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Financial Options

Relates to other financial options to help pay for senior care services. Options include: life settlement, reverse mortgage, VA benefits or low income options.
Relates to other financial options to help pay for senior care services. Options include: life settlement, reverse mortgage, VA benefits or low income options.
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Questions and Answers

Scot Cheben
Scot Cheben
Senior Advisor

Without understanding your plans or financial situation completely, I’ll explain the rules and give guidance of where to turn to for specific answers on your situation. Medicare Part A only covers skilled care given in a certified nursing facility for individuals who meet certain conditions... more

We at Care Giving Answers strive to provide helpful and...  (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.
Scot Cheben
Scot Cheben
Senior Advisor

According to the Colorado State Requirements it is understood that... "A property tax exemption is available to qualifying senior citizens and the surviving spouses of those who previously qualified. There are three basic requirements to qualify: 1) The qualifying senior must be at least 6... more

We at Care Giving Answers strive to provide helpful and...  (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.
Vanessa Terzian
Vanessa Terzian
Estate Planning Attorney

You'd want to consult with a CPA regarding this question, but generally speaking if the house is no longer in your name, you cannot deduct the expenses for tax purposes. There are certain exceptions, like gifting the house but maintaining an irrevocable life estate. 

We at Care Giving Answers strive to provide helpful and...  (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.
Scot Cheben
Scot Cheben
Senior Advisor

The answer is not so much a yes or no. It might be a strong maybe. There are several ways to get paid as a caregiver. Let me list a few and go into some of them for you...State run programs Long term care insuranceVA Benefits (Aid and Attendance)Drawing up a personal care agreement (Caregiver... more

We at Care Giving Answers strive to provide helpful and...  (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.
Admond Fong
Admond Fong
Senior Specialist

To add on to Scot's comments, we need more information on the status of your mother. Such as her age and whether she has earned enough social security credits. If she does meet those requirements, then she may also qualify for Social Security Disability Insurance benefits. Click on the below link... more

We at Care Giving Answers strive to provide helpful and...  (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.
Scot Cheben
Scot Cheben
Senior Advisor

This is a very tough decision to quit work and take care of your mom. Without understanding all of the financial background of everyone involved, let me explain that most of all federal and state government funded benefits are are either income based or participation based or both. What I mean by... more

We at Care Giving Answers strive to provide helpful and...  (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.
Admond Fong
Admond Fong
Senior Specialist

Just to clarify, I'm assuming you are interested in long term care and determining whether it is worth getting the insurance. The answer is it depends. You need to factor the age of your parents and their current health condition, which determines the monthly premiums. It is best to speak with a... more

We at Care Giving Answers strive to provide helpful and...  (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.
Admond Fong
Admond Fong
Senior Specialist

Assisted living facilities can get quite expensive especially if you are need of special services like Alzheimer care. Costs can range from $2,000 a month to $10,000 a month depending on location and services. Since you are needing to find a facility in California, the state does have a program... more

We at Care Giving Answers strive to provide helpful and...  (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.
Admond Fong
Admond Fong
Senior Specialist

I'm sorry to hear about your father's situation, but there are some options you can explore to help your dad. I have a list of options below that you can research yourself with some website resources. 1) Veteran's Benefits for low income - if your dad served in the military during time of war, was... more

We at Care Giving Answers strive to provide helpful and...  (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.