Financial Advocacy for Seniors
A study by the U.S. Department of Health and Human Services has shown that people age 65 and older face at least a 40% chance of entering a nursing home sometime during their lifetime. About 10% will stay there 5 years or longer. With the average annual cost of a nursing home at $50,000 or more, this form of long term care can quickly deplete the assets of a senior and … [Read more...]
Tax time can be stressful no matter what your age. But for seniors on a fixed income, and those who care for them, it can be especially so. Here are some resources from the National Council on Aging (NCOA) that may help lighten the load. Tax relief programs. NCOA has a free online BenefitsCheckUp® service that can help you find programs that may lower your annual … [Read more...]
With 90% of seniors strongly preferring to live at home as they age, the challenge for their adult children is to fulfill their parents’ wishes while ensuring their safety and well being. A qualified in home care provider might be the perfect solution. But how do you find the right provider for your senior loved one? Greg Hartwell, Managing Director & CEO of … [Read more...]
If you are caring for an aging relative who qualifies as your dependent, you may be able to claim medical expenses you incurred as a result of that care on your income tax. Common deductions include: Medical insurance premiums (unless pre-tax) Prescription medicines Doctor bills Hospital fees Travel to and from medical appointments Only those expenses paid … [Read more...]
For many seniors, driving is a critical link to their independence. As such, they are often reluctant to give it up – even if it would be in their best interest – and may even avoid any discussions that suggest they do so. If there’s a senior in your life, it’s important that you take a phased approach to this sensitive topic. Here are 5 tips for preparing for the … [Read more...]
Family gatherings around the holidays are a great time to celebrate, catch up, and renew familial bonds. They are also the perfect time to do some planning for the future. Adult children of aging parents should use this opportunity to discuss with their parents where important documents are kept and what their wishes are in the event of failing health or needing long … [Read more...]
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