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Annual Long-Term Care Survey Finds Steep Rise in Assisted Living Facility Costs Amid Pandemic

All long-term care costs rose sharply in 2020, but assisted living facility costs increased the most, according to Genworth’s latest annual Cost of Care Survey. The across-the-board rises were due in part to increased costs brought on by the coronavirus pandemic. In the past year, assisted living facility rates grew 6.15 percent for a median […]

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Can You Visit Nursing Home Residents After They Are Vaccinated?

When can you visit nursing home residents after they are vaccinated?  COVID vaccines are starting to roll out to nursing homes across the country, signaling the beginning of the end of the pandemic. Once your loved one has had both doses of the vaccine, you may be able to visit, but precautions are still necessary. […]

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Special Tax Deduction for 2020 Allows Donations of $300 to Charity Without Itemizing

  As we enter the giving season, there is an additional reason to be charitable. Congress enacted a special provision that allows more people a deduction of up to $300 in donations to a qualifying charity this year without itemizing deductions. Since the increase in the standard income tax deduction in 2018, only 11 percent […]

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Ability to Withdraw Money Early from Retirement Plan Without Penalty Expires at the End of the Year

        If you are experiencing financial hardship due to the coronavirus pandemic, you may want to consider withdrawing money from your retirement account while you still can. The special exemption allowing early withdrawals without a penalty ends soon. Passed in March 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act allows […]

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Medicare Premiums to Increase Slightly in 2021

Medicare premiums are set to increase a modest amount in 2021, but still cut into any Social Security gains. The basic monthly premium will increase $3.90, from $144.60 a month to $148.50. The Centers for Medicare and Medicaid Services (CMS) announced the premium and other Medicare cost increases on November 6, 2020. The hike could […]

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A Modest Social Security Increase for 2021

The Social Security Administration has announced a 1.3 percent rise in benefits in 2021, an increase even smaller than last year’s. Cost-of-living increases are tied to the consumer price index, and a modest upturn in inflation rates and gas prices means Social Security recipients will get only a slight boost in 2021. The 1.3 percent […]

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