Originally Released May
12, 2006
It has been a year
of major transition for seniors and their advisors.
Over 200 area professionals gathered to learn about some of
these changes at the Williamsport Law Firm of Marshall, Parker &
Associates' 10th Annual Elder Law Update held at the
Holiday Inn on May 10.
A significant
change for those needing or providing long-term care has been the
enactment of the Deficit Reduction Act of 2005.
The new Act attempts to restrict asset transfers by extending
the "look back" period from three years to five years and changing
the transfer penalty
start date. Board Certified Elder Law Attorney Matthew Parker provided
an overview of these changes, including the potential liability of
children for a parent's health care costs. The new law could
devastate hospitals and nursing homes with patients/residents who are
out of financial resources but cannot qualify for Medicaid.
The Deficit
Reduction Act makes advance long-term care planning even more crucial
than before. One option of
growing importance is long-term care insurance.
Tom Lilly from Futurecare Associates in
Pittsburgh
was on hand to discuss strategies that
maximize long-term care insurance benefits while minimizing costs.
Jim Pezzuti,
Director of Long Term Care Services for the Department of Public
Welfare, and local representatives brought attendees up-to-date on the
exciting new LIFE program that is currently operating in Lycoming and
Clinton
Counties
. The
LIFE program provides a comprehensive array of services that include
physicians, social workers, therapists, dietitians and a multitude of
other professionals all under one roof.
For seniors who are both Medicare and Medicaid eligible, the
program is even more appealing since there are no co-pays or
deductibles. It is
intended to provide better healthcare to our seniors so they can stay
in their homes as long as possible and maintain the highest quality of
life.
With the soaring
costs of prescription drugs, more and more seniors are finding it
impossible to pay for all their medications.
Now, Medicare Part D has provided a complicated and confusing
option for seniors.
Pennsylvania
has long had nationally applauded
prescription drug programs for seniors with modest incomes with our
PACE and PACENET programs.
Pennsylvania
is now working on expanding PACE/PACENET
benefits through integration with Part D.
Kathleen Spacht, Manager of Service Operations for First
Health/PACE updated the audience on these new initiatives.
Founded in 1980,
Marshall, Parker & Associates has become widely recognized
throughout
Pennsylvania
as a leader in providing expert estate
planning and elder care planning services. It has offices in
Williamsport
, Jersey Shore & Wilkes-Barre.
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