It’s April, and for many, the month brings warmer weather and beautiful spring flowers. For others, April is marked by the always-looming tax deadline, this year coming Tuesday, April 17. Unfortunately, seniors – because they are most likely to have a “nest egg,” to own their home and/or to have excellent credit – are one of the more vulnerable populations …
Veterans Benefits for Caregivers and Spouses
What are these benefits, who is eligible, and how to apply More than 1.5 million wartime-service veterans and their surviving spouses are eligible for billions of dollars each year in U.S. Department of Veterans Affairs (VA) pensions to help pay for long-term care. Many are not getting the assistance they’re eligible for because they don’t know these benefits programs exist, …
Who Qualifies for Senior-Care Tax Deductions?
Tax season can be especially stressful for seniors on a fixed income and for family caregivers of elderly loved ones—groups that include millions of budget-conscious Americans looking to keep expenses down. The good news is that seniors and caregivers may be eligible for tax deductions for medical and dental expenses. Another bright spot in 2017 is that final tax returns …
Important Changes to Social Security in 2017
A look at the new Social Security rules for the coming year Each October, the United States Social Security Administration (SSA) announces the changes to this critical social program for the upcoming year. Here’s a summary of the new rules that may affect Social Security recipients in 2017. Slight increase in payments. Social Security payments will rise by 0.3 percent …
Seniors and Caregivers May Qualify for Tax Deductions for Assisted Living Costs, Medical Expenses, and Elder Care
More than 700,000 seniors live in thousands of assisted living facilities throughout the U.S., says a recent study from the Centers for Disease Control ad Prevention (CDC). And nearly 87 percent of residents pay for these facilities out of their own and their families’ financial resources. The good news is that seniors and caregivers may be eligible for tax deductions …
Ways to Pay for Assisted Living
How can families afford the costs of senior living communities? Once families have decided that a senior living community is a safe and comfortable option for aging loved ones, the big question looms: how to pay for it. The national median monthly rate for a one-bedroom unit in an assisted living facility is $3,500, according to a recent Cost of …
Is it the IRS Calling?
As we enter the tax season, the incidence of IRS scams rise. The Federal Trade Commission reports that from 2013-2014 complaints about IRS scams increased- with 54,000 complaints filed in 2014 alone. Fraudsters often look to target older Americans who may appear to be more susceptible to such actions. The IRS continues to warn consumers to guard against scam phone …
The New Year is a Good Time to Explore New Living Options
We in the senior living industry always see an increase of inquires in the beginning of the New Year. Why? The answer is really quite simple. Over the holiday’s the reality of where a seniors loved ones mental and physical health is currently at becomes apparent when children or loved ones are home for the holidays and spending more time …
2016 Medicare Open Enrollment: October 15 to December 7
Make Needed Changes Now to Medicare Plans Now is the time to review and reassess Medicare plans for older adults so that coverage will be adequate and cost-effective for 2016. From October 15 to December 7, 2015, the 2016 Medicare Open Enrollment period is designated for older adults enrolled in Medicare to take these actions: Change their Part D (prescription …
Tax Season is a Good Time to Talk Money
When it comes time to do taxes, it can also be a good time to start the conversation about money with the senior in your life. Discussions about their financial well-being are necessary but not easy. But tax time is an excellent time to open the dialogue — and perhaps an upside to this trying annual rite we experience each …