With debt payments and rising expenses, many older adults don’t have enough wiggle room to save for the future and have a comfortable life. Attorney Lyle Solomon discusses available debt forgiveness options for seniors. Many older adults’ primary source of income after retirement comes from social security payments or retirement funds. After paying for essential expenses and debt payments, many people don’t…
Not only does caregiving impact you physically, mentally and emotionally, it can also negatively affect your financial health. LendingTree shares 7 ways to protect your finances when you’re a caregiver. Becoming a family caregiver often doesn’t just impact you physically, mentally and emotionally – it can drain your finances too. A 2018 survey from Northwestern Mutual found that 68% of family…
Seniors covered by Medicare have been hit hard by sharply rising prescription drug costs. HealthMarkets explains the 3 steps that Medicare is taking to reduce these costs and shares 3 resources to help older adults save money on prescription medications now. Over 70% of all Medicare recipients are enrolled in Medicare Part D prescription drug coverage plans. With so many Americans…
Insurance plans are complex and confusing. Because of this, it can be hard to understand how changes will affect our wallets. But a recent change is likely to skyrocket prescription drug costs for seniors. FamilyWize explains what copay accumulators are, why they increase prescription drug costs, and how seniors can combat those rising costs. U.S. insurance companies are adding copay accumulators…
Prescription medications are a significant cost for most seniors. That’s especially true if they fall into the Medicare Part D coverage gap known as the “donut hole.” That’s when drug costs can skyrocket because they’re not covered. FamilyWize shares 5 expert tips on how seniors can afford to pay for prescriptions when they’re in the Medicare donut hole. For many people,…
Caregiver stress can cause serious negative effects to your physical and mental health. One major source of stress is the caregiver financial burden. You do what’s necessary to help your older adult get the care they need. But that care often comes at a high cost. To reduce the financial burden, Vive Health shares 7 tips for saving money on caregiving expenses –…
Assisted living or nursing care is expensive and many older adults will need to use Medicaid to pay for it. To qualify for Medicaid benefits, many older adults “spend down” or try to reduce their assets to meet the requirements. But the rules are complex, so doing this without help from an elder law attorney could lead to penalties or denial of…
Managing medical bills is a necessary part of caregiving Managing medical bills is part of the job when you’re caring for an older adult. Unfortunately, those bills are often complicated, filled with errors, and sometimes beyond your older adult’s budget. We found a helpful image that breaks down medical bill management into 10 clear steps. This organized list makes the job much easier…
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