Social Security’s Little Secrets

Social Security’s Little Secrets

Jun 10

Social Security has a few little secrets that make it very good for the government. Social Security, unlike other income – earnings, investments or IRA’s – is taxed three times (Secret 1). Here is how it works. Let’s say your earned income is $50,000. You pay in your Social Security which would be $2,100 for 2011. It’s normally 6.2% but in 2011 it’s 4.2%. Does that mean you are...

LTCi Part 6: Tax Treatment for Individuals

LTCi Part 6: Tax Treatment for Individuals

Jun 02

This is the sixth in a series of blogs on the topic of Long Term Care Insurance. I have broken them down into smaller segments since this is such an important and extensive topic. Congress wants you to buy long-term care insurance.  The way they hope to inspire you to buy it is by giving you tax deductions.  The problem, however, is that when the government gets involved, it giveth and it can...

LTCi Part 5: Partnership for Long-Term Care Insurance

LTCi Part 5: Partnership for Long-Term Care Insurance

May 20

This is the fifth in a series of blogs on the topic of Long Term Care Insurance. I have broken them down into smaller segments since this is such an important and extensive topic Many states have enacted a form of insurance called the Partnership for Long-term Care Insurance.  For years, this was the best-kept secret in the insurance industry.  Now, over 30 states have it and hopefully your...

Hiding Assets

Hiding Assets

May 16

When people are desperate they make desperate mistakes; mistakes that could cost them thousands or hundreds of thousands of dollars. Hiding assets or income from Medicaid is such a huge mistake. This mistake has been excerpted from my forthcoming book Naked in the Nursing Home. In the last blog on Medicaid mistakes we looked at the ever popular mistake of getting bad advice. Today we will look at...

Taking Care of Mom

Taking Care of Mom

Mar 31

Shirley and Paul are paying for Shirley’s mother’s care in a nursing home. While they love her very much, it is costing them a fortune, over $10,000 per month in addition to their own cost of living.  Their assets are draining down and they are worried about their own future and how they will someday finance their own care. They are going broke. Mom has Alzheimer’s disease, but she is in...

How To Communicate with your Health Care Provider (HCP)

How To Communicate with your Health Care Provider (HCP)

Mar 21

Have you ever gone to the doctor and then forgotten exactly what you were told? Well, if you are or a loved one is elderly, this could easily happen. The Women’s Health Resource Center at the California Pacific Medical Center says that good communication is the key to a long-term trusting relationship with your Health Care Provider. Here is a list of suggestions they provide to ensure clear...