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Here’s one list you simply must have! If you are facing the costs of providing home care for a senior, it would be no surprise if you are one of the many families searching for funds to make the two ends come together. This advice from Aging Solutions includes great links for helpful, credible and free resources.
1. Get the Benefits You’re Entitled To.
Millions of older adults are eligible for federal and state benefits that can help with housing, meals, transportation, health care,
prescription drug costs, legal services and utility bills, and even Part B and Part D premiums for Medicare benefits, sometimes regardless of income. However, many are simply not receiving them. Benefits CheckUp is a free service created by The National Council on Aging that helps seniors find out what they qualify for, and how to apply.
2. Find State and Local Support Services That Can Help.
Eldercare Locator is a free public service that was developed by the U.S. Administration on Aging. It helps older people and their caregivers find state and local support services that allow them to live independently and safely in their homes and communities for as long as possible.
3. Medicare.
If your loved one has become weak or has difficulty walking, both of these conditions can be at least partially overcome with proper
physical therapy. If your loved one’s doctor agrees, ask the doctor for a written prescription for physical therapy. Medicare will pay for therapists to come to your home to provide the therapy if it is provided by a Medicare-certified agency. (Aging Solutions gives this emphatic advice: Ask the agency if it is Medicare-certified before you hire them.)
4. Supplemental Security Income.
If your family member qualifies for Supplemental Security Income or SSI, it pays a flat $603 (in 2006) per month in addition to their
monthly Social Security benefit. For more information, read Social Security’s pamphlet “Supplemental Security Income.”
5. Medicaid.
If your loved one qualifies for SSI, then Medicaid is probably also available so that your senior won’t have to pay Medicare’s $88.50
monthly Part B premium and won’t need to carry a separate Medicare Supplement insurance policy.
6. Food Stamps. Seniors who qualify for SSI also probably qualify for food stamps. That will help stretch their food dollars each month. For more information about SSI, Medicaid and Food Stamps, go to Social Security’s main page. In the middle on their home page, just below the horizontal red and blue bars is a box entitled Questions about.
Use the up/down arrows in the right of the box until Supplemental Security Income appears. Then click on Go. That will take you to a page with a number of different questions (and answers) about the SSI program.
7. Reverse Mortgage.
This is a loan against the equity in a home. It provides tax-free cash advances to the homeowner, but requires no payments during the term of the loan. The proceeds from a reverse mortgage are available as a lump sum, fixed monthly payments for as long as your loved one lives in his or her home, a line of credit; or a combination of these options.
These proceeds can be used for anything: daily living expenses; home repairs and home improvements; medical bills and prescription drugs; pay-off of existing debts; education; travel; long-term health care; retirement and estate tax planning; and other needs your loved one may have. Aging Solutions suggests visiting Financial Freedom to learn about reverse mortgages.
8-10: Income Tax Deductions.
If you provide more than half of your loved one’s financial support you may be able to:
- claim your senior as a dependent on your federal income tax return
- deduct some of your senior’s medical expenses
- qualify
for a tax-deduction if your mother and/or father moves into your home,
and you modify your home to accommodate them. If so, at least a portion
of the expenses you incur for modifying your home could be deductible
in the year you pay them. (See a qualified tax accountant for more
details.)
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