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What is a Continuing Care Retirement Community?

What is a Continuing Care Retirement Community?

There are three distinct living phases associated with a continuing care retirement community (CCRC). The first is independent living when a resident enters into the community with few if any disabilities requiring limited assistance. In this phase of independent living, community residents typically take advantage of the broad range of social, physical, and intellectual offerings. The second phase is assisted living, which includes long-term personal senior care support services that include help with activities of daily living like medication management, bathing, meals, dressing, and transportation. The third phase is nursing home care, also known as a skilled nursing facility. This third phase addresses a resident’s requirement for 24-hour monitoring and medical assistance in the case of serious injury or severe illness. Nursing home care locations within the CCRC are usually located near an associated hospital if the need arises for acute care or hospitalization. The linked three phases of a CCRC provide a continuum of care so that a resident can spend the rest of their days moving between the levels of care as needed. 

These residencies are also referred to as life plan communities, active adult community homes, and lifetime communities. CCRC’s vary from state to state and have no licensing by one oversight entity. There is no reliable data as to how many seniors are living in CCRC’s, but it is evident that continuing care within one inclusive community is gaining popularity. One way to distinguish a well maintained and safe CCRC is through the Commission on Accreditation of Rehabilitation Facilities (CARF). This organization is America’s only accrediting body for these types of communities and is an independent, non-profit organization focusing on advancing the quality of services to meet the residents’ needs and provide the best possible outcome. The Continuing Care Accreditation Commission, also known as CARF-CCAC, is a valuable reference when researching a move into a CCRC.

Opting to live in a CCRC is a costly senior housing option and requires due diligence and careful financial planning optimizing the experience. Payment plan specifics are different at each CCRC; however, an entrance fee is required. These entrance fees can be as little as $10,000 and as expensive as $500,000. Most CCRC’s do not allow ownership of the residence; however, a monthly maintenance fee requires additional monies ranging between $200 and $2,000. The residence is just one part of the contract negotiation. Health care coverage and costs are typically broken down into three fee schedule options. The first is an extensive contract, which is the most expensive. It provides the resident with unlimited access to healthcare with little or no monthly maintenance fee increases. The second is a modified contract which offers a resident unlimited access to healthcare, but health care is paid for as needed, and monthly maintenance fee increases offset this pay for health care as needed approach. The third is a fee-for-service contract, and while it seems like a conservative spending approach if the aging resident eventually requires extensive healthcare, it is costly. This fee schedule option allows residents to pay for all health care costs separately.

Websites that offer advice on senior living options like aPlaceforMom suggest that the admission agreement for a CCRC should cover 

  • The three residence phases
  • Fee schedule options
  • Health care coverage
  • Cancellations and refunds
  • Services
  • Insurance requirements
  • Conditions for transfer within the community to other levels of care
  • What the CCRC’s responsibility is if a resident becomes unable to pay fees.

Contract review by a trusted lawyer or financial advisor is of the utmost importance. Contracts should include a clause that addresses refunds in the event a resident leaves the CCRC and, like the fee for service health care options, most CCRC’s have multiple agreement choices that offer varying degrees of refundability. In the past, most continuing care retirement communities were non-profit organizations, but today, many CCRC’s are a for-profit business. Check into the possibility that the business entity of your retirement living arrangement may one day be sold and understand how that would affect a residential contract.

It is essential to ask relevant questions when researching a particular continuing care retirement community, such as:

  • What if assisted living and nursing home facilities that are part of the CCRC are full when I need them?
  • Is there a reciprocal agreement between the CCRC and nearby communities?
  • What type of background checks are done for staff members?
  • What is the staff-to-patient ratio in each phase of living?
  • How can a resident participate in the organization’s decision making? 
  • What type of memory impairment (or dementia) services are available?

The above questions are good starting points to learn everything possible about a particular CCRC. Some items will be specific to your health, financial situation, and family relationships. We often help families with determining the right type of living situation for senior family members.  If we can assist you or a loved one, please don’t hesitate to reach out by calling us at 1.800.660.7564 or by emailing us at info@covertlaw.com.

What to Include in a Letter of Instruction

What to Include in a Letter of Instruction

A letter of instruction can be a beneficial piece in estate planning. It is an informal document that will give your loved ones important information about personal and financial matters after your death. Letters of instruction are not legally binding and do not replace your need for a will or a living trust, however it can be a nice complement to those documents. The informal nature allows you to create the letter on your own and change it whenever necessary. It is important to keep the letter up to date, as life circumstances change over time. Let’s look at some of the information that may be included in a letter of instruction.

1. Funeral and Burial Arrangements

The first thing you may want to include in your letter of intent is information about your funeral and burial arrangements. Be sure to include any plans you’ve already made, or what your wishes are as this can be very beneficial to grieving family members. Information about the type of funeral service you’d like, including who should officiate the service and special things to be included like music selections, can be a part of your letter of instruction. If you prefer to be cremated rather than buried, be sure to include that in your letter.

Another helpful inclusion would be a list of people you want to be contacted when you pass, and contact information if available. You may also include your wishes for donations to specific charities in your memory.

2. Financial Information

Information about your bank accounts, assets you hold title to, and other accounts can greatly help family members when trying to carry out the provisions of your estate plan. Be sure to include names and phone numbers of professionals who can help locate your accounts or who helped you plan. The location of other important documents should also be included with the letter of intent. These could include but are not limited to birth certificates, social security account information or statements, marriage license, divorce documents, and military paperwork. In addition, be sure to leave behind information related to mortgages and other debts.

3. Digital Information

These days, many of our accounts have transitioned to the digital world. Therefore, leaving behind information about your digital assets in your letter of intent becomes more important. This should include usernames and passwords for digital accounts, social media accounts, and the devices themselves. It is important not to leave family members guessing on this information.

4. Personal Items

Personal items can be a source of contention among family members when a loved one dies. A letter of intent can provide details about who will receive personal effects, including collections, important personal items, and other things that may not have monetary value, but do have sentimental value. In this section you can also include information about the care of the pets you may leave behind. This section of your letter may include personal statements about your wishes and hopes for the future and can address specific family members.

A letter of intent can be a very real source of peace and comfort to your family members in their time of grief. It can be difficult to think about getting started on a letter of this nature, as none of us like to think about our own death. However, if you consider the items to include and create a plan, a letter of intent can often write itself. Taking this step can alleviate much stress and many family squabbles about what you leave behind.

A letter of intent is an important piece of your overall estate plan and should be written with the help of an attorney to make sure the letter compliments and does not contradict your estate plan. We also offer to all of our clients their own private, secure Client Portal where they can give their loved ones access to some or all of their important documents.  If you would like help creating your estate plan or a letter of intent, please feel free to contact us by calling us at 1.800.660.7564 or by emailing us at info@covertlaw.com.

Does Home and Community Based Care Reduce Hospitalizations?

Does Home and Community Based Care Reduce Hospitalizations?

The US Department of Health and Human Services (HHS) projects the number of Americans in need of long-term care (LTC) by 2020 to be roughly 12 million with nearly half those seniors exhibiting some form of dementia. According to Forbes.com, about half of all long-term care insurance claims are from policyholders living with dementia. The federally run program Medicaid is the primary financing mechanism of LTC where most of the monies are spent on institutional care settings which are ill-equipped to handle an increasingly large and longer living elderly population. Federal initiatives have been incentivizing States to utilize Medicaid home and community-based services (HCBS) waiver programs to address the growing long-term care needs of aging Americans. This shift to home and community-based services is often seen as having an obvious benefit. HCBS is seen as an easy fix to offset the increasing demands for long-term care. Evaluation of health outcomes, social equality, and the costs of both settings is necessary to create the most beneficial and efficient systems to care for the aging.

Compounding the complexity in evaluating HCBS versus institutional long-term care is the statistical breakdown of racial and minority ethnic groups, as well as people living with dementia. Racial and minority ethnic groups and dementia sufferers as a whole use these Medicaid services more than non-minority groups. Regardless of the group, people living with dementia tend to need the highest-intensity care. While hospitalization rates for HCBS and nursing facility residents remain similar, nursing facility residents were, in general, older and sicker than their HCBS counterparts. 

If home and community-based care does not lessen rates of hospitalizations and may create potential implications for inequality in access to high-quality nursing care facilities, policymakers may need to reconsider the full costs and benefits of shifting care. In nursing facilities, even elderly, dual-eligible Medicaid beneficiaries who tend to be older and have more chronic health conditions are not more likely to require hospitalization than those in home and community-based care. Therefore, since sicker nursing facility residents with more serious health issues and their home care counterparts have similar hospitalization rates, it would seem that HCBS is not lowering the rates of hospitalizations. 

McKnight’s.com reports a group of researchers at the University of Chicago are citing why hospitalization rates do not decline under home and community-based care. The majority of home care residents receive help at the hands of untrained caregivers in non-facility settings. Even with appropriate tools available untrained caregiving leads to more undesirable health outcomes. Unsurprisingly, patients living with dementia, who generally require the most intense care, had higher hospitalization rates due in part to living in an unsecured facility and the inability for a caregiver to provide non-stop oversight which is a hallmark need of a person living with dementia.  

Medicaid long-term care expenditure is reflecting this shift to home and community-based care, with nearly 60 percent of spending for HCBS. Because hospitalization rates do not substantially decline and inequitable health care for minorities increases while the majority of the budget is expended in the HCBS program it is time to rethink the quality of care and health outcomes and efficiencies of the program. Skilled nursing providers in a facility setting provide better care for all regardless of level and type of sickness, and racial and ethnic groups.

Education and expertise in industries, whether medical, legal, or health care occurs because each field requires a unique skill set to drive optimal outcomes. Understanding how long-term care needs affect an individual’s retirement plan under Medicaid or dual-eligible status Medicare/Medicaid, is pertinent for both positive health outcomes and financial well-being. Please don’t hesitate to contact us to discuss your needs and how to plan for long term care by calling us at 1.800.660.7546 or by emailing us at info@covertlaw.com.

Protecting your child’s inheritance

Protecting Your Child’s Inheritance

Estate planning for the future inheritance of your children and grandchildren should include protective measures to keep assets from disappearing or being claimed by a creditor. A simple way to achieve inheritance protection is through a trust. A trust can pass your wealth bypassing probate. This allows specific trust provisions to ensure the money left to a beneficiary is neither squandered or through ill-advised spending or divorce action of the beneficiary.

Divorce is one of the primary obstacles to contend with when trying to minimize issues of wealth transfer and preservation. High divorce rates, especially among aging Americans, can make an inherited trust vulnerable if the property becomes commingled with the marital estate. Single and married children, as well as grandchildren of inherited wealth, should always maintain inherited assets and property as a separate entity whether as a trust or direct individual inheritance. Before any marriage, a pre-nuptial agreement should be signed to protect previously inherited wealth and the potential of future inheritance.

 

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Whether your child or grandchild inherits an existing trust or establishes their trust after a direct bequeath, the terms of the trust can limit the potential problem of future loss of inherited monies or assets due to the possibility of lawsuits and creditor claims. A properly drafted trust can protect assets from legal action in the event your child is sued. A trust also protects the trust maker and the beneficiaries from the public process of probate. Anyone can research probate court records and determine how much your estate was worth, what you owned and how you chose to divide it.

If you believe your adult child has limited aptitude to manage money properly and might squander your grandchildren’s inheritance, then draft a will or trust that earmarks a dollar amount or percentage of the estate for those grandchildren explicitly. As an example, the will or trust can also specify that these inherited assets be allocated solely for a grandchild’s college education or wedding. 

Another financial vehicle with some overspending controls is a “stretch IRA.” This inherited individual retirement account (IRA) has a required minimum distribution (RMD) that stretches over a more extended period based on the inheritor’s life expectancy. A monitored minimum distribution will allow the principal to continue growing. In the case a child or grandchild is too young to manage the RMDs it may be in their best interest to name an institutional trustee to direct distributions. 

Whatever your intent is for your grandchildren, be sure to include a discussion with your child, expressing your resolve for your grandchildren to inherit and clearly stating them in your will. Also, speak honestly about your fears that your child may blow through their inheritance and discuss the value of limiting annual distributions to only investment income or a percentage of the trust’s value to preserve the aggregate of assets. In the event your child, who may have an addiction problem like gambling, drugs, or overspending, may require trustee oversight to temporarily end distribution of trust or IRA monies until they demonstrate wellness. At that time, the trustee may opt to restart money distributions.  

Ultimately it is best to find a trusted estate planning attorney that is well versed in the laws of your state to help you craft a comprehensive approach to the dispersion of your estate that will protect your intentions from the mal-intent of others. Whether you need a lifetime “dynasty” trust, individual trust or direct inheritance, institutional trustee, inheritable stretch IRA, or a combination of inheritance vehicles, is all dependent on your unique financial position and personal desires for your legacy’s distribution. There is great latitude when drafting the structure for the distribution of your estate, so look to creative inspiration to open up possibilities. Contact our office today and schedule an appointment to discuss how we can help you with your planning by calling us at 1.800.660.7564 or by emailing us at info@covertlaw.com.

Common Online Scams and How to Avoid Them

Common Online Scams and How to Avoid Them

The online world is rife with scams, and the number of people in the online world makes it a target rich environment for scammers. Seniors and near seniors should be aware of some of the more common attacks aimed to gain access to your money as well as identity. If you have social media accounts, email, or shop online, you are being targeted by scam artists. Here is what you need to know about some of the most common online scams. 

The product reads or sounds to be amazing. There are testimonials of success or satisfaction galore with the product that includes a Free Trial Offer! What can go wrong if all you do is pay a modest sum for shipping and handling? Here is what is wrong. Your payment for shipping and handling allowed them access to your credit or debit card information and buried deep in the fine print are the real terms of the deal which obligate monthly payments of some much higher monetary amount after your free trial expires. This payment has to be canceled within the stringent guidelines of the contract you agreed to by clicking a box. Read the user agreement or contract parameters before accepting the free trial. Reputable companies will allow cancellation of the advertised product however, if you cannot get out of the contract immediately cancel your card and negotiate a refund. If that doesn’t work, contact your credit card company and make an appeal for their help to gain restitution.

Always be aware of your digital surroundings as local Wi-Fi zones may leave you vulnerable to a hotspot imposter. In a coffee shop or an airport if you are logging onto free Wi-Fi or what resembles a pay service like Boingo Wireless you may be logging onto an illegitimate site designed to look like the real thing. A criminal can be hosting a false Wi-Fi site near you on a laptop. Free, unsecured sites allow for crooks like this to data mine your computer or phone for credit card, password, or banking information. The information is then typically resold to another criminal who will exploit your information for money. It can be tough to tell what a legitimate Wi-Fi spot is. One protective mechanism is to ensure you are not automatically set up for non-preferred networks. If you are not sure how to do this, ask a trusted internet savvy family member or friend. When traveling pre-purchase a credit gift card through MasterCard or Visa and use this for online purchase for access to airport Wi-Fi to protect your data and do not do banking or internet shopping from any public hot spot unless you are sure the connection is secure as it is not worth the risk.

Don’t fall for click bait. The chances of you being the winner of a contest for a free iPad or other expensive prize is likely a scam to get you to click the link provided to “learn more”. Often the connection is grabbing your IP address and adding your computer to a botnet that can be used for a multitude of nefarious purposes. Before clicking on a shortened URL typically found on Twitter and other social media that limits characters check the profile of the user promoting the link. For instance, if the user is following thousands of people, but no one follows them, it is most likely a bot set up to trap your data. 

Sometimes on a computer, a window will pop up about seemingly legitimate antivirus protection with an alert stating that your machine has been compromised with a dangerous virus, bug or malware. You are then prompted to click on a link that will scan and remove the offending virus for a fee and the promise to clean up your computer. When you click on the suggested link, the bogus company will instead install malware, or malicious software, on your computer, compromising all of your data. The front is to scare you into acting right away out of fear to protect your computer, but the opposite happens. Often the design of these pop-up windows has a look and feel that mimics reputable companies like Microsoft. If a pop-up virus warning appears, close the window without clicking on any links, and then use tools in your operating system to run a scan to check for system integrity.

If your bank sends you a text message on your cell phone stating there is a problem with your account and you need to call right away with account information it is not legitimate. Another text message might read that you have won a gift certificate to a well-known store and that all you have to do is call the toll free number and provide your credit card information is also a scam. The gift certificate scam will ask for payment information for shipping and handling to receive your winnings. This is a technique known as smishing, which stands for SMS phishing. Like its email version counterpart phishing, you will lose control of your credit card data and have to chase down fraudulent charges. A real bank and legitimate store would never ask you to reveal account information over the phone for security or to claim a prize, so don’t do it, ever. 

It is noble to be charitable, and Americans are some of the most generous people in the world. Whether in email, social media, text, or phone call do not donate sums of money to charitable causes as the charity is most likely a scam designed to gain access to your money and banking data. Many of these bogus charitable scams will use current headlines to garner your sympathy and get you to act now. Donate to real charities on their legitimate and secure websites only. Write a check to the Salvation Army or Hospice and send it to their valid mailing addresses. Do not be goaded into immediate action. Have a plan for what you choose to donate to charity and follow your plan. 

One of the cruelest scams online is the dating site or chat room scam which preys upon the lonely elderly. You might play a virtual game together online, exchange pictures, or even talk on the phone; that is the hook. You feel like you have met someone you can relate to that eases your loneliness. Typically what happens next is there is a need to wire money to escape a foreign country, an abusive parent, get medical care, or buy a plane ticket to travel to you. It isn’t true. This person isn’t the new love of your life, and you will lose your money and have your heart broken. Scam artists in online social networking specialize in luring the lonely into friendships and love affairs. Be smart about how you approach dating and social networking sites. The minute someone asks for money immediately sign off and employ these tips for keeping yourself safe from online dating scams.

Even be wary of online shopping sites like Amazon or eBay as they allow resellers access to their platforms. Just because you are on a reputable site does not mean the reseller is trustworthy. In some cases, the scammers will send a product, but it will be counterfeit. In other cases, they will post delivery to you 3 to 4 weeks from purchase date, knowing that Amazon pays sellers every two weeks. The scammer will then receive the money from the you and the legitimate company, and you will never receive anything. They have your money, and you have nothing.

The online world is always changing, and scam artists change with it because it is so lucrative. Even if 1 percent of their targeted victims fall prey to their tactics, scammers can make a lot of money. Don’t let that money be yours! Dealing with reputable companies and trustworthy information is the key to your ability to enjoy a successful aging strategy. Contact our office today and schedule an appointment to discuss how we can help you with your planning by calling us at 1.800.660.7564 or by emailing us at info@covertlaw.com.

84+ billion in annual tech spending for those aged 50 or older by 2030

84+ billion in annual tech spending for those aged 50 or older by 2030

It isn’t just assisted living and nursing home workers employing the latest technology to improve caregiving for elder Americans. According to an AARP Survey upwards of 84 billion dollars will be spent annually on technology products for personal self-care use by the 132 million Americans aged 50 or more by the year 2030. While 84 billion dollars is a lot of money it does not account for additional discretionary spending for technology purchases such as gifts for children or grandchildren; therefore the number of dollars spent on technology by seniors could be significantly higher than already projected. A significant portion of the personal needs purchases will be to address privacy and security issues as fewer than one in four senior adults trust online retailers, telecom service providers, and even the federal government. 

Though concerns regarding privacy are in the forefront of technology purchasing, counter-intuitively another significant portion of projected purchases will be for personal home assistants such as Google Home or Amazon Alexa, which allow passive “spying” on home environments. Currently, of those Americans, aged 50 plus, one in seven owns a personal assistant and the projected sales increases in this demographic is growing at a very rapid pace. Additionally, technology products such as smartphones, smart TVs, smart cars (nearly 1 in 4 view advanced driver assistance technology like lane change monitoring, collision avoidance, automatic parking, and emergency braking as important) and virtual reality devices are also increasing as are smart environmental control devices for thermostats, lighting, refrigerator door and stove monitors, and front doorbell audio/video capabilities. 

Upwards of 23 percent of aging adults are embracing the benefits of lifelong learning through technology-enabled classrooms, certification programs or tutorials which may, in turn, lead to seniors providing more online content and blogs specifically geared for aging Americans written by aging Americans. Sixty-three percent of seniors use computers or smartphones to play games and 57 percent watch TV or movies while more than 90 percent use technology to stay in daily contact with family and friends. Already, a full 13 percent of 50 plus adults use virtual reality, and it is increasing at a healthy 4 percent a year despite it being a relatively new technology for commercial use. Current smartphone and computer device usage for those ages 50 to 64 rank the same as the average American; 83 percent employ smartphones while 91 percent use computers.

The number of new consumers in the American population is growing at less than 1 percent a year which means that the aging American market is a sweet spot of spending for corporations seeking to generate revenue. The fact that these elder Americans are online where their information can be absorbed, data mined, and target marketed will increase profits outside of the simple purchase of a technology product. Sales of technology products are now being monetized post-purchase by collecting personal data and reselling the information to advertisers, marketers, and even government agencies. 

By 2030 it is projected that there will be more than 132 million Americans aged 50 plus which is an increase of more than 17 million in that demographic. These Americans represent the bulk of purchasing power as well as the growing need to address successful aging strategies through the implementation of technology products. There are just not enough younger people to be employed in the caregiver industry to address all of the future aging needs the baby boomer generation represents.

Aging Americans can expect a lot of commercial technology products specifically tailored to their needs in the coming years because they have so much money to spend. Seniors want life-enhancing and protecting technology products, and corporations want to make money so the senior technology product market will become an increasingly important segment of the technology sector.

Technology is becoming increasingly popular as a means for providing or delivering care to seniors. We help seniors and their families plan for the possibility of needing care in the future, and would be happy to discuss how we can help you do the same by calling us at 1.800.660.7564 or by emailing us at info@covertlaw.com.

Long Term Care Myths

Long Term Care Myths

According to the U.S. Department of Health and Human Services, someone turning age 65 today will have a 70 percent chance of requiring some long-term care (LTC) service and support during the remainder of their life. In the case of women, the typical LTC need will last about 3.7 years compared to men who will need about 2.2 years of care. While approximately one-third of today’s 65-year-olds may not ever need long-term care 20 percent of those who do will require it for more than five years. 

The statistics are clear; older Americans should be carrying a long-term care insurance policy to protect their future but only about 7.2 million Americans 65 years or older currently own a traditional long term care policy, and this number has held steady for the last seven years. While LTC insurance is overall considered expensive and finding the right plan for you in the myriad of insurance products available can be confusing and vary from state to state. According to A Place for Mom, there are seven myths about long term care that anyone age 50 or more should understand. 

One myth is that a person has to get rid of all of their assets to receive Medicaid which will qualify them for federally available LTC benefits. In general, the rule is a person is not allowed to keep more than $2,000 in countable assets to be eligible for Medicaid. Exemptions in some states can include your home (if a spouse, minor or disabled child still lives there), assets that cannot be converted to cash, and burial plots or spaces. Also, personal property, one vehicle, and prepaid funerals generally qualify as exemptions. The Community Spouse Resource Allowance rules permit the non-applicant spouse to keep a portion of the couple’s countable assets to prevent them from becoming destitute. Before making any attempt to spend down assets to qualify for Medicaid speak to an elder law attorney as the federal five year “lookback” rules have penalties and exceptions. 

No, Medicare will not pay for long term care expenses except in the most specific and narrow of circumstances. Medicare will cover skilled in-home care from a nurse, occupational therapist, physical therapist, speech therapist or social worker for up to 21 days if ordered by a physician. In the case of a skilled nursing facility, Medicare pays for the first 20 days with no co-pays but if the stay is between 21 to 100 days, Medicare only pays a portion, and the beneficiary must pay the balance.  

Another myth is that a person thinks they are too young to think about long term care insurance let alone the need to pay for it. The truth is that even under the age of 65 if the person has a chronic illness like diabetes or high blood pressure or in the event of an accident, long term in-home or residential care services may be needed. According to the US Department of Health and Human Services on average, about 8 percent of people age 40 to 50 have a disability that may require long term care services.

Relying on the hope that family will take care of a long term care need is often a myth. While many older Americans are successfully aging in place, in part due to the benefits of technology, unpaid family member caregivers and community organizations are typically not willing and available for long term, intensive caregiving. A family discussion is needed if there is an expectation that a family member is willing and able to take on a long term caregiver role. While many family members are eager to provide oversight through the use of technology, the intensive requirements of long term care are usually more than they are willing to accept.  

Most health insurance policies will not cover long term care expenses to any meaningful degree. Some plans will have minimal home care and skilled nursing benefits; however the nature of the plan is short term and is intended to produce recovery and rehabilitation while long term care is generally custodial in nature for the safety, maintenance and well being of a person with a chronic condition. Even some long term care insurance policies will not cover all long term care expenses. There are elimination periods which function as a deductible or after a policy benefit has been exhausted. Specific coverage in long term care varies widely from policy to policy.

Finally, many aging Americans feel that their retirement savings will cover the costs of their long term care. The website A Place for Mom has a financial calculator to help individuals understand their specific needs to cover long-term care costs. Currently, the average US national median long term health care cost is about $50,000 for a home health aide which is above and beyond all other living costs. In many situations, in particular with residential care, costs can run hundreds of thousands of dollars over a few short years. Unless a person is independently wealthy, most retirement savings will be spent down very quickly.

Chances are you will need long term care during your lifetime. Being educated about what is best suited to meet your personal financial and health background needs is a significant first step. Next, understand what legal options are available to help you in the event you need significant long term care and may run out of money trying to pay for it. We are here to help. Contact our office today and schedule an appointment to discuss how we can help you with your planning by calling us at 1.800.660.7564 or by emailing us at info@covertlaw.com.

A Closer Look at Retirement Savings Statistics

A Closer Look at Retirement Savings Statistics

It is all over the media that nearly half of Americans aged 55 and older have no retirement savings in an individual retirement account (IRA) or 401(k) according to the federal Government Accountability Office (GAO). Also, while two out of five households do have a defined benefit plan (traditional pension), a full 29 percent of older Americans have nothing saved for retirement in any of these financial retirement tools. Retirement statistics have wide-ranging implications for the economic well being of aging baby boomers. But are the numbers being interpreted accurately? Contributing Forbes Magazine writer Andrew Biggs, who works on retirement policy, public sector pay and other economic issues facing Americans, says that the claim is factually incorrect. Furthermore, he feels how the media will cover the statistics and interpreted by politicians will continue to distort the facts. 

According to FactCheck.org, the statistic the GAO uses is derived from the Federals Reserve’s Survey of Consumer Finances. This survey excludes those Americans who only have a traditional pension. While that may seem a small exclusion, it significantly changes the retirement savings statistic and forward trends for aging Americans’ retirement economic health. When both traditional pensions and retirement accounts are included, a full 72 percent of households aged 55 or more have retirement savings. In 1989 the same analysis criteria indicated only 64 percent of households had retirement income set aside. Therefore there is a net gain over time of 8 percent since 1989 and about 24 percent better than when looking at current statistics that only include an IRA and 401(k) as retirement savings.

If the statistics look much better when traditional pensions are included, why does the Federal Reserve exclude projected pension income in retirement forecast data? Traditional employer-sponsored pensions have fallen off dramatically for several decades. More often, employers are likely to contribute to a personal employee retirement plan like a 401(k). This makes good business sense for private corporations that only have to match or contribute half of an employee’s contribution and avoids the long term financial planning for employee pensions; in particular indexed pensions which progressively increase in value in an attempt to address inflation and the cost of living. The private sector has been bailing out of the responsibility of individual retired workers pensions for some time and for viable economic reasons.

Meanwhile, America’s public sector job pensions are at risk of becoming too expensive for municipalities, states, and even the federal government to guarantee. Cuts in future public sector pension benefits have become common for civil servants, and the reason is the same as for the private sector, cost. Underfunded and unfunded pensions are becoming the norm, which calls into question the reliability of pension plans themselves.

Retirement security is a serious and significant national issue that typically does not get enough thoughtful analysis. Attention-grabbing headlines can distort truths, but even in its best light, many retiring Americans are at significant risk for economic hardship as people are living longer than ever before. It is widely recommended that a retirement plan make provisions for 30 years and with dementia cases on the rise many of those 30 years for a retiree may become very expensive if it includes dementia care. Many retirees plan to rely heavily on their social security benefits check. The notion that social security benefits will be the social safety net promised is also at risk. Much like pensions, the promise of full benefit payment is now at risk to individuals and many retirees are projected to receive only 77 percent of their promised social security benefit payments according to the Social Security Administration’s (SSA) own admission. 

The truth about retirement savings is as individual as you are. These overall projections can be both frightening and distorted with regards to your personal retirement experience. If you are 55 or older and still working, you have the control to make different and better decisions. Any proactive planning for your future retirement is better than abdicating responsibility to private firms and public employment sectors who may have mismanaged your retirement savings. 

If we can be of assistance, please don’t hesitate to contact us by calling us at 1.800.660.7564 or be emailing us at info@covertlaw.com.

Make Sure Your Wishes Are Carried Out

Make Sure Your Wishes are Carried Out

The importance of making end of life preparations cannot be stressed enough. Many put off making these plans thinking there is always time. The sad reality is that none of us are guaranteed time. Others may be bothered by the thought of death itself and allow this to paralyze them when it comes to making plans and getting their affairs in order for the end of life. However, most of these same people have wishes and thoughts about where and to whom their assets are distributed. Many of them also have ideas about what they do and do not wish to have happen when their life ends. Lack of preparation and planning means that these wishes likely will not be honored. In addition, it causes additional strain and stress on the people who are left to sort out the affairs. An example of this is the story of Debbie.

Debbie was a teacher who had been retired for several years. She was aging alone. She never married and had no family around. She did have a small circle of friends. After retirement, Debbie’s health progressively declined and she had more and more difficulty caring for herself. After a few years, Debbie passed away in her home.

Previously, she had conversations with a handful of her friends telling them her wishes for the possessions and assets she had. Because of these conversations, these friends each thought she had made the proper preparations to ensure these wishes would be followed. Unfortunately, Debbie had none of the necessary end of life documents that would allow her wishes to be followed. Her friends were left to try to piece together a puzzle that only many missing pieces. Her burial was prolonged and what she did have after paying expenses to settle the estate and bury her will not end up where Debbie wanted. This scenario can, however, be avoided.

If you or your elderly loved one have not made end of life preparations, make time to do so as quickly as possible. An elder law attorney can help guide you in what you should be doing, and can make sure the proper documents are in place to carry out your wishes regarding your health, care you want (or don’t want) to receive, and who should receive your money and possessions.

The first key document to be sure you have is a will or a living trust. A will allows you to specify where your money and possessions should go upon your passing. It also allows you to choose an executor of the estate. The executor will take care of managing the estate, paying debts, and distributing property as specified. A will only takes effect upon your death.

A living trust does everything a will can do, but also allows for you to choose someone to manage your assets if you become incapacitated because it is effective during your lifetime. A living trust also provides privacy, as it is not subject to court proceedings that become open to the public like a will is. There are numerous other advantages to a living trust that can be explored with the help of an attorney.

A living will and health care power of attorney are two additional documents that take effect while you are alive. A living will specifies your wishes for end-of-life medical care. For example, you can specify whether you want to be kept alive by artificial means if you are in a terminal state. A health care power of attorney provides for someone to make health care decisions for you, in case you aren’t able to make decisions yourself. Both of these documents outline your wishes about medical treatment and care when you can’t make them for yourself, so it’s important to seek legal guidance to make sure these documents are drafted properly.

A financial power of attorney should be in the plan as well. A financial power of attorney names an agent to handle your finances in the event you are no longer able to.  An agent can open and close bank accounts, write checks, and sell property if you choose to allow them the authority to do so. Like the health care power of attorney, the financial power of attorney should be created with legal advice to make sure your wishes regarding your finances are properly documented.

Having an estate plan is necessary for you to have a say in what happens if you become sick and cannot make decisions for yourself, and to determine what happens with your money and your belongings after death. An estate plan also helps those who are left to deal with the estate to do so in a more simple and straightforward manner.

If you have any questions about something you have read or would like additional information, please feel free to contact us by calling 1.800.660.7564 or by emailing us at info@covertlaw.com.

Holding a Family Caregiver Meeting

Holding a Family Caregiving Meeting

A family caregiving meeting is an essential tool when dealing with the care of an aging loved one. These meetings are beneficial for helping to keep all family members abreast of decisions that need to be made, changes in diagnosis or prognosis, and helps to ensure that all family members feel that they have a voice. Family meetings can also help to keep caregiving responsibilities from falling solely on the shoulders of one family member. In addition, family caregiving meetings can foster cooperation among family members and lessen the stress associated with caring for an aging loved one.

Who should attend a family caregiving meeting?

There are a number of people who should be included in a family caregiving meeting. First and foremost, it is important to include the aging loved one in the meeting whenever possible. This helps the aging loved one to feel that they are being heard and that their opinions and thoughts are being considered. If a spouse is living, the spouse should be included, as well as any children and possibly siblings of the aging person. Some families may choose to include other family members, but this really varies from one family to another. Anyone else involved in care for the person should also be there. This could include paid caregivers, family friends, or neighbors. Depending on family dynamics, a facilitator can be helpful in running the meeting.

When should a family have a caregiving meeting?

First it is important to note that family caregiving meetings are not a one and done event. They must occur on a regular basis. The first family meeting can occur before an aging loved one actually needs care. This can give the person who may eventually need care more say in their future care, but often times this does not occur. Most families find that the initial meeting needs to occur when an aging loved when begins to show signs of needing care or when a diagnosis is given that determines care will soon be needed. In addition, meetings should be scheduled regular to discuss changes in diagnosis, prognosis, or general needs of the loved one or the caregivers.

How can a family hold a successful caregiving meeting?

The key to having a successful caregiving meeting is cooperation. This doesn’t mean that family members will agree on everything, but it is important that all family members are respectfully heard and considered. Families must be willing to compromise and seek the best plan for their aging loved one. Additionally, a smoothly run meeting should have an agenda and families should try to stay focused on the items included on the agenda. When holding a meeting, always put things in writing and be sure that all those involved get a copy of the important information and everyone’s responsibilities.

What challenges do families face in caregiving meetings?

One of the biggest challenges to family caregiving meetings is the family’s history. All families have their own dynamics that can cause problems in a caregiving meeting. There may be members of the family who are at odds with one another. This can become an obstacle to having a successful caregiving meeting. The role that each family member plays can be a challenge. Some members may be overbearing and demand control, while others are peacemakers and do not feel free to share their thoughts. Another challenge is that some family members may be in denial of the severity of an aging loved one’s needs. This may make it difficult to get a consensus for care.

Family caregiving meetings are beneficial and necessary when an aging loved one can no longer care for themselves. These meetings can help to divide the responsibilities of caregiving and reduce stress placed on the family members. It is important that families remember that the meetings are for the care of their loved one and cooperate with one another to help the process to run more smoothly and successfully.

If you have any questions about something you have read or would like additional information, please feel free to contact us at 1.800.660.7564 or by emailing us at info@covertlaw.com.

Will Social Security and Medicare Programs Run Out of Money?

Will Social Security and Medicare Programs Run Out of Money?

 

According to the American Association for Retired Persons (AARP), every single day 10,000 baby boomers are turning 65 years old. The deluge of aging Americans and the increase in longevity in the already 65 plus population are the main reasons why the Social Security and Medicare programs are expected to have financial insolvency issues in the coming decades. Unsurprisingly, the vast majority of baby boomers agree that it is critical to preserve Social Security benefits even if it requires an increase in taxes paid into the system by working Americans. Payroll taxes by far account for the majority of monies available to pay for social security benefits.

 

The boomer generation is keen to preserve social security benefits as many of them are not well prepared for retirement. The financial retirement picture for nearly half of the younger boomers (ages 55 – 64) is bleak with reportedly no retirement savings at all. The US government is also unprepared to sustain full benefit payments. By the Social Security Administration’s admission in 2034, the program will run out of reserves at which time benefits would have to be reduced by 25% unless the government can fix the programs long-term funding shortfall.

This same group of unprepared boomers also appears to have uncertainty as to how much of their income health care costs are projected to absorb. Health View Services states “HealthView Services’ Retirement Healthcare Cost Index, which calculates the percentage of Social Security benefits required to address total lifetime retirement healthcare expenses, reveals the impact of expected healthcare costs on retirement budgets. The index shows a healthy 66-year-old couple retiring today will need 48% of their lifetime Social Security benefits to address total lifetime healthcare expenses.” Additionally, about half of baby boomers believe Medicare will cover the cost of long-term care, but that is not the case.

How federal government institutions face the challenge of covering the costs of social insurances like Social Security benefits and Medicare costs to a burgeoning boomer population will determine whether many citizens will be able to age successfully. Beyond the more significant problem of funding these social programs, the government is looking to technology to cut costs for senior care. Virtual assisted living that can help families care for older adults and smart devices appear to be some of the technological saviors for the American baby boomer population. 

Joseph Coughlin, Ph.D., director of the MIT AgeLab in Cambridge, MA, and others testify before the Senate Special Committee on Aging as debate about policy and program funding for American seniors can no longer be put off. Coughlin recommends that virtual reality (VR) become a standard device among senior living communities, assisted living and nursing homes. Not only did residents engaging with VR have fun, but there is also less depression and more engagement in active conversations with other residents as a by-product of the technology. 

Other technologies on display include smartphone apps with health functions, smart glasses that can help prevent accidental falls for seniors with limited eyesight, and a pen that can help people with reduced vision identify items. Using these and other tech devices can create a better aging experience and reduce the need for hospitalization for many seniors. Technology provides a net benefit for programs like Medicare that routinely pay for hospitalization costs that include injuries due to falling, reactions from incorrect prescription dosages, and other emergent care needs that can be avoided with practical technology applications.

While no one can discount the importance of funding social programs that benefit aging Americans, applications of specific technologies for seniors can reduce overall costs associated with the baby boomer generation. As the federal government begins to tackle the issues at hand for seniors, there is a lesson to be learned. Putting off planning for or relying on some other entity to solve retirement and health care issues is a dangerous proposition.  If you have any questions, please give us a call at 1.800.660.7564 or email us at info@covertlaw.com. 

Social Security and funding uncertainty

Social Security and Funding Uncertainty

Social Security benefits, which are funded through 2 trusts, may not be available for much longer. The US Social Security Administrations funding trusts are known as the Old-Age and Survivors Insurance (OASITrust Fund and the Disability Insurance (DITrust Fund. In their annual report to Congress, the Board of Trustees has published some startling detail about projected insolvency for the Social Security Program. As reported, short term results indicate that beginning in 2020 and all subsequent years after; the program cost will exceed non-interest income. Because the OASI Trust has no authority to borrow money, asset spending will have to occur to cover the costs of social security benefits and deplete the reserves of both OASI and DI trusts. Considering each trust separately, the funds for the OASI Trust will be exhausted by the year 2034 and the DI Trust by 2052. 

If you are 50 years of age or older and have worked, you have been participating in the funding of the Social Security Program for decades expecting protection against economic hardships that sometimes happen in retirement; protection promised to you by the federal government. The current actuarial status means that without significant changes to the OASI Trust, funding for your scheduled benefits is at risk of being reduced or possibly not there at all by 2034. It is a stunning admission by the Trustees of the unsustainability of a federally managed program handling your retirement money. 

Many economists have likened social security to a Ponzi scheme, and now that the bulk of the population (baby boomers) are receiving benefits with fewer and fewer participants in younger generations paying into the system the entire program is in jeopardy. Increasing numbers of retirees, increasing longevity, and a shrinking workforce leaves the yearly intake of monies (receipts) and accrued interest less than the outlays to cover scheduled benefits. The law of large numbers works well until the pool of paying participants shrinks. 

The current report suggests at the time of depletion of the combined trust reserves the Social Security Administration will be unable to pay scheduled benefits in full and on time in 2035. There is a suggestion in this report that it will suffice to pay between 77 to 80 percent of scheduled social security benefits. Legislative action is required to stop reserve depletion and preserve full payment of scheduled benefits to retiring and already retired Americans who have faithfully paid into the system. There is not a lot of time to get the fix in place because of the scale of the monies involved. Future beneficiaries may have a benefit reduction as a possible strategy to help shore up the program. Raising the rate of payroll taxes that both workers and employers have to pay is also a potential strategy. All of these proposed solutions are not likely to make voters happy since the essence of the fix is for the American taxpayer to receive less and pay more. Currently, the political gridlock in Congress does not give much hope that the social security benefit funding problem it will be quickly resolved. 

In the event the OASI Trust becomes insolvent how will that affect your retirement plan? Very soon the federal government will have to take action and make significant changes so that Social Security Administration can continue benefit payments in full. Knowing that the government historically privatizes gains and socializes losses the brunt of the financial burden may well fall to individual Americans. 

We help families prepare for retirement, and the possibility of needing long term care. If we can be of assistance, please don’t hesitate to reach out by calling us a 1.800.660.7564 or by emailing us at info@covertlaw.com. 

A simple blood test can check for Alzheimer’s disease before symptoms emerge

A simple blood test can check for Alzheimer’s disease before symptoms emerge

Alzheimer’s disease is becoming more prevalent among aging Americans, and there are more aging Americans than ever before. Alzheimer’s disease has three typical biomarkers: plaques of beta-amyloid protein, tangles of tau protein, and loss of connections in the synapses that communicate information between brain cells. Now a simple blood test may be able to detect early signs of Alzheimer’s years before any symptoms, like memory and thinking decline, become apparent. The test involves the identification of changes in levels of NfL a neurofilament light chain protein found in the brain. This protein is part of the internal skeleton and resides inside neurons and brain cells, but when damaged or dying NfL leaks into the cerebrospinal fluid (CSF), it becomes circulated into the bloodstream. CSF provides essential mechanical and immunological protection to the brain inside of the skull. 

Prior testing to determine elevated levels of NfL in the cerebrospinal fluid involved a lumbar puncture or a spinal tap which is a procedure many people are reluctant to undergo. Still, this raised level of NfL is a reliable indicator that brain damage has occurred and that the person is at an elevated risk of Alzheimer’s pre-symptomatic stages. Testing of NfL “…could be,” says co-first study author Stephanie A. Schultz, who is a graduate student at Washington University, “a good preclinical biomarker to identify those who will go on to develop clinical symptoms.” 

Recent data from the National Institute on Aging Alzheimer’s disease fact sheet estimates Alzheimer’s may rank as the third leading cause of death for older people following heart disease and cancer. It is also the most common form of dementia among seniors aged 65 or more. A simple blood test can detect the future state of you and Alzheimer’s but do you want to know? Currently, there is no cure for the disease, and depending on the levels of optimism an individual displays, knowing their NfL status could be a blessing or a curse.

The blood test gives pre-diagnosis years ahead of the onset of symptoms. There is a percentage of seniors who would find this information disheartening and feel burdensome and full of worry for what is about to come. These individuals can receive protection from knowing at their request if the information would make them fearful and angst-ridden. Other seniors might want to have a pre-diagnosis to relish the time that they have left with full faculties. They may want to get their affairs in order, handling day to day living choices and extension of life choices when they are no longer mentally competent to do so. Many components divide the two camps of thought; wanting or not wanting to know. Family structure, faith, financial independence, education level, and general health and well-being typically play a factor in the decision.

What of the family who may want or may need to know of the future advent of Alzheimer’s to plan for the care of their spouse or parent? As a spouse and as a child, it is crucial that medical directives be in place for when their loved one can no longer make a sound decision but can be comforted by the fact that they participated in the planning years before. A spouse must prepare when their loved one enters a full-time care facility they may no longer recall their marriage and their spouse and unknowingly, may strike up a “relationship” with another resident. Retired Supreme Court Justice Sandra Day O’Connor encountered this with her husband and famously became involved in raising awareness of Alzheimer’s disease. Subsequently, she was diagnosed with Alzheimer’s disease in 2018 and retired from public life. 

Outside of the emotional realm of not having an Alzheimer’s stricken spouse or parent recognize who you are there is a substantial financial component to caring for individuals with Alzheimer’s. For practical and economic reasons, a family should be able to establish the biomarker for a loved one’s likelihood to develop the disease through this simple blood test. To that end, health information is private and protected by law. To ascertain your spouse or parents’ risk of Alzheimer’s requires conversation, acceptance of the blood test, and careful planning with elder counsel for proper legal documentation. 

Contact our office today and schedule an appointment to discuss how we can help you with your planning, or call us at 1.800.660.7564 or email us at info@covertlaw.com.

Crowdsourcing site helps seniors determine where to retire

Crowdsourcing site helps seniors determine where to retire

While aging in place is very popular among the baby boomer generation, about one-third of those retirees would choose to live elsewhere. The family remains the most significant factor when deciding where retirees live, followed by the general livability of an area and desirable weather conditions. The decision about where to live should be a high priority as you approach retirement age. According to www.AgeFriendly.com, two out of three retirees feel they did not do the necessary in-depth research when determining where to live out their retirement years. Three out of four of the same group of retirees indicated that an online tool such as Age Friendly Advisor (a section of www.AgeFriendly.com) would be handy to determine what a location is really like from its current residents. This online crowdsourcing site designed for those aged 50 or more allows the user to tap into advice about good cities to live in, get care, and even get a retirement job to improve and enhance the quality of life.  

This user review approach is similar to other sites where consumers can give product reviews and read opinions about the product before purchasing. This approach provides an “upvote” function that allows easier navigation of the more popular and valuable topics addressed. Age Friendly Advisor answers questions for three distinct purposes: everyday living, working and volunteering, and caregiving. The living section helps older adults connect with available resources, engage with one another and communicate with their city or town. The working and volunteering section connects the user to a list of age-friendly employers and businesses including customer/employee reviews and job listings. The caregiving section is for those who opt to age in place while staying connected to their communities. The cities and towns support of the elderly community are assessed and rated by Age Friendly Advisor. As a location becomes responsive to their older citizens, the steps taken to improve their support is recognized.

This website is part of a larger corporate entity known as Age Friendly Ventures, and the use of and information from their websites are free. Age Friendly Ventures operates other retirement friendly sites such as RetirementJobs.com and MatureCaregivers.com. The sites are all geared toward persons age 50 or more and support the mission to fight ageism and provide resources for a successful aging experience. “When managed well, user-contributed reviews reveal an extraordinary wisdom of the crowd,” Age Friendly Ventures founder and CEO Tim Driver said in a statement. “Just as consumers read and give product reviews on Amazon and restaurant and hotel ratings on Yelp and TripAdvisor, Americans can now go to agefriendly.com to read and publish crowd sourced reviews tackling complicated topics around aging.”

Age Friendly Ventures and their subsidiary websites currently enjoy the support of at least one major senior living operator and other corporate entities. More will surely follow as these websites gain traction on influencing the process of and choices about aging. Sponsorship and brand exposure to the baby boomer (and older) community while providing them with a reliable and free set of information services is destined to become more popular as the corporate world chases retirees’ purchasing power and retirement dollars. Finding trusted information about health and wellness, lifestyle and retirement options with the bonus of user reviews can help a senior successfully navigate the many options available to them and make an informed decision.  

Gathering trusted peer-reviewed information from sites like agefriendly.com is one of the first steps to take in your plan for successful aging. Your choice may lead you to a new state or just a new town. Wherever it takes you, a trusted elder law attorney can help you review your plan and make any necessary adjustments. Contact our office today and schedule an appointment to discuss how we can help you with your planning by emailing us at info@covertlaw.com or by calling us at 1.800.660.7564.

Startup companies designing user-friendly technologies for seniors

Startup companies designing user-friendly technologies for seniors

It is projected by the US Census Bureau that in the year 2050 there will be 458 million Americans of which 92.1 million will be 65 or older. Senior Americans will constitute slightly over 20 percent of the population as a whole if these projections are accurate. By the year 2030, all of the baby boomers will have moved into the population aged 65 years or more and will also represent 1 in 5 Americans. 

The application of technologies for everyday use in senior care will become more prevalent to meet the growing needs of elderly health care. Digital health startup companies receive billions in US funding to specifically design user-friendly interfaces for Americans aged 65 and older. This includes taking into consideration the changes and limitations of fine motor skills and vision as well as memory and cognitive issues. Smart pillboxes, fall detection systems, remote patient monitoring and applications that can provide individualized medical alerts to health care professionals are part of the health care side technologies. The many seniors choosing to age in place are now better protected by technologies that address motion detecting lights, smart thermostats, smart doorbells with video cameras, keyless entry locks to homes and cars, smart home security systems and personal emergency response systems are all being customized to meet the needs of a rapidly aging baby boomer population. The good news is that many seniors currently engage in the world of technology and reap some of its benefits. 

10startups.pnghttps://gerontology.usc.edu/resources/infographics/designing-technology-for-the-aging-population/

The other good news is that corporations are spending billions to customize technologies specifically for the benefit of seniors that are cost-effective and of high quality whether the senior is aging in place, in assisted living or a nursing home. Some of the most notable startups include:

Steadiwear is known for its product “Steadiglove” which is a device that reduces hand tremors in aging patients who in particular have Parkinson’s disease and “essential tremor”, a nervous system disorder that causes rhythmic shaking.

Cake allows elderly patients to communicate via a mobile application to vent their feelings about death. It is a general forum that provides simple answers to complex questions about death and mortality. It also encourages the senior to organize their personal life before their passing. This pay for service is a good start to explore general directions that a senior can then talk over with their elder legal counsel.

Sway is a digital startup responsible for the FDA (US Food and Drug Administration) testing system that determines through a motion analysis algorithm if an individual’s stability is compromised and the subsequent probability of an unintended fall. Mobile and cloud-based technology ensure patient data collection from any iOS Athletic Profile data are both reliable and secure. 

Hometeam uses mobile technology that empowers a senior to track their medical status by using an iPad. The company is designed for a home care approach an currently provides medical monitoring and care for more than 12 million senior Americans who are unable to afford to be a resident in a nursing home. 

Silvernest strives to match the elderly patient population in nursing and retirement homes with younger and livelier roommates as a way to reduce isolation for the more senior “roomie.” Proprietary, extensive background checks can find a mutually beneficial roommate match. 

Honor is a shared mobile technology platform that offers high-quality care to its patient base as well as provides a mobile platform that allows loved ones and friends the ability to track their senior’s medical status. It provides tools to assess their medical progress and determine the rate of health improvement. 

Rendever is a virtual reality technology company that offers elderly patients the opportunity to experience the outside world using virtual reality (VR) display goggles. Even if the senior is confined to a nursing home or assisted living facility, this VR experience allows the resident the chance to travel the world through the use of virtual reality technology.  

Pixiescientific has designed an application to detect any symptoms and signs of a urinary tract infection; diagnosing the problem before it becomes severe. Sensor technology detects abnormalities within the urinary tract of the patient and monitoring provides assessment diagnoses of dehydration and infection which are common among seniors.

Zansors uses sensor technology to monitor an individual’s sleep pattern by data collection of movement while in bed and respiration rates while sleeping. This individualized and accurate biofeedback allows the user to determine how much quality sleep they require to avoid physical fatigue and exhaustion. It is particularly useful for patients who have insomnia.   

Myseismic has developed an undergarment “suit” that aids senior muscle strength through tiny motors that act as “electrical muscles” that are integrated into the fabric around the joints of the body via proprietary grips that function like tendons in the human body. Computer sensors track the wearer’s body movement, and software alerts the electrical muscles in the clothing when to activate. This is ideal for seniors who are experiencing an overall decline in energy and muscularization but still want to be able to move and travel freely. 

More startups companies and technological advancements are in development. Meta data feedback allows for the continually refinement of existing technology systems. The engine of change for senior health care is digital as it can provide seniors with their best options for successful aging. 

If you have questions about what you have read or would like to discuss your own situation, please don’t hesitate to reach out to us at 1.800.660.7564 or by emailing us at info@covertlaw.com.

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Covert | Law

Your Plan. Your Family. Their Future.

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NEIL R. COVERT, Attorney at Law

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email: info@covertlaw.com

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