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Melissa Barnickel

How to Deal with Tax Changes to Itemized Medical Expenses

By: Melissa Barnickel at Baygroup Insurance The new year is set to bring in an unwelcome surprise for many seniors in America when it comes to their taxes. Those 65 and older who itemize their medical expenses will now only be able to claim a deduction once their cost reaches 10% of their Adjusted Gross Income (AGI)- up from 7.5% in previous years. This change technically went into effect on December 31, 2012, but if a senior or their spouse reached the age of 65 between then and December 31, 2016, the 7.5% rate was then locked-in for that time […]

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Financial Planning Classes

books

You can never be too knowledgable or prepared when it comes to your finances. Baygroup Insurance will be teaching a series of continuing education classes on Financial Planning this fall at Harford Community College in Bel Air, MD to help answer any questions you might have. Check out the schedule today to see if any classes are right for you: https://ww2.harford.edu/CMS/Schedule/u_noncrweb.asp?SelectionType=4&GroupChoice=FI

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Aging at Home: What it Means for Families

elderly man in wheel chair

By: Melissa Barnickel at Baygroup Insurance Aging at home is increasingly the preferred method of care for seniors these days. In fact, a recent study by the Associated Press and the independent research organization NORC at the University of Chicago, found that 77% of adults ages 40 and over surveyed preferred aging at home. It is no shock that the majority of people hope to age in a place they find comforting and familiar. However, only 22% of those polled said that they would prefer a home health aide as their chosen caregiver while doing so. The majority, a whopping […]

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Home Care for Seniors

According to a 2014 study completed by the American Association of Retired People (AARP), 80% of respondents wanted to age in their homes instead of moving to an assisted living or continued care facility. Considering there will be an estimated 73 million seniors ages 65 and older in America by 2030, this represents a very large number of the national population. Luckily, now more than ever, senior care trends are moving towards supporting the elderly in this endeavor. So what can seniors do in order to make continuing to live at home possible? A combination of proper nutrition, regular exercise, […]

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The Changing Trends of Long-Term Care

elderly couple in meeting

When people imagine long term care they often envision the elderly being cared for in nursing homes. However, research indicates that more often than not the reality of long term care does not actually reflect this image. In fact, there are several trends that are currently changing the face of long term care in America. According to the 2015 Genworth Beyond Dollars research (1), the age of both the caregivers, as well as the care receivers, is becoming younger. 62% of caregivers are between the ages of 25 and 54 years old. This represents a younger age range than it […]

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The Importance of Early Alzheimer’s Disease Detection

elderly women worrying

Dementia is a blanket term for memory loss and intellectual disabilities that interfere with daily tasks. However, according to the Alzheimer’s Association, Alzheimer’s Disease makes up 60-80% of all types of dementia cases. Alzheimer’s is not a normal part of aging though. While it is documented that those older in years may experience slower thinking and the occasional difficulty with remembering something in particular, Alzheimer’s is much more severe and needs careful monitoring. Alzheimer’s symptoms include: Difficulty remembering newly acquired information Behavior and mood changes Disorientation Confusion Deep suspicion of those close to the patient Difficulty speaking, walking, or swallowing […]

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2016 IRS Eligible Long Term Care Insurance Premium

irs

Here are the 2016 tax deductible limits for eligible long-term care insurance premiums. Attained Age as of 12/31/2016 40 or less                                                             $  390 More than 40 but not more than 50              $  730 More than 50 but not more than 60              $1,460 More than 60 but not more than 70              $3,900 More […]

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The True Cost of Long Term Care for Caregivers

elder women

The true financial cost of long term care for caregivers can be a huge burden. No one wants to be dependent on someone else for everyday tasks, however, the truth is that almost 70% of Americans 65 years of age and older will need long term care at some point in their lives. Here is what you need to know about the real cost of long term care if you are a caregiver. According to the Genworth study “Beyond Dollars”, caregivers miss an average of seven hours of work a week to fulfill their caregiving duties. This is almost 18% […]

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Respite Care for Caregivers

man on sofa

According to AARP and the National Alliance for Caregiving (NAC), approximately 7.5 million Americans care for loved ones age 49 or over for an average of 41 hours a week. What many of these caregivers are unaware of is that respite care exists that would allow them time off from the often around-the-clock services they are providing for their care recipients. Respite care is a service where emergency or planned care is provided to someone with special needs providing temporary relief to family caregivers who are caring for that person. This break can help caregivers avoid caregiver burnout, therefore making […]

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Melissa Barnickel interviewed by I95 Business Baltimore

Read more to learn about Melissa’s personal and professional background and how she helps clients and their Trusted Advisors to preserve their hard-earned assets by incorporating insurance with their financial plan. As an independent broker, Barnickel compares carriers, doing the necessary “legwork” to shop for the best rates for clients. She is licensed in 12 states, including Maryland, Florida, Colorado, Pennsylvania, and Virginia, as well as Washington, D.C., and adds additional state licenses as needed for clients all over the country. She works directly with other brokers, financial planners, CPAs, attorneys and other trusted advisors to meet the needs of […]

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