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Tom Meaglia, ChFC®, AEP®,


Chartered Financial Consultant

Investment Advisor Representative

Chartered Retirement Planning Counselor

CA Insurance Lic. #0567507


Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750


Toll Free: 800-386-3700

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January/February 2024

The High Cost of Senior Care

Asian grandmother in wheelchair with daughter is enjoying at the park in the morning

Do you care for a senior parent or another loved one? According to The National Alliance for Caregiving (NAC) and AARP, more than 50 million Americans are unpaid caregivers. On average, these caregivers pay 26% of their income and give 24 hours a week to help loved ones—often to their own financial and health detriment.*

Dual Problems
One financial problem many middle-income families face is that their loved one’s income disqualifies them from Medicaid services, and Medicare falls short on coverage for everything the person needs. Another is that caregivers ignore their own finances and jeopardize their continuing financial security. Some exhaust leave and vacation time and have to take unpaid time from work. Others quit working altogether. In addition, they may reduce or even stop retirement plan contributions to pay for their loved one’s care. The second problem is the mental stress and the physical exhaustion of caregiving.

Possible Solutions
Tax Breaks — If your loved one lives with you, you may be able to claim them as a dependent on your tax return. Even if you can’t claim them as a dependent, you may be able to deduct the out-of-pocket care expenses you pay for them. To claim the deduction, those expenses, and your medical expenses, much exceed 7.5% of your adjusted gross income, and you must provide more than half your loved one’s support. Talk with your tax advisor.

Employer Help — Talk to your employer about programs or benefits it may offer, such as flexible schedules, working from home, family leave programs, and dependent care flexible spending accounts. Each household may contribute up to $5,000 a year in 2024 ($2,500 married filing separately) to a dependent care account to use for the costs of caring for a dependent loved one. Your contribution is free from income tax, Social Security and Medicare taxes, and some states’ income tax.

Other Assistance — If your parent is a veteran, the U.S. Department of Veterans Affairs may help pay for some home health care following hospitalization. For your mental health and well-being, the Family Caregiving Alliance provides a guide to respite services in each state.

* Caregiving in the US, AARP and NAC, 2020, and Caregiving Out-of-Pocket Cost Study, AARP, 2021


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Thomas Meaglia is an Investment Adviser Representative of Coppell Advisory Solutions LLC, dba, Fusion Capital Management, a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.
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