With the last COVID-19 relief bill (American Rescue Plan Act or ARPA), you may be wondering what assistance is being provided to seniors. We’re going to break things down for you that is easy to understand.
Through the American Rescue Plan Act individuals who earn up to $75,000 in annual income and couples with income up to $150,000 received, or will be receiving a $1,4000 stimulus check. Individuals who collect social security, railroad retirement or VA benefits also automatically receive this payment. Keep in mind, if you are on Medicaid or Supplemental Security Income and the $1,400 pushes you over the asset limits, the money must be spent within 12 months. If it is not spent, it may affect your eligibility.
Medicaid Home Care
Are you or do you have someone who is on Medicaid and receiving home-based long-term care? If so, more than $12 billion was provided in funding to expand Medicaid home and community-based waivers for one year. This will help keep individuals in their home longer before they may be forced to go into a nursing home.
Do you have a large number of medical expenses, which may include long-term care and hospital expenses? If so, you may be able to deduct some of those from your taxes. The ARPA has permanently lowered the threshold for deducting medical expenses. The threshold was lowered to medical expenses that exceed 7.5 perfect of an individual’s income.
Older Americans Act
Through the Act funding is going to programs that are specific for elders. This includes vaccine outreach, caregiver support, and long-term care.
Nursing Homes – The ACT provides strike teams to help nursing home with any home that may have a COVID-19 outbreak. It also provides funds to help improve infection control.
Pensions – Due to COVID-19 there are many pension plans that are on the verge of collapsing due to underfunding. Through the ARPA a system will be put in place to allow plans that may be struggling to apply for grants so they can keep paying full benefits.
If you have any questions about the relief bill, American Rescue Plan Act,and how something may affect you, contact us today. We are here to help you understand!