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Money ConsiderationsCrescent Villa/Canyon House are non-medical custodial care facilities. We do not accept public insurances such as Medicare, Medicaid and Medi-Cal. We are currently only authorized to accept private payments and private long-term care insurance. Here's an excerpt from Medicare www.medicare.gov "Long-term care insurance is one way you may pay for long-term care. This type of insurance will pay for some or all of your long-term care. Long-term care insurance is relatively new. It was introduced in the 1980s as nursing home insurance, but it has changed a lot and now covers much more than nursing home care. For more information about long-term care insurance, get a copy of A Shopper's Guide to Long-Term Care Insurance from your State Insurance Department, or write to the National Association of Insurance Commissioners, 120 W. 12th Street, Suite 1100, Kansas City, MO 64105-1925." Tax Considerations and ConcessionsThe financial concessions afforded to people who have become incapacitate due to dementia and related disorders are many and varied. For example, up to a 100% of our fee may be tax deductible. Currently all our residents suffer from some kind of physical or mental ailment. These are the reasons they require living assistance in the first place. All our residents are under the direct care of professional medical practitioners. These doctors have provided documentation for the purposes of qualifying for tax deductibility. You should engage the services of a knowledgeable tax professional who can guide you appropriately. Some examples of these concessions are explained in these San Francisco Chronicle newspaper articles: Click this link and scroll down to the question that begins, A widowed friend... Internal Revenue Code 121. Another article by Arthur M. Louis in the , (scroll down in the article until you see the question entitled), "Medical Deduction", is an example of a typical situation many of our residents families and friends find themselves in. Here is another good article (scroll down to the question that starts...
"Q: I look after a lady
friend who is 72 years old, widowed and has suffered two strokes and
a broken hip. I have put her in an assisted-living home, for which
she pays $3,800 a month..."
Other costs are also deductible such as for transportation. This is an article from the
DEDUCTIBLE TRANSPORTATION & TRAVEL COSTS INCLUDING
MEDICARE Most people know that medical expenses may be tax deductible. Did you know that transportation and travel costs to get qualifying medical care are also deductible? The most common transportation expense is driving to see the doctor or hospital or to pick up a prescription. Federal tax law allows you to deduct 15 cents per mile in 2005 (the rate changes every year). You may also deduct overnight travel expenses in certain circumstances. However, the rules are strict and the travel must be primarily for and essential to medical care to qualify for deduction. Travel expenses, like all medical expenses, must be incurred to alleviate some specific ailment or disease and not merely for your general health. Generally, overnight travel expenses will be deductible if your doctor recommends a kind of treatment that is not available in your area. The medical travel deduction has also been allowed to
retirees who travel back to the place of their old residence to visit a doctor
with who they have a long-standing, trusting relationship. The cost of
transportation to and from a resort area may The most important thing is that the travel must be primarily for medical purposes. If, for example, you travel to your old neighborhood and spend a week visiting family or friends and during that week you go see your old dentist for a cleaning, that trip is not “primarily” for medical purposes and travel expenses aren’t deductible. The costs of taking a companion for medical purposes may also qualify for the medical deduction if the companion provides nursing-type care and such care is requested by your doctor. The companion does not have to be a nurse; the companion may be a child or spouse so long as the companion’s services are medically necessary. Qualifying travel expenses include transportation (auto, airfare, taxi, etc.) and lodging. Lodging expenses are limited to $50 per day, per person. Generally, there isn’t much controversy in deducting your car expenses for driving to your doctor. Just keep notes of your mileage. On the other hand, if you are thinking about taking a long trip for medical purposes, please call me first so we can make sure you plan the trip correctly so as to make the travel expenses deductible. Article by B.L. Pang, EA. |
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