Most seniors want to stay in their own homes when and if they need care. In response to this desire and the generally lower cost of home health and assisted living services compared to nursing home care, Medicaid has expanded its coverage of home-and-community-based services (HCBS) over time. According to the Centers for Medicare & Medicaid Services, in 2023, 8.4 million Medicaid beneficiaries received assistance paying for care at home or in assisted living facilities – a substantial increase of 8 percent from 7.8 million in 2022. In comparison, 1.5 million beneficiaries received institutional care – mostly in nursing homes – a more modest 3-percent increase over 2022. However, the overall costs for institutional services grew by 17 percent compared to…

Part of the recently passed tax bill includes what the administration is calling “No Tax on Social Security.” The bill does not directly remove taxes on Social Security payments, but it does provide an additional deduction for seniors under certain income limits. This provision may effectively reduce – or, in some cases, even eliminate – federal taxes paid by people ages 65+. First of all, it should be noted that this tax break worsens the tenuous fiscal condition of Social Security. Social Security actuaries estimate that the new tax provisions will move up the trust fund depletion date by roughly six months – from the 3rd quarter to the 1st quarter of 2034. Nevertheless, current beneficiaries will see the benefits…

Two recent reports on family caregivers capture the size and nature of caregiving activity. In terms of the number of people caring for adult family members, the reports — the first from the Bureau of Labor Statistics (BLS); and the second from the National Alliance for Caregiving (NAC) and AARP — peg the figure at 38 million and 59 million, respectively.  It’s a big range, but the main reasons for the difference are simply that the BLS includes only unpaid family caregivers for older Americans while the NAC and AARP figure covers all family caregivers (unpaid and paid) for adults of all ages. BLS Results The BLS finds that, in 2023 and 2024, 14 percent of Americans ages 15+ were providing some form of unpaid…

I recently attended the joint Leading Age and Global Ageing Network conference in Boston. Leading Age is the trade association of the nonprofit elder care providers, covering senior care facilities and home health. The Global Ageing Network (based in Britain) promotes the sharing of ideas and experiences among elder service providers internationally. The event – titled “The Power of Purpose: Creating Ripples of Change” – attracted more than 6,000 people from around the world to learn how they can improve the lives of seniors and people with disabilities in their care. The attendees participated in dozens of breakout sessions, most of which addressed the nitty gritty of running an elder care facility or program. The exhibit hall was overwhelming with over 100 vendors hawking…

“Your Microsoft account has been compomised [sic]. Click this link to reset your connecton [sic].” Does this message look familiar, typos and all? We’ve all seen suspicious emails or calls attempting to steal personal information. One unfortunate drawback of our tech-enabled world is that scams are increasingly common. According to the FBI’s Internet Crime Complaint Center, people ages 60+ submitted more than 140,000 complaints and reported nearly $5 billion in direct losses in 2024. Sadly, most estimates suggest that unreported costs from scams and fraud are much higher. Despite growing awareness of fraudsters, the numbers have been steadily trending upward. As a financial advisor, I undergo annual cybersecurity training and weekly lessons on common scams and cybersecurity threats in order…

In a recent podcast, I talk with Laura D. Quinby of the Center for Retirement Research at Boston College (CRR) and Luc Schuster of Boston Indicators  about their study Wealth Gaps in the Golden Years: Economic Insecurity for Older Adults in a High-Cost State. They examined economic insecurity for older adults in Massachusetts through both quantitative analysis carried out by the CRR and focus groups with low-income seniors conducted by Boston Indicators. The Data It’s no surprise that Massachusetts seniors typically have more wealth than the national average, but it’s also more unevenly distributed than in most states – the top third holds over $3.5 million on average while the bottom third has just over $50,000. A large part of the wealth inequality comes from…

I recently spoke with a couple who wants to sell their home. Their realtor told them the market was a little soft but added that interest rates were likely to come down this year. The suggestion was that falling rates would boost home prices. That’s a common assumption, but it left me wondering whether it is always true. Two key questions here are worth asking. First, do mortgage rates always go down when the Federal Reserve cuts interest rates? And second, even if mortgage rates decline, should we expect home values to rise as a result? To help answer these questions, I spoke with Eric Steuernagle, owner of Fairground Real Estate in Great Barrington (MA) and a housing expert. I…

I’ve written before about my frustration with the focus of many demographic reports on the 65+ population as a whole rather than dividing the cohort between those ages 65-84 and 85+. This distinction is for two main reasons: the differing rates of care needs and the opposite demographic trends of the two groups. Disability (for Many) Begins at 85 The younger cohort, despite some aches and pains of aging, is by and large able to take care of themselves. It’s after age 85 that the likelihood of needing assistance due to cognitive or physical disability really soars. The Administration for Community Living of the U.S. Department of Health and Human Services (recently slated for elimination in a restructuring by t…

The drug coverage provided by Medicare Part D is a key part of a retiree’s health insurance, and there are many options to choose from for those who have standalone Part D plans. Since these plans can change from year to year – sometimes dramatically – switching plans may offer big savings. Plan features that may vary include premiums, deductibles, copays, pharmacy networks, and even which medications are covered. As a result, a plan that worked well for you in 2025 may not be the best choice in 2026. During Medicare’s fall open enrollment period (October 15 through December 7 every year), enrollees can review their coverage and, if needed, switch plans. How Does Drug Coverage Fit Into Medicare? Navigating…