Ease the minds of clients and understand solutions to the exposure to high medical costs.
Ease the minds of clients and understand solutions to the exposure to high medical costs. The biggest concern of any retired person is whether health care costs will drain their retirement savings. The foremost worry is of an extended stay in a nursing home. This is heightened fear, for a married couple, that high medical costs may leave a surviving spouse destitute.This topic will detail how persons can be exposed to high health care costs - what is and is not covered under Medicare and other government benefits and insurance plans. The material will also detail how retirement accounts and other assets can be protected from these costs.
Learning Objectives
- You will be able to review solutions to exposure to high medical costs that will greatly ease the minds of clients.
- You will be able to identify the various options and sources of payment for medical costs that clients may not be aware of or do not fully understand.
- You will be able to recognize which medical costs are likely to be covered and those costs that will not be covered.
- You will be able to discuss the various intersecting government benefits and insurance plans and how they can be made to dovetail with one another.
Agenda
Spiraling Health Care Costs for the ElderlyHealth Care Costs for the Elderly - What Is Covered and What Is Not?
Medicare
- Eligibility and Enrollment Periods
- Premiums and Co-Pays
- Holes in Medicare
- Part B
- Part D
- Hearing, Vision, and Dental
- Medigap Policies
- Very Limited Long-Term Care Coverage
- Medicare Advantage Plans
- Filling Some of Medicare’s Holes in Coverage
- High Costs of Privately Paying for Long-Term Care
- Basic Eligibility Criteria
- Estate Recovery Upon Death
- Advantages and Disadvantages
Creditor Protected Assets
- ERISA Creditor Protection for 401Ks and Other Employer Plans
- Bankruptcy Creditor Protection for Retirement Accounts
- State Law Creditor Protection for Retirement Accounts
- Other Creditor Protected Assets
- Homestead
- Life Insurance
Speaker(s)
Thomas J. MurphyMurphy Law Firm, Inc.
- Attorney and Founder of Murphy Law Firm, Inc. in Phoenix, AZ
- Over 40 years of experience with a practice focusing on probate law, estate planning, elder law, and tax law and planning for the disabled and those with special needs
- Author of nearly 100 articles that have been published in many national and state professional journals focusing on a wide variety of legal and tax matters
- Has spoken to thousands of attorneys, accountants, and financial advisors and has appeared on several local television and radio stations to discuss tax and legal issues affecting the elderly and their families
- Served on numerous state and county bar association committees and was selected to be the State Bar representative to the Arizona Supreme Court’s Committee on Reform of Lower Jurisdiction Courts
- One of the most experienced trial attorneys in the Southwest, having been the sole or lead counsel in over 100 jury trials; has successfully litigated cases in the United States Tax Court, the Arizona Tax Court, and the Arizona Board of Tax Appeals and has represented clients before all levels of the Internal Revenue Service and Arizona Department of Revenue
