Unfortunately, caregivers are financially burdened by their caregiving duties. While caregiving creates a financial burden, caregiving has a big impact on work and life. Most caregivers are working, either full or part-time, or have worked at some point while caregiving. It is estimated that more than 60 percent of working caregivers have made adjustments to their work schedule, such as leaving early, arriving late, or taking time off. With the current financial situation, can you afford to loose your job because you are worried about your loved one? Caregivers also report they have less time for family or friends, have…
Transfers of Assets: States are required to have provisions regarding transfers of assets for less than fair market value under sections 1902(a)(18) and 1917(c) of the Act. A State Medicaid plan must provide that, if an institutionalized individual or the spouse of an individual transfers assets for less than fair market value after the “look-back” date defined in the statute, the State will calculate and impose a period of ineligibility. Medicaid payment is not available for the long-term care services the individual receives during the period of ineligibility, although the individual remains eligible for Medicaid coverage of non-long term care…
In April 2011, as part of its 2012 budget resolution, the U.S. House included a proposal to reduce Medicare spending by transforming the program into a system sometimes called "premium support" or vouchers. Such an approach also has been a central element of other proposals by national leaders seeking to reduce the federal deficit and national debt. This Kaiser Family Foundation brief reviews the evolution of the premium support concept, examines key policy decisions and issues that would affect its impact, and considers the implications for both Medicare and beneficiaries' out-of-pocket spending. It looks at several key issues, including…
Seniors are the second age group most likely to commit suicide in the United States, with senior white men topping the demographic list. Generally, a suicidal crisis involves three characteristics: People believe that the emotional or physical pain they are experiencing is intolerable, inescapable and interminable. Therefore, people with a wish to commit suicide, need to be counseled in feeling more in control, able to change their circumstances and able to understand that the situation will not last forever. Socially isolated individuals are considerably more vulnerable than integrated or people with partners. Consequently, family and friends should observe for signs…
Prescription drugs are of particular concern. In a recent survey, 49% couldn't name a single drug their parents took. Ask parents about their medications and, if necessary, do research, experts say. Find out the dose, what it's for, who prescribed it and why. People 65 and older account for about a third of all medications prescribed in the U.S., according to the National Institutes of Health, and older patients are more likely to have long-term and multiple prescriptions, which could lead to unintentional misuse. "It's kind of a never-ending process for caregivers," says Sandy Markwood, head of the National Association…
In a recent USA Today article called “Most Baby Boomers Lack A Plan To Care For Parents” a majority of Baby Boomers say they are likely to become caregivers for their parents, but only half can name any medications their parents take, a new survey shows. The survey of 600 adults ages 45 to 65, conducted for the Home Instead Senior Care network, also found: •31% don't know how many medications their parents take. •34% don't know whether their parents have a safe deposit box or where the key is. •36% don't know where their parents' financial information is located….
As we and our loved ones age, we put a lot of effort (and resources) into making sure a hospital bed is available when needed. New research shows that while that hospital bed may sometimes be necessary, getting up and out of it as quickly as possible is key to recovery. As it turns out, the hospital bed is a huge contributor to old-age infirmity, as studies prove that bed-rest and immobility slow healing and stunt recuperation. A recent New York Times column, “The New Old Age” covered the results of a study conducted by University of Texas physician, Dr….
Growing numbers of families are compensating relatives who serve as caregivers. According to a report by the National Alliance for Caregiving and AARP, 43.5 million Americans looked after a friend or relative age 50 or older in 2009, 28% more than in 2004. In a survey conducted for Home Instead Senior Care, a home-care franchiser, nearly 7% of respondents said they receive compensation for providing care to a relative. Feeding this trend is the high unemployment rate, the costs of nursing-home care, and the 2006 changes in Medicaid law that affects asset protection strategies. Some 37% of caregivers surveyed by…
We work with many qualified financial planners to assist clients with comprehensive estate and financial planning. But we don’t work with everyone, and sometimes we see unscrupulous sales methods employed that take advantage of trusting clients, particularly the elderly. Just such a case is brewing now in Indiana, where an insurance brokerage was disciplined for the unauthorized practice of law – and is now the defendant in a class-action lawsuit. According to insurancenewsnet.com, the insurance brokerage used estate planning as the hook for a lucrative business selling other insurance products, including annuities. Sadly, this is not an unfamiliar tale….
Caring for an aging loved one can be emotionally and financially difficult. Unfortunately, the ordeal is frequently exacerbated by healthcare problems ranging from issues with the physician to end-of-life or funeral decisions. Having recently dealt with the loss of her father, writer Jennifer Openshaw of The Wall Street Journal offers five tips on caring for elderly loved ones Fire Your Doctor. Well, you may not have to fire your doctor, but realize that you can – and maybe you should. Many people don’t realize they can just fire a doctor who is not providing the care and attention their…
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