BY: Beverly Bernstein Joie, MS, CMC
President, Elder Connections
Tax Help for Your Aging Parents
It’s that time of year to start your tax planning. Be certain to file for the allowable deductions for the personal care of a senior. There are numerous deductions to explore that can provide you with significant tax benefit.
5 Categories of Deductible Senior Care Services
- Qualified Long-Term Care Insurance – premiums are deductible based upon the age of the insured.
- Qualified Long-Term Care Services that are necessary, diagnostic, preventive, and involve maintenance and personal care services.
- Maintenance and Personal Care Services. These are considered those which provide for care of a chronically ill individual with needed assistance.
- Medical services from licensed health care providers and medications that are prescribed.
- Nursing Homes
Tax Resources to Help Seniors
Elder Connections advises you to consult with your tax preparer and investigate the IRS publications addressing this issue. The rules need to be understood thoroughly before you proceed because there are many factors affecting the eligibility for deductions. The IRS code is 7702B.
As we know, the cost of care for seniors is a challenge for most families. Let’s protect our resources armed with the knowledge of a thorough planning strategy. Better senior care relies upon a team of specialists who can provide you with this knowledge.
When the time comes to help your aging parents with their care, seek the expertise of Geriatric Care Managers — your partners in providing quality better senior care.