Finance

Finding Residential Care can be confusing and is often a maze to navigate. H.E.L.P. has created a set of strategies and a listing of local resources to help you out with this.

Please download this tool by clicking here.

For questions on this tool and other care questions, please contact H.E.L.P.

As people age, many find themselves needing help with routine types of care – getting dressed, bathing, preparing meals or keeping the household clean. Although many older adults either rely on family members or friends or hire at-home care providers, others move to Residential-Care Facilities for the Elderly or RCFEs. 

California law defines RCFEs as housing arrangements for people aged 60 and above who need assistance with personal care or non-medical health-related services. Licensed RCFEs must provide their residents with:

Question: The person I just hired to provide in-home care was referred by an agency. Since I’ll pay her directly, will I need to make payroll deductions?

Answer: California law says the person hiring the household worker becomes the employer if the employment agency's only involvement is employee placement. So people who hire caretakers, domestic workers, drivers, health aides, housekeepers or private nurses must make payroll deductions and pay required taxes.

Here are the major financial responsibilities:

The Community Living Assistance Services and Supports (CLASS) Act, signed by President Obama in March, authorizes establishing a voluntary insurance program to provide financial assistance for at-home care needs. Employers will offer it to cover insured workers’ future needs for nonmedical services and support.  These will include home modifications, assistive technology, accessible transportation, homemaker services, respite care, personal assistance services and home-care aides.

Many people look for assistance with financial goals. When hiring advisors, know exactly what services you need, what services advisors can deliver, and limitations or biases that might influence their recommendations.

The U.S. Securities and Exchange Commission tells consumers to beware: Anyone can claim to be a financial planning expert. Only a select few have credentials reflecting formal education, training, and professional acceptance. Most often cited are:

Remember to return your Census 2010 questionnaire! You may be wondering:  Does it really matter if I mail my answers back?    The answer is: Yes, it matters!

According to the Leadership Conference on Civil and Human Rights, Census 2010 information will provide government representatives with helpful information to:

Many of us need legal, financial, retirement, accounting, estate, long-term care or similar planning services. We seek help from planning advisors possessing the necessary training. Many planning advisors are well-qualified and capable, and make fair disclosure of pertinent information to their clients. Unfortunately, unqualified or dishonest individuals masquerade as expert planning advisors. Many of them provide sub-standard services or have hidden financial motives in providing their "planning services."

Under California law, when a family home is transferred from parent to child, so long as certain legal formalities are followed, existing tax rates will remain the same.

For many retired seniors, home ownership and financial security used to be regarded as one and the same. These days, not only are home foreclosure rates at an all-time high, but marketable home values continue to decline.

It used to be true that the biggest financial issue most of us confronted when we weren’t feeling well was whether we could afford to pay the doctor.   Nowadays, many of us can afford the visits, but can’t afford to have necessary prescriptions filled.

It is for that reason that drug companies have designed what is referred to as Patient Assistance Programs (PAPs). PAPs offer free or low-cost medications to those of us with limited income who are able to get necessary medical care, but can’t afford to follow through with prescribed medications.