not say who gets the money.  It says the insurer should proceed as if the beneficiary had predeceased the insured person. When the designated beneficiary is dead, the new beneficiary’s identity depends on the policy’s “succession of interest” language. This typically calls for payment to a contingent beneficiary or to the insured’s estate.

When a person dies without a will, the law divides his estate between his surviving spouse and children.  Ex-spouse beneficiary status can be maintained as part of a divorce settlement.

 

 

LONG TERM CARE COSTS

LONG TERM CARE COSTS

The average cost of Long Term Care in a Nursing Home in the New York Metropolitan area is more than $400.00 a day ($12,000 a month) as opposed to the National Average of about $225.00 a day ($6750 a month). Studies from a large financial company show that Long Island and the New York Metropolitan area is one of the most expensive areas to obtain Long Term Care. These costs are rapidly increasing. Fortunately there other choices as more Assisted Living and Independent living facilities are being built. Other options that are becoming available are Adult Day Care and Home Health Aide.

The average daily cost for a home health aide on Long Island is $140.based on a 44

hour work week (980.per week) while the cost outside of New York is $119.00 per day($833per week)  for the same 44 hour work week. Adult Day Care in New York is about $80.00 a day for a 40 hour work week and outside of New York the cost is about $60.00 per day. The monthly cost for Assisted living on Long Island is about $5100.00 While outside of New York the Monthly cost is about $3500.00

You can go to the website:genworth.com/costofcare to access an interactive map where you can compare costs and also project how much the different care options will cost in the future.

There are several options to choose from when deciding to protect ones assets when choosing a Long Term Care Insurance Policy.