Finances Articles

How much does it cost to live in a senior community? This is the first and most important question for most families beginning their search for senior living options. Understanding your loved one’s typical expenses and then budgeting appropriately are necessities with which a Senior Living Advisor can provide help. After reviewing the costs of living alone or with in-home care, you may find senior community living more affordable than you would expect.

The Medicaid Option That Can Pay Family Caregivers

Caregiving for a parent can be costly—especially if you quit your job to do it. But there are a few ways family caregivers can actually get paid for their caregiving work.

We published an article about this here. But recently, the syndicated Savvy Senior column also went over some options. For some people, one is Medicaid:

In 15 states, Medicaid offers a Cash & Counseling program (see …Read more ›

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Tip to Avoid Hefty Nursing Home Bill After Hospital Stay

Sometimes after a hospital stay, Medicare beneficiaries are sent to a nursing home for short-term rehabilitation. And sometimes, they’re charged for that nursing home stay.

Though Medicare doesn’t pay for long-term care in a nursing home, it does cover limited post-hospital rehab in one—if the patient was actually admitted to the hospital. Some are instead admitted under “observation status”—and may not realize it.

“Medicare requires a beneficiary to spend three ‘in-patient’ nights in a hospital before …Read more ›

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Veterans Sue Retirement Community for Alleged Deceptive Practices

A retirement community deceptively enticed some veterans and their spouses to move into units they couldn’t afford, claim four residents in a lawsuit they’ve filed in Oregon.

According to Courthouse News Service, the plaintiffs allege that Holiday Retirement told them they’d “receive Aid and Attendance benefits from the VA within a short period of time and in an amount that would substantially offset the rents charged by Holiday.”

“Despite portraying that it was …Read more ›

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Residents Give Advice for Affording Continuing-Care Retirement Community

Continuing-care retirement communities are known to be expensive. They often have not just high monthly fees but also large entrance fees. Nonetheless, CCRCs, which offer independent living along with long-term care when you need it, may be affordable to more people than you think, some residents say.

At The Best Life, residents of a CCRC in Maryland offer various tips for prospective CCRC residents. One point they make is these communities …Read more ›

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Ask Retirement Community Financial “What Ifs” Before Moving In

When evaluating retirement communities, you’ll want to ask them a lot of questions—many not about amenities and activities but about finances.

Some of those questions—financial and not—are covered in “What to Look For When Shopping For a Retirement Community” at The Best Life blog. As you may have heard elsewhere, you should ask things like how much various things will cost you and about the community’s finances. But also, the …Read more ›

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People Still Struggling to Get Timely Retirement Community Refunds

Certain retirement communities may promise a refund or partial refund of fees once you vacate your residence. But in June, we talked about how some people were having to wait a long time to get that refund because they were only set to receive it once their previous residence was rented out again.

The Des Moines register reports this is still going on but mentions a twist: Some people are being offered …Read more ›

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New Reverse Mortgage Rules Could Reduce Loan Amounts

Reverse mortgage borrowers are defaulting in unexpected numbers, and the Federal Housing Administration is feeling the pinch. Its portfolio for these senior loans is “$5.25 billion in the hole” reports The Seattle Times. So reverse mortgages are in for some changes.

The FHA plans to “tighten lending terms that could reduce loan amounts or even disqualify some borrowers,” according to the newspaper. “The new rules are …Read more ›

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Parents Have Long-Term Care Insurance? Check That Coverage

Just because your parents have long-term care insurance doesn’t mean their long-term care will be covered.

Fulfilling claims has turned out to be more costly than the insurance industry anticipated, explains When big providers like Metlife stopped offering this type of insurance, other companies took over, “managing existing policies and selling new ones while trying to stem their own growing losses by raising premiums and cutting benefits,” the site reports.

This …Read more ›

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Before Quitting Work for Caregiving, Know All Your Options

Quitting work to care for an elderly parent may seem like the right thing to do. But before making the leap, make sure you understand all your options, advises MetLife’s Mature Market Institute. You may have more than you think.

The financial blog The Best Life lists MetLife’s 10 tips related to finances and caregiving. Numbers three and four involve figuring out your options:

3. Make a caregiving budget. Before making a lifestyle decision …Read more ›

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Average Medicare Part D Premiums Increasing Slightly

Average Medicare Part D premiums have gone up—but not by much. By next year, they’ll be at $31, the Associated Press reports. “The increase comes after three stable years in which the average premium hovered around $30 a month.”

Of course, that means some of these drug plans ring in above that $31—sometimes by quite a bit. “Last year seven of the top 10 plans raised their 2013 premiums by double-digit percentages,” …Read more ›

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