Amazingly, many people are unaware of a potentially massive income tax deduction that has been available since 1996. The entire cost – 100% - of home health care or care at an assisted living facility can potentially be deducted. For seniors who rely upon their IRA, 401(k) or other qualified retirement plan to cover
“Long-term care” refers to those services and supports that help persons perform everyday tasks and personal care needs. According to the U.S. Department of Health and Human Services 70% of people who reach age 65 will need some form of long-term care during their lives. Everyday Tasks Everyday tasks, also referred to as “instrumental
Every year, 16 million people in the United States care for family and friends with dementia, the Centers for Disease Control and Prevention reports. Caregivers of people with dementia provide care for longer durations than those who assist individuals with other conditions. They also have comparably higher risks for anxiety, depression, and reduced quality of
For the first time in more than 10 years, Medicare Part B enrollees will see some of their costs decline. In an announcement issued by the Centers for Medicare and Medicaid Services (CMS), the agency outlined changes to the premium, deductible, and co-payment amounts for numerous Medicare costs taking effect in 2023. Medicare Part B
Recent research by the Kaiser Family Foundation examined the differences between traditional Medicare and Medicare Advantage. While people in either program were similarly satisfied with their care and overall care coordination, some distinctions became apparent. Traditional Medicare’s Strengths Traditional Medicare is a federal health insurance program for adults 65 and older and individuals with disabilities.
A Medicaid asset protection trust (MAPT) allows someone who requires long-term nursing home care to qualify for Medicaid benefits to pay for that care without first going broke. Medicaid is the only government program that pays for long-term care. Medicare and private health insurance don’t. Financial products such as long-term care insurance and life insurance
Medicare and health insurance don’t pay for long-term nursing home care. Medicaid does, without any time limits or dollar caps. But For nursing home residents, impoverishment is the price of admission into the Medicaid program. While most spend themselves broke, a savvy few manage to qualify for Medicaid without forfeiting their estate. One way to
Did you know you could be responsible for your parents' unpaid bills? More than half of all States currently have laws making adult children financially responsible for their parents, including their long-term care costs. Among those States, Pennsylvania is perhaps the most notorious. In most States, these laws are rarely enforced. Not so in Pennsylvania.
If you are about to turn 70, congratulations on reaching a big milestone. And if you also have delayed claiming Social Security retirement benefits up till now, you are joining a select group -- only 6.5 percent of Social Security recipients put off collecting their benefits until they reach three score and ten, the age
Medicare and health insurance don’t pay for long-term nursing home care. Medicaid, does, but impoverishment is the price of admission to the Medicaid program. Proper planning enables one to qualify for Medicaid benefits while protecting substantial assets for spouse and family. In order to qualify, applicants must prove that they have limited income and assets.
