Millions of people across the country, from family caregivers to nurses to home health aides, dedicate their time and compassion to helping aging, ill and disabled individuals receive health care and support while they remain at home. November is Home Care and Hospice Month, and Americans are encouraged to honor the health care professionals and family members who provide these essential services.
Roth IRAs and 401(k)s are two of the most commonly used retirement savings accounts. For people with both a 401(k) and a Roth IRA, it is best to balance retirement savings between the two accounts in order to maximize employer contributions and tax benefits. A Roth IRA provides considerable flexibility both before and after retirement. It is funded with after-tax dollars, so that it grows tax-free for the rest of …
Once you’ve drafted a will and advance directives and signed a health care proxy, take into consideration some of the less obvious things that may alleviate some of the burden on a loved one or family member. Here’s a quick list: Access to Information The family needs to understand and have access to the individual’s documents. Three steps are recommended: creating a centralized and comprehensive collection of documents and information; …
By Tom Breedlove, HomePay by Breedlove – The holiday season is just around the corner, which means families are starting to make plans to travel, see loved ones and use up the rest of their vacation days before 2015 begins. So with the idea of time off on many people’s minds, it’s a good time to talk about how things like vacation and sick days work if you employ an in-home caregiver. Many of us are simply told when we began our current job how many vacation days, sick days or personal days we get each year and we just accept that. But did you know there are federal and state labor laws in place that dictate paid time off?
Our guest blogger this week is Jilana Van Meter, Communications & Administration Manager, At Home on the Sound. The term “aging in place” is being heard more frequently these days. Simply put, “aging in place” means remaining in your own home and maintaining your independence as you grow older. Some Americans hope to accomplish this entirely on their own; others assume they will have the aid of nearby family members. …
By Tom Breedlove, HomePay by Breedlove – Because of the complexities in hiring private duty care, it’s easy for families to misstep if they don’t have adequate help from the start. In fact, many of the more common household employment payroll and tax mistakes can be avoided by addressing a few key items at the time of hire. So if you’re about to hire in-home care, keep these three things in mind as you’re discussing the details of the employment arrangement with your new employee.
There is an unfortunate paradox in retirement planning: the best time to start saving is when people are least likely to do so: when they are young.
It is not hard to convince people in their 40s and 50s that saving for retirement is important, but saving at that point is so much more effective if one already has a head start from beginning to save in one’s 20s and 30s.
Families in need of a private-duty caregiver have a laundry list of items to account for during the hiring process. Most importantly is selecting the right candidate, but once that item is crossed off the list, it’s crucial to account for the expenses of hiring this new household employee. When you make a caregiver a compensation offer, it is critical that both of you are on the same page as to what the Gross Wages and Net Pay will be.
By Tom Breedlove, Director, Care.com HomePay, Provided by Breedlove
When a family hires an individual to perform duties in or around their home, they are considered a household employer. The IRS views the worker — whether a nanny, senior caregiver, health aide, etc. — as an employee of the family for whom she works. For most families, having household payroll and tax responsibilities is akin to learning a new language and most have no clue where to go for guidance.
An important change has taken place in Medicare payments for certain types of skilled care, such as physical therapy. Thanks to the terms of a settlement in a class-action lawsuit, no longer will Medicare payments be discontinued because a patient’s condition has stopped improving. This is a significant benefit for many patients whose conditions may not be improving, but who need skilled care to keep their conditions from deteriorating. However, the change was made quietly, without informing Medicare beneficiaries, so many people are not aware of the new rules.
