1. Poverty Among Seniors Nearly Doubles
The biggest increase in poverty recently is among those 65 and older, driven mainly by
medical expenses.
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LAW OFFICE OF DAVID PARKER BLOG
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2.  As medical expenses continue to rise at a rate far in excess of
inflation, the impact on the elderly is increasingly severe. As
reported in Reuters, the number of poor persons hit a record
high in 2010, and poverty rates among the elderly have had the
steepest gain.
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LAW OFFICE OF DAVID PARKER BLOG
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3.  A record 49 million Americans – sixteen percent of the
population – meet the federal requirements to be considered
impoverished. The poverty rate for those 65 and older is about
the same as the overall average, but this represents nearly a
doubling of last year’s 9 percent poverty rate for the elderly.
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LAW OFFICE OF DAVID PARKER BLOG
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4.  In the distant past, before the enactment in elder law of federal
programs to provide government benefits for the elderly,
including Social Security and Medicare, poverty among elders
was endemic. These recent data from the census suggest we
may be seeing a return to those days, through the rise of medical
costs to overwhelm both federal retirement and medical
programs for the elderly and private assets.
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LAW OFFICE OF DAVID PARKER BLOG
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5.  Obviously, this is a matter of great concern for purposes of New
York asset protection and of NY estate planning. It is also likely
to remain a stormy political issue, as Americans are unlikely to
simply accept a fate of impoverishment in old age.
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LAW OFFICE OF DAVID PARKER BLOG
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6. Law Office of David Parker
Estate Planning and Elder Law
 www.parkertrustlaw.com