Archives for Financial and Legal

Assisted living expenses can become extremely expensive in a short amount of time. Whether your loved one is suffering from physical challenges or mental impairment, these expenses may be tax deductible. “Chronically Ill” Status Make sure that a care plan has been created for your loved one and that the care required for their daily needs is carefully documented. If their long-term care expenses are more than 10% of your gross income as of 2019 and they are considered chronically ill, these expenses are tax deductible. Physical factors of chronic illness include the inability to feed themselves, dress, bathe or
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Money is the most significant source of worry for most people, and it is an even more significant source of stress for people who have retired. Also though it’s a phase in life that should be welcomed with relief and joy to be out of the workforce; finally, most people are disabled with anxiety once they think about retirement. A lot of people start saving up for retirement early in life. However, unexpected events such as sickness or disaster may force one to use up all that they were saving. Once this happens, you have to start all over again,
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Did you just turn 65 or have you been receiving social security disability insurance for more than two years? Medicare is a national health insurance program tailored just for you. You’re eligible if you and your spouse paid health insurance taxes for at least 10 years while you were working. It is divided into four parts that offer basic coverage. • Part A offers hospital care • Part B provides doctors, medical procedures, and equipment • Part C covers Medical care Advantage meaning it covers a combination of A, B, and D • Part D covers a prescription drug plan.
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Is assisted living one of the options you have for yourself or your loved one? One of the things that you need to ponder over to make an informed decision is the cost of housing. There is a horde of factors that influence how much you pay for the house including the amenities available, the location living space, is it an apartment or just a room, and the services offered. You need to know how you will pay for it. There is a common notion that Medicare takes care of the bills for long-term care for the elderly aged 65
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To avoid spending your retirement savings unwisely, here are two financial mistakes that adversely affect seniors. When you reach your senior years your financial situation changes dramatically. If you are retiring you are no longer benefiting from regular wages. Additionally, if you are interested in moving to an assisted living or retirement home you have to budget for these expenses. So when planning for the future, avoid the following financial mistakes: Signing up for Social Security Too Soon At 62 you can begin receiving Social Security benefits. However, if you do you will only receive 75 percent of your total monthly benefit.
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Assisted living centers are often not as expensive as many believe. Many assisted living facilities are even more affordable than home health options and nursing homes in the same area. Furthermore, there are a number of options available to you that can help lower the cost of the care you need and deserve. Obtaining Assistance There are various forms of assistance available for senior citizens who want to move into an assisted living facility but have a limited budget to cover expenses. The Department of Veteran Affairs offers financial assistance that can be used to cover the cost of care; this
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If you or a loved one are living in an assisted living facility, it’s important to take measures to protect your healthcare wishes legally. Aging adults need to prepare for medical decisions they may be unable to make in the future, and advance healthcare directives can help. Having an advance healthcare directive in place is recommended for all assisted living residents, and here’s a closer look at what you need to know to get this legal tool in place.   What is an Advanced Healthcare Directive? An advance healthcare directive, sometimes referred to as a living will and in some
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In 2016, the average cost of assisted living in the U.S. ranged from $3,000 to $5,000 a month. The costs vary depending on the senior’s health condition. When it is time to select an assisted living community, making the right choice is a critical step. Choosing the community involves knowing the level of services required and offered. Keep in mind, the cost from state to state differs.  As a result, the location of the community affects the cost of living variables.  The evaluation and the final decision are overwhelming. These financial options can help to offset the cost. More important is the assurance for seniors to receive quality
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