caregiving Articles

Is Your Elderly Parent a “Medical Dependent”? (Don’t Miss Your Tax Deduction!)

Did you know there’s such a thing as a medical dependent? If you help an elderly parent with medical expenses, you may have one!

“Medical dependent” is a government designation. It allows for a tax deduction for some people who help pay their parents’ medical bills. TheNest.com explains:

This is a little easier than becoming regular dependents. For your parents to be your medical dependents, you must provide at least half their …Read more ›

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3 Things You May Not Know About Home Care and Granny Pods

You may especially find them interesting if you’re helping elderly parents live independently or are considering having them move in with you:

  1. People often underestimate how much a nursing home costs and overestimate how much in-home care costs, according to the Home Instead Senior Care founder, who’s quoted in the article. Geriatric-care manager Marion Somers says home-care aides “can cost as little as $10 an hour in some parts of the country and as much …Read more ›
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Elderly Parents Moving In? How Charging Rent Keeps Government Benefits Coming

Ever thought of charging your parents rent? That’s what one expert says you might want to do if they move in with you. Otherwise, they may not get their full government benefits.

At AARP.org, personal-finance expert Lynnette Khalfani-Cox goes over some financial consequences of having an elderly parent live with you. She writes:

Then there’s the potential impact on benefits an aging parent may be receiving, such as Supplemental Security Income. “Unless …Read more ›

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Siblings Paying Siblings to Care for Elderly Parents?

If you quit work to care for an elderly parent, you’re losing out not just on daily income but on retirement savings and Social Security contributions. But what if you could get paid for that caregiving?

We’ve talked about having your parent pay you, but a Reuters article suggests another idea  in case your parents’ finances are limited:

If Mom cannot pay you, is there a chance your other siblings could? If …Read more ›

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Why Caring for Elderly Parents May Affect Your Retirement

When you see the price tag for assisted living, caring for your elderly parent yourself can start looking more appealing. But that choice may be more expensive than some people think, reports NPR.

While MetLife says assisted living costs an average of $42,000 a year, family caregiving also takes a financial toll—and not just on today’s bills.

The MetLife report said that for the typical woman, the lost wages due to dropping …Read more ›

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First MEDCottage “Granny Pod” Goes to Virginia Family

MEDCottages are finally here—well, one of them is.

We’ve been talking about MEDCottages, nicknamed granny pods, since the prototype was introduced in 2010. They’re little prefabricated homes designed for frail elderly people. The idea is for adult children to put them in the yard, providing a private but safe  space for an elderly parent. And that’s just what a couple in Virginia has done—the first people to install a MEDCottage.

The New Old …Read more ›

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Elderly Parents Moving In? How to Make Sure Your Community Fits

If you’re thinking about having elderly parents move in with you, consider more than just whether you’ll all fit in the house, suggests an article from The Washington Post. Think about the surrounding community as well. For example, do you live near a bus stop in case your parent loses the ability to drive? Does your area have a good senior center?  And then there’s the question of respite care. …Read more ›

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Men Make Great Caregivers—Because They Ask for Help, Says Expert

Women are traditionally known as the caregivers—the nurturers of the family. But when Mom gets dementia, Dad is often thrust into that caregiving role. He cooks and cleans house and takes care of the woman who once took care of him. And he may be well-suited to the task, reports the Chicago Tribune.

Compared to 15 years ago, twice as many men today are identifying themselves as caregivers for people with dementia, …Read more ›

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Last-Minute Christmas Gift Ideas for Caregivers

If you’re looking for a last-minute Christmas gift for a sibling or elderly parent who’s a caregiver, check out “A Caregiver’s Christmas Wish List” at the AARP website. It’s written by Amy Goyer, who’s a family caregiver herself. She lists intangible items that would make a big difference in her life. For example:

So many very well-meaning people are quick to (lovingly) offer their opinion of what I should be doing …Read more ›

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Paying for Senior Care? Flexible Savings Account May Help You Save on Taxes

If you pay for an aging parent’s care, you may be eligible for some tax-saving options, Forbes reports. For example, consider a son whose mother lives with him:

If his employer offers one, the son could open up a flexible savings account for dependent care (mom would have to be his dependent and live in his house for at least half the year). You can put in $5,000 pretax salary each year to pay for …Read more ›

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