When a parent gets older and begins to need additional care, it can create a lot of stress within a family. Sometimes, it can create conflicts and misunderstandings between family members as well.
For example, siblings might argue over what’s best for an aging parent. Or if one family member is doing the bulk of the care, it can lead to resentment within the family, especially if the person providing the care is also receiving compensation for the work.
One way to deal with these issues is with an elder mediator.
The federal government has tightened the rules for reverse mortgages, making it harder for some seniors to get these types of mortgages and reducing the amount of a home’s value that can be tapped.
Reverse mortgages allow elders who are house-rich but cash-poor to use their housing equity.
Seniors who are relying on Medicaid to help pay for expensive nursing home care need to plan carefully for the possibility that their spouse will pass away before they do.
Unlike Medicare, not all seniors are eligible for Medicaid. Medicaid is designed for people with limited income and assets, and to be eligible, you must meet strict financial guidelines. Many people have to spend down their assets to almost nothing and/or exhaust their long-term care insurance before they become eligible.