Helping you Manage the Financial Details of Your Life

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Category Archives: Helping Mom & Dad

Medicare. Medicaid. What’s the Difference?

Medicare and Medicaid are both government-sponsored medical insurance programs funded by taxes. They sound almost the same and are easily confused. They differ, however, by several factors: Eligibility Medicare is a medical insurance program with eligibility to enroll based primarily on age. It is available to individuals aged 65-years and older of any income level. […]

Find Free Resources for Your Parents’ Care

As our parents need for care increases, so do the costs. What if your parent can’t afford to pay for the care he or she needs? Two helpful websites can help you locate affordable and subsidized senior housing, resources and services. PayingforSeniorCare.com is maintained by the American Elder Care Research Organization, which aims to help […]

Social Security Numbers to be Jettisoned from Medicare Cards

At long last, Medicare is removing Social Security numbers from all Medicare cards. For any years the Centers for Medicare & Medicaid Services (CMS), which administers the Medicare health insurance program, resisted pressure to make this change. In 2015, however, Congress passed the Medicare Access and ChiP Reauthorization Act (MACRA) requiring CMS to replace the […]

MemoryBanc: A Comprehensive Place to Store and Locate Your Information

If you were unexpectedly incapacitated, would your loved ones know which of your bills to pay?  Would they know how to contact your accountant or insurance agent, or even know who they are? Would they be able to give your health insurance information to your medical providers? Be able to check your e-mail? We all […]

Beyond the Family Home: Senior Housing Options Explained

Many elders desire to stay in their current homes. Seniors who choose to “age in place” can modify their homes to make them safer and accessible and hire home care services. Aging in place may not be desirable or feasible for everyone, however. Today, there are numerous senior housing alternatives available, and the terminology of […]

When Parents Reject Your Ideas

Trying to help parents with their finances can be frustrating. We may see clearly what we think our parents should do, yet they may refuse. When it comes to parents and their money, adult children need to tread lightly. Parents may resent their children’s interference. They may fear they will lose their independence. We need […]

Managing a Loved One’s Social Security Benefits

When you are managing the finances for a parent who receives Social Security benefits, you may need to become her “Representative Payee.” Social Security does not recognize guardianships, conservatorships or powers of attorneys. If you handle your family member’s money with one of these documents and you need to manage her Social Security benefits, you […]

Can My Loved One Deduct the Mammoth Costs of Long Term Care?

Typically paid personal care, such as dressing and bathing, is not tax deductible. If an individual meets the IRS requirements, however, long term personal care can be deducted as a medical expense. Before you toss your spouse’s or parents’ long term care bills, check to see whether they qualify for a tax deduction. The amount […]

How to Keep Your Children from Fighting Over Your Money

Adult children fighting over their parent’s money: this is one of the saddest, yet common, things I witness in my work as a daily money manager. In some cases, one or more of the children have a sense of entitlement, not understanding that their parents’ money is not theirs. In other cases, some of the […]