Long-Term Care...Simply the Facts

You can, but should you?Theres a dark stain over the insurance industry for consumers searching for quotes online. Families and individuals are aware they need to carry health and life protection but dread entering their information online, consequently experiencing the bombardment of phone calls that follow. Its so bad some people would instead go without coverage than speak with a broker over the phone. When in reality, all it takes is working smarter, not harder.Some people will advise you to buy your own auto, home, health, life, or any other insurance. They will tell you horror stories about the number of calls youll receive if you submit information online. They will present a convincing argument, and youll be tempted to accept their advice. I urge you to resist that temptation.Its no surprise that many people are turning to self quoting websites and applications. The appeal is undeniable. Theres nothing inherently wrong about this approach, and it does save the consumer the headache of having to speak to countless agents. However, should you buy insurance without speaking to a licensed broker? Its fine to quote yourself and see whats out there in terms of options, but then proceeding to purchase that insurance without educational guidance is extremely risky for the consumer. When you use past experiences, personal knowledge, and stories heard from friends to make an informed decision on your insurance; the result tends to be medical debt or bankruptcy.A licensed agent or broker has a fiduciary responsibility to you. They are mandated by state and federal law to undergo licensed certification. While you may not have had pleasant experiences in the past, having a broker perform a needs analysis to personalize the policy is a better alternative. Just like any other profession, some paid attention during class, and others did not. It isnt appropriate to blanket statement all insurance brokers as untrustworthy.Heres your solution to avoid entering your information online. Instead, reach out to family members and friends. Ask them whom they use for their insurance needs and their experience with their broker. If you cant find a family or friend who uses a local agent or broker; reach out to colleagues and people within your circle of influence for guidance. By doing so, you are acquiring a real person who is aware of your personal needs and whom others trust. Its an ideal win-win situation between a trusted broker and client. You leave feeling confident in your policy because you are informed, and youve supported a local small business owner and their family. It may not be the fastest solution, but should it?When the world is more efficient, were all happy. Quicker load times, faster test results, high-speed internet. The need for convenience and expedience permeates everything we do. Theres relief in knowing you can quote and compare prices without receiving dozens of calls.However, when you go to purchase your insurance slow down, consult a professional, ask questions, and then fill out your application with the knowledge youre protected and supported.

PaperworkPaperworkWhat Should I keep? Sorting through the paperwork of a deceased loved one is a daunting task. It is important to know what to keep and what to discard. Here are some helpful tips.  Deeds, Titles and Vehicle RegistrationsDeeds and titles to property may not be obvious on the face of the document so it is important to read everything carefully. Keep anything that has a legal description (Lots and Blocks or Metes and Bounds), a vehicle identification number (VIN), contains the word title, deed of trust or warranty deed.  ReceiptsSome property does not have a title such as a tractor, farm equipment or certain recreational equipment. In such cases, keep the purchase receipts for this type of property. It will be useful if there is a question about ownership, the value of the property or the date it was purchased.  Bank RecordsSave all bank records and statements. These will be valuable if a dispute arises about ownership of an account, payments or distributions made from the account and to whom. Shred unused checks.  Retirement AccountsSave all statements and records pertaining to the decedents individual retirement accounts (IRAs), 401(k) plans or pension plans.  Life Insurance PoliciesSave all life insurance policies.  Social Security Paperwork and Earning StatementsSave information about the decedents Social Security account or earning statements.  Cancel the Decedents Credit Card Accounts Nowadays, identity theft is a huge issue. Contact Experian, Equifax and TransUnion to report the death of your loved one. Request the credit report be flagged as Deceased. Being proactive prevents a lot of hassle later on.  Cancel all credit cards in the deceased persons name. Also, there may be questions about the credit card purchase of certain items or property. Save credit card statements until probate of the decedents estate is complete.  Documents that contain the decedents Social Security NumberIf you find any documents with the decedents Social Security Number and you make a determination that the documents are not going to be saved, make sure it all gets shredded.  Tax RecordsKeep the decedents tax records. There may be a question about real property valuation, exemption or other issues that can be resolved by information in a tax return.   Loan PaperworkKeep all loan paperwork including loans on property or a loan the decedent made to a relative, friend, individual or organization. This may show that there is outstanding debt or money owed to the decedents estate.  Business AgreementsSometimes people have business agreements that have been documented in writing. Such agreements may contain a succession plan, what should happen with business equipment or property, or what should happen upon the death of a business partner.  Military RecordsSave all military records just in case there are benefits owed to a survivor such as a spouse, dependent child or disabled child. Some benefits are dependent upon verification of military service during war time which occurred prior to the advent of computer records. This includes photographs taken during wartime.  Birth and Marriage CertificatesSave all birth and marriage certificates. Again, for certain benefits for survivors, such certificates may be needed.  Timeframe for Keeping PaperworkIt is advisable to keep these potentially important documents until the estate of the decedent is settled, at a minimum. Otherwise keep them at least seven years and longer if possible, especially if real estate is involved.  Contact Your AttorneyYour attorney will ask you pertinent questions and give you advice about what records to keep.  You should also review your own estate plan documents to make sure they are up to date and reflect your current wishes.  This article was written by Donna A. Schuyler, Attorney, who practices in the areas of estate planning, elder law, guardianship, and probate. Donna Schuyler Law, PLLC; elderlawboise.com. Phone 208-344-1947

8 Ways to Pay for Assisted Living in Denver ColoradoFiguring out how to pay for assisted living can be terrible, but its also unavoidable. A little preparation can go a long way. If you arent prepared to pay out of pocket, then you should probably reach out to our team of local experts who can help you explore in more detail the ways you can pay for Assisted Living.Eight Ways to Pay for Assisted living in DenverAt Stacy's Helping Hand, Inc we advise families with the following eight ways to cover the costs of assisted living in Denver:1.Plan Ahead and BudgetWhile this seems smart, most people do not put the money aside. Life can be hectic and unexpected. For those who are planning on the unexpected well ahead of time might also consider2.Long Term Care Insurance (LTCI)Long term care insurance is for the lucky few people whove prepared and put the money aside for the specific purpose of needing it for long term care in the future. While this is a great benefit to have built-in to your plans, the benefits vary dramatically from one plan to another. Payouts range from $50 to $300 a day and are contingent on meeting certain diagnoses. LCTI may not be an option due to policy requirements, but many people have another form of insurance that can be useful.3.Your Existing Life Insurance PolicyMany life insurance policies allow you to cash-in for accelerated benefits that you can use while you are still alive. Even for plans that dont have this option, you can transfer the plan to another policyholder that will offer cash out option. Your life insurance is like a deferred Annuity that you created a long time ago and forgot about, but if you didnt get life insurance when you were young, you can still get an4.Immediate AnnuityAnnuities can be pretty tricky business. You shouldnt consider one unless you are using the guidance of a financial advisor who is looking out for your best interests. In the case that an annuity isnt an option, many people can still5.Sell, Rent or Reverse Mortgage a HomeMany middle class Americans dont have much retirement savings to speak of, but they do own homes. Home ownership has been an especially valuable source of retirement savings for seniors in the Denver Metro area. As a result of appreciating home values and rising rent, seniors can sell, rent or reverse mortgage their homes to help pay for assisted living. If the need for money is more immediate and assets havent sold yet, people can get a6.Bridge LoanFor those who need cash now, but need time for their valuable assets to sell, such as their home, a bridge loan can help seniors pay for Assisted Living Facilities to fill the gap between when they need cash and when they have cash from their sale. For those who dont have as much cash or income, there are still options such as7.SSI/Medicaid/InnovAgeMedicare and regular Medicaid doesnt cover long term care such as Assisted Living, but if you dont have savings or assets, you can apply for a Home and Community Based Services (HCBS) waiver through Medicaid. In the Denver area, there is an organization that can help people who need Colorado-specific Medicaid through the government-backed non-profit InnovAge. You apply for Medicaid through the InnovAge program, and they handle your case. For more complicated cases or if you want someone to hold your hand through the process, a Medicaid specialist such as a local Colorado company, Helping Hands Consulting is a good idea.The typical Medicaid payout is $700/month but assistance goes as high as $2,250/month and supplements SSI and SSDI. Medicaid wont entirely cover the cost of Assisted Living, but it can make a large dent. Only some assisted living communities will accept Medicaid, and Medicaid beds are usually limited, but either way, seeking professional help throughout the Medicaid process can alleviate the stress and ensure that all the information is provided when the application is submitted.8.VA BenefitsVeterans benefits can be used to pay for residential care in a variety of situations. One set of benefits is available to those with service-related injuries or disabilities; another set of benefits, known as Aid and Attendance, is available to any veteran or surviving spouse whos disabled and whose income is below a certain limit.Receiving Medicaid and VA Benefits can be a tricky and time-consuming process. If you reach out to us today, we can help you navigate these complex systems and find you the right Assisted Living facility for your needs in the Denver Metro area.Finding the best Assisted Living community options for seniors is our specialty. If you have a question about Assisted Living in Denver CO metro area, give us a call at the number above.