ElderLaw News Archive: June, 2002
In this Issue...
- Nursing Home Costs Vary Widely Around Nation
- Elder Abuse Web Site Offers Resources and Contacts
- Is Your Long-Term Care Insurance Agent Certified?
- IRS Releases Final Rules for Retirement Account Distributions
Nursing Home Costs Vary Widely Around Nation
The average cost of a private room in a nursing home is $168 per day, but there are large variations from metropolitan area to metropolitan area, according to a recent market study released by the MetLife Mature Market Institute. The costliest area for a nursing home stay is Stamford, Connecticut, where the average rate is $347 per day, while the Shreveport, Louisiana, area has the lowest costs, at $88 day. In Hawaii, the average cost of a private room is $220 a day.
The study found that the cost of a home health care aide averaged $18 per hour nationally. Home health care is most expensive in Anchorage, Alaska, at $27 per hour and least expensive in Montgomery, Alabama, at $12 per hour. In Hawaii, expect home health care aids to cost on the average $19 an hour. more.
Read the MetLife article . . . »
Elder Abuse Web Site Offers Resources and Contacts
As our population ages, abuse of the elderly is becoming a growing problem. Elder abuse can take many forms: physical abuse, emotional abuse, sexual abuse, financial or material exploitation, abandonment, or neglect.
If you suspect elder abuse, an outstanding resource is the National Center for Elder Abuse (NCEA) Web site. Among other things, the site offers a state-by-state listing of 24-hour toll-free numbers for reporting abuse and information on elder abuse laws.
This website is www.elderabusecenter.org. The site lists toll-free numbers for reporting abuse for all the major islands.
Is Your Long-Term Care Insurance Agent Certified?
Long-term care insurance is a complex product, and insurance agents and brokers who sell it need to be highly trained and able to offer impartial advice about competing products. A good way to gauge whether an agent or broker is qualified and can offer unbiased advice is to look for the "CLTC" designation after his or her name. Alternatively, ascertain that your agent is independent and able to offer a wide variety of long term insurance plans, has been working in the area of long term care planning for a number of years, and handles at least 20 long term care planning cases a year.
IRS Releases Final Rules for Retirement Account Distributions
The Internal Revenue Service (IRS) has issued final regulations that greatly simplify the calculations for making minimum distributions from retirement plans like IRAs.
Quick Links
Site Compares Cost of Living in Different Areas
Social Security Benefit Calculators
Legal Disclaimer
This information has been provided for informational purposes only. It does
not constitute legal advice. The receipt of this information does not establish
an attorney-client privilege. Proper legal advice can only be given upon consideration
of all the relevant facts and laws. Therefore you should not act upon any
of the information contained herein without seeking appropriate legal counsel.
Attorneys Judith Sterling and Michelle Tucker are both CPAs and licensed attorneys. They are the first two attorneys in Hawaii to be certified by the American Bar Association (ABA) accredited Estate Law Specialist Board, Inc., as Estate Planning Law Specialists, and are so certified by the Supreme Court of Hawaii. The Supreme Court of Hawaii grants Hawaii certification only to lawyers in good standing who have successfully completed a specialty program accredited by the ABA.
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Haseko Center Serving Maui and the Big Island by appointment 1-(800) 807-3820 |
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