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On Health Care Reform

Financial Issues: Planning & Paying For Care

See Contents in this Section at left. Checklist and Overview on Financial Planning below.

See Disclaimer below.

Return to Index Page for Legal & Financial Issues

CHECKLIST OF SOME FINANCIAL ISSUES
FOR SENIORS & FAMILY CAREGIVERS

  • Overview: Financial Planning for Long-Term Care »»»
  • Health Insurance & Long-Term Care Insurance »»»
  • Medicare Coverage »»»
  • Medicaid Coverage and Planning »»»
  • Veterans Administration Benefits »»»
  • Other Financial Issues »»»

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OVERVIEW: FINANCIAL PLANNING
FOR LONG-TERM CARE:

Following is an overview of some of the important issues involved in financial planning for long-term care. It is important that you prepare yourself, plan ahead, obtain qualified financial advice, and address these issues properly and in time with your parent, spouse or relative, so that you are financially able to care for your loved one(s) in accordance with your and their wishes.

Ideas & Checklists for New Years Resolutions – for Caregivers and Seniors

December 31, 2013 Posted by Editor

UPDATED: This article is updated from an article that appeared on HelpingYouCare® on December 31, 2012. Happy New Year! Now is the exhilarating time for a new beginning — the time to make New Years resolutions for the coming . . . → Read More: Ideas & Checklists for New Years Resolutions – for Caregivers and Seniors

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New Health Insurance Exchanges under Health Care Law Do Not Affect Medicare

June 26, 2013 Posted by Editor

Apparently some seniors on Medicare have expressed confusion or concern about whether the new Health Insurance Marketplace (also referred to as a health care exchange) being implemented under the Health Care Law affects Medicare in any way. It does . . . → Read More: New Health Insurance Exchanges under Health Care Law Do Not Affect Medicare

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Enrollment for New Health Insurance Exchanges Begins on Oct 1, 2013; HealthCare.gov Updated to Help Consumers Prepare

June 25, 2013 Posted by Editor

The U.S. Department of Health & Human Services (HHS) announced on June 24 that open enrollment for the new federally-run health insurance exchange (called the “Health Insurance Marketplace”) being implemented under the Health Care Law, will begin October 1, . . . → Read More: Enrollment for New Health Insurance Exchanges Begins on Oct 1, 2013; HealthCare.gov Updated to Help Consumers Prepare

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35 More Medical Conditions Fast-Tracked for Disability Benefits, Social Security Announces

December 10, 2012 Posted by Editor

The Social Security Administration (SSA) on December 6 issued a press release, announcing that it has added 35 medical conditions to its list of “Compassionate Allowances” – a list of serious diseases and medical conditions for which one is . . . → Read More: 35 More Medical Conditions Fast-Tracked for Disability Benefits, Social Security Announces

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Social Security Statements Now Available Online – at My Social Security

December 5, 2012 Posted by Editor

The U.S. Social Security Administration (SSA) has added to its website a new feature called My Social Security, which allows you to set up your personal account and access your social security information online at any time. The information . . . → Read More: Social Security Statements Now Available Online – at My Social Security

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At What Ages Do Baby Boomers Show Increased Interest in Health?

November 26, 2012 Posted by Editor

A new study conducted by researchers at Ohio State University has found that Baby Boomers show increasing interest in their health in their early 50′s and around age 65. The peak interest in health issues for Baby Boomers comes . . . → Read More: At What Ages Do Baby Boomers Show Increased Interest in Health?

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Planning Ahead for Long-Term Care

November 8, 2012 Posted by Editor

November has been designated as Long-Term Care Awareness Month. As part of this observance, the U.S. Department of Health & Human Services issued a release yesterday, containing useful information on long-term care for seniors and their family caregivers. The . . . → Read More: Planning Ahead for Long-Term Care

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Find Out What Medicare Covers, on Medicare.gov

October 18, 2012 Posted by Editor

On its website, Medicare.gov, the U.S. Centers for Medicare and Medicaid Services (CMS) provides links to comprehensive information on what Medicare covers under each of its different Parts. Here are links to Medicare coverage information, as provided on Medicare.gov: . . . → Read More: Find Out What Medicare Covers, on Medicare.gov

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Social Security Benefits Will Increase by 1.7% in 2013, SSA Announces

October 16, 2012 Posted by Editor

The U.S. Social Security Administration (SSA) announced today that Social Security benefits will increase by 1.7% in 2013, as a result of a cost-of-living adjustment. The 1.7% increase will benefit nearly 62 million Americans receiving Social Security or Supplemental . . . → Read More: Social Security Benefits Will Increase by 1.7% in 2013, SSA Announces

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Medicare Open Enrollment Runs From October 15 Through December 7, 2012

October 13, 2012 Posted by Editor

The Medicare Open Enrollment period runs from October 15 through December 7, 2012, the U.S. Centers for Medicare and Medicaid Services (CMS) and U.S. Department of Health and Human Services (HHS) announced on Friday. This is the period when . . . → Read More: Medicare Open Enrollment Runs From October 15 Through December 7, 2012

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Obamacare Has Saved Americans $2.1 Billion on Health Insurance Premiums, New Report Reveals

September 18, 2012 Posted by Editor

President Obama’s health care law – the Patient Protection and Affordable Care Act – has saved Americans an estimated $2.1 Billion on health insurance premiums, according to a new report released September 11, 2012 by the U.S. Department of . . . → Read More: Obamacare Has Saved Americans $2.1 Billion on Health Insurance Premiums, New Report Reveals

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Medicare Announces Redesigned Website to Better Serve Medicare Beneficiaries & Their Families

September 4, 2012 Posted by Editor

The U.S. centers for Medicare and Medicaid Services (CMS) announced on August 21 that it has launched a redesign of its Medicare.gov website, in order to better serve Medicare Beneficiaries and their families. The redesign, CMS said, “mak[es] content . . . → Read More: Medicare Announces Redesigned Website to Better Serve Medicare Beneficiaries & Their Families

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Do You or Your Senior Loved One Qualify for Veterans Health Care Benefits?

August 31, 2012 Posted by Editor

“If you served in the active military, naval, or air service and were honorably discharged or released, you may qualify for VA health care benefits, including hospital services,” according to an e-mail announcement issued August 30 from USA.gov, the . . . → Read More: Do You or Your Senior Loved One Qualify for Veterans Health Care Benefits?

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People on Medicare Report Significantly Better Coverage than Those with Private Health Insurance, Study Finds

August 13, 2012 Posted by Editor

A recent study published in the journal HealthAffairs found that people on Medicare were substantially happier with their coverage and reported significantly fewer cost and access-related problems than those with private employer-sponsored health insurance or “Medicare Advantage” plans offered . . . → Read More: People on Medicare Report Significantly Better Coverage than Those with Private Health Insurance, Study Finds

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American College of Physicians Urges Politicians to Stop Unwise Health Care Cuts, Provides Alternative Proposals

May 31, 2012 Posted by Editor

The American College of Physicians (ACP), a nationwide nonprofit organization of doctors of internal medicine, issued a comprehensive report, entitled “The State of the Nation’s Health Care 2012: How Bad Budget Choices and Broken Politics Are Undermining Progress in . . . → Read More: American College of Physicians Urges Politicians to Stop Unwise Health Care Cuts, Provides Alternative Proposals

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Harvard Health Publishes Caregiver’s Handbook

May 30, 2012 Posted by Editor

Harvard Health Publications of Harvard Medical School has published Caregiver’s Handbook: A guide to caring for the ill, elderly, disabled … and yourself, a basic introductory handbook to some of the topics and concerns faced by family caregivers. In . . . → Read More: Harvard Health Publishes Caregiver’s Handbook

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Govt Provides Links to More Senior Resources for Older Americans Month

May 18, 2012 Posted by Editor

May is Older Americans Month, a time to recognize and honor the guiding wisdom and contributions of our nation’s seniors. Older Americans Month is declared each year by Presidential Proclamation. See President Proclaims May as Older Americans Month for . . . → Read More: Govt Provides Links to More Senior Resources for Older Americans Month

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15.8 Million Americans to Receive $1.3 Billion in Rebates from Insurers Due to Affordable Care Act, HHS Announces

May 11, 2012 Posted by Editor

In a blog post today, U.S. Secretary of Health & Human Services, Kathleen Sebelius, announced that due to the Affordable Care Act (President Obama’s Health Reform Law, which some call “Obamacare”), about 15.8 Million Americans will receive an estimated . . . → Read More: 15.8 Million Americans to Receive $1.3 Billion in Rebates from Insurers Due to Affordable Care Act, HHS Announces

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HHS Announces $728 Million of Funding for Community Health Centers Under Obama’s Health Care Law

May 1, 2012 Posted by Editor

The U.S. Department of Health and Human Services (HHS) today announced the awarding of grants totaling $728 million to Community Health Centers nationwide under President Obama’s Health Care Law, the Patient Protection & Affordable Care Act (“Affordable Care Act”). . . . → Read More: HHS Announces $728 Million of Funding for Community Health Centers Under Obama’s Health Care Law

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Money Smart Week April 21-28 – Classes & Events to be Held in 30 States

April 21, 2012 Posted by Editor

Money Smart Week® classes and events for consumers in 30 different States — those indicated in green on the map at left. To find classes and other events (primarily in libraries) in your area, click HERE or click on . . . → Read More: Money Smart Week April 21-28 – Classes & Events to be Held in 30 States

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You Can Negotiate Lower Prices for Health Care, New Reports Suggest

April 9, 2012 Posted by Editor

Several new reports have indicated that, facing rising healthcare costs and high-deductible health insurance or no insurance, patients and consumers are increasingly negotiating lower medical bills directly with their doctors, hospitals, and other health care providers. And, new resources . . . → Read More: You Can Negotiate Lower Prices for Health Care, New Reports Suggest

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White House Issues New Report on Benefits of Affordable Care Act & Debunks Myths About It

March 27, 2012 Posted by Editor

On March 23, 2012, the White House issued a new report summarizing in simple and clear terms what the Patient Protection & Affordable Care Act (Affordable Care Act), which some call “Obamacare,” actually does. In short, as its name . . . → Read More: White House Issues New Report on Benefits of Affordable Care Act & Debunks Myths About It

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Legal and Financial Issues for People with Alzheimer’s Disease: A NIA Resource List

November 30, 2011 Posted by Editor

The National Institute on Aging (NIA), part of the National Institutes of Health, under the U.S. Department of Health & Human Services (HHS), provides a useful resource list with excerpts and links to multiple sources of information on Legal . . . → Read More: Legal and Financial Issues for People with Alzheimer’s Disease: A NIA Resource List

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AARP & NFCA Sponsor Free Webinar on Helping With A Loved One’s Financial Affairs

November 29, 2011 Posted by Editor

The National Family Caregivers Association (NFCA) and AARP are co-sponsoring a free Webinar on November 30 at 7:00 p.m. (Eastern Time) on the topic: “When It’s Time To Intervene – Helping With A Loved One’s Financial Affairs.” Here is . . . → Read More: AARP & NFCA Sponsor Free Webinar on Helping With A Loved One’s Financial Affairs

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What to do When Medicare Will Not Cover the Costs of a Needed Rehabilitative or Skilled Care Facility

November 21, 2011 Posted by Editor

Here is a wake-up call: Medicare may cover costs of a needed rehabilitative or skilled nursing care facility after a hospitalization of at least three nights — but only to a limited extent. As explained by the Centers for . . . → Read More: What to do When Medicare Will Not Cover the Costs of a Needed Rehabilitative or Skilled Care Facility

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Retirement and Long-Term Care Planning Tools

September 24, 2011 Posted by Editor

What can you do as a Baby Boomer and family caregiver to secure your retirement future against the threat of rising health care and long-term care costs? Here are some links to information that may be helpful to you . . . → Read More: Retirement and Long-Term Care Planning Tools

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Grants to States under Affordable Care Act Help Fight Health Insurance Premium Hikes

September 22, 2011 Posted by Editor

HHS Secretary Kathleen Sebelius announced on September 20, 2011 that under the Affordable Care Act, 28 states and the District of Columbia have been awarded grants totaling $109 million, to help fight unreasonable health insurance premium increases and protect . . . → Read More: Grants to States under Affordable Care Act Help Fight Health Insurance Premium Hikes

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National Community Health Centers Provide Primary & Preventive Care to 20 Million

August 8, 2011 Posted by Editor

The U.S. Department of Health & Human Services (HHS) announced today that this week, August 7th-13th, is National Community Health Center Week. This is “an opportunity to recognize the vital work of community health centers, which provide high . . . → Read More: National Community Health Centers Provide Primary & Preventive Care to 20 Million

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S&P Downgrade of US Credit Rating Cites Political Brinksmanship, Looming Deficit from Rising Health Care Costs

August 6, 2011 Posted by Editor

actual S&P Research Update of August 5, 2011, downgrading the U.S. credit rating, was published by S&P on their website. It is entitled, “United States of America Long-Term Rating Lowered To ‘AA+’ On Political Risks And Rising Debt Burden; . . . → Read More: S&P Downgrade of US Credit Rating Cites Political Brinksmanship, Looming Deficit from Rising Health Care Costs

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Health Care Costs to Increase by 5.8% Per Year, CMS Projects; Baby Boomers Worry About Long-Term Care

July 29, 2011 Posted by Editor

A new report, from the Office of the Actuary at the Centers of Medicare and Medicaid Services (CMS) in Baltimore, and published in the journal HealthAffairs on July 28, 2011, projects that overall U.S. health care costs will grow . . . → Read More: Health Care Costs to Increase by 5.8% Per Year, CMS Projects; Baby Boomers Worry About Long-Term Care

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Updated Information on Prescription Drugs Provided by US Govt Websites

July 21, 2011 Posted by Editor

The U.S. Government’s official web portal, USA.gov, indicates that as of July 20, 2011, updated information has been added to several government websites providing information and resources on prescription medications, drug interactions, and coverage of prescription drug costs. Many . . . → Read More: Updated Information on Prescription Drugs Provided by US Govt Websites

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Which State Provides the Best Health Care?

June 23, 2011 Posted by Editor

A study by the Commonwealth Fund ranked the 50 U.S. States as to the quality of their health care in 2009. [See Image At Left] Recently, U.S. States have signaled increasingly divergent approaches to health care, moving in opposite . . . → Read More: Which State Provides the Best Health Care?

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Under Affordable Care Act, Preventive Services Now Free to Medicare Beneficiaries

May 25, 2011 Posted by Editor

Under the Affordable Care Act, since January 1, 2011, beneficiaries of Original Medicare no longer have to pay out-of-pocket costs for a “Welcome to Medicare” physical exam, and an annual preventive/ wellness visit with a participating physician is also . . . → Read More: Under Affordable Care Act, Preventive Services Now Free to Medicare Beneficiaries

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Medicare Launches New Website for Caregivers

May 18, 2011 Posted by Editor

The U.S. Department of Health & Human Services, Centers for Medicare & Medicaid Services has launched a new section of the Medicare.gov website focused on helping caregivers. The new site, called Medicare Basics — Eligibility and enrollment; definitions for . . . → Read More: Medicare Launches New Website for Caregivers

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Pre-Existing Condition Insurance Plans (PCIPs) Available under Health Reform Law to Help Those With Pre-existing Conditions

February 25, 2011 Posted by Editor

While lawsuits and Republicans in Congress are seeking to overturn The Affordable Care Act of 2010, the Department of Health and Human Services (HHS) is continuing to institute many of the law’s provisions in an effort to provide low-cost . . . → Read More: Pre-Existing Condition Insurance Plans (PCIPs) Available under Health Reform Law to Help Those With Pre-existing Conditions

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Nine Tax Questions For Family Caregivers: FAQs & Answers from the IRS

February 15, 2011 Posted by Editor

Here are nine frequently asked tax questions for family caregivers, listed by the U.S. Internal Revenue Service (IRS) on its website. Click on the links below to find the answers provided by the IRS for each question: 1. I . . . → Read More: Nine Tax Questions For Family Caregivers: FAQs & Answers from the IRS

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Family Caregivers and Self-Employment Tax – Information from the IRS

February 15, 2011 Posted by Page Editor

Here is a copy of information provided on the IRS.gov website on: Family Caregivers and Self-Employment Tax: “Special rules apply to workers who perform in-home services for elderly or disabled individuals (caregivers). Caregivers are typically employees of the individuals . . . → Read More: Family Caregivers and Self-Employment Tax – Information from the IRS

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Eight Tax Tips for Caregivers

February 14, 2011 Posted by Editor

Tax tips for Caregivers from a tax attorney, including brief tips on the following eight topics: Claiming a Dependent Dependent Care Credit Deduction Qualifying Criteria Multiple Support Agreement State Deductions and Credits Home Modifications Reimbursement Accounts In Home Assistance . . . → Read More: Eight Tax Tips for Caregivers

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Training to Be a Family Caregiver

December 29, 2010 Posted by Editor

This article, part of a WSJ.com series with tips on elder-care, cites a series of new studies and reports on the emotional, physical and financial challenges of caring for aged or disabled loved ones.  It suggests that just as people train for marathons and other . . . → Read More: Training to Be a Family Caregiver

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Growing Trend: Paying a Relative to Take Care of Mom

December 29, 2010 Posted by Editor

Read more in WSJ.com about a growing trend for families to compensate adult children or relatives who serve as caregivers to elders.  This trend may be fueled by a recognition of the financial sacrifices that family caregivers often make — frequently finding it . . . → Read More: Growing Trend: Paying a Relative to Take Care of Mom

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Organize Documents

December 28, 2010 Posted by Senior Editor

from AARP.org Does your mother have a will? Where is your father’s birth certificate? AARP.org offers a PDF download designed to help organize you and your parents now before a crisis happens. »See Organize Documents

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Video Lecture Series on Helping Seniors with Finances: Financing Options for Care

December 11, 2010 Posted by Editor

Video Series Published by MetaCafe; Lecturer: certified senior advisor Mary Alexander from Home Instead Senior Care. The publisher indicates that this video series teaches you how to help your senior loved one manage his/her finances and prevent him/her from . . . → Read More: Video Lecture Series on Helping Seniors with Finances: Financing Options for Care

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Long-Term Care Solutions You Should Be Talking About Now

November 30, 2010 Posted by Senior Editor

by  Ken Dychtwald Ph.D., Gerontologist, psychologist, author, entrepreneur and public speaker for the Huffington Post Two-thirds of people 65 and over will need some kind of long term care.  In fact, many of us aren’t prepared for it or . . . → Read More: Long-Term Care Solutions You Should Be Talking About Now

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Is Long-Term Care Insurance Beginning to Fade Away?

November 13, 2010 Posted by Editor

When a Safety Net Is Yanked Away, By Ron Lieber, New York Times, November 12, 2010 “November is long-term care awareness month, and to celebrate, MetLife, a big player in the long-term care insurance industry announced on Thursday that . . . → Read More: Is Long-Term Care Insurance Beginning to Fade Away?

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MetLife Halts Sale of New Long-Term Care Insurance – BusinessWeek

November 12, 2010 Posted by Senior Editor

MetLife Inc., the largest U.S. life insurer, cites “financial challenges” in halting long-term insurance. Over the past five years the cost of assisted living and the price for a private room in a nursing home rose higher than predictions. . . . → Read More: MetLife Halts Sale of New Long-Term Care Insurance – BusinessWeek

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Long-Term Care Insurance No Longer an Easy Sell – NYTimes.com

November 10, 2010 Posted by Senior Editor

Nine things standing in the way of consumers purchasing  long-term care insurance.  Ignore this planning at your peril. Long-Term Care Insurance No Longer an Easy Sell – NYTimes.com.

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Stepping In for a Parent With Alzheimer’s

November 6, 2010 Posted by Editor

Advice for the family caregiver in taking on the role of financial caretaker for your loved one with Azheimer’s Disease.  The New York Times, November 6, 2010. Family members need to plan and prepare to take on their new . . . → Read More: Stepping In for a Parent With Alzheimer’s

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National Clearinghouse for Long-Term Care Information

October 30, 2010 Posted by Senior Editor

Paying for Long-Term Care, National Clearinghouse for Long-Term Care Information, Administration on Aging, U.S. Department of Health & Human Services This is the place to start for an overview of costs and financing of long-term care provided by the . . . → Read More: National Clearinghouse for Long-Term Care Information

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Paying for Long-Term Care

October 30, 2010 Posted by Senior Editor

Paying for Long-Term Care American Health Care Association, National Center for Assisted Living. A 5 page brochure providing an introduction to financing long-term care. Discusses the limitations on Medicare coverage, the availability of Medicaid for those meeting the means . . . → Read More: Paying for Long-Term Care

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Long-Term Care Planning Tool

October 30, 2010 Posted by Senior Editor

from Medicare.gov, the official U.S. government website for people with Medicare. A planning tool, which gives you, based on the answers you provide, a summary of the likely cost of long-term care for you, a summary of financing options, . . . → Read More: Long-Term Care Planning Tool

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See Archives of Additional Information on Overview of Financial Planning for Long-Term Care.

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The information posted or linked on this site is for information only, and does not constitute financial or legal advice. Your use of this website or contact with us does not give rise to a professional relationship of any kind. Each situation is different, and the general information presented here is only a place to start; it cannot and should not be assumed to apply to your situation.

These are important matters, and you should consult a qualified accountant, financial advisor, and attorney before making any decisions or taking or omitting to take any action of a financial or potentially legal nature. Your action or inaction can seriously affect you and your loved one’s financial situation and legal rights. The above lists of some of the financial issues in planning for long-term care are not comprehensive, and there may be other issues that should be addressed in your situation. Consult your accountant, financial advisor, and attorney.

HelpingYouCare.com and its owner, Care-Help LLC, do not endorse and are not responsible for the information on other websites to which we may link, or for any content written by others and posted or linked on this site.

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