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Financial Facts
Who pays for what, and how to finance long term senior care is at the forefront of all eldercare planning. There is lots of mis-information flying about regarding paying for care, what's legal and what isn't, and how to find the best resources. Of course, it doesn't help that they keep moving the bar.
In this department we try to keep you current on the financial facts and how changes might affect you and the person you're caring for.
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Fraud Alert: Reverse Mortgages
Like everything else involving potentially large sums of money, seniors eligible for reverse mortgages have become targets for scam artists. While most professionals working with reverse mortgages are scrupulously honest and ethical, all seniors who are contemplating using a reverse mortgage to increase their cash flow need to be aware of the most popular scams in order to avoid being duped . . . keep reading
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VA Aid and Attendance Application Updates and Program Changes
The VA has made some changes to application forms for the Aid and Attendance benefit, and there is important information you should know about the process you use to submit applications for the program to the VA. There is also some good news regarding the potential for additional "back pay" funds for those already receiving this benefit, and several other surprisingly positive Aid and Attendance changes you should be aware of . . . keep reading
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Does Social Security Wrongly Withhold Payment From Beneficiaries When They Die?
I began SS on August 1, 2009, received payment the 3rd week of September, 2009. Consequently, when the day arrives that my final benefit check must be returned, say for example April 15, 2010 it appears to me that I continue to be one check short; yet this final April check must be returned. Am I the only one who finds this puzzling or rather being shorted? . . . keep reading
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Risks When Assisted Living Residences Take Medicaid
With the help of Medicaid Ginny lived happily at her assisted living residence for 18 months. Then one day she received an official notice that her facility was withdrawing from the Medicaid program in favor of private-pay only. Ginny had 30 days to find another assisted living facility that would accept her Medicaid. Unfortunately, there were more people in her situation than there were other local subsidized openings. Ginny and many of the other Medicaid residents from her assisted living ended up with no option but to move into a nursing home . . . keep reading
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VA Benefits After 50 Years
Would my mother be eligible for any type of benefits from my father's military service even after this length of time has passed (50 years)? If she indeed is eligible for benefits, would the only surviving child then receive those benefits or are those strictly for the surviving spouse? . . . keep reading
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Deducting Home Improvements and Equipment
The IRS may actually be your friend when it comes to some of the costs of providing elder care at home. Most people know about deducting direct medical expenses not covered by insurance. Many don't know that if you itemize, you may also be able to deduct quite a few home modifications and equipment purchases that on the surface might not immedidiately appear to be "medical." . . . keep reading
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Medicare Part D Extra Help Loosens Requirements
As of January 1, as many as a million lower-income seniors who were previously denied may now be eligible for "Extra Help." Because the income and asset qualifiers for the Medicare Extra Help program have been broadened, Social Security is encouraging everyone who may not have qualified before to re-apply . . . keep reading
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Will Medicaid Throw Family Caregivers Out of the Family Home?
Sharon and her husband moved into her father's home more than seven years ago. It seemed like the reasonable thing to do, as Sharon's father didn't have the funds to pay for the help he needed, but he had the space. Sharon and her husband wanted to move from their tiny apartment, but they couldn't afford a house. Now Sharon's father has had to move to a nursing home and apply for Medicaid to help with the cost. Sharon is frightened that they will lose their only home to Medicaid . . . keep reading
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Why You Need Proof of Military Service Now
In order to receive widow's benefits, aid and attendance benefits, disability benefits, other VA pension benefits, and burial in a veterans' cemetery, an applicant or immediate family member must furnish the VA with a proof of service document. While you might think that the VA would have easy direct access to this information, they don't . . . keep reading
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VA Grants for Disability Home Improvements
The Department of Veterans Affairs has three programs that give cash grants to qualified veterans with disabilities for both safety improvements in the home they already occupy, or for new disability-accessible home construction . . . keep reading
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Financial Caregiving For an Ill or Disabled Adult
Are you helping with bill-paying, insurance claims, applications for benefits, investment decisions, tax issues, housing, budgeting for care and living costs,...? There are innumerable pitfalls when you are responsible for managing someone else's financial affairs. Making a mistake can cost your elder financial security, can lead to irreparable rifts with other family members, and could conceivably even lead to legal difficulties . . . keep reading
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Recent Developments at Continuing Care Communities Illustrate Real Risks
Recent financial difficulties encountered by Erickson Communities illustrate some of the pitfalls CCRC residents can encounter. Erickson, a developer of continuing care retirement communities in several states, recently filed for Chapter 11 bankruptcy protection. Residents in their many care communities now face a very uncertain future . . . keep reading
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Life Settlements: Last Resort For Funding Care?
While they certainly aren't right for everyone, and we're personally a little squeamish about the whole idea of selling "death benefits," life settlements have recently become an accepted way for certain people to generate operating money from life insurance policies in excess of the cash surrender value. This is how they work . . . keep reading
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Alzheimers Disease
