• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • (843) 815-8580
  • hunter@montgomeryestateplanning.com
  • 10 Pinckney Colony Road, Suite #402 Bluffton, SC 29910

Montgomery Law Firm, LLC

Your Trusted Estate Attorney in Bluffton, SC

  • Home
  • Our Firm
    • About Our Firm
    • Attorney Profile
  • Services
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate & Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • Pet Planning
    • Special Needs Planning
    • Trust Administration & Probate
  • Elder Law
    • Are You A Caregiver?
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Hospice Care
    • Medicaid Planning
  • Resources
    • Blog
    • DocuBank
    • Elder Law Reports
    • Estate Planning Resources
      • Definitions
      • Estate Planning & Related Forms
      • Estate Planning Checkup
      • Estate Planning Reports
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate & Legacy Planning Techniques
    • Frequently Asked Questions
      • Estate Planning
      • Incapacity Planning
      • Irrevocable Trust
      • Legacy Wealth Planning
      • Trust Administration & Probate
    • Pre-Consultation Form
    • Special Needs Resources
    • Trust Administration & Probate Resources
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
  • Webinars
  • Seminars
  • Reviews
    • Review Us
    • Our Reviews
  • Contact Us
  • Search
Home / Elder Law / Elder Law Attorneys: Who Are They and What Do They Do?

Elder Law Attorneys: Who Are They and What Do They Do?

February 15, 2023 by Hunter Montgomery

elder lawAs an elder law and estate planning firm, we help people prepare for the eventualities of aging. If you start to develop a retirement plan at the right time with full knowledge of all relevant factors, you can enjoy your golden years with security and comfort.

Let’s look at the most important things you should take into consideration when you are looking ahead toward the future.

What should I know about Medicare coverage?

When you remit payroll or self-employment taxes, you earn retirement credits that lead to eligibility for Medicare and Social Security. A minimum of 40 credits is required. In 2023, you receive one credit for each $1640 in earnings, and the figure has always been quite modest.

You can earn up to four credits each year, so you would get the same four credits if you earn $7000 or $700,000 in a given year. Once you have accumulated at least 40 credits, under currently existing laws, you become eligible for Medicare when you reach the age of 65. However, it is worthwhile to note that there have been discussions about raising the Medicare eligibility age in an effort to cut costs.

Does Medicare pay for everything once I become eligible?

The answer to this question is a resounding no. Medicare is broken up into four sections: Part A, Part B, Part C, and Part D. The first portion pays for hospitalization, and there is no monthly premium for Part A if you are fully vested in the program.

The bad news is that there is a deductible per benefit period, and there are significant copayments for long hospital stays.

Part B pays for outpatient treatments and visits to doctors. There is a monthly premium for this coverage, and in 2023, most people pay $164.90. There is a $226 deductible, and after the deductible has been paid, Medicare will pay for 80 percent of the approved visits, and you would be required to pay the other 20 percent.

Part C allows you to couple your Medicare benefit with a private insurance plan that has added features. Medicare Part D is the prescription drug portion of the program, and there are deductibles, copayments, and premiums that must be paid out-of-pocket when you carry this coverage.

Aside from these copayments, deductibles, and premiums, there is a huge gap in Medicare coverage. Many senior citizens will require help with their day-to-day activities at some point in time. In fact, the figure is 70 percent according to the United States Department of Health and Human Services.

Nursing homes and assisted living communities are very expensive, so this is a situation that you should definitely prepare for in advance. Medicaid is a government program that will pay for long-term care, and we help clients position their financial assets with future Medicaid eligibility in mind.

Is the Social Security eligibility age the same as Medicare?

No, the age of Social Security eligibility depends on the year of your birth. For people born between the years 1943 and 1954, the Social Security eligibility age is 66. It then goes up by two months per year, so if you were born in 1955, you will become eligible for your full Social Security benefit two years after your 66th birthday.

This two-month per year graduation ends in 1960. People that were born in 1960 and after become eligible to receive their full Social Security benefit at the age of 67.

The above parameters are applicable to the full Social Security benefit that an individual is entitled to. However, there is another option available. You can choose to receive an early Social Security benefit when you are as young as 62 years of age. This can sound appealing, but the benefit would be reduced by 25 percent to 30 percent depending on the exact year of your birth.

In addition to the early retirement option, there is a possibility on the other end of the spectrum. You can choose to delay your application for Social Security benefits until you are as old as 70. If you do this, you will receive an increased benefit. It will go up by eight percent for every year that you delay.

Develop a plan for aging!

If you would like to work with a Hilton Head, SC elder law attorney to develop a plan for aging, our doors are open. You can send us a message to request a consultation appointment, and we can be reached by phone at 843-815-8580.

  • Author
  • Recent Posts
Hunter Montgomery
Hunter Montgomery
Hunter Montgomery is the owner/managing attorney of the Montgomery Law Firm, LLC.He has been practicing estate planning law fsince 2002. Hunter is a member of the American Academy of Estate Planning Attorneys.

Hunter is a member of the South Carolina Bar Association, the Beaufort County Bar Association, and has served on charitable and advisory boards in the Bluffton/Hilton Head area.

Hunter graduated from Hilton Head High School. He then earned his Bachelor of Science Degree in Economics from Clemson University, in Clemson, South Carolina.

Hunter graduated Cum Laude from Regent University School of Law in Virginia Beach, Virginia, having earned a Juris Doctor Degree. He also wrote his doctorial thesis on Estate Planning Dynasty Trusts.

Hunter has called Beaufort County home for since 1984, where he lives with his wife and two children.In his spare time he dabbles in automobiles, reading history, hunting and fishing.
Hunter Montgomery
Latest posts by Hunter Montgomery (see all)
  • Sandwich Generation Juggles Responsibilities - February 27, 2023
  • How Can You Minimize Estate Tax Liability? - February 20, 2023
  • Elder Law Attorneys: Who Are They and What Do They Do? - February 15, 2023

About Hunter Montgomery

Hunter Montgomery is the owner/managing attorney of the Montgomery Law Firm, LLC. He has been practicing estate planning law fsince 2002. Hunter is a member of the American Academy of Estate Planning Attorneys.

Hunter is a member of the South Carolina Bar Association, the Beaufort County Bar Association, and has served on charitable and advisory boards in the Bluffton/Hilton Head area.

Hunter graduated from Hilton Head High School. He then earned his Bachelor of Science Degree in Economics from Clemson University, in Clemson, South Carolina.

Hunter graduated Cum Laude from Regent University School of Law in Virginia Beach, Virginia, having earned a Juris Doctor Degree. He also wrote his doctorial thesis on Estate Planning Dynasty Trusts.

Hunter has called Beaufort County home for since 1984, where he lives with his wife and two children. In his spare time he dabbles in automobiles, reading history, hunting and fishing.

Blog Subscription

Sign up for our blog to receive the latest estate planning news and updates.

Map

Map

Business Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 5:00 PM
Montgomery Law Firm, LLC

Montgomery Law Firm, LLC. helps you define what's important.

Montgomery Law Firm, LLC

Contact Info

10 Pinckney Colony Road
Suite #402
Bluffton, SC 29910

Toll Free: (843) 815-8580
Mon-Fri: 9:00am – 5:00pm

Quick Links

  • Our Firm
  • Reviews
  • Privacy Policy
  • Disclaimer
  • Irrevocable Trust FAQs

Webinars Sign up

© 2023 American Academy of Estate Planning Attorneys, Inc All rights reserved.