New Laws Help Seniors

Seniors citizens in Maine will benefit from new laws that cover health insurance payments

, property tax deferrals, aside from regulations that safeguard against financial abuse and those that initiate new police response measures for the elderly. These laws were enacted by state legislature last July 12, although these will only apply to policies activated at the start of the year and after the year.

Health insurance reform laws, in particular, were discussed by President Obama during his visit to the state last April. These recent laws now stop lifetime and annual caps on payments for health insurance policies, which safeguard policy holders from accumulating debt if they are denied payments covering medical treatment.

Aside from laws for health insurance reform, eligible senior homeowners can obtain deferrals for property tax payments from the changes to legislation covering residential real estate tax. A state representative has stated that this change to property tax laws was in response to the difficulties encountered by many retirees in retaining home ownership by paying taxes with the limited finances many seniors have.

Homeowners need to meet certain requirements to take advantage of property tax deferral laws. Seniors need to be aged 70 and above, and must have resided in their homes for a minimum of ten years. Homeowners also need to meet income requirements - they must be earning less than thrice of what is stated as the federal poverty level. Also, the death of the homeowner or the sale of the property concerned requires that taxes be repaid and plus the due interest.

Seniors in the state of Maine can rest easier, knowing that the state is taking more steps to secure the elderly finances and their retirement finances. Health insurance reforms stop payment caps, and property tax helps retirees maintain residency in their homes.From those in their peak earning years prepare for retirement to retirees planning the transfer of their estate to their loved ones.

by: Carina Smith

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