If you are a self-employed senior paying Medicare Part B premiums, the IRS just handed you a surprise tax break. Reversing a long-standing rule, the Service now says that self-employed people can deduct their Medicare Part B health insurance premiums – premiums which previously did not qualify for the self-employed health insurance deduction. Interestingly, there was no “official announcement, revenue ruling, notice or news release from the IRS announcing a change in position,” according to a recent article in The San Francisco Chronicle. Note that any self-employed person, regardless of age, can deduct the premiums they pay for health insurance,…
For many, bankruptcy carries a stigma of personal failure and shame. Still, filing for bankruptcy protection may be a viable option for a growing number of seniors who find their incomes shrinking while their bills – particularly medical bills – continue to rise. USA Today recently reported a study from the University of Michigan Law School showing that people age 65 and older are the fastest-growing segment of the population seeking bankruptcy protection. It’s a matter of simple math. Medical expenses, taxes and other costs keep going up, while Social Security hasn’t had a cost of living adjustment, pension and…
The suspicion should be nothing new, but Consumers Union and the LA Times recently released warnings about reverse mortgages, and it’s worthwhile to repeat them here. The biggest problem with reverse mortgages is that they can be made to appear too attractive to retired senior citizens, when in fact they can be quite risky. Seniors should be wary of reverse mortgages, rather than be misled by them. Reverse mortgages allow seniors to tap into their home equity for cash or a line of credit, often with the claim that the money needn’t be paid back until the borrower dies….
More than 60 percent of those with Alzheimer’s or another form of dementia will wander, and if a person is not found within 24 hours, up to half of individuals who wander will suffer serious injury or death. If you live with or care for a person with dementia, here are a few tips to help you reduce the risk of wandering: Move around and exercise to reduce anxiety, agitation and restlessness Ensure all basic needs are met (toileting, nutrition, thirst) Carry out daily activities, such as folding laundry or preparing dinner, to provide daily structure Reassure the person if…
If you’re looking for a way to bring up the topic, you might consider sharing a recent issue of our newsletter, like the October issue that focuses on Family Matters.
Before you hire a home care agency seek professional advise from Senior Life Care Planning so we will find the right kind of agency for you.
Senior Life Care Planning works with seniors and their families as advocates for their quality of life, whether at home, assisted living facility or nursing home.
The medical alert system benefits the senior citizens by allowing independence, communication, and medication management. Additionally, this will relive stress from you, the caregiver child.
Before you enter an assisted living facility or an independent living facility seek professional advise from Senior Life Care Planning so we will find the right kind of facility for you.
Frederick, MD 
301-663-9230
