Seniors seeking information on assisted living options may find recent data from the Seniorly Resource Center useful. Its new 2024 report sheds light on the costs of assisted living - from the most to the least expensive - across the U.S.
As of late 2023, the median monthly cost of a semi-private room in a nursing home in the U.S. was close to $9,000. The vast majority of people cannot afford to pay these prices out of pocket over the long term.
In late March 2024, U.S. Sen. Bob Casey (D-PA) introduced the Boosting Benefits and COLAs for Seniors Act. The Act centers on changing the formula that the SSA uses to calculate Social Security benefits for older adults.
If you are a homeowner who is falling behind on your real estate taxes, you may end up facing foreclosure on your property. Because your property taxes hinge on the value of your property, you may find your taxes rising beyond what you can afford.
If you transfer assets within five years of applying for Medicaid, you could in fact face a penalty period. During this time, you would not be eligible for Medicaid benefits. An exception does exist, however.
If you need a medical procedure, you may have to hold off on treatment until you have received approval from your health insurance plan. Starting in 2026, this may no longer be the case once a new federal rule becomes effective.
You may not foresee ever needing assistance with your day-to-day life. However, research shows that seven in 10 adults aged 65 and older will require long-term care at some point in their later years.
As April marks Financial Literacy Month, it is an excellent time to start improving your financial literacy. Gaining financial savvy can help you handle the challenges and complexities of aging.
As they grow older, your parents may prefer to continue living in their home rather than moving to a long-term care facility. They are not alone in this; more than three-quarters of adults over the age of 50 say they would prefer to age in place.
Even if you have a long-term care insurance policy, you may likely be hoping that you won't ever have reason to use it. Regardless of what the future holds, there's one silver lining of which you may not be aware. That is, premiums on many long-term care insurance policies are in fact tax-deductible.