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AARPMichaelP
AARPMichaelP
Conversationalist ⭐
February 10, 2021

A legal Checklist for Family Caregivers #5: Look for tax breaks and life insurance deals

  • February 10, 2021
  • 3 replies
  • 12216 views

Your family member may be able to claim federal tax deductions for many health care costs, including a hospital bed or wheelchair; out-of-pocket expenses not covered by health insurance; remodeling the home to make it accessible; and hiring a short-term or part-time home health aide to provide respite for the main caregiver. Save receipts for medical expenses.

 

Also, find out whether your loved one has a life insurance policy that makes accelerated death payments to help pay for long-term care.

 

Below you can find other legal checklist items for family caregivers:

 

A legal Checklist for Family Caregivers #1: Have the right documents

A legal Checklist for Family Caregivers #2: Make a family plan

A legal Checklist for Family Caregivers #3: Organize important papers

A legal Checklist for Family Caregivers #4: Explore potential financial help

A legal Checklist for Family Caregivers #6: Think beyond your loved one

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    3 replies

    RobertM883601
    Contributor ⭐
    December 17, 2021

    my mother has paid for two long term care policies. One of them is taking care of her long term care needs.. The other company has just taken premium payments over the years and is still asking for payment even though they have not paid anything for her care what should I do

    JaneCares
    JaneCares
    Conversationalist ⭐⭐⭐
    December 17, 2021

    Hi Robert. Gosh, i would be wondering like you are when you will get some value out of all the money you've paid into that second policy. one thing you could do, if you're up for this kind of conversation, is to call the second policy and ask about the circumstances in which you can expect to get some pay out, some help with the finances of your wife's care. Explore their web site to find 'criteria' for what they cover, how you apply or make a claim. If the benefits of plan #2 don't seem all that great, you can consider stopping. But an overall financial plan would be wise. Do you have an eldercare attorney? Or a financial planner? Might be worth taking your tax return, budget, and both long term care policies to someone who can help you look at the big picture, including the possibility of placement in a nursing home eventually.

     

    Let us know what you learn, eh? We can all learn from each other.

    Jane

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