“Coping with the Cost of Care: Often-Overlooked Tax Deductions and Tips for Seniors and Their Families” – taxact.com
“As you get older, you may find you face more and more medical bills. No matter how great your insurance coverage is or if you are on Medicare, the out-of-pocket costs due to medical needs can add up. And if you or a loved one have a serious medical condition or disability, your costs can quickly get overwhelming.
“The average medical care cost for seniors retiring today is around $280,000. The average cost of long-term care needs for seniors and disabled individuals is around $4,000-$7,000 per month. Clearly, these expenses add up quickly and can drain the resources of those who need care most. That’s why individuals and their caregivers need to understand all of the potential tax benefits they qualify for to ensure they are taking all possible deductions.
“Thankfully, there are many tax deductions you can take for medical bills or the medical bills of someone in your care. In fact, around 9 million Americans currently claim tax deductions to help them lower their tax liability and pay for their medical care. But almost just as many taxpayers fail to take those deductions because they are simply uninformed.
“This guide is designed to give you all of the information you need to claim the deductions you are due. Whether for yourself or for someone you love and care for, here is what you need to know about tax deductions for medical care.”
Keep reading this article at taxact.com, click here.
Age Wave conducted nine recent study reports in collaboration with Bank of America Merrill Lynch on the future of retirement. These reports were created by reviewing thousands of papers and datasets, conducting over 140 expert interviews and 43 focus groups, and surveying 50,000+ respondents. The nine reports cover a variety of topics regarding retirement, including family, health, leisure, and finances. All nine reports are followed by sample media coverage.
Click here to read this insightful and intriguing report.
“A study on savings regrets offers a big takeaway for all of us”
SOURCE: nextavenue (Credit: Adobe Stock)
by Richard Eisenberg
“Regrets, I’ve had a few, But then again, too few to mention” — My Way
“It seems like every day, there’s a new survey showing how little Americans have saved. Recently, the Certified Financial Board of Standards polled 1,000 people and found that two thirds had less than $100,000 saved. MassMutual learned that 52 percent of U.S. families with income of at least $50,000 have less than three months’ worth of living expenses in emergency savings; about 8 percent had nothing at all.
“Why don’t people save more and, more to the point, why do people regret not saving more?”
Read this article at next avenue in its entirety, click here.
PHOTO SOURCE: USA Today
“One of the best ways to protect yourself from identity theft is now free.
“As of Sept. 21, a new federal law allows people to freeze and unfreeze their credit at the three major credit bureaus without being charged. Before, it cost consumers in almost half the states $3 to $12 per bureau to freeze or unfreeze their credit reports.”
New Credit Law FAQs
by Gary Kaye
“According to the website Pants Up Easy, which tracks disabilities, some 3.6 million Americans over the age of 15 use a wheelchair for mobility. Perhaps that seems kind of low, but it doesn’t include all the folks using a cane, crutches or a walker (11.6 million). Overall 20 percent of women in the U.S have disabilities and 17 percent of all men. Those are staggering numbers that will only go higher as baby boomers age. Earlier this year, I became disabled as a result of cascading medical problems.
“The disabled population pays a huge price, one which American society largely ignores. Let’s start off with medical devices from stairlifts to wheelchairs, from ramps to commodes.
“Some of these are covered by either private insurance or Medicare Part B, but many are not. You will need a doctor’s prescription and a prior authorization which will only be granted if the device is deemed a medical necessity. Many of the electric powered personal mobility devices such as scooters are not approved medical devices.”
Continue reading this Tech50Plus article, click here.
“Elderly Lose Their Rights | Guardians can sell the assets and control the lives of senior citizens without their consent—and reap a profit from it.” – The New Yorker
“Illustration by Anna Parini”
“After a stranger became their guardian, Rudy and Rennie North were moved to a nursing home and their property was sold.”
by Rachel Aviv
“For years, Rudy North woke up at 9 a.m. and read the Las Vegas Review-Journal while eating a piece of toast. Then he read a novel—he liked James Patterson and Clive Cussler—or, if he was feeling more ambitious, Freud. On scraps of paper and legal notepads, he jotted down thoughts sparked by his reading. “’Deep below the rational part of our brain is an underground ocean where strange things swim,’ he wrote on one notepad. On another, ‘Life: the longer it cooks, the better it tastes.’
“Rennie, his wife of fifty-seven years, was slower to rise. She was recovering from lymphoma and suffered from neuropathy so severe that her legs felt like sausages. Each morning, she spent nearly an hour in the bathroom applying makeup and lotions, the same brands she’d used for forty years. She always emerged wearing pale-pink lipstick. Rudy, who was prone to grandiosity, liked to refer to her as ‘my amour.’
“On the Friday before Labor Day, 2013, the Norths had just finished their toast when a nurse, who visited five times a week to help Rennie bathe and dress, came to their house, in Sun City Aliante, an ‘active adult’ community in Las Vegas.”
Credit: Roger Kisby for The New York Times
by Tara Siegel Bernard
“For a rapidly growing share of older Americans, traditional ideas about life in retirement are being upended by a dismal reality: bankruptcy.
“The signs of potential trouble — vanishing pensions, soaring medical expenses, inadequate savings — have been building for years. Now, new research sheds light on the scope of the problem: The rate of people 65 and older filing for bankruptcy is three times what it was in 1991, the study found, and the same group accounts for a far greater share of all filers.
Driving the surge, the study suggests, is a three-decade shift of financial risk from government and employers to individuals, who are bearing an ever-greater responsibility for their own financial well-being as the social safety net shrinks.”
Read this New York Times article in its entirety, click here.