Home Health Services Underutilized by Seniors, Study Shows
Health Affairs estimates that 4 million older adults can only leave their homes with assistance, making accessing care challenging. The Centers for Disease Control and Prevention reports that 1.3 million Americans receive care in nursing homes. According to A Place For Mom, more than 810,000 reside in assisted living. Home health care presents an alternative to nursing homes […]
National Retirement Risk Index: Many to Fall Short of Goals
Nearly half of American households will fall short of their retirement goals, researchers have found. According to the Center for Retirement Research at Boston College’s National Retirement Risk Index (NRRI), if Americans work until age 65 and annuitize their assets, 47 percent will still be unable to maintain their standard of living. The new […]
Medicare Extra Help Program Set to Expand in 2024
Seniors and disabled citizens will receive more access to the Medicare Extra Help Program as of the beginning of 2024, the federal government announced. This expansion of benefits could enable up to 3 million people to reduce their prescription drug costs. What Is the Medicare Extra Help Program? The Medicare Extra Help Program assists older […]
What Is a Medicare Flex Card?
Some Medicare Advantage beneficiaries receive Medicare flex cards, pre-paid debit cards for qualifying expenses, as part of their benefits. The U.S. government does not issue Medicare flex cards. This benefit is only available on select Medicare Advantage plans, a private alternative to Medicare. Traditional Medicare does not offer flex cards. Certain Medicare Advantage plans provide […]
Medicaid Funeral Assistance May Help Pay for Funeral Costs
It is an unpleasant thought, but death is a reality we all must face. One way to cope with the loss of a loved one is to be prepared for their final send-off. Funerals are expensive. Medicaid recipients and their families, will unlikely have the money to cover them when the time comes. Many people […]
How Medicaid’s Money Follows the Person Program Aids Seniors
Congress established the “Medicaid Money Follows the Person (MFP) Program” to provide states with federal funding to help seniors receiving care in institutions that want to live at home. However, it is not a permanent program and is due to expire in September 2027. Advocates have pushed for Congress to make MFP permanent, ensuring that states have […]
Highlights of How the Omnibus Bill Will Benefit Older Adults
The Senate and House have cleared the passage of a year-end $1.7 trillion appropriations bill that will benefit older adults on a number of fronts. The bill, which runs more than 4,000 pages and includes a wide variety of legislation, heads to President Biden next for his signoff. Here is a breakdown of some […]
5 Questions to Ask Before Making Gifts for Medicaid or Tax Planning
Many seniors consider transferring assets for estate and long-term care planning purposes, or to help out children and grandchildren. Gifts and transfers to a trust often make a lot of sense. They can save money in taxes and long-term care expenditures, and they can help out family members in need and serve as expressions of […]
Will You Owe a Gift Tax This Year?
The rules surrounding taxes on gifts often create confusion during tax season or any other time. Below are some of the nuts and bolts of the gift tax, including when a gift tax form needs to be filed. What Is the 2022 Gift Tax Exclusion? The annual gift tax exclusion is $16,000 for 2022. […]
Giving Your Home to Your Children Can Have Tax Consequences
Many people wonder if it is a good idea to give their home to their children. While it is possible to do this, giving away a house can have major tax consequences, among other results. You May Not Have to Pay a Gift Tax … When you give anyone property valued at more than $16,000 […]
