Utah

What is Medicare?Medicare is a government health insurance program primarily for people age 65 and older.It offers several different coverages and comes with a lingo that can be confusing. The following is a brief summary of Medicare's most common lingo: Part A (Hospital Insurance) This provides coverage for inpatient hospital care, skilled nursing and hospice. Part B (Medical Insurance) Covers doctor services, outpatient care and limited preventive services. Part C (Medicare Advantage Plans) Medical coverage that is provided by Medicare-approved private insurance companies. Part D (Drug Plan) Prescription drug plans that are run by Medicare-approved private insurance companies. Medicare Supplement There are 12 standardized plans that are provided by private insurance companies to fill the gaps in Medicare's Part A and B coverages. Many people find it helpful to have an Insurance Broker or Agent to help them select their best option. The best news is that there is generally no cost for this service.Also, additional information can be found at www.medicare.gov or toll free 800 633 4227. This article was written by Craig N. Anderson, LUTCF President of Anderson Benefits, Inc. located in SLC Utah. 801-363-9575.

In our culture we often fail to plan for the last great act of life. At the beginning of the circle of life we give all our thoughts and best efforts to planning for a new child and their upbringing, but due to the inherently sad nature of the end of the circle of life, we often fail to plan or really give the following question any thought: how will I pay for assistance if I were to need it as I age?The Unique Reality of Assisted Living CommunitiesAssisted Living communities are one of the only areas of health care that Medicare will not pay for, and most communities limit the number of Medicaid rooms they have, if they have any, because the reimbursement rate is so low. This is why most Assisted Living facilities are private pay. Most assisted living residents pay from their own social security, pensions, savings or with help from family members. Often funds to pay for Assisted Living comes from the sale of a home or the sale of stocks and bonds. Below is a list of some other excellent options and resources for Assisted Living financing options:Long Term Care InsuranceThis is one of the most underutilized and best options for paying for Assisted Living. It may be too late to cost effectively start a long term care insurance policy for you depending on your current age. But inform and educate your children to start now and plan for their future.Reverse MortgagesA reverse mortgage is a loan available to seniors age 62 and above. It's used to release the home equity in the property as one lump sum or in multiple payments. The homeowner's obligation to repay the loan is deferred until the owner passes away, the home is sold or the owner moves out. In the case of couples, as long as one person still lives in the home, the payments do not need to be made on the loan.Secured Lines of CreditA secured line of credit is a loan from the bank, credit union or other financial institution. Similar to a bank account, you may draw funds as needed, but you only pay interest on the amounts drawn. A line of credit can be secured by real estate, CD's, equities (stocks) and cash that you may have. You can borrow from it over and over again without having to renegotiate terms.Life InsuranceSome life insurance policies have a cash value that may be withdrawn or borrowed against. You may also obtain the proceeds from a life insurance policy by selling or liquidating it before death.Tax ConsiderationsFamilies often help support their loved ones at Carrington Court. Each individual may give up to $14,000 in 2015 & 2016 and married couples, filing jointly may give up to $28,000.00 in 2015 & 2016 without being subject to Gift Taxes.Costs related to senior living may be tax deductible as medical expenses for both the resident and their family caregiver if they meet applicable Internal Revenue Service requirements. You should obtain your own qualified tax counsel in these matters.Companion LivingTwo residents may share a suite as companions. This offers a more affordable option, with all the benefits and assistance of Assisted Living remaining the same. A roommate can often help ease the transition to a new community.Veterans BenefitsThe United States Department of Veterans Affairs administers the veterans pension program which also includes aid and assistance and housebound benefits. For more information on qualification for and how to apply for these benefits go to http://www.vba.va.gov/bln/21/pension/vetpen.htm#7.If we start doing our due diligence to plan and provide for the end of our circle of life the future will begin to grow bright!Editors Note: This article was submitted by Michael Nielson, Administrator of Carrington Court Assisted Living and Memory Care. He may be reached at 801-676-8787 or by email at [email protected]

Welcome to Legacy House of Spanish Fork. Nestled in a quiet neighborhood but easily accessible from Highway 6, Legacy House of Spanish Fork offers residents and their families the best of both worlds; a hometown feel, yet close to physician offices, restaurants and shopping. Legacy House of Spanish Fork, Utah County's premier senior living community, provides both assisted living and memory care services. Our residents enjoy daily activities, restaurant-style dining, beautifully decorated living areas and a variety of apartment floor plans all in a home-like setting.Assisted Living & Memory Care: At Legacy House of Spanish Fork, we believe that the more our residents can be independent, the healthier they are and the better they feel. No matter what stage of life were in, maximizing independence, maintaining dignity and having choices are important.Nevertheless, there comes a time when we all could use a helping hand, even for the most basic daily activities like dressing, bathing, grooming or taking medications. At Legacy House of Spanish Fork, we recognize those times and provide just the right amount of help to meet those needs.Our Personal Touch Culture: Why choose Legacy House of Spanish Fork? Caring for seniors and their families since 1996, Legacy Retirement Communities is a premier provider of senior living services. At Legacy House of Spanish Fork, we distinguish ourselves from others by embracing a Personal Touch Culture that strives to make a heart-to-heart connection with those we serve. We believe in an individuals worth and respect their uniqueness. We personalize our services by knowing our customers through sincere listening, caring service and attention to personal details.Visit today. Wed love to have you over for lunch.