Elder-care, assisted living, and nursing homes can all be expensive for families to cover. Even when insurance is available, families must typically pay thousands of dollars to cover services that the insurance does not cover. What if the costs are too much? How does one deal with the financial aspect of caring for a family member? Here are a few options to keep in mind.
Long-Term Care insurance is available through different companies. The premiums for this type of insurance usually increase as the policy holder ages. The premiums can also increase based on certain health conditions. If you do not have Long-Term Care insurance, talk to a financial advisor about what financial options might be available for you and your family.
It is important to consider one’s medical situation when determining the coverage amount. This type of insurance protects against illnesses or conditions that are common among seniors. There are a variety of long-term care insurance policies that can offer various benefits. Some provide financial assistance when a policy holder needs home or community care. Others pay benefits when a policy holder needs nursing home care.
Medicaid offers government assistance programs for people who need long-term care. Some policies cover 100% of nursing home costs. However, many states offer Medicaid waivers that do not require individuals to meet the “dollar limit” on their policies. This means that Medicaid will pay for the costs of long-term care without requiring families to pay premiums and deductibles. It is important to keep in mind that Medicaid programs have specific enrollment periods.
Most programs are available when the applicant’s assets are below a certain threshold. However, families might want to consult an elder-care attorney to determine if they qualify for Medicaid assistance programs.
For many people, Medicaid coverage means moving to a nursing home. This can be an unfortunate situation for seniors, because it is difficult to accept help from loved ones in such a way. Many nursing homes do not have private rooms, which means that seniors who live there have to share a room with one or more other residents.
For many families, the cost of nursing home care can quickly become expensive. However, it is important to think carefully about the types of care that a loved one will need. Some nursing homes offer extensive, high-quality services. However, the majority of nursing home facilities only cover basic services. Family members might want to consider which facilities are best for their family members.
A senior might want to consider moving into a nursing home or assisted-living facility. There are many affordable options for families to use in their searches. It is important to compare the services of different facilities. Additionally, each facility may have different requirements regarding age and income. They may also require specific vaccinations and immunizations, as well as other tests or examinations.
If a senior can avoid living in a nursing home facility, they might want to consider home-care or a community-based program. Many hospitals and non-profit organizations offer such options. As with nursing homes, some offer services at a lower cost than others.
The average cost of a nursing home is now over $80,000 per year. Most senior citizens can not afford that price tag. Fortunately, there are many low-cost and free alternatives available. These include in-home care, free community resources, and long-term care waivers. Consider the options that are available for your family member and use this list to help you make the decision that is best for your family.
A report on today’s local news (http://www.pressdemocrat.com/news/613839-151/santa-rosa-county-police-warn-community-of-robberies-at-businesses) states that SRS has received recent reports of three commercial robberies. In one case, the suspect grabbed an undisclosed amount of cash before fleeing.
Here’s a list of ways to protect yourself and your business:
If possible, keep money locked up.
Do not trust employees to safeguard cash.
If possible, place employees with a background in sales in locations with the highest risk for robberies.
When you open the business, always keep one employee in plain view.
Make sure your business is well lit both inside and outside.
If you have any information about any of these incidents, you are asked to call the Santa Rosa Police Department Investigation Division at (707) 543-3590.
The following information is adapted from a recent article in the Business Journal (http://business.pressdemocrat.com/businessjournal/2017/09/19/sundays-business-in-santa-rosa-and-sonoma-counties-2017-edition/):
A recent survey found that more than three-fourths of Santa Rosa and Sonoma County small business owners are not taking advantage of available tax credits.
Nearly 60% of small businesses use the cash method of accounting, which is the most common type for businesses of any size.
In 2016, nearly 60% of the 565,000 businesses in Santa Rosa County and nearly half of those in Sonoma County did not receive a single piece of direct mail, email, or phone calls from someone attempting to market them goods and services.
In 2016, about 19,000 businesses received no marketing communications from anyone.
Local business owners in Santa Rosa and Sonoma counties must decide whether to become an employee-owned business to secure a future for their business or become an investment firm.
A survey found that nearly 60% of local business owners are not taking advantage of available tax credits.
In 2016, two-thirds of the 665,000 businesses in Santa Rosa County and 48% of those in Sonoma County did not receive a single piece of direct mail, email, or phone calls from someone attempting to market them goods and services.
In 2016, about one in four businesses in Santa Rosa County and nearly one in three in Sonoma County received no marketing communications from anyone.
“No Credit” is the most common reason. More than 60% of local businesses do not want any marketing contact, although about one in four say they would welcome some contact with marketing companies.
Only about one in five business owners wants to expand their sales and marketing by 25%. Nearly half want to reduce spending by 25%.
Nearly half of local business owners in Santa Rosa County and one in four in Sonoma County say they want to work more hours. One third are interested in starting a second business.
A survey found that more than three-fourths of Santa Rosa and Sonoma County small business owners are not taking advantage of available tax credits. Businesses with fewer than 10 employees were more likely to be not taking advantage.
Only about one in five business owners want to expand their sales and marketing by 25%. Nearly half want to reduce spending by 25%.
Local business owners must decide whether to become an employee-owned business to secure a future for their business or become an investment firm.
The recent article “More Santa Rosa businesses could tap local market” in the Press Democrat states that “A recent survey found that more than three-fourths of Santa Rosa and Sonoma County small business owners are not taking advantage of available tax credits.”
A survey found that more than three-fourths of Santa Rosa and Sonoma County small business owners are not taking advantage of available tax credits. Businesses with fewer than 10 employees were more likely to be not taking advantage. Nearly 60% of small businesses use the cash method of accounting, which is the most common type for businesses of any size.
In 2016, nearly 60% of the 565,000 businesses in Santa Rosa County and nearly half of those in Sonoma County did not receive a single piece of direct mail, email, or phone calls from someone attempting to market them goods and services. More than three-fourths of local businesses reported not receiving any marketing communications. In 2016, about 19,000 businesses received no marketing communications from anyone.
Local business owners in Santa Rosa and Sonoma counties must decide whether to become an employee-owned business to secure a future for their business or become an investment firm. Owners need to know that there are different forms of ESOPs and a variety of alternatives that do not require selling equity or issuing shares.
About one-third of local business owners in Santa Rosa County and nearly one in four in Sonoma County say they want to work more hours
