Health Insurance

It is no longer surprising that with age, most seniors often experience increased limitations, the loss of certain abilities and require more assistance with the activities of daily living. It is equally unsurprising that one;s finances largely influence the types of services and long-term care available to that individual. An experienced financial planner for the elderly can provide the seniors and their families with invaluable advice on money issues and more, to help seniors find the appropriate solution to their particular situation. Some of the following questions a financial planner can address include: What type of long-term care can I afford? Will I outlive my assets? How much are all my assets worth? Can I make my assets create more income to meet growing expenses? What do I sell first? What are all my options? What is the cost of selling different assets? Do I have to sell my own house? Are there other financing alternatives? What impact will this have on my spouse and dependents? Is it too late to do any estate planning? What about inheritance issues?

Listening to Your Needs - Financial planners can assist you in understanding and evaluating your decisions, which will help you avoid confusion, frustration, major errors and family dissension. Financial decisions are more than just above money matters, I know from experience how difficult it is for everyone involved. Making major financial decisions can be even more daunting when you don;t have the detailed knowledge, time, experience or ability. What are the potential impacts and benefits of making o0ne decision over another? So what are the requirements to execute such decisions? Financial planning for senior care begins with acknowledging and considering all present and possible future situations you might encounter. This can be very difficult as it requires both forward thinking as well as transitional realism. By ” transitional realism, ” I mean being realistic about your changing needs, and the impact of those needs on your life as well as the lives of your loved ones. When evaluating your needs, a financial planner should consider:

Personal care, do you need assistance with activities of daily living? Services, what types of long-term care services do you require? Safety, are there specific concerns regarding safety? Transportation;are there physical or financial considerations? Priorities, what are your limitations and desires? Interpersonal relationships;how will financial decisions affect your loved ones? Following is a list that comprises the elements you should consider in identifying and evaluating your needs. You may want to think about these things before talking to a financial planner to ensure the time you spend in conversation is well spent. If you have questions about any of these elements, a financial planner who works with the elderly will be well versed in all of these issues and should be able to address any concerns. Financial needs Insurance coverage and limitations Income sources Expenses (present and future) Assets availability Real estate needs Human resources: home health care, personal and quality-of-life issues After you’ve identified your needs, think about the resources that you will need, and the ones that you already have at your disposal.

This can help you in developing a plan of action. Make a list of the following resources that you might need: Public resources, including prepared food services, community activities, religious and charitable assistance/support, etc.Private resources, including family members and/or homecare caregivers. Planning always make a huge difference in finding the best solutions. Knowing all of your needs and resources is paramount before making any major financial changes. Financial decisions generally should be holistic in nature, therefore recognizing that everyone, seniors and caregivers, all have different needs and resources, unique to their particular situation. Making financial decisions based only on your present situation, without full consideration of everything, can have disastrous results.

In my first article, I have talked about what a geriatric care manager like me does and when exactly to consider getting a care manager. My following missives will be guided by your feedback, so please be in touch! Now, caring for an elderly loved one can be frustrating, overwhelming and confusing. There are many emotional pulls and no single easy solution to any situation you may be facing. Even if one feels that he or she is moving in the right direction, other family members and/or friends may disagree on a route or decision even as a situation moves into a crisis mode. Ask Yourself: How do you choose the best form of long-term care, the right living situation? How do you find the time to make phone calls, contact government agencies and visit alternative living facilities? How do you know which local facilities have a good reputation and whether they might be a good match for your loved one?

We have all been novices in learning a new craft or job, or in moving into a new phase of our lives. Like those skills, the many aspects of caring for an elderly loved one can be learned. You may be thinking, ” Well, I am learning how and feel fine making decisions, and I am coping. ” Should that be the case, great and congratulate yourself then. Others of you read the above questions and think, ;Yikes! Help me, and fast!; Or, ” I could figure this all out, but I would rather not. Let someone else give me a hand. ” If all these responses sound just like you, consider calling in a geriatric care manager to work with and guide you. Those who belong to the first group might want to consider a consultation to help determine if there are other angles or aspects of the situation you are involved in that could be considered.

A helpful care manager acts as a consultant, problem-solver, and advocate. She will meet with you and your loved one and sensitively and thoroughly assess his or her overall situation. She will look at the whole person, addressing quality-of-life concerns as well as practical considerations. She will then develop a plan that will enable you to choose the optimal form of senior care, and make the necessary contacts for you. She can arrange for care at home or accompany you as you visit nursing homes and assisted living facilities and arrange for placement. An excellent care manager will talk and coordinate your loved one’s care and act as a liaison with family, friends and health care providers, now and in the future. She will also provide support and counseling for you and the family, as well as for your loved one, as you deal with these difficult and stressful transitions. A good geriatric care manager will be there for you and your loved one every step of the way, helping to make your lives as stress-free as possible, while ensuring the best and highest quality of life possible at all times. It is my pleasure to meet each and every one of you. I look forward to getting to know each other through our struggles and triumphs.

To be able to determine the right hospice care you or a loved one might require when the end of one’s life draws near may seem like a daunting task to take on during an already difficult time. In a recent blog describing hospice and palliative care, I have recieved many replies from readers who would like to know how to choose a hospice care program that is right for them. A lot of these readers have shared some of their experiences with me with regards to hospice care, some good, and others bad. I’ve compiled some tips from industry experts to help take the guesswork out of choosing a hospice.

One of the first things to remember when beginning your search for hospice care is to realize that a hospice are first and foremost a business, and while a well-intended business, they want yours. That said, it’s important to ask questions and get answers before committing to anything. Differences between hospices are often hard to determine as they tend to provide similar services. While memberships in state hospice organizations and The National Hospice and Palliative Care Organization (NHPCO) may sound impressive, these are available to any hospice. What does matter is that a hospice is Medicare certified, as Medicare provides the baseline requirements for quality care. To qualify for Medicare certification, hospices must offer 16 separate core and auxiliary services. The core services include nutritional services, doctor services and bereavement counseling. Continuous homecare, physical therapy, medication administration and household services are all examples of auxiliary services. Also important is whether a hospice will accept your insurance. The Hospice Blog offers some great advice and tips that will help streamline the search process for you. First, find out who owns the hospice agency you are considering, and what the owner’s background is. Is the hospice service nonprofit, for profit or government operated? The type of ownership may influence the services a hospice patient receives. And talk to the administrator when contacting a hospice.

Face it, the administrator has the full authority to say yes or no to anything the hospice office assistant or hospice employer has promised you. Once you have found a hospice that meets your needs, make sure it is the home office, rather than a branch. In general, the nurse who reside at the home office has the most access to the person who is in charge. Branch offices usually do not have employees who make financial or business decisions. Finally, before choosing a hospice, find out where the on-call nurse lives. If the nurse lives far away from the patient requiring hospice care, the response time will take longer.