Medicare Supplement (Medigap)

The new year is set to bring in an unwelcome surprise for many seniors in America when it comes to their taxes. Those 65 and older who itemize their medical expenses will now only be able to claim a deduction once their cost reaches 10% of their Adjusted Gross Income (AGI)- up from 7.5% in previous years. This change technically went into effect on December 31, 2012, but if a senior or their spouse reached the age of 65 between then and December 31, 2016, the 7.5% rate was then locked-in for that time period due to a large opposition from seniors carrying the highest burden of medical bills. However, this all changes on January 1, 2017 when the 10% cut-off for medical expenses becomes the rule, not the exception, for everyone.

According to a 2014 study completed by the American Association of Retired People (AARP), 80% of respondents wanted to age in their homes instead of moving to an assisted living or continued care facility. Considering there will be an estimated 73 million seniors ages 65 and older in America by 2030, this represents a very large number of the national population. Luckily, now more than ever, senior care trends are moving towards supporting the elderly in this endeavor. 

According to AARP and the National Alliance for Caregiving (NAC), approximately 7.5 million Americans care for loved ones age 49 or over for an average of 41 hours a week. What many of these caregivers are unaware of is that respite care exists that would allow them time off from the often around-the-clock services they are providing for their care recipients.