46 The QUEE NS Courier • health • AUGUST 4, 2016 for breaking news visit www.qns.com ▶health The Elder Law Minute TM The Importance of Preparing for the Future By Ronald A. Fatoullah, Esq. and Debby Rosenfeld, Esq. When people are in the midst of their child rearing years, they typically don’t worry about costs that they might incur in their post retirement years. Life is in the now, and between carpooling, piano lessons and other extracurricular activities, summer camp, and the cost of tuition, time is limited and there are few extra funds to address the potential health care costs that may arise in the future. Unfortunately, recent studies have shown that more attention should in fact be paid to the health care costs that might loom in our golden years. In 2015, Fidelity conducted a study and disclosed that a husband and wife both retiring at age 65 can now expect to spend an estimated $245,000 on health care costs throughout their ensuing retirement. This number, while daunting, does not even include the cost of long term care, i.e., nursing home or home care. If the cost of long term care is added to the estimated $245,000, the number becomes truly overwhelming. New York State’s Office of Health Insurance Programs provides annual surveys of the average monthly cost of a nursing home in various regions. For 2016, the average rate in New York City is $12,029. This rate is often far lower than many of the nursing homes in a given area. Nonetheless, if we use Medicaid’s average, one year in a nursing home could cost $145,000. Based on these figures, it is vital for people to plan for these future costs. In addressing these concerns, one option is for an individual to procure long term care insurance. While the premiums are costly, the benefits, as well as the peace of mind derived from having such a policy, are invaluable. The younger one is when obtaining the insurance, the lower the annual premium. Furthermore, once there is any type of medical condition that appears on an applicant’s medical record, the more difficult and expensive it is to get coverage. Meeting with a planner who specializes in long term care insurance policies can be extremely helpful. A planner can project an individual’s future elder law income stream which can thereby reduce the actual coverage needed (thus reducing the premium). In addition, since the consumer will typically be purchasing a policy for an occurrence that will not transpire for many years, an inflation rider can be included which will automatically increase the benefits over time. Purchasing long term care insurance is not a solution for everyone. Some people can simply not afford the premiums. Another option is to engage in asset protection planning with an experienced elder law attorney. Currently, Medicaid is the only governmental insurance program that covers the cost of long term care. Medicaid is a jointly funded, Federal-State health insurance program for lowincome and needy individuals. For 2016, in order to be eligible for Medicaid, one cannot own more than $14,850 in non-exempt assets. A person who wishes to plan for his/her long term care can legally protect his/her assets by transferring such assets to an irrevocable trust or to another person, such as a family member. There are a myriad of lawful options for a single individual or for a married couple, but it is important to engage in this planning when one is healthy and mentally vital. Consulting with an attorney who specializes in this area is critical. Ronald A. Fatoullah, Esq. is the principal of Ronald Fatoullah & Associates, a law firm that concentrates in elder law, estate planning, Medicaid planning, guardianships, estate administration, trusts, wills, and real estate. Debby Rosenfeld, Esq. is a senior staff attorney at the firm. The law firm can be reached at 718-261-1700, 516-466-4422, or toll free at 1-877-ELDER-LAW or 1-877-ESTATES. Mr. Fatoullah is also the co-founder of JR Wealth Advisors, LLC. The wealth management firm can be reached at 516-466-3300 or 800-353-3775. ROnald Fatoulah, ESQ, CELA* ROMANCE AND AGING Travel agencies try to persuade us that romance flourishes in the right setting. Advertisements barrage us with products that promise to make us sexy, glittering, powerful, desirable. Although these messages are biased and superficial, they do touch upon the truth. There are circumstances that quicken our heartbeat and sharpen our appreciation for sensual possibilities. We feel good and want to share the feeling. We look good to each other and something very pleasant might well happen. Unfortunately, the general lifestyle of many old people is a long way from anyone’s romantic ideal. Their immediate physical environment, the clothes they wear, the activities they share, and many of the elements that contribute to the “feel” of daily life are often limited by finances. Even basic requirements may be lacking. The elderly man may lack the hearing aid that would help natural intimate dialogue; the elderly woman may be wearing glasses that have needed replacing for a long time. He might feel more like a live man if he had a smart addition to his wardrobe and the means to take his wife somewhere special. She might feel more special herself if she could afford a beauty treatment now and then. Healthy young adults can more easily overcome the distractions, inconveniences and even ugliness that may surround them. Nonetheless, most young lovers will prefer certain settings that make them feel “right.” And old lovers could benefit even more from an environment conducive to ease, stimulation and pleasure. Unfortunately, the fear and ridicule and disapproval can fill the desire for intimacy with conflict. The combination of social pressure with gradual biological decline can result in a disastrous situation. The elderly man desires the respect of society and the respect of his own conscience. To maintain this respect he may have to relinquish an active sexual life either through conscious decision or through physiological inability. Romance is further dependent on the physical and mental health of both elderly lovers. Poor health of one partner usually means that both are deprived of an intimate and physical expression. It may not be entirely clear, for example, whether it’s disability or the loss of interest that has curtailed any activity. “Perhaps I am not appealing to him anymore,” the wife may wonder as old doubts return. The same may hold true for the husband. In any event, if both partners share a continued need for intimacy, but illness enters the picture for both or for one, medical consultation may open up an avenue to a return to physical contact even if the ailing partner may not fully recover. The need for intimate contact persists into “singlehood” in any of its forms. Chaucer called it “the olde dauncer.” Sheldon Ornstein Ed.D, RN Dr. Sheldon Ornstein is a registered professional nurse with a doctoral degree in nursing organization. He has specialized in the care of older adults and has published many articles on the subject. He has done post-graduate work in gerontology and has taught at several universities. In 2013, he was inducted into the Nursing Hall of Fame at Teachers College, Columbia University.
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