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Financial Sense

Financial Sense
Numerous resources and guidance from specialists can assist families with paying the cost of long-term care for parents, whether it’s at a nursing facility or through nursing care in their own home. Advice includes knowing your rights under Medicare and how to seek and receive financial help.

Medicare, Home Care Costs, and Long Term Care Insurance

  • How To Protect Yourself From Medicare Scam
  • Medicare Open Enrollment: Time To Evaluate The “Health” Of Your Current Plan

    Take the time necessary to compare Medicare coverage plans, the only way to shrink your out-of-pocket health costs. Medicare.gov makes it easier with a quality ratings system.

  • Health Care Reform: Better Medicare Benefits

    Medicare is guaranteed, but there are also positive changes to your benefits and cautions to know about scams.

  • Medicare Open Enrollment: What to Consider This Year

    The Medicare Open Enrollment period is way underway. Here’s what to consider before making any changes to your plan.

  • Does the “4 Percent Rule” Hold Up for Retirement?

    Rising medical costs make it necessary to rethink Medicare and related costs when saving for retirement. Online help lets you compare your options.

  • Tax Tips for Seniors How to Ensure That These Really Are Your Golden Years

    With April 15 looming in the near future, be sure you know about these tax tips for seniors.

  • I Missed Medicare’s 2012 Annual Enrollment Period! What Now?

    If you missed the Annual Enrollment Period and the cost of drugs, coverage or key benefits becomes more than you or a loved one can afford, there may be opportunities to make changes. The key is to be proactive and reach out to an expert.

  • 10 Steps To Taking Charge Of Medical Bills

    Caregiving responsibilities often include sorting through medical bills and EOB statements from insurance companies. Here’s how to get past the paperwork.

  • Are You Smart Enough About Your Own Retirement?

    Americans still aren’t scoring well on retirement income IQ tests. Find out what you need to know.

  • Cost Savings Tips for Medicare 2012 Enrollment

    If you’re new to the system, know that Original Medicare is not a free ride. Investigate all your options to minimize co-pays, deductibles and prescription costs.

  • Medicare Advantage Plans: Why Getting Advice Is Essential

    Medicare advantage plans can be so overwhelming that seniors don’t enroll at all or fail to choose the best plan for them.

  • Protecting Elders: Fighting Crimes, Fighting Fraud

    With the high costs of senior services, protecting retirement assets is paramount. Learn about fraud and other crimes against seniors. 

  • Avoiding Elder Financial Abuse

     Each year some 2.1 million aging Americans suffer some form of financial, physical, psychological or other abuse. Take these steps to prevent it.

  • Potential Tax Relief for Caregivers

    Learn about tax benefits you may be entitled to if you support your parent. 

  • 2011 Medicare Disenrollment Period: Five Tips Before Changing Plans

    Medicare Advantage rules have changed again. Top of the list: You have only until February 14 to make a change.

  • Part D Is Helping Seniors

    November 15 marks the beginning of open enrollment for the Medicare prescription drug benefit.

  • Consumer Reports Health: Seven Ways To Avoid Medicare Traps and Costly Blunders

    Consumer Reports Health and the National Committee for Quality Assurance have come together for the first time to publish rankings for 183 Medicare Advantage HMOs and 104 Medicaid plans.

  • Are Medicare Advantage Plans Really To Your Advantage?

    While most people are familiar with Parts A, B and D of the Medicare alphabet, Medicare Part C, or a Medicare Advantage Plan, is less well known.

  • Medicare Help: Answers Are Available

    While Medicare might seem like a maze of information, recent efforts have made navigating the system easier on both beneficiaries and caregivers. Even though getting answers might be labor-intensive, there are many categories of helpful information available online as well as by phone.

  • Medicare: The Limits May Surprise You

    The shock of limited social security benefits is often followed by the shock of limited Medicare benefits and finding out that it’s not the blanket or total expense coverage you thought it was. Here are answers to common questions client ask.

  • Why Seniors Often Pick The Wrong Drug Plan

    Seniors often pick their Medicare Part D plan based only on monthly premiums. Learn why this approach can cost you more and how to sort through all the choices.

  • Help with Home Care Costs

    For many Americans, placing an aging parent or relative into a nursing home is simply not an option. Adult children feel a responsibility and obligation to provide home care for aging or ailing parents or relatives. In addition to working a full-time or part-time job and caring for their own children, these adult children caregivers dedicate a significant amount of time to the home care and supervision of aging parents or relatives.

  • Help with Health Care Costs

    The cost of long-term care services in the U.S. is on the rise due to an increasing aging population and the need for more services. Benefits such as Social Security can help ease the financial burden that aging Americans and their families face. However, these benefits alone are usually not adequate to cover all necessary long-term care costs. For example, assisted living costs can range on average between $2,500 and $3,000 per month, although some can be found for $1,000 per month.

  • Making Sense Out of Medicare and Medicaid

    Medicare and Medicaid can be confusing issues, particularly if you have recently taken over caregiving responsibilities for your parent and are starting from square one. Generally, if your parents are over 65, and are eligible to receive Social Security or Railroad Retirement Board benefits, they should be eligible to receive Medicare. Additionally, low-income seniors may also be eligible for Medicaid.

  • Long-term Care Insurance

    Long-term care coverage can be an excellent way to control the costs of elder care as this type of insurance generally covers the cost of home health care, community-based programs and assisted living services when provided in a special residential setting…

  • Veterans Benefits and Long-term Care

    As Americans are now living longer lives, the need for long-term care planning has never been more important. While many may enjoy good health for years to come, it is almost impossible to predict if or when long-term care services may become necessary.

  • What is Medigap and Why Do My Parents Need It?

    Medigap is supplemental insurance for seniors who are on Medicare. Medicare supplements are important because Medicare alone often times does not cover all of the expenses incurred by aging individuals. The unusual name comes from its ability to fill in the holes, or gaps, that Medicare leaves. As these “gaps” can be large enough to place undue financial strain on aging individuals, Medicare supplements are a prudent investment.