Do you have a loved one — perhaps an elderly father or mother — who may soon need extended nursing care? Moving a relative into a long-term care facility can be a costly proposition. But there's more to consider than just the price tag. It's often difficult to determine the quality of care your relative will receive as a resident. Fortunately, amidst public outcry for greater … [Read more...] about Tips for Picking the Right Nursing Home Facility
FAQs about LTC Insurance and Your Taxes
If you or a loved one needs long-term care, you probably don't want to pay it from your hard-earned savings. Instead, consider purchasing a long-term care (LTC) insurance policy. As a bonus, qualified LTC policies may deliver some tax breaks. Here are answers to some frequently asked questions about this type of coverage. How Does Long Term Care Insurance Work? Benefits paid under an … [Read more...] about FAQs about LTC Insurance and Your Taxes
Protect Elderly Family Members Against Financial Exploitation
Every year, thousands of elderly Americans fall victim to elder abuse and financial exploitation scams, sometimes at the hand of their spouses or adult children. In fact, suspicious Activity Reports (SARs) related to elder financial exploitation have quadrupled the last four years, according to the Consumer Financial Protection Bureau (CFPB). Acknowledging the scope of this problem, in 2018, … [Read more...] about Protect Elderly Family Members Against Financial Exploitation
Report Warns Retirees about Potential Downsides of Reverse Mortgages
Reverse mortgages have been around for years. But they're getting a new spin: Some senior homeowners are tapping into their home equity to "bridge the gap" until the time they're ready to apply for Social Security benefits. However, an independent consumer agency — the Consumer Financial Protection Bureau (CFPB) — cautions retirees against using this strategy. A recent CFPB report claims that … [Read more...] about Report Warns Retirees about Potential Downsides of Reverse Mortgages
Should Family Members Be Compensated for Caregiving Services
As we get older, one in four of us will require some level of caregiving services. This could range from simply running errands and providing occasional transportation to doctors, shopping, to providing extensive around the clock care. Experts estimate that family members provide more than $450 billion in elder care services annually. One question is "should family members be paid for this … [Read more...] about Should Family Members Be Compensated for Caregiving Services
