Archive for the ‘Financial Issues with Seniors’ Category

How to Finance Long-Term Care

Posted on: February 6th, 2012 by aagingbetter

Care coordination can often feel like a juggling act.   Coordinating long-term care means taking into consideration many aspects, like care in the home care, medical care or necessary home modifications.  But if you are in the midst of coordinating care for yourself or a loved one, one of the most important items on your checklist should be financial planning.  Many people are confused as to what certain services cost and what is covered by Medicare, Medicaid or Long-Term Care insurance, which can lead to having insufficient funds for care needs.  Including financial planning in your long-term care planning will protect your retirement assets, reduce your dependency on family members or others, and help control what kind of care you receive.

Home care agencies, like AAging Better In-Home Care of North Idaho, are valuable resources to use when planning your finances because agencies such as ours can help you address what services are covered under different programs like Medicare and Medicaid.  When discussing financial planning with a home care agency be sure to:

  • Ask that they go over the various payment options.  Many people dealing with long-term care for the first time are under the impression that Medicare or Medicaid will cover the costs of all their care—which is not accurate in many circumstances.  Companies such as AAging Better In-Home Care can direct you toward the different governmental agencies that can help you begin the process of creating realistic financial plans for in-home care.
  • Ask about state programs.  Many states have special programs that offer funding to those with special needs and require home care.  Home care agencies know their state’s programs and should be able to identify if you or your loved one qualify for any special funding.  In some circumstances, these programs are available to residents regardless of income level.
  • Ask what can be covered by your insurance.  Some insurance plans include long-term care policies, which can subsidize the policy holder’s home care costs.

For more information about financial planning for your long-term care, contact AAging Better In-Home Care online or call us at (208) 777-0308 in the Coeur d’Alene, Post Falls or Hayden areas, (208) 263-7889 in the Sandpoint, Bonners Ferry or Priest River areas, or (208) 784-1505 in the Kellogg, Wallace or Pinehurst areas.

 

Senior scams to watch out for

Posted on: June 13th, 2011 by aagingbetter

Elder financial abuse costs older Americans more than $2.6 billion per year and comes in a wide variety of guises.  With many financial scams, the biggest red flag warning is being asked to send or give someone money.  Even worse is a request that you provide them with confidential financial information which then allows the scammer to gain access to your credit card or bank account.  If you or your elderly loved ones are ever asked for personal financial information by someone you aren’t familiar with, beware!  It is almost always a scam to get your confidential information which could end up costing you or your loved ones significant grief.  Here are some other things to watch out for:

Whether in mailings or on the phone, be aware of:

• A promise to win money, make money, or borrow money easily;

• A demand to act immediately or else miss out on a great opportunity;

• A refusal to send written information before you agree to buy or donate;

• An attempt to scare you or your loved one into buying something;

• Insistence on wiring money or having a courier pick up a payment; and,

• A refusal to stop calling after being asked not to call again.

Did you know?

• It’s illegal for companies that operate contests or sweepstakes to ask one to pay to enter or claim a prize or even suggest that chances of winning will improve if there is a purchase.

• It’s illegal for telemarketers to ask for a fee upfront to help get a loan if they guarantee or strongly imply that the loan will be made.

• There is no reason to give a credit card number or bank account number to a telemarketer unless a payment is actually being made with that account.

• If payment is required before getting detailed information about the offer, it’s probably a scam.

Here are three easy ways to reduce victimization of seniors:

Ask companies with whom business is done not to share personal information with other marketers.

Use a service such as Tonic Mailstopper (http://mailstopper.tonic.com) to stop junk mail from being delivered.

Know the “Do-Not-Call” rights. Under federal law, a telemarketer can be instructed not to call a number again.  Call 1-888-382-1222 or register online at www.donotcall.gov.

For further information on how to protect against elder abuse (or to obtain respite care or daily in-home care services), please call AAging Better In-Home Care at (208) 777-0308 in the Coeur d’Alene/Post Falls/Hayden areas, (208) 263-7889 in the Sandpoint/Priest River/Bonners Ferry areas or (208) 784-1505 in the Kellogg/Pinehurst/Wallace areas.  Or click on the “Contact Us” tab at the top of the website for an immediate reply via e-mail.

Financial Questions and Long-Term Care

Posted on: March 23rd, 2011 by aagingbetter

When planning for long-term care, it is important to investigate how long-term care needs will be financed.  How do you know what you can afford so you can make appropriate long-term care choices?

Here are a few questions to think about:

What are your assets? It’s important to establish roughly how much money you or your loved one have available in cash, investments, and/or Social Security.

Do you anticipate needing financial support? We’re living longer than ever, which means more people are outliving their retirement savings.  Do you believe you have enough to sustain yourself (or your loved one) for the rest of their or your life?  If not, how much support will you need?

What types of insurance do you have? Understanding long-term care policies or obtaining new ones to fill any gaps can save you time and money in the long run.  The younger individuals are when they purchase a long-term care insurance policy, the cheaper the policy will be.  If you wait until you actually need the policy, usually when you’re much older, the policy will cost much more.

Keep a record of all passwords and account numbers: Keep a copy of all important account numbers and passwords, along with the contact information of your financial advisers and lawyers. This will make it easier for a family member to sort out affairs if you become ill or pass away suddenly.

Have you signed a power of attorney? Designate and finalize the paperwork for a power of attorney (POA) so that you know there is a responsible person you trust to make decisions on your behalf in the event of a medical emergency.

Providing in-home care services in the Coeur d’Alene/Post Falls area and the rest of northern Idaho, AAging Better In-Home Care is happy to help with your long-term care planning needs and questions.  Contact us today at (208) 777-0308 in Coeur d’Alene and Post Falls or (208) 263-7889 in Sandpoint or (208) 784-1505 in the Kellogg area to find out more about what in-home care is all about.

 

Developing A Care Plan For The Future

Posted on: March 16th, 2011 by aagingbetter

Preparing a long-term care plan may seem daunting, but will help alleviate the burden if and when the time comes and it is necessary. Key things to consider when developing a long-term care plan are:

  • Start by identifying what types of care services may be needed. Sit down with family members and physicians and/or an AAging Better In-Home Care care manager and discuss what is perceived to be your loved one’s caregiving needs.
  • Next, outline the duties and responsibilities the caregiver will be required to provide. This helps to define the caregiver role that works best in your situation and will help clarify which type of caregiving situation is most appropriate for your loved one’s needs.
  • Compare and understand long-term care insurance options.
  • Communicate with family and friends and decide who can be counted on for help.
  • Establish clear legal directions.  A home-care company can help define these for you.
  • Focus on available finances.
  • Learn what is offered in your community.  Call the Area Agency on Aging for a list of home-care companies in our area.  That number is (208) 667-3179.
  • Make home improvements, like a ramp leading up to the front door, if necessary.
  • Take control of health and personal needs.

Asking the right questions is extremely important, as well as involving the senior who requires in-home care in the planning process.  After all, it is most often their home that the care will be given in and seniors want to maintain control of their environment and themselves for as long as possible.  For further assistance with eldercare planning in Idaho, contact AAging Better In-Home Care at (208) 777-0308 in Coeur d’Alene and Post Falls or (208) 263-7889 in Sandpoint or (208) 784-1505 in the Kellogg area.

You may also want to check out Medicare.gov’s Long-Term Care Planning Tool, which was created with the goal of helping people better understand what long-term care services are available, how much one can expect to pay for long-term care, and what financing options are available to support long-term care costs.  The tool asks between twelve and twenty questions and then provides long-term care results by comparing your answers to those of individuals with similar profiles. Click here to view the tool.

Is Home Care The Right Choice Now?

Posted on: March 9th, 2011 by aagingbetter

Although most people prefer to age in the comfort of their own homes rather than face a move elsewhere, home care is not always the most appropriate care choice for everyone.  However, since selling a home to move away is an unalterable decision, once completed, it is important to first explore the possibility of staying at home with in-home care.   So how do you determine if home care is a good choice for you or your loved one?

To help make an informed decision, first consider the loved one’s care needs and financial situation:

Care Needs: Does the senior require minimal or a lot of assistance with daily personal tasks such as bathing, grooming, medications and feeding himself or herself?  Is the senior able to walk and transfer from a bed or a chair independently or is a lot of assistance required?  Is the individual experiencing mental impairment such as with Alzheimer’s that might require around-the-clock care?  Is the senior able to call for assistance in an emergency situation or is total supervision and assistance needed?  Care should be taken to have a physician perform a complete assessment of medical conditions and prognosis to help determine future care needs as well.

Financial Situation: How will the care be paid for?  Non-medical home care is typically paid through private funds or possibly long-term care insurance if the senior had the foresight to buy this type of insurance.   Unfortunately, most seniors living today do not have long-term care insurance policies that would help them pay for in-home care.  Consequently, they often fall back on grown children to help them pay for the care they need at home.   Or if they meet low-income requirements, the senior may qualify for Medicaid or possibly veterans’ benefits if they happen to be a veteran.  If they are the surviving spouse of a veteran, they may also qualify for the Veteran’s program called Aid and Attendance.

Pros and Cons: Home is where the heart is, and with agencies such as AAging Better In-Home Care providing well-trained and compassionate caregivers  to ensure safety, socialization, proper diet and exercise, it’s no wonder that home care has become the first choice of 90% of seniors and disabled individuals who cannot care for themselves.  A member of the senior management team at AAging Better In-Home Care can help you sort out the implications of the answers to the above questions and help you determine if home care will be a viable long-term care option for your situation.

Providing quality, affordable in-home care services throughout the greater Coeur d’Alene area and northern Idaho, AAging Better In-Home Care has been caring for seniors and the disabled in the community for nearly 15 years.  Contact us today at (208) 777-0308 in Coeur d’Alene and Post Falls or (208) 263-7889 in Sandpoint or (208) 784-1505 for the Kellogg area to find out what makes us different. We will provide a free complete care assessment and provide suggestions for appropriate care for your unique situation.

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