Real Sage Advice

Healthcare in Retirement: Quality & Cost Savings

If you are within just a few years of retirement you have probably begun to think about your dream retirement location. Perhaps this is your chance to finally build that log home in Montana and hit the slopes or head south to a balmy beach getaway for your year-round residence. You may even have taken the next steps: planning for that move financially and considering how you will spend your time - maybe lots of tennis and golf or taking up new hobbies like snowboarding, sailing or starting a rock band. (You never know…) If you’ve gotten that far, you are well on your way to enjoying satisfying retirement years.

Many of the articles posted on this blog are centered around elder health and housing. I don't spend a lot of time talking about those vital retirement years, because most baby boomers don't have difficulty figuring out how to spend their retirement time. If anything they continue to not have enough time for all of their interests!

If our parents have not done adequate planning we see them have limited choices available to them for long term care.

During your busy active early retirement years, I hope you'll consider the resources needed to cover healthcare and insurance costs for your healthcare.  A little planning now can open more health care choices to you in the future, AND allow you to spend less on your health care and more on enjoying retirement!  

While you're planning, it's a good idea to invest some time to find the best-ranked doctors and hospitals and to learn more about ways to save on healthcare costs.

A colleague of mine with a very unique business helps baby boomers with healthcare planning. If you are wondering what kinds of healthcare options might be available to you, and how planning ahead might help you, I encourage you to give her a call and investigate what kind of planning you can do to help meet your retirement goals.

Nancy O'Brien, MPA-Health Health Resource Planning & Transition Consulting Evergreen Health Advocates 651-336-3728 Cell

Helping Families Navigate Healthcare, Housing, Medicare & Insurance

nancy@evergreenhealthadvocates.com

 

 

Long-Term Care: Invest in an Independent Old Age

Long-Term Care: Invest in an Independent Old Age

As a relative newcomer in the world of insurance products, long-term care policies are still suspicious for some potential customers who worry that the coverage is just another way to get at their precious retirement funds. If well-researched and carefully purchased however, such policies have the advantage of:

• protecting assets and guarding against debt in later life as care expenses mount.
• freeing up more funds to support quality of life in retirement.
• ensuring that long-term care is handled according to the individual's wishes and at the level of quality they desire.
• saving loved ones from having to make difficult decisions or committing themselves to the life of a full-time caregiver.

Prospective long-term care policy customers should thoroughly research all their options before committing to a policy. Some special points to consider include:

Shared Care

- Married couples should investigate policies with options that allow them to split the benefits. Before looking for

insurance quotes

, things to investigate include riders that lower the premium in the event of the death of one spouse and piggyback provisions that allow one spouse to access the other's unused dollars for a given year.

Inflation Protection

- The ideal situation is one in which premiums remain the same, but benefits increase annually. Some policies give holders the option to purchase stepped-up care each year rather than such an increase taking effect automatically. (Beware scenarios where benefits freeze if such increases are not purchased.)

Medical Determination

- The decision to activate long-term care is fraught with emotions and often complicated in familial terms. Choose a policy that allows the holder's personal physician to say when the need exists for the care benefits to be activated in order to minimize the emotional downside of such a transition.

Remaining At Home

- More and more seniors are opting to age in their own home with assistance. Be sure your policy allows for in-home care for such things as physical modifications to the structure, the purchase of assistance devices, and the hiring of health care staff. (Also make sure that if the transition to a care facility is required your benefits will continue at an acceptable level or that there is room for re-negotiation at that time.)

Life Insurance with Long-Term Care Option

- An increasingly popular product are life insurance policies that allow the holder to convert the accrued value for use to finance long-term care. These hybrid policies offer the security of the long-term care option while providing a benefit for heirs if such care is not required.

Far from being a gimmick or a scheme, long-term care policies can give aging individuals life-long control over their own destiny rather than forcing them to accept decisions made for them by loved ones or medical personnel. People don't think anything at all about insuring their cars or homes. So why not manage the most important risk factor of all, independent old age?

Minnesota Caregivers

Minnesota has the largest percentage of informal cargivers in the nation. As much as a 1% decline in our number of volunteer cargivers would cost our health system millions of dollars.

All of our state programs had to take a cut this year. None of us want to see "our programs" take a hit. I, of course, was very concerned about Minnesota seniors when the new budget was revealed. Governer Pawlenty actually spared Minnesota seniors from a disproportionate number of financial cuts, which I was relieved to see.

A survey conducted by AgingCare found that although adult children are often responsible for paying for their aging parent's care, the large majority of caregivers are vastly unprepared.

The survey found:

63% of caregivers have no plan as to how they will pay for their parent's care over the next five years.

62% say the cost of caring for a parent has impacted their ability to plan for their own financial future.

As a Senior Real Estate Specialist I meet with a lot of adult children who have been the primary caretaker for aging parents, often in their parent's home. I see how tired and concerned you are.

Please, go call a Geriatric Care Manager.  Aging Care's survey does not detail which state the survey respondents were from. We are SO lucky to have the resources we have in Minnesota--despite all of the budget cuts. You do not have to be as tired or as responsible.

The Videos are HERE!

There's a new page on Real Sage Advice with a video library featuring the best of the best of the senior professionals in the Minneapolis St. Paul area.  As you know, there's a lot to talk about when it comes to seniors, aging and senior housing. Check back for new videos!

Check it out!

Sandwich Generation can Benefit from Home Health Care Services

Every day I read more and more about how the 55+ generation will be healthier and will live longer than any generation before them. The good health of this group is due in part to the fact that men and women in this group generally have a healthier and more active lifestyle. Golf, tennis, swimming, water aerobics, yoga, Tai Chi, walking, running, weight training and host of other activities help people maintain good health.

If caring for a parent or spouse keeps you from continuing to remain active, a home care service can come into your home, stay with a spouse or parent help with some cleaning, laundry or meal preparation and give you the peace of mind to leave your loved one with a reliable, loving care giver while you take a break and take care of yourself. Some organizations like the Parkinson Foundation even offer some grants to care givers to cover some respite help.

This article was offered by:

Marilyn Christenson
Seniors' Choice at Home
763-546-1599
email: crseniors@usfamily.net

Strategies to Help Aging Parents with Money Management

An estimated 34 million Americans are now caring for an aging loved one in some manner. You may be worried that one day, you too will have to assist your parents with money management, moving to senior housing or getting help in their home.

Many people find their aging parents need assistance handling their finances.  Perhaps there have been warning signs such as stacks of bills unpaid, unopened mail or creditors harassing calls. You may want to offer assistance but some seniors feel it is an intrusion into their lives. Maybe they won’t admit that they need some help. Letting go of their independence can be interpreted as loss of dignity for them.

One of the first steps you can take is to call a family meeting. Find out what your parents’ financial situation really is at the current time. This will help you assess what steps they have taken, what their concerns are and who can help if necessary.

The ideal time to call this meeting is before there are money problems and while they still have options to ensure their financial stability and independence. According to Elinor Ginzler, the author of “Caring for your Parents” the indirect approach is usually best. Try not to overwhelm them. Assure them that you want to help them on their terms and that you are not taking control of their lives. Your parents may welcome your help.

STRATEGIES FOR HELPING YOUR PARENTS

• Simplify their lives. Arrange for direct deposit of their Social Security and pension payments. This will eliminate trips to the bank and possible theft from their mailbox.
• Set up automatic payments for routine expenses such as utilities and health insurance premiums.
• Ask your parents if they would consider adding your name to their accounts. If something happens (such as hospitalization), you will be allowed to continue paying bills by having your name as a co-signor.  Check with your parents’ attorney as a precaution to be sure this does not conflict with their estate planning as the account will most likely pass to you upon their death.
• Hire help as needed. You may not be able or willing to give your parents as much time and/or assistance as they need. There are qualified daily money managers who can come into your parents’ home and help with bill payments, organization of documents and financial paperwork. Typical rates are from $35 -$70 per hour. You can get referrals for persons in your area from the American Association of Daily Money Managers at www.aadmm.com
• Home health care agencies. There are many types of services from simple homemaking chores to personal care attendants. Check your local directory listings.

Having a plan in place is key.  As difficult as it is to think about your mom or dad being incapacitated by illness, it would be worse if a crisis occurred and you did not have a plan in place or had to obtain court orders to assist them. Be sure your parents have consulted with an attorney to obtain both financial powers of attorney and health care directives. For example, with a health care directive they can specify whether they want to be buried or cremated and whether they want measures taken to keep them on life support. These documents allow their wishes to be carried out if they become incapacitated.

Let them maintain as much control over their lives as possible.  Unless they cannot make decisions for themselves, keep them in the loop for finding professional help. After all, you want someone who will work well with them and vice versa. There are many attorneys whose primary focus is Elder Law. A good resource is the National Academy of Elder Law Attorneys www.naela.org.

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This article is offered by Barbara Grimm, Founder of 
Along Life's Path
Daily Money Management and
Concierge Services for Seniors
612/385-6446
Website: www.alonglifespath.com

email: alonglifespath@juno.com
 

Vision Loss and Seniors

In my work I spend a lot of time gathering information about professionals my clients may want to know about. Vision Loss Resources is fantastic resource for anyone with aging parents who might be struggling with some loss of vision. This article is submitted by Vision Loss Resources.

Today more than 6.5 million Americans over age 65 have a severe visual impairment. According to a recent study, the National Eye Institute found that the risk of low vision and blindness increases significantly with age, particularly in those over the age of 65. This, combined with an aging population, means that rates of vision loss from diseases like age-related macular degeneration, glaucoma, and cataracts are expected to double by the year 2030, as the nation’s 78 million baby boomers reach retirement age. Like many other issues of aging, vision loss will present challenges for keeping seniors independent and connected to their communities.

So what do you do when you or a loved one begins to lose their vision?

For many seniors, normal age-related vision loss can be corrected or stopped with glasses, medication or surgery. For others, vision aids and making changes to their homes and routines help them stay safe and independent. The important thing to know is that many services and supports are available through MN State Services for the Blind and several non-profit organizations. One local non-profit resource is Vision Loss Resources. In 1993, two of Minnesota's leading providers of services for the blind (Minneapolis Society for the Blind and Saint Paul Society for the Blind), merged to create what is now Vision Loss Resources. The mission of Vision Loss Resources is to assist people who are blind or visually impaired in achieving their full potential and to enrich the lives of all persons affected by blindness or vision loss.

Staff at VLR work daily to educate and inform clients and family members about the options available to them, the emotional aspects associated with vision loss and what programs might be beneficial to help maintain independence. Staff are available for in home consultations, ongoing support, classes and referrals to services other agencies provide. VLR’s programs are carefully designed to help clients learn new techniques and skills for living independently which can include: meal preparation, household chores, laundry, clothing organization, managing finances, correspondence and more.

Most programs and services are available free of charge. Vision Loss Resources is an independent, nonprofit 501C(3) agency with offices in both Minneapolis and St. Paul. Our programs serve the 11-county Twin City Metro area. To learn more please feel welcome to visit our website at

www.visionlossresources.org or call 612-871-2222.

By – Ellen Morrow, M.A.

Family Caregivers Can Get Paid with Long Term Care Insurance

As a member of the Society of Senior Advisors, I recieve a monthly enewsletter called Senior Spirit with helpful articles. This month's Long-Term Care Strategies for Seniors discusses an option for paying family members who act as caregivers. The excerpt follows:

A common misunderstanding about long-term care insurance (LTCI) is that there is no compensation for informal - usually family - caregivers. It's true that LTCI policies based on reimbursement models don't pay for informal care. However, policies known as cash plans put you in the driver's seat.

Qualifying to buy a cash plan and the triggers to access benefits are the same as with any LTCI policy. You have to be healthy to be insurable, so buying sooner rather than later is wise. And you must require help with two of six ­activities of daily living (eating, bathing, dressing, toileting, transferring and continence). Or cog­nitive impairment alone can validate your claim.

Finally, an elimination period applies. This refers to the length of time you must pay for covered services before the insurance company will begin to pay benefits; think deductible.

Once all of the above is satisfied, the insurance company will begin sending you the entire monthly benefit of the cash policy. You can use it to pay family caregivers or to address any other care you need. You need not submit bills or show how you're using the money. Cash plans also pay for international coverage, but funds are paid in U.S. dollars.

LTCI brokerage manager Aaron Eisenach likes cash policies. “They are the most flexible plans in the market, and in many ways, the most attractive,says Eisenach. But people tend to buy the reimbursement model, because the premium can be half that of a cash plan.

According to Eisenach, there are other LTCI products that give consumers a less expensive way to get cash to cover home care. Some carriers offer riders giving you the best of both worlds,he says. One offers the choice between the monthly maximum for home care supplied by a qualified provider OR 40 percent of your benefit as cash. Other insurers offer other iterations of this hybrid model.

At issue is planning. Never make a purchase decision based on a product brochure alone. Make sure you deal with an experienced LTCI planner, who will ask you how and where you want to receive long-term care and how much control you want, rather than just how much premium you can afford. And remember, some coverage is better than none.

Tax Time Tips

With increasing demands on our time, we could all learn a lesson or two about working smarter, not harder.  This is particularly true this time of year when the weather has turned (or in MN where it's just starting to turn) and we owe it to ourselves to get out and enjoy the weather.  The tax man cometh and he doesn't  care what else you'd rather be doing. My colleague, Kathy Green from A Little Help, Inc. is a money manager and she has a few tips to help you reduce the amount of time getting ready for taxes. 

Already done for this year?  Resolve to incorporate a few of these tips NOW so next year's taxes will be easier and less stressful!

Every year, most of us find tax time stressful.  One thing you can do to reduce some of the anxiety is to keep your tax-related information organized throughout the year.  Then, when it’s time to gather your records to take them to your tax preparer or to sit down and prepare your return yourself, everything will be in one spot and you’ll be ready to go.  Put an end to searching through desk drawers or calling people for duplicate statements with just a few simple steps.

Set aside one specific spot for tax-related information.  Set up a file, a desk drawer or even a shoe box and every time during the year that something comes in that you know you will need for your taxes, put the document in your tax spot.  The secret is to just have one spot for these records.

Not everything comes in at the end of the year.  Some items you might come across during the year are things like receipts from charitable donations, both cash and non-cash donations; the receipt from renewing your car license; property tax statements; receipts from any refunds you may receive; and, receipts for any major work you may have done to your home.

One more important tip – if you receive mail during the year from your state Department of Revenue or the IRS make sure you open it and respond to it if need be.  Ignoring that mail is not an option.  Your tax preparer will be happy to help you understand the notice you’ve received and would probably help you with your response.

Training yourself to put your records in one spot really will help reduce some of the stress at tax time.  Try it!

Thanks for the helpful tips, Kathy!

Kathy Green is the President of A Little Help, Inc, a money management service for seniors in the Twin Cities Metro Area.

Aging Parents, Photographs, and Family History

When you're decluttering to help an elderly loved one downsize or move to a senior community, there's an opportunity to do something special with all those old photographs and the stories that go with them.  I asked Rory Siefer, family biographer to write an article about CatchMyMemory.com. 

I inherited boxes of photos from my parents with no names, no dates, and no way to recover the lost history.

Because We Can'tt All Fit Into a Time Capsule

If you've ever been a part of creating or even opening a time capsule you can attest to how fascinating they can be. A small part of history can be captured through the items inside: novelty toys, newspaper articles, and even handwritten letters. When you look through the items you are instantly transported back in time to that special moment, as if you were really there!

Now while we can't fit ourselves into a time capsule to be opened decades into the future, there is something else we can do to make sure that our lives makes an impression on the generations that are to come...create our own special kind of time capsule.

My name is Rory Siefer and I am a Family Biographer and founder of http://www.CatchMyMemory.com. Over four years ago I was inspired by the untimely loss of my own grandfather to find a way to help others pass on the stories about their life. As a family biographer I am hired by families to go interview a parent or a grandparent all about their life. Hundreds of hours later I publish a professional hardback biography for the whole family to cherish. I've helped stories from a former FBI agent and also the tales of an original Texas Rancher. One thing I've learned through it all-- we all have a story to tell!

Today I wanted to share some tips with you about creating a time capsule for a loved one who is getting older or even creating a time capsule for yourself! No matter the age we all have a story to save. Here a four items you should focus on if you are trying to save a life story:

What is Worth Saving?
1) Photographs
2) Stories
3) Personality Elements
4) Tributes

1) Photos: Don't lose the history behind the photographs. Bring out the old albums, boxes of photographs, and choose a few of the most important ones. Jot down notes on the back with a sticky note. Who else can identify the old relatives and special events better than your parents?
2) Stories: Save their voice, laugh, and record the memories just the way they want them remembered. Turn on a voice recorder around the dinner table or sit down after and create a mock-interview session. Let your kids ask them about their life. You'll be amazed at what you might learn.
3) Personality: Make an instant family heirloom. Have your loved one paint a picture, draw out their family tree, or even write a poem. Try to draw out a little bit of who they are with a fun family craft.
4) Tribute: Pay tribute to who they are and what they have accomplished. Collect letters that other friends and family members have written about your parents and read through the stories together. See how they have impacted others.

Most importantly, and what I hope you learn today is to put a system in place to make sure that those memories are never lost. Dedicate yourself to saving the history while you still can. While we can't fit ourselves or even a loved one into a time capsule, we can still save those stories so that they will live on forever.

If you need a little help getting started my StoryCatcher and PhotoCatcher kits have step by step instructions on how to save the life stories of a loved one. To learn more don't miss my website at http://www.CatchMyMemory.com.

Rory Siefer
Family Biographer
http://www.catchmymemory.com
rory@catchmymemory.com