Taxpayers with long-term care insurance policies can deduct some of their premiums from their income. Whether you can use the deduction requires comparing your medical expenses to your income in a complicated formula.Premiums for qualified long-term care insurance policies are tax deductible to the extent that they, along with other unreimbursed medical expenses (including Medicare […]
Finding love later in life may be unexpected and exciting, but should it lead to marriage? The considerations are much different for an older couple with adult children and retirement plans than for a young couple just starting out. Before deciding whether to get married or just live together, you need to look at your […]
What Aging Parents Expect of their Adult ChildrenWhen does the role of adult child change to include caregiver? Longtime family dynamics can impact how the boundaries between adult children and their parents become blurred. When do adult children feel the need to “step in” and play active roles in managing their parents’ lives? The […]
The Estate of Philip Seymour HoffmanPhilip Seymour Hoffman was a talented actor who left an impressive body of work when he died in February 2014 at the age of 46. His cause of death was an accidental drug overdose. He left an estate of approximately 35 million dollars. As we have seen in a number […]
The Benefits of Adaptive Clothing Getting dressed and undressed is one of the essential activities of daily living (ADLs) that many of us can take for granted. Our daily lives require clothing adjustments during toileting, showering and attending medical appointments. Older adults living with chronic conditions such as arthritis and paralysis can face frustration with […]
The Centers for Medicare and Medicaid has announced the Medicare premiums, deductibles, and coinsurances for 2017. After holding steady at $104.90 a month for four years, the standard Medicare Part B premium that most recipients pay will rise 4 percent to about $109 a month. However, approximately 30 percent of beneficiaries will see their Part […]
Giving your house to your children can have tax consequences, but there are ways to accomplish it tax-free. The best method to use will depend on your individual circumstances and needs.Leave the house in your willThe simplest way to give your house to your children is to leave it to them in your will. As […]
The Internal Revenue Service (IRS) is increasing the amount taxpayers can deduct from their 2017 income as a result of buying long-term care insurance.Premiums for “qualified” long-term care insurance policies (see explanation below) are tax deductible to the extent that they, along with other unreimbursed medical expenses (including Medicare premiums), exceed 10 percent of the […]
More and more states are switching to a managed care model when dealing with Medicaid long-term care patients, a change that has resulted in a loss of services in some cases.Many states use managed care to deliver care to their regular Medicaid populations, but until recently, the care needs of the elderly and disabled have […]
While you are eligible to apply for Medicare when you are 65, there are circumstances where you might not want to, particularly if you are working full time for a larger employer or contributing to a health savings account. However, there can be penalties if you don’t sign up at the right time, so it […]