FAMILY FINANCES
MORE than 38 million Americans provide unpaid caregiving to seniors and other loved ones, spending an average of more than $7,000 a year on out-of-pocket costs, according to AARP. In 2021, the value of that care topped $600 billion, an increase of $130 billion from 2019. But because caregiving is often physically and mentally exhausting— particularly when you’re caring for elderly parents—many caregivers fail to focus on their own finances.
Amy Goyer, caregiving expert for AARP, had to quit her full-time job to care for her mother, who died in 2013, and her father, who died in 2018. Goyer eventually had to file for bankruptcy to pay off the debts she incurred while caring for her parents, whose income made them ineligible for the Medicaid public health-insurance program. That’s not unusual. Many middle-class families make too much money to qualify for Medicaid, which means they have to pay for expenses Medicare doesn’t cover. Those include everything from home health care to incontinence products. In Goyer’s case, while Medicare covered some expenses, they weren’t up to her standards. “I had to buy my mom a new wheelchair cushion because the one Medicare sent was not soft enough,” she says.
Nicole Jorwic, chief of advocacy and campaigns at Caring Across Generations, a caregiving advocacy organization, is caring for her grandparents, who also earn too much to qualify for government assistance. She’s a long-distance caregiver—she lives in Virginia, and her grandparents live in Florida— which adds to her out-of-pocket costs. Because her grandparents
Denne historien er fra September 2023-utgaven av Kiplinger's Personal Finance.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra September 2023-utgaven av Kiplinger's Personal Finance.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
MAKING A DIFFERENCE IN THE LIVES OF DISABLED VETERANS
He suffered grave injuries in the line of duty. Now he helps other veterans who have disabilities.
DO YOU NEED UMBRELLA INSURANCE?
A policy can protect you from financially devastating events.
Navigating Finances as a Blended Family
Money matters can get complicated when two families unite. Planning is key.
BREAKING UP WITH YOUR BROKER
Be aware of these challenges when you move your money to a new home.
CHOOSE A MEDICARE PLAN THAT'S RIGHT FOR YOU
Consider your health care needs over the long term as you weigh costs and coverage.
Keep Faith in These Stocks
IN 1997, I coined the phrase “faith-based investing.” It has nothing to do with religion or with picking stocks at random.
OUR ESG PICKS ARE THRIVING
Despite an ongoing backlash, our favorite stocks and funds focused on environmental, social and corporate governance issues had a good year overall.
MONEY MANNERS FOR THE MODERN AGE
The customs for splitting a restaurant check, purchasing a wedding gift, tipping and more have evolved. These guidelines can help.
ELECTION 2024: POLITICS AND YOUR PORTFOLIO
Who wins the White House matters—but only at the margins when it comes to your investments.
YOUR GUIDE TO OPEN ENROLLMENT
With health care costs on the rise, it’s critical to select a plan that fits your needs at the right price.