When assuming the role of a caregiver for a family member, it is crucial to establish clear and documented terms for the arrangement. According to AARP, over 20 million Americans are currently providing care for ill parents, relatives, or friends. Failing to clarify the caregiving agreement can lead to complications and misunderstandings among those involved. For instance, a caregiver may find themselves providing uncompensated care while relying on an inheritance that never materializes. To mitigate such issues, it is advisable to create a formal caregiver contract that outlines the caregiver’s responsibilities and specifies the payment and expenses they will receive…
One of the greatest fears of older Americans is that they may end up in a nursing home. This not only means a great loss of personal autonomy, but also a tremendous financial price. The average nursing homes cost, in our area, is approximately, $10,000 per month, that’s $120,000 a year, and the average stay in a nursing home is 4 years, that’s $480,000. For many people this will wipe them out financially. Most people end up paying for nursing home care out of their savings until they run out. Then they can qualify for Medicaid to pick up the…
The Centers for Disease Control reports that over 500,000 older adults are abused or neglected each year. This number is probably low because many victims are unable or afraid to report it. Also, professionals and family members may miss signs of abuse. A study published in the American Journal of Public Health found that one out of 10 older people experienced abuse—not including financial abuse, which is the most prevalent form of elder abuse. The annual loss from victims of elder financial exploitation was estimated to be nearly $3 billion in 2009. Elder abuse is a growing problem with devastating…
Seniors who fit a particular personality profile are more than twice as likely to receive long-term care in a nursing home, according to newly published research in The Milbank Quartly. Researchers from various institutions, including the University of Rochester Medical Center Department of Public Health Sciences and the University of Chicago, examined data from 1,000 seniors participating in a Medicare demonstration project. Based on a self-report questionnaire, these seniors were classified under five personality traits: neuroticism, extraversion, openness to experience, agreeableness and conscientiousness. These are traits commonly used as a conceptual framework by psychologists. Based on participants' healthcare use over…
ACL Administrator Kathy Greenlee uses this occasion to remind you to prepare for emergencies, especially if you are an older adult, an individual with a disability, or a caregiver. Read her blog for ideas.
Most seniors would prefer to remain in their homes, which is usually also their largest asset. However, since many people are living far beyond the life expectancy for which they planned (or did not plan in some instances), remaining in the home is becoming a financial burden, especially for elderly widows. A reverse mortgage is sometimes a way for a senior to stay in his or her home, tapping into the value of the real estate to give the homeowner the ability to pay the real estate taxes, make necessary repairs, pay off debt, or pay for long term…
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,…
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