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Planning for Elder Care When planning for elder care, it is important to know all of your options. The first step is to identify the needs of both the person you are caring for as well as your own. With dependent care benefits offered under many employer cafeteria benefit plans, employees now have choices that can help them pay for the care their loved ones require. Planning for Elder Care with Dependent Care Accounts Elder and adult dependent care plans from take care® are designed to assist participants and their spouses with elder care services while allowing them to work or look for work. Making tax-free contributions to a dependent care account does this. The funds placed in this account can be used to cover a number of costs associated with elder care. Before enrolling in a dependent care benefit program, it is important to ensure that the services you need are the ones that are covered. In most cases, housekeeper and nurse fees are reimbursable for services both in and outside of the home if they are attributable to elder care. Overnight stays at medical facilities, as well as incidental expenses not associated with elder care, are not covered. There are limits and restrictions to the use of dependent care accounts. For instance, costs can only be included under a dependent care plan if the individual in question spends at least eight hours a day in one's household. Also, details within one's health insurance plan can factor into the costs that are covered. |
Additional Topics Consumer-Directed Health Plans Consumer-Driven Health Accounts Dependent Care Flexible Spending Accounts Flexible Health Spending Accounts Flexible Medical Expense Accounts Healthcare Flexible Spending Accounts Health Reimbursement Arrangements IRS Section 125 Cafeteria Plans Medical Expenses and Income Tax Plan for Medical that Health Insurance Doesn't Cover Save 25% to 40% on Health Expenses Save on Co-Pays and Over-the-Counter Medications Save on LASIK and Orthodontic Costs Section 125 Plan Administration |
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