Uncle Sam allows special deductions when medical expenses add up. When to itemize. If the person you care for was 65 years or older last year (2016), he or she can deduct certain medical costs. The costs must total more than 7.5% of adjusted gross income (AGI). For instance, if AGI is $40,000, medical expenses…
Many people need specialized equipment in order to handle a serious injury or chronic condition. Examples include walkers, wheelchairs, blood sugar monitors, infusion pumps, CPAPs for sleep apnea, and hospital beds. If the equipment will be needed for a long time, it may qualify as “durable medical equipment” (DME). And Medicare may pay for it….
Confusion about finances is common among older adults. Balancing the checkbook and paying bills can just get to be too much. Assisting with money matters is something a long-distance son or daughter can do to help. Geography poses many challenges for those who live far away. But managing finances is a fairly simple task, near or…
Funerals are like weddings: gatherings of family and friends to mark a life passage. They are typically very emotional and can be very sweet. And they can also get very expensive! Plan ahead It’s optimal to talk with your loved one about his or her funeral wishes well before there is a need. Allow him or…
Medicare is health insurance for those over age 65. A surprising number of things that might seem obvious as health needs of elders are not included as benefits. This can get costly! For example, in the normal process of aging, many older adults need glasses, hearing aids, and sometimes dentures. Foot problems are also common….
Do you want to ensure that Mom and Dad can live safely and comfortably in their home over the years to come? Many seniors want to “age in place.” Remodeling can remove safety hazards and prevent common accidents. It also can be less expensive than paying for assisted living. Plus, making the home “senior friendly”…
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