When it comes time to choosing a Medicare plan, it can be difficult to know which type of coverage is best for you. We understand how complicated insurance plans can be, especially when you are an older adult in need of frequent medical care and prescription drugs. The important thing to remember is that different plans can be better or worse for your needs, and you can always seek advice from an experienced Grand Rapids Medicare planning lawyer.

According to a fact sheet from Medicare.gov and a pamphlet from the AARP Foundation, there are a number of questions that you should ask before choosing or changing your Medicare coverage. To better understand some of the questions you should be asking (and the types of answers you should be seeking), we would like to discuss some helpful “Dos and Don’ts” when it comes to selecting or changing your Medicare coverage.

Take the Following Questions Into Account When Choosing Medicare Coverage

What should you absolutely do before you select or change your Medicare coverage? The following tips from Medicare.gov and the AARP Foundation can help:

  • Inquire about how your specific medical needs will be covered by different plans;
  • If you visit your doctors’ offices with some frequency, do choose a plan that is most economically efficient in terms of monthly premiums and deductibles (keep in mind that lower monthly premiums usually mean higher deductibles, but if you go to the doctor enough, it might make sense to pay a higher monthly premium for a lower deductible amount);
  • Choose a plan with coverage that your doctors already accept, as you likely will not want to change physicians simply because you have selected a new insurance plan;
  • Find out if the plan you are considering will require you to get a referral in order to visit a specialist;
  • Ask about whether your current prescriptions are on the drug list of the plan you are considering (this is also known as a “formulary”);
  • Inquire about whether you will need to join a Medicare Prescription Drug Plan;
  • If you already have prescription drug coverage, do learn more about whether you will have to pay a penalty if you join a Medicare Prescription Drug Plan later on;
  • Find out how much your prescription drugs will cost under the plans you are considering;
  • Choose a plan that allows you to visit doctor’s offices and pharmacies that are nearby;
  • Ask if your plan’s coverage will continue if you travel outside of Michigan, including within the U.S. and outside the country; and
  • Last but not least, do seek help from an experienced Grand Rapids Medicare planning law firm.

Do Not Enter into a Plan Without Understanding Its Costs and Benefits

What should you avoid when choosing a Medicare plan? Based on the “Dos” we listed above, you might be able to guess as some of the “Don’ts,” but in brief, do not do any of the following when selecting a Medicare plan:

  • Do not choose a plan that will cost you more money in the long run;
  • Do not choose a plan that will prevent you from seeing your doctors or visiting your regular pharmacy;
  • Do not choose a plan that has a poor rating; and
  • Do not make a decision without consulting with an experienced elder law attorney.

Contact a Medicare Planning Attorney in Grand Rapids, MI

At The Law Offices Of David L. Carrier P.C., we know that a person’s choice in Medicare plan can have a significant impact on the type and quality of care they end up receiving. If you have questions about choosing the Medicare plan that is best for you, one of our dedicated Grand Rapids Medicare planning attorneys can help. Contact us today to discuss your options.

Top Questions About Estate Planning | Law Offices of David L Carrier

You might have heard friends and family members discussing the values of estate planning, and you may have wondered whether you should be talking with an estate planning attorney. Generally speaking, nobody likes to think about estate planning, from questions concerning end-of-life care to wills and inheritances. Yet regardless of age, it is extremely important to think about estate planning and to discuss your options with an experienced Grand Rapids estate planning lawyer. Indeed, estate planning can help to ensure that your wishes are carried out regardless of your own mental or physical capacity, and safeguard can help to safeguard your requests with regard to your property and assets.

While many Grand Rapids residents recognize the importance of estate planning, this area of the law often leaves people with questions about how it works. The following are the top three frequently asked questions we received about estate planning in Grand Rapids, MI:

What is Estate Planning?

So, you have heard your neighbors, co-workers, and perhaps even family members talking about meeting with an estate planning lawyer. But what is estate planning, exactly? In short, according to the American Bar Association (ABA), estate planning is the process of planning for the legal disposition of your current assets and any assets you obtain in the future, as well as making arrangements for end-of-life care.

As such, estate planning allows you to determine who will inherit your property upon your death, but it also allows you to make decisions about who will handle your finances and medical care in the event that you are unable to do so yourself. We cannot stress enough that everyone, regardless of age or income, should speak with an estate planning law firm about the future. As the ABA points out, about 55 percent of all Americans die without a will or any estate planning documents, and this can create significant difficulties for loved ones.

What Documents Will I Need to Create?

Estate planning is complicated, and it is extremely important to seek assistance from an experienced Grand Rapids estate planning attorney. Some of the following documents that typically are part of an estate plan include but are not limited to:

  • Will: your will allows you to choose how your property will be distributed upon your death. Generally speaking, you can be as specific as you want to be, naming as many or as few beneficiaries as you see fit.
  • Financial (or “durable”) power of attorney: this document allows you to name someone who will handle your finances in the event that you become incapacitated and cannot handle your finances yourself.
  • Medical power of attorney: this document allows you to name a person who will make medical decisions for you if you cannot do so yourself.
  • Advance directive: this document allows you to make clear what your medical wishes are with regard to life-saving treatment in the event that you cannot communicate those wishes yourself.

What Happens If I Do Not Have a Will or Other Estate Planning Documents?

If you become incapacitated and cannot make decisions for yourself, the state of Michigan may appoint a guardian under Michigan law. If you die in Grand Rapids without a will, the will result in your assets being distributed to family members. Specific distribution depends on how many surviving family members you have at the time of your death.

Contact a Grand Rapids Estate Planning Attorney

If you have questions about creating a will, a power of attorney or other estate planning documents, you should speak with a Grand Rapids estate planning attorney as soon as possible. At The Law Offices Of David L. Carrier P.C., we have years of experience helping Michigan residents with various aspects of estate planning. Contact us today to learn more about our services.

While estate planning is important for avoiding unnecessary taxes and for making sure that your assets are passed on to the next generation in accordance with your wishes, there is another benefit that is rarely talked about. Establishing a LifePlan and having your financial affairs in order can afford you a tremendous amount of piece of mind. You’ve worked hard for what you have and having a solid LifePlan can help you thrive and enjoy everything that you’ve worked for.

What Is A LifePlan?

A comprehensive LifePlan is much more than just a financial plan for the future. At The Law Offices of David L. Carrier we embrace a team approach and work with our clients’ banks, financial advisors, and brokerage firms to craft the financial aspects of your estate plan, as well as drafting the necessary legal documents that will make your plan a success. While each client’s needs are different, an estate plan can easily include the following documents:

  • Revocable Living Trust: A trust that goes into effect during the creator’s lifetime and can be revoked.
  • Protection Trust (Irrevocable Trust): A type of trust that cannot be changed or altered after it is created.
  • Last Will and Testament: A legal document that dictates who will receive your assets when you die. If you have minor children then your will can also appoint a guardian to take care of your kids in case you die while your children are still minors.
  • Health Care Power of Attorney: A legal document that names someone to make medical decisions on your behalf if you are incapacitated and unable to speak for yourself.
  • Financial Power of Attorney: A legal document that names someone to make financial decisions on your behalf if for some reason you are not able to speak for yourself.

Why Is Estate Planning Important?

Many people put off estate planning because they are uncomfortable thinking about a time in the future when they may be incapacitated or dead. While this sentiment is completely understandable, planning for the future is very important and is certainly worth the hassle. If you need a bit of convincing check out the American Bar Association’s list of things that estate planning can do for you. This list includes:

  • Providing for your family after you’re gone;
  • Allowing your beneficiaries to access their inheritance quickly;
  • Minimizing the taxes that your estate will be required to pay;
  • Easing the strain on your family by making funeral arrangements for yourself before you die; and
  • Ensuring that your business continues smoothly after you pass away.

Need Legal Advice?

If you live in Michigan and are ready to create a LifePlan, or if you are interested in modifying a plan that you already have, contact our offices for a consultation with David L. Carrier today. The documents involved in a LifePlan can be complicated, but our dedicated team is happy to answer any questions that you have. Let David Carrier use his years of experience in estate planning to help you craft a LifePlan that meets the needs of you and your family.

We all hope to live long healthy lives, but this dream can be expensive, especially if you live in a nursing home in your old age. According to the National Center For Health Statistics, approximately 1.4 million Americans currently live in long-term care nursing homes across the country. In Michigan, the typical cost to rent a room in a nursing home that has two residents to a room and four to a bathroom is approximately $300 per day. But what is included in that price? The answer to this questions really varies from facility to facility, but often the price tag includes custodial care (meaning that the resident has help getting out of bed, bathing, dressing, and feeding), management of any medications that the resident needs, and all meals. Clearly the long-term care costs in Michigan will add up quickly and therefore it is a great idea to discuss your estate planning options with an experienced elder law attorney in order to ensure that you are in the best possible financial shape as you enter your golden years.

How Do Seniors Pay For Long-Term Care?

While the price tag associated with long-term care in Michigan can seem daunting, take comfort in the fact that there are several ways in which seniors pay for such care. The most commonly used options are briefly outlined below:

  • Long-Term Insurance: Long-term insurance is an insurance product that helps pay for long-term care such a living in a nursing home in your old age. However, make sure that you completely understand the terms of your policy as some long-term insurance policies do not pay the full daily cost of living in a nursing home and others contain maximum benefit amounts.
  • Self-Pay: Some seniors pay for their long-term care themselves by selling off their assets. However, we don’t generally recommend this path to our seniors as this strategy may eventually leave you without any money left at all.
  • Medicaid: Medicaid is a need-based government program that pays for long-term care for qualifying seniors. At our law firm we do everything in our power that is legally and morally permissible in order to qualify our clients for Medicaid so that they can retain as much of their savings as possible.

Do Most Nursing Homes Take Medicaid? What About Medicare?

First off, it is important to note that there is a difference between Medicare and Medicaid. While these terms are often confused, it is important to keep them straight as they are very different government programs and are intended to help different segments of the American population. Medicare is an assistance program for seniors who are 65 and older (some younger people who are disabled also qualify). On the other hand, Medicaid is a need-based public assistance program designed for qualifying people of all ages. Seniors may qualify for one or both of these programs.

Additionally, keep in mind that Medicare generally does not cover stays in long-term care facilities, however, qualifying seniors are able to get help paying for this expense from their state’s Medicaid program. But do most nursing homes take Medicaid? The simply answer is that while not all nursing homes accept Medicaid, the majority of them do. Check with the specific home that you are interested in moving into to see if they accept Medicaid.

How Estate Planning Can Help Avoid Nursing Home Poverty

Although Michigan’s Medicaid system is there for seniors who need help paying for long-term care in their old age, it is still vital to engage in estate planning as early as possible in order to help avoid nursing home poverty. The best advice that we can give you is to start planning now. Begin by ordering our free Life Plan Report and learn how to make sure that you are getting the benefits that you are entitled to under programs like Medicaid and the Veterans Administration.

Need Legal Advice?

If you are interested in proactively planning for your financial future contact the Law Offices of David L. Carrier and set up a time to attend a free Life Plan workshop. David Carrier has years of estate planning experience and would be happy to assist you personally.

© 2024 Carrier Law | Privacy Policy