Posted by Lauren Batalka on Fri, Jul 22, 2011
Financial Planning
Planning for retirement is difficult because everyone is chasing an uncertain and changing target. Money needs to last longer and cover more as a result of people living longer. As family members age or become ill, loved ones are often forced to make many daunting decision for which they never planned.
Without proper preparation, paying for health care or long-term care, especially when it is unexpected, can deplete a person’s lifetime savings in a few years or even months.
Here are some considerations:
Anticipate Assets- Project what you expect to have in terms of assets and cash flow when you retire. Make sure to include Social Security benefits, pension plan income, money invested in retirement saving plans, and survivorship benefits. When tallying your assets, distinguish between “gross worth” and “net worth.” Focus on net worth, the amount of cash available after liquidating one’s assets and paying taxes and commissions.
Contemplate Medical History- Based on family health history and personal health, project how long you expect to live, and what type of health-related challenges might be reasonable to anticipate.
Factor in Lifestyle- Give consideration to your lifestyle choices (e.g. smoking, alcohol, diet, exercise) and where you plan to live. Make sure to consider if you plan to move when you retire in order to be closer to family or for a change in climate.
Consider Living and Care Arrangements- Assess the various living environments and care options (medical and non-medical) to get an idea of the costs you might incur. Also, let family members know your preferences so they are in a position to carry out your wishes when changes are needed.
Project Expenses- Develop a best-guess budget, taking into consideration everyday expenses, projected lifestyle, liabilities (e.g. outstanding mortgage, care loans and other debt), anticipated health care and long-term care costs, prescription drugs, and more. Also, make sure to factor in travel, new cares and gourmet dining, which can be long-denied luxuries that many people treat themselves to in their retirement years.
Make Changes- Compare the projected assets and cash flow with the projected expenses and liabilities to determine at what point in time outliving your assets may become a concern. Make changes as necessary, such as increasing savings or reducing current expenses.
Seek Professional Advice- Be aware that there are many financial and legal options and strategies. Addressing one’s affairs and wishes can be quite personal. Make sure to work with legal and financial professionals who are reputable and trustworthy. Also, make sure to review your retirement plans and legal documents every couple of years, or sooner, based on life changes.
To learn more about Home Helpers, click HERE.
Posted by Lauren Batalka on Thu, Jul 07, 2011
It’s mid-summer and most people are busy with their vacations. What do you do when you’re the primary caregiver for your elderly parents? The article below, from the Department of Health and Human Services, outlines respite care options, which allow caregivers time to relax and recharge.
What is Respite Care?
Millions of Americans provide unpaid assistance each year to elderly family, friends, and neighbors to help them remain in their own homes and communities for as long as possible. Sometimes these caregivers need time off to relax or take care of other responsibilities. This is where respite care can be helpful. It provides the -family caregivers with the break they need, and also ensures that their elderly loved one is still receiving the attention that he or she needs.
Respite care is not all the same. Respite can vary in time from part of a day to several weeks. Respite encompasses a wide variety of services including traditional home-based care, as well as adult day care, skilled nursing, home health, and short term institutional care. More specifically respite care may take any one of the following forms:
- Adult Day Care: These programs are designed to provide care and companionship for frail and disabled persons who need assistance or supervision during the day. The program offers relief to family members or caregivers and allows them the freedom to go to work, handle personal business or just relax while knowing their relative is well cared for and safe.
- Informal and Volunteer Respite Care: This is as simple as it sounds. It is accepting help from other family members, friends, neighbors, or church volunteers who offer to stay with the elderly individual while you go to the store or run other errands. Sometimes your local church group or area agency on aging (AAA) will even run a formal “Friendly Visitor Program” in which volunteers may be able to provide basic respite care, as well. Many communities have formed either Interfaith Caregiver or Faith in Action Programs where volunteers from faith-based communities are matched with caregivers to provide them with some relief.
- In-home respite care: Generally speaking, in-home respite care involves the following four types of services for the more impaired older person:
- Companion services to help the family caregiver supervise, entertain, or just visit with the senior when he or she is lonely and wants company.
- Homemaker services to assist with housekeeping chores, preparing meals, or shopping.
- Personal care services to help the aged individual bathe, get dressed, go to the bathroom, and/or exercise.
- Skilled care services to assist the family caregiver in tending to the senior’s medical needs, such as when administering medications.
How Do You Pay for Respite?
The cost of respite care varies with the type of agency and the services needed, but federal and/or state programs may help to pay for it. Long term care insurance policies may cover some of the cost of respite care. Your local AAA will have more information on whether financial assistance is available, depending on your situation and where you live.
Can the National Family Caregiver Support Program Offer Respite?
The enactment of the Older Americans Act Amendments of 2000 (Public Law 106-501) established an important program, the National Family Caregiver Support Program (NFCSP). Funds have been allocated to states to work in partnership with area agencies on aging and local and community service providers to put into place multi-faceted systems of support for family caregivers. A specific component of these systems is respite. That could include, for example, respite care provided in a home, an adult day-care program or over a weekend in a nursing home or an assisted living facility. For more information on the NFCSP visit the Administration on Aging website athttp://aoa.gov/AoARoot/AoA_Programs/HCLTC/Caregiver/index.aspx.
How Can I Ensure that Respite Care is Quality Care?
When evaluating a respite care program, family members should check to see if it is licensed by the state where they live (where required) and if the caregivers have the qualifications necessary for the job. They can ask respite care program managers the following questions to assess their credentials:
- Are families limited to a certain number of hours for services needed?
- Can the provider take care of more than one person at a time?
- Can family members meet and interview the people who will be providing the respite care?
- Does the program provide transportation for the caregiver/senior?
- Does the program keep an active file on the senior’s medical condition and other needs? Is there a written care plan?
- How are the caregivers screened for their jobs?
- How are the caregivers trained? Do they receive extra training, where appropriate, to meet specific family needs?
- How are the caregivers supervised and evaluated?
- How much does the respite care cost? What is included in the fee?
- How far ahead of time do family members have to call to arrange services?
- How do the caregivers handle emergencies? What instructions do they receive to prepare them for unexpected situations (being snowed in or losing power during a thunderstorm, for example)?
- Are the caregivers insured and bonded?
- How is the program evaluated? Are family members contacted for their feedback? If so, review their comments!
Second, when interviewing an in-home respite care aide, you may want to ask these questions:
Where Can I Learn More About Respite Services?
The following organizations provide useful information to caregivers on a variety of topics including respite:
The Alzheimer’s Association provides education and support for people diagnosed with the condition, their families, and caregivers. To find a local chapter closest to you or to order a copy of the association’s respite care guide visit their website at http://www.alz.org or call 800-272-3900.
The Family Caregiver Alliance runs a resource center and publishes fact sheets and a newsletter with tips for family caregivers. The organization can be reached by calling 1-415-434-3388 or visiting its website at:
The National Alliance for Caregiving is a joint venture of several private and governmental agencies. The alliance web site provides useful information and links for caregivers. You can contact this resource by visiting its website at:
Information concerning adult day services can be obtained from the National Adult Day Services Association at (703) 610-9005 or by visiting their website at:
To learn how Home Helpers can help you with your respite care needs, click
HERE!
Posted by Frank Esterle on Fri, Jul 01, 2011
Your loved one was recently diagnosed with Alzheimer’s disease and you’re probably wondering what you’re supposed to do now.
It’s important to take some time to digest the information. Understand that your loved one’s Alzheimer’s may progress slowly, over time. You may have many good years ahead with your loved one. Take time to discuss what you both want to do to enjoy the time that you have together.
After you’ve had time to come to terms with the diagnosis, it’s important to consider the following:
- How will relationships change with family, friends, and co-workers?
- How is your loved one coping with memory loss and changes?
- What is the impact of the diagnosis on your loved one’s career, family role, social engagement and/or finances?
- What is the impact of the diagnosis on your loved one’s ability to drive?
- What is the impact of the diagnosis on your loved one’s ability to work?
Do’s & Don’ts:
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Do
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Don’t
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Allow your loved one time to share his/her feelings/thoughts
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Assume that your loved one is incapable of making decisions
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Be patient
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Assume that your loved one will remember what you have discussed
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Use reflective listening
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Move immediately into problem solving
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Use a soothing tone of voice
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Do not jump into conclusions
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Ask questions to explore your loved one’s concerns
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Do not say, “Don’t cry” “It can’t be that bad” “It will work out
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Treat your loved one as an independent, viable person
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Talk to your loved one as if they are incapable of understanding
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Talk slowly and clearly –giving your loved one time to process information
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Talk quickly or jump from one subject/question to another
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Allow time for responding to questions
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Fill in words or finish their thoughts
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Allow time for telling friends and family
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Force your loved one to tell people about the new diagnosis unless they are comfortable with it
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Look into support groups
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Assume that their progression will be the same as others
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One of the best things you can do for you and your family is to get legal, financial and care plans in place. Doing so allows you to participate in making decisions and ensures your family won't be forced to make them for you in a crisis situation.
Plan for the future now!
For more information, visit the Alzheimer’s Association.
Click HERE for more information about Home Helpers.