Income

• Buying Guide - A Buyer's Guide to Long-Term Care Insurance

  Find the best long-term care insurance policy for your needs. Understand their costs, benefits, extra perks, and the common loopholes to avoid.

• Buying Guide - A Buyer's Guide to Reverse Mortgages

  This free buyer's guide to reverse mortgages will help you understand how reverse mortgages work and what to look for in a reverse mortgage.

Blog Posts

• Blog Post - Easy Money: It's Not Too Late!

  Although the April 15th tax deadline has come and gone, your parents may still be eligible for this year's rebate check -- even if they didn't file a return.

• Blog Post - Social Security Benefits: Getting Carded?

  Social Security recipients will soon be able to get their monthly benefits loaded onto a pre-paid debit card. If your parents are getting their checks via direct deposit, they should probably stick with that system and not switch over to the debit cards because of the fees and hassles that come with the Direct Express debit card. But for people who wait for the postman to deliver their monthly check, the new debit card may be a better option.

• Blog Post - Cupboards Bare? Rising Food Prices Affect Seniors

  The rising cost of food is tough for many seniors, but here are some ways you can help.

• Blog Post - Easy Money

  If your parents earned $3,000 last year, they're entitled to this year's tax rebate. Even if your parents haven't filed taxes in years because they're retired, they should file this year to ensure they receive their rebate.

• Blog Post - Going For Broke? Seniors Turn to Newer Loans To Avoid Cash Crunch

  Seniors hurt by the tough economy are raising money using reverse mortgages, life insurance settlements and 401k loans. In exchange for up-front cash, your parent may lose future equity or investment gains, so help them make smart money choices.

• Blog Post - Five Tips for Keeping the Sandwich Together

  Five tips to help sandwich generation members ease the stress of caring for aging parents in their homes.

Questions & Answers

• Question - What is maximum income a widow can make to receive her husband's Social Security?

  If you claim Social Security survivors benefits before you reach full retirement age, they're reduced if you earn over $13,560 for the year.

• Question - If you receive money from an estate in trust for another individual, who pays the income tax on it?

  Hiring a professional for help with figuring tax rates and exemptions for trust income may be money well spent.

• Question - What documents does Medicaid ask for from an applicant?

  Medicaid asks applicants about all income and assets of any type, as well as support from others and any transfers of property within five years.

• Question - How much will Medicare cost me?

  Most people get Medicare Part A for free. Eveyone pays for Part B, the amount depending on your income.

• Question - Can my father's house be taken to pay for long term care?

  A house transferred out of an elder's name can't be taken by Medicaid but might disqualify the elder from Medicaid nursing home coverage.

• Question - Is there any situation that allows you to obtain a income while on disability without losing your benefit that is accepted by the SSA?

  This question has been answered by a Caring.com Expert

• Question - How do we handle paying taxes on my deceased mother's estate?

  This question has been answered by a Caring.com Expert

• Question - What are annuities and do they make sense for someone over 80?

  This question has been answered by a Caring.com Expert

• Question - Is a Medicaid annuity a scam?

  This question has been answered by a Caring.com Expert

• Question - How do you get financial help if you are between 55 and 60 years old?

  A few government financial benefits are available to someone under age 60.

• Question - Will Medicaid or Medicare help pay for my mother's long-term care?

  Will Medicaid or Medicare help pay for my mother's long term care? Medicare will cover 100 days in a nursing home if certain qualifications are met.

• Question - Is CPP, OAS or Veterans Disability Pension classed as income to be used in calculations for 5% to be paid to the Guardian and how ofter is this 5% paid?

  This question has been answered by a Caring.com Expert

• Question - Financial help when a parent leaves a nursing home to live with family?

  A low-income elder who leaves a nursing home to live with family may get help from Social Security, Supplemental Security Income (SSI) and Medicaid.

• Question - What kind of living arrangements are available for those under 65, but disabled, without a lot of money?

  This question has been answered by a Caring.com Expert

• Question - What are the first steps in getting my mother's home deeded to my siblings and me?

  This question has been answered by a Caring.com Expert

• Question - Does an inheritance affect my Medicare (due to disability) eligibility?

  Neither income nor assets has anything to do with qualifying for any part of Medicare coverage.

• Question - What steps are available to block incoming offshore phone calls in an effort to prevent scams?

  Unanswered. Can you help?

• Question - What do I need to apply for Medicaid for my mother, for whom I'm guardian?

  To apply for Medicaid, you need records of income and assets. If it's for nursing home care, you need financial transactions from the past 5 years.

• Question - Financial Aid for Caregivers?

  I am caring for my parents and need to be home with them day to day. Is there any financial aid that I can get since I will have lost my income?

• Question - How much income is too much for a senior to receive in...

  This question has been answered by a Caring.com Expert

• Question - Does any government program pay for assisted living?

  In a few states, Medicaid can pay for assisted living in an approved facility.

• Question - What short-term in-house care options when caregivers need to go out of town?

  Some guidance for those seeking temporary in-house care for their aging parent.

• Question - My mother needs assisted living but my sister wants her to continue to live with her so my mother can pay her mortgage. How can I deal with this?

  Unanswered. Can you help?

• Question - With a spouse in a nursing home paid by Medicaid, how much can the other spouse keep?

  If Medicaid pays one spouse's nursing home costs, the spouse who lives at home may keep some income and assets. The amounts vary state to state

• Question - What authority is needed to gather a parent's documents for Medicaid?

  When you want to access your parent's health records, do you need a durable power of attorney for healthcare? Or can HIPAA prevent it even with one?

• Question - Are there government benefits for someone who's had a stroke and gets only a small company pension?

  This question has been answered by a Caring.com Expert

• Question - What financial help is available for caregivers who had to quit their jobs?

  Does financial help for caregivers exist when they give up a job to help? Not from the government, but other kinds of financial help are available.

• Question - Does my mother have to sign a home lien for short-term nursing home care?

  Medicare or Medicaid can cover all or most of short-term nursing home costs, but a nursing home might want a home lien from a private-paying patient.

• Question - Can people "protect" their home and have Medicaid pay for nursing home care?

  One spouse may qualify for Medicaid nursing home coverage while the other spouse remains in a home they own.

• Question - Is there any program that offers free or low-cost dental care for seniors?

  Can seniors get low-cost or free dental care from Medicare, Medigap, or Medicaid? Or are there other resources for senior dental assistance?

• Question - What are the tax implications for the beneficiaries of my father's IRA and joint stock/mutual fund accounts when he passes away?

  Unanswered. Can you help?

• Question - How do I get into a nursing home with limited resources?

  This question has been answered by a Caring.com Expert and a Community Member

• Question - Is there any inexpensive insurance for the disabled?

  Medicare Part A and Part B, Medicaid, and Medicare Part D prescription drug coverage may all be available to someone on permanent disability.

• Question - With both parents in a nursing home and me with power of attorney, can I protect their savings and house?

  Once both parents are in a nursing home, it's difficult to protect their assets. They'll have to use most of those assets to pay for their own care before Medicaid kicks in.

• Question - Having limited resources, how do I get into a nursing home?

  This question has been answered by a Caring.com Expert

• Question - Can a Wisconsin resident disinherit a spouse?

  If a will does not mention a surviving spouse, the law will likely look at the document carefully -- and make some assumptions giving the survivor a share.

• Question - Does the Veterans Administration have any claim on my parent’s estate?

  Does the VA or our state have any claim on my parent’s estate?

• Question - Does Medicare cover adult day care for Alzheimer’s...

  This question has been answered by a Caring.com Expert

• Question - How do I reflect my mother's Medicaid coverage and nuring home costs on her tax form and is she eligible for the rebate?

  This question has been answered by a Caring.com Expert

• Question - If I have a Medicare Advantage (Plan C) managed care plan, can I switch back to regular Medicare Parts A and B?

  This question has been answered by a Caring.com Expert

• Question - What are the risks with reverse mortgages?

  This question has been answered by a Caring.com Expert

• Question - How should my mother decide when to file for Social Security?

  Is it best to file for Social Security benefits early, at age 62, if a parent needs money or wait until 65 or 67 to file for Social Security benefits?

• Question - Is there any financial aid for a child to quit their job and care for their parent?

  This question has been answered by a Caring.com Expert

• Question - Can I get paid to be my mom's caregiver?

  This question has been answered by a Community Member

• Question - Any suggestions for talking to my father, who has Alzheimer's, about his finances?

  This question has been answered by a Caring.com Expert

• Question - Should we get a home equity line of credit in order to pay for nursing home care until my parent's home is sold?

  This question has been answered by a Caring.com Expert

• Question - Is there a minimum amount below which Medicaid doesn't bother to check asset transfers?

  For nursing home coverage, Medicaid may look at how the applicant has spent any amount, or transferred property, over the previous five years.

• Question - Where can I get financial assistance for monthly expenses we...

  This question has been answered by a Caring.com Expert

• Question - How can I help my mom that is disabled from pollio, In the...

  Unanswered. Can you help?

• Question - Is there such a thing as an irrevocable maintenance trust fund?

  Irrevocable trusts are forever. But how the trust property is distributed is a matter of form and format.

• Question - How can I find financial aid to care for my mother in her home?

  This question has been answered by a Community Member

• Question - What help is available to pay for prescription drugs?

  Can your parent get financial help to pay for prescription drugs? Does Medicare cover drugs, or are there other ways to get help paying for prescriptions?

• Question - Can I be held responsible for my mother's medical bills?

  This question has been answered by a Caring.com Expert

• Question - Do CDs in trust count in determining Medicaid eligibility?

  Medicaid counts a CD in trust as an asset if revocable trust, and counts for nursing home coverage if put in irrevocable trust in past 3 or 5 years.

• Question - What happens to an elderly person's credit card at death?

  First, get the facts to back up suspicions that an elderly person is being financially abused. If it's true, act quickly to stop it.

• Question - Since my parents own property in several states, how will their estate be administered?

  This question has been answered by a Caring.com Expert

• Question - Can I take classes and become certified for home care for my mother?

  This question has been answered by a Community Member

• Question - What could be wrong with my mother-in-law who makes irrational decisions and wets herself, yet the hospital says she's competent?

  This question has been answered by a Caring.com Expert

• Question - Are there programs that can help with the cost of in-home care?

  This question has been answered by a Community Member

• Question - Does Medicare cover children?

  Medicare does not cover medical care for children, but Medicaid and related programs do cover care for children in low-income families.

• Question - Will Medicare help pay for an assisted living facility?

  Medicare doesn't cover assisted living at all, but in some states Medicaid can pay the full cost of assisted living for an elder with little money.

• Question - Where do I get financial help for my 88 year old mother?

  A senior with low income and assets can qualify for SSI benefits of $600 to $800 per month, Medicaid and a very low-cost prescription drug plan.

• Question - Can a widow's veterans pension be protected from nursing home costs?

  A veterans pension has no protection from nursing home costs. It's difficult to protect some funds by paying for services from an adult child.

• Question - Does a living trust protect money from Medicaid consideration?

  A living trust does not "protect" assets from consideration by Medicaid when deciding someone's eligibility for coverage of nursing home care.

• Question - If I claim my mother in my taxes, do I have to claim her income?

  Unanswered. Can you help?

• Question - What is my first step in administering my mother's will?

  The first step is usually the hardest: Finding and organizing the property your mothe owned at her death.

• Question - How do I compensate a sibling who is the primary caregiver for our parent?

  This question has been answered by a Caring.com Expert

• Question - Am I eligible for disability?

  If you're under 65 and can't do substantial paid work, you may get Social Security disability, SSI and Medicaid, plus Medicare after two years.

• Question - Is there anything I can do if I've been excluded from a trust?

  Children can be excluded from their parents' estate plans, but it usually must be verified as an intentional move.

• Question - Is there a time limit on making a revocable trust before entering a nursing home?

  A revocable trust does not protect assets from consideration by Medicaid regarding eligibility for nursing home coverage.

• Question - Does Medicaid help pay for a hearing aid?

  About two-thirds of state Medicaid programs cover hearing aids, though with certain limitations and conditions.

• Question - As a caregiver is there any kind of aid or tax breaks I can...

  This question has been answered by a Community Member

• Question - Is there such a thing as a geriatric health manager?

  This question has been answered by a Community Member

• Question - Do my parents need to get divorced to qualify for Medicaid?

  This question has been answered by a Community Member

• Question - How do I set up a real estate trust?

  You may be able to set up a simple living trust own your own; other types of trusts may require some guidance from a legal expert.

• Question - is it a good idea to put your IRA in a revocable living trust?

  This question has been answered by a Caring.com Expert

• Question - What do I need to know before I sign a nursing home contract?

  This question has been answered by a Caring.com Expert

• Question - If my dad and I jointly own a home, can Medicaid still take it to pay for long-term care expenses associated with a nursing home?

  Unanswered. Can you help?

• Question - Will Medicaid or Medicare pay for my indigent father's nursing home bills?

  Medicare pays only brief, skilled nursing home care, but Medicaid can pay the full cost of long-term nursing home care for a parent with few funds.

• Question - What rights do I have as a healthcare agent?

  This question has been answered by a Caring.com Expert