Paying for senior care

How to guides

Yes, a family member can get paid to be a caregiver. Here's how

When mom or dad gets older or gets sick, you want to do everything possible to care for them. But even with the best of intentions, being a family caregiver is extraordinarily hard work. The emotional and financial tolls associated with being a family caregiver are well-documented: According to AARP... more

How the Aid and Attendance Benefit can help veterans lower senior care costs

Many veterans and their spouses are unaware of a benefit they are entitled to that could help them pay for care as they age, says Certified Elder Law Attorney Denise N. Yurkofsky. While the Aid and Attendance benefit can be extremely helpful, there are strict eligibility requirements regarding income, assets, need and... more

This is how much senior care costs in 2019

As Baby Boomers move into their golden years, their adult-aged children are feeling the financial and emotional strain of caring for them, according to the 2019 Cost of Senior Care survey. The first annual survey, compiled with insights from more than 7,500 family caregivers nationwide, showed how... more

What is the lifetime cost of caring for a person with Alzheimer’s?

Dementia takes an enormous emotional toll on the people with the disease and their caregivers, but it can also be a large financial burden. While the financial demands of getting older have never been cheap, Alzheimer’s has the ability to drain a lifetime’s worth of savings. In 2018, the average... more

What is PACE (Programs of All-Inclusive Care For The Elderly) and how do you qualify?

When federal and state government agencies began to develop community-based health services in the 1970s, the federal government, through the use of Medicaid waivers, allowed states to come up with various fee-for-service programs for older adults. The Programs of All-Inclusive Care for the Elderly, or PACE, was one such program... more

How to spend down your assets to qualify for Medicaid

Many aging adults need help with daily personal tasks—things like bathing, dressing, eating, using the toilet, or taking medications. Medicare doesn’t cover this type of so-called custodial care, also known as long-term care. Medicaid is often another place people turn; it’s the largest public payer of long-term care services, and it also... more

4 things you must know about estate taxes

You know what they say about death and taxes—and when it comes to estate taxes, sometimes death isn’t even the end. Estate tax is defined by the IRS as “a tax on your right to transfer property at your death”—or, in other words, the tax your executor will be made to pay... more

How to guides

How Medicare and Medicaid cover long-term care

Medicare and Medicaid. Their names are frustratingly easy to confuse or misstate. But when you’re navigating the emotionally charged (and expensive) waters of health care coverage later in life, the differences are essential. Medicare and Medicaid are very different in terms of how they cover long-term care, a term for the... more