Archive for the ‘ Senior Citizens ’ Category

How to Help Aging Parents Without Going Broke


The stress involved in being a care provider for your parents is twofold: You want to make sure they’re not in pain, while making sure that you don’t hurt yourself financially. The balance is a delicate one.

Almost a third of adults ages 40 to 59 have provided financial support to a parent in the previous year, according to a recent Pew Research report. If you’re in that situation, see what you can do to help without burning through your savings or going into debt.

Understand your parents’ finances 

If you’re not used to asking your parents about their money situation, this can be a hard topic to broach. But it’s necessary. You want to know upfront about how far their funds will take them, including retirement savings, pensions and Social Security payments. A more important question is: Can they afford assisted living or a nursing home, should that become necessary, and for how long? Also check their insurance coverage should they need expensive drugs or extended hospital care.

Evaluate health coverage

Make sure your parents will have a way to handle future health costs. Although Medicare can cover hospital, medical and prescription drug costs, there are limits, and some expenses may need to be paid out of pocket. Look into options like the Medicare Savings Program for your state, and also use the National Council on Aging’s free service, BenefitsCheckUp.org, to see what other help may be available to your parents.

Get professional advice

Once it’s clear that your parents will need more help soon, get a geriatric care manager to assess the situation. These professionals work with families to determine the best course of action for quality of life in terms of housing, legal services, home care and other assistance. Who is best fit to hold a power of attorney for your parents, for instance, is an issue they can help you sort out.

Get family involved

If you’re not an only child or if you have family members who can help, don’t try to do it all on your own. It can burn you out, and sharing the financial costs with other relatives can help ensure that it’s a family effort.

Consider hospice care

Sending your parents to a nursing home might not be the best option. If a parent has a terminal illness, hospice can be a good alternative, and Medicare or Medicaid may cover all the costs, including care, medicine and other supplies. You’ll have to make sure the arrangement is approved through your parent’s health coverage. Also note that any conditions unrelated to a covered illness may not come under hospice benefits.

By checking on programs and services that can help your parents, you can make supporting them financially a last resort instead of your first.

Source: NerdWallet, Inc.


Worried about not having money set aside as an emergency fund or for medical expenses? Consider looking into a Members 1st Goal Savings Account! Goal Savings Accounts allow you to choose what you are saving for and name your account. Set the dollar amount and target date for your goal. Save, track and reach your goals!

Medicare Advantage Enrollment Is Coming!


Are you on Medicare? Don’t forget– the Annual Enrollment period is coming up soon! From October 15 – December 7 you have the chance to make changes to your Medicare Advantage (Medicare Part C) or Medicare Prescription Drug Coverage Plan (Medicare Part D) for the following year. There are many reasons why a different Prescription Plan or Medicare Advantage Plan could be a better fit (perhaps your health has changed). Since premiums and benefits for most plans are changing for 2015, you may want to take a moment to evaluate if your current plan will best meet your needs for the coming year.

If you’re concerned about your choices and need some guidance, Members 1st Insurance Services can help. Call me at (800) 283-2328, ext. 6269. I’ll help you better understand your Medicare options, help you find a plan that fits your budget and lifestyle, and ensure that you’ll avoid any late enrollment penalties.

 

Guest Blogger: Ben Lausch, Health Benefits Specialist, Members 1st Insurance Services (reprinted from the September/October 2014 edition of Avenues)

Preventing Elder Financial Abuse


Stop-Elder-AbuseThe Commonwealth of Pennsylvania ranks fourth for states with a high percentage of elderly residents. This year will bring more instances of elder financial abuse, with annual losses expected to approach $3 billion.

Senior citizens are favored targets for many types of fraud and scams including those related to identity theft, telemarketing, charitable donations, the lottery, investments, utilities and home repairs. It often goes hand-in-hand with other types of abuse and neglect such as verbal/ emotional abuse, physical abuse and neglect of care. The financial, verbal and emotional abuse of actor Mickey Rooney from a few years ago certainly raised awareness that anyone could be a victim. Cases like this commonly involve a trusted person in the elderly person’s life such as a caretaker, family member, neighbor, friend, nurse or even pastor.

The Pennsylvania House Aging & Older Adult Service Committee has been actively reviewing proposed language to ensure older Pennsylvanians are afforded the maximum protections from abuse, neglect, exploitation and abandonment. If you have any of the following concerns, you may be vulnerable to financial abuse:

  • You don’t understand the financial decisions that someone else is making for you.
  • You have trouble paying bills because the bills are confusing to you.
  • You are pressured by your children or others to give them money.
  • You don’t feel confident making big financial decisions alone.
  • You find yourself giving loans or gifts for more than you can afford.

Be particularly aware that significant abuse may easily occur through a power of attorney, so choose your agent wisely. If you don’t have a close family member or friend that you trust to manage your finances, you should consider asking a trusted financial advisor, attorney or accountant.

If you’re concerned about protecting a loved one, make sure to speak with and visit them regularly. Pay attention to the relationships  that your loved one has with family members, neighbors, aids, and others. If he or she is frequently going to the credit union or bank with another person, find out the reasons for these trips.

If you feel that you are a victim of financial elder abuse, our Loss Prevention Team is here to help you. Please contact us at (800) 283-2328, ext. 5202. It’s also important to report your concerns to the Department of Aging. Call the Pennsylvania Elder Abuse Hotline at (800) 490-8505 or visit www.aging.state.pa.us.

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Guest Blogger: Frank Serina, VP of Risk Management/Security Services (reprinted from the July/August 2014 edition of Avenues)

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