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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. 

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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.

The physical challenges of aging in place

The Physical Challenges of Aging in Place

According to AARP aging in place is a goal for 3 out of 4 Americans aged 50 or more. These seniors and near seniors are willing to employ alternative solutions to facilitate this. The alternatives include home sharing (32%), building an additional or accessory dwelling unit (31%) and locating into villages that provide services which enable aging in place (56%). These communities become a source of support and engagement for residents and give a sense of grounding through memories of a long time home environment.

Seniors who want to reside in a community (aka, age in place) rather than seek residential institutions or nursing homes are mostly dependent on unpaid caregivers and family members for assistance with activities of daily living (ADL). These activities include laundry, self-care actions like bathing and dressing, meal preparation, and transportation. Medicare provides some long-term care services and supports (LTSS); however, the LTSS program falls far short of the need. While the aging population in America is rapidly increasing, lawmakers are slow to respond to the insufficient funding to increase the availability of LTSS for seniors choosing to age in place. The goal of LTSS is not to replace but to supplement the contribution of unpaid family and caregivers. The addition of a Medicare benefit to support family caregivers as they help their loved ones would enable more aging adults to successfully remain in their homes. 

Technology has provided some solutions for caregivers, allowing caregivers to monitor their loved one remotely while they stay engaged at work. Smart environmental controls and personal assistants have lightened the load of constant oversight but cannot replace the helping human touch. Nearly 60 percent of seniors who have seriously compromised mobility report being house or apartment bound, while 25 percent of those seniors say they often remain in bed and do not dress daily. 

Low tech devices like canes, walkers, ramps, grab bars, shower seats and raised toilets to increase the level of accessibility and safety for aging in place seniors, however, transferring in and out of bed and moving around their homes still provides notable difficulty for many. The senior who wants to age in place is typically independent-minded and therefore have trouble foreseeing a time when help is not a want but a need. Aging adults and their families need to plan to address changing physical capacities before an adverse health event such as an unintended fall or dementia challenges change everything. While aging in place is a great goal for many seniors it requires planning just as if they were planning on moving into an assisted living facility. 

Johns Hopkins researchers report 42 percent of older adults who have problems performing ADLs or are living with probable dementia receive no assistance at all from family, friends or paid caregivers. That is a staggering number of unaided seniors. Additionally, twenty-one percent of seniors with a minimum of three chronic conditions and high needs received no assistance at all. LTSS through Medicare will have to make changes to meet the ever-increasing demand for human caregiving.

Approximately 60 percent of at home seniors use at least one low tech device, most commonly for bathing, toileting or in-home movement, throughout their day but their needs multiple as they age. Unfortunately, Medicare does not cover the expenses of most of these nonmedical devices and services. The resulting problem is seniors near, or at the bottom of the income ladder go without assistance, human or device, putting their daily lives in a very precarious position. Hardships for these seniors on the razor’s edge include the inability to pay medical bills or prescription costs, utilities or rent, and some resort to skipping meals to balance out their unaided lifestyle. At best this is heartbreaking, at worst it is inhumane.

The CHRONIC Care Act will allow Medicare Advantage plans to offer supplemental benefits for seniors to cover devices such as wheelchair ramps, grab bars, personal care, and transportation to chronically ill seniors however there are 21 million people who have needs to be met and how this will be paid for is unclear. Meanwhile, the 39 million people enrolled in traditional Medicare are entirely left out of any supplemental benefit. Affordability for at home care is a significant issue on a personal, family, and government level.

Caregivers and assistive low tech devices are an absolute necessity for seniors opting to age in place. The extent of the adjustments senior adults make as their needs become more profound are not well documented. As aging in place is a common strategy now, new solutions and programs must be explored to ensure successful aging.

If your strategy is to age in place, have a discussion early on with trusted counsel and family members to address some of the challenges you will eventually have to overcome. If we can assist you, please don’t hesitate to reach out by calling us at 1.800.660.7564 or by emailing us at info@covertlaw.com.

The Looming Baby Boomer Retirement Crisis

The Looming Baby Boomer Retirement Crisis

A study conducted by The Blackstone Group, an independent research firm, on behalf of Bankers Life Center for a Secure Retirement outlines some very unsettling data regarding middle-income baby boomer retirement care preparedness. According to the survey above, the bleak financial reality of this demographic is that 79 percent of middle-income baby boomers have NO savings put aside to cover their retirement care. Couple this disaster savings scenario with the US government’s admission that for the first time since 1982 Social Security trust funds are being used to pay current benefits to recipients and Medicare’s reserves are being used to cover the costs of that program as well. It is the perfect storm of a looming retirement insolvency crisis.

Middle-income baby boomers for this study are defined as aged 53 to 72 with an annual income of $30,000 to $100,000 and less than one million dollars in investable assets. For those baby boomers in this demographic, a mere 4 percent of them have more than $100,000 saved for health care retirement planning, long term care, and general retirement preparedness. While 65 percent of these survey respondents prefer to receive retirement care in their current homes only 55 percent of them expected to be able to do so, and there is a disconnect at what age these care services will be required. A full 45 percent thought that assisted living circumstances would be needed between the ages of 71 and 80 while 37 percent said it would be between the ages of 81 and 90. The problem with these hopes is the ever-increasing presence of Alzheimer’s and other forms of dementia which can push retirees younger than ever into the need for assisted living and retirement care.

According to the survey, 40 percent of those surveyed consider retirement care planning to be a low priority or not one at all, 42 percent thought it to be a medium priority and only 18 percent identified retirement care planning as a high or very high priority. Incredibly 56 percent expected that Medicare would pay for retirement care as needed, including long-term care needs which Medicare does not cover. The costs of long-term care policies are cited as the biggest reason for not making the prudent insurance purchase. 

Dangerous misperceptions about how much retirement care costs and how to pay for it exist. It may seem incredible, but the truth is that baby boomers are better prepared to die than to live. Among middle-income baby boomers, 81 percent have formally made at least one preparation for when they pass away, usually in the form of a will or trust, while only 32 percent have a plan as to how they will receive retirement health care should it become necessary. 

The message is unmistakable; middle-income baby boomers need to address their underfunded retirement plans pronto. There is an overconfidence in this demographic that allows them to think they will be able to manage their and their spouse’s healthcare costs as they continue to age. The reality is that many of them are one bear stock market or health care crisis away from disaster. The federal government and its programs are just as unlikely to be able to stave off the financial crisis brought about by this willful ignorance of the costs of aging successfully. 

If you are in these incomes and age brackets, it is time to take a realistic look at what you can do to better prepare yourself for the coming years ahead. Being financially unprepared to age brings stress and family discord at a time when you should be living your best life. Be proactive, 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.

Autism in America

Autism in America

World Autism Awareness Day falls on April 2nd each year and is part of the larger World Autism Month observance. The observance includes hundreds of thousands of landmarks, homes, and buildings worldwide being swathed in light blue to recognize people living with autism. Many educational activities and events will take place to foster understanding and promote acceptance of autism spectrum disorder, or ASD, and of course, fundraising will intensify to endow growing research challenges to meet the needs of this highly individualized disorder.

The prevalence of autism is on the rise in the US. Because the condition first manifests itself before the age of 3, the majority of people receiving new diagnoses are under the age of 6. Autism spectrum disorder (ASD) refers to a broad range of behavioral conditions that include challenges with social skills, speech, and nonverbal communication as well as repetitive behaviors. The Centers for Disease Control and Prevention (CDC) now estimate that autism affects 1 in 59 children in the United States. That number has been steadily increasing in the past decade. 

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Autism is a very plural condition as there are many subtypes, primarily influenced by the environmental and genetic factors and has varying degrees of severity. Individuals coping with autism have distinct sets of strengths and challenges. That is why people are characterized as being on an autism spectrum because the individual scale of learning, thinking and problem-solving skills can range from highly skilled to severely challenged. Some who are diagnosed with autism spectrum disorder (ASD) may be able to live entirely independently while others may require some to significant support in their daily lives. 

Federal and state programs help assist families with children and young adults who have ASD. The Individuals with Disabilities Education Act (IDEA) federal law outlines rights and regulations for US students who require special education. The US Department of Education website outlines the basics of IDEA in simple terms. Are these services available until the young adult reaches the age of 22 and then what? There is a vast continuum of diagnosed and undiagnosed adults who are struggling to make sense of life while living with ASD.

Autism Speaks is an organization that calls on legislators and public health agencies like the National Institute of Health to promote research and advancements in understanding the increased prevalence of and complex medical needs that often accompany a person with autism. There has recently been a call to double the budget to advance research and create policies that better provide individual support and services as autistic children transition to adulthood and need employment and residential options. 

For people afflicted, autism is a lifelong condition and there is an unacceptable gap in our awareness of their needs particularly as children age out of federal school programs at 22 and are left to struggle with areas of basic life skills such as employment, housing, and social inclusion. Children with autism eventually become adults with autism. While some autistic adults become very successful, even famous for their success in arts and sciences (Albert Einstein, Dan Aykroyd, and others) others languish in their inability to navigate a complex world.

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www.quora.com/Is-there-a-good-visual-map-or-chart-showing-the-ASD-spectrum

Wherever an adult finds themselves in the autism spectrum, there are specific basic needs which mirror those adults without the challenge of ASD, and they are friendship, support, and opportunity. The mechanisms and interpretation of communication may differ but the human need is the same. Reliance on tax-funded programs is not always the best way to approach the needs to sustain them as funding and programs come and go. The real solution to meet the needs of adults with autism is essentially the same as the needs of children with autism. People in their families and communities must help their autistic loved one to make sense of and live in a complex world. The collective belief that they have abilities and strengths are can help reduce their anxieties. Accommodating support in ASD sufferer’s efforts to meet challenges and their own special needs can go a long way in assisting them to live more independent and successful lives.  

Are federal and state programs available? Are there community outreach programs that help young adults transition to independent living past the age of 22? Adults with autism differ from one another just as it is for children on the spectrum. 

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

The Changing Landscape of Memory Care

The Changing Landscape of Memory Care

 Projected demographics indicate that memory care is about to become a booming market of opportunity for facilities and their construction that tend to developing specialized memory care needs. While some facilities are stand-alone solutions for memory care patients, others will offer care that is already integrated into existing facilities that cover more than just the memory care sector. Lisa McCracken, senior vice president of senior living research and development at Ziegler says “With the projected increases in individuals who have cognitive impairments, and the decreasing number of caregivers, we do not expect that this pattern will go away anytime soon.”

 Some of the fundamental changes include inventive care settings that are vastly different than existing dementia support floors and secure units. Some of the care settings have not yet been realized as research and understanding of cognitive impairment continues forward. The fact is there will be a broader array of options to choose from in the near future. The “small house” model is becoming increasingly popular. The small house model is an intimate setting within existing nursing communities consisting of 10 enclosed, secure units and is designed for couples facing memory challenges. A small scale affordable housing model partially funded by the Department of Housing and Urban Development (HUD) is typically available to low-income seniors.

 Those seniors who can afford private pay for their memory care are being aided by assisted living facilities that design dementia care units like a neighborhood from an earlier time in the patient’s life. Often, dementia patients readily recall memories from long ago and these centers, designed to look like a community, are replete with porches, rocking chairs, carpet that mimics grass, and a fiber optic ceiling that allows transitional lighting creating a sense of the day and night sky. Other elements like aromatherapy can aide in calming residents or stimulating appetite depending on the selection of oils integrated into the therapy. All of these elements help reduce anger, anxiety, and depression which are hallmarks of seniors who suffer from dementia illnesses.

 

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https://www.facebook.com/lanternofmadison/

 

Full continuum care is improving as it meets the increasing numbers of its resident base with memory care issues. Many facilities are tapping into the expertise of geriatric psychiatry“  … also known as geropsychiatry, psychogeriatrics or psychiatry of old age is a subspecialty of psychiatry dealing with the study, prevention, and treatment of mental disorders in humans with old age.”  This field of study can enhance a memory care facility and improve the problems of anger, depression, and anxiety with medical components that address dementia. The techniques include a person-centered approach focusing on fostering autonomy, developing empathy with residents and even focusing on humor to help alleviate stress and increase the quality of life.  

 Professional caregivers will receive specialization in treating resident with dementia. Formal memory care education will become a more commonplace accreditation as the numbers of patients in need continue to increase. Rather than a certified nursing assistant (CNA) dementia patients will be tended to more frequently by certified dementia care nursing assistants (CDNAs). This change in credentialing will be driven by rising consumer expectation as well as tighter regulations that govern memory care. 

 Dementia illness is more prevalent than ever before, and so is the understanding that the disease has a long preclinical phase. Intervention and healthy lifestyle modification can continue to delay the onset of dementia in its clinical phase. Physical activity, social engagement, and brain fitness through smart devices and computer applications are wonderful cognitive compensation strategies that protect executive brain function, particularly in the preclinical phase of the disease. Beyond the known technology that already aides in the staving off of dementia, new cutting edge work can also help seniors compensate for memory loss allowing them to remain at home longer as well as enable senior facility operators to refine their services.

 Wearable cameras that have artificial intelligence (AI) facial recognition capabilities can provide a patient with the name of the person who is approaching them. AI can also help a senior’s cognitive load; helping them stay informed regarding day to day decisions. Newly developed website interfaces are making it easier for memory care patients to use and video, audio and sensor technologies can help detect depression or alert, through predictive analytics, a patient having a bad day or an increased risk of falling due to a change in gait. The potential for technology applications in memory care is seemingly endless and there is more research and development in the works. 

 Do you or your loved one have a plan in place in the event you become a memory care patient? Are you aware of the changing options available for living arrangements? Contact our office today and schedule an appointment to discuss how we can help you with your planning.  Simply email us at info@covertlaw.com. or call us at 1.800.660.7564.

Seniors Continue Embracing Technology

Seniors Continue Embracing Technology

Technology is providing seniors with a multitude of applications to improve their health, lifestyle, safety, and entertainment. While the younger generations may think these older Americans are the equivalent of technology dinosaurs, the truth is mid-life, and older Americans are becoming more digitally connected than ever before. The largest tech participating group of these seniors is generally more affluent and has higher degrees of education than their counterparts. Seniors with more limited incomes and lower levels of educational attainment are the most notably absent group in the digital divide between younger and older technology users. 

Smartphone ownership and its associated application (app) usage, social media, and online gaming continue to increase at a rapid pace with a full 91 percent of technology users 50 or more saying they use personal technology devices to stay in touch with family and friends. Texting by seniors (86%) has become as pervasive as email (87%). Smartphones are also a handy tool for planning optimal routes to and from locations as well as receiving up to the minute traffic information. Simply put, older Americans now leverage smartphone use in much the same ways that its younger counterparts do and in some ways, seniors (aged 60 – 69) are leading the charge in smartphone use to manage their medical care. Online banking and money management are becoming more prevalent with senior users as they become educated about and employ privacy mechanisms to protect their identity and assets in an online and cloud storage world. 

Online learning is prevalent in the senior demographic. An AARP survey shows 23 percent of older adults embrace online learning by taking classes for certificates, obtaining degrees, and how to Do It Yourself (DIY) tutorials. This percent of seniors in online learning is likely to continue its increase as mental agility and longevity become increasingly important due to the alarming rise of dementia disease in the aging population. While there is no direct evidence linking online learning to the staving off of dementia, it cannot hurt a senior to continue with lifelong learning as it may provide a sense of control and well being during their good years. 

The use of virtual reality in VE, virtual environment, is also on the rise for seniors. The growth rate is currently about 4 percent a year with 13 percent of adults aged 50 or more engaging in the technology. Nearly 90 percent of all virtual reality headsets are smart and mobile phone based. The ease of porting a smartphone into a headset which operates as the screen makes virtual reality a compelling tool for aging seniors. While it provides immersive realities for gaming entertainment, it also can give extensive exploration opportunities for those seniors with limited mobility. Imagine a senior who cannot walk being able to experience a tour of the ancient Greek site the Acropolis, enjoying a virtual scuba dive in the Great Barrier Reef, or taking part in a guided tour through a faraway museum without ever leaving their home, wheel chair, or bed. The mental stimulation and joy it can bring are just beginning to be tapped for the senior market. Virtual reality (VR) is projected to impact the gaming industry more profoundly than any other industry, and gamers include the senior market in a balanced way comparative to different age groups.

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https://www.statista.com/statistics/189582/age-of-us-video-game-players-since-2010

Wearable technology is gaining popularity among the senior market. They include products like smart watches, smart jewelry, fitness trackers, even smart clothing. While being worn, they provide intelligent assistance that can augment memory, intellect, communication, creativity, and physical abilities and senses. They also come replete with challenges such as interface interferences, power requirements, network resources, and privacy concerns. Wearable fitness trackers are becoming commonplace in assisted living, and nursing facilities as the technology will alert medical staff when a patient’s vitals are outside of their norm even if that worker is engaged in other tasks. 

Worldwide, corporations are very interested in wearable technologies, particularly as it relates to medical issues. Some seniors who would not qualify for implant surgery because of pre-existing health conditions might be able to use a wearable pacemaker rather than having a surgical implant procedure. Other techniques for nonsurgical intervention include smart patches and electronic tattoos that can regulate dysfunctional systems in the body. For those seniors who can tolerate implant surgeries, new and innovative ideas for micro device implants are bringing forward the concept of the trans-human. Trans-human is defined as a standard biological human being who is augmented by implants that might provide improved intelligence, awareness, strength, or durability. Even in the absence of a serious health issue, implants may soon be able to enhance the medical monitoring of seniors in their daily lives. Think of it as a highly accurate fitness tracker implant. These implants in “trans-humans” may be able to observe developing physiological and psychological trends and predict adequate responses to health changes in aging adults. 

Finally, the video game industry is one of the fastest growing sectors in the US economy. Annual sales in the gaming vertical of “techenomics” have reached $23 billion and are projected to continue to increase. While some of the games seniors are playing online are in the hopes of keeping memory and brain function in good working order, 38 percent of adults aged 50 or more are video gamers purely for entertainment purposes. While these games may provide entertainment and human connection (in situ or online), they also may share cognitive, and brain benefits as well as the senior adapts to ever-changing game scenarios, updated versions and expansions of online games. 

It is projected that seniors will continue to increase their exposure to and use of technologies at many levels. Development to meet the demands of senior needs coupled with their purchasing power will drive the technology industry for decades to come in ways that are not even imagined yet. For now, aging Americans are embracing technology and the benefits it brings to their lives.  As always, if you have any questions or concerns, please feel free to contact us at 1.800.660.7564 or by emailing us at info@covertlaw.com. 

US Justice Department Elder Fraud Sweep

US Justice Department Elder Fraud Sweep

In the largest ever nationwide elder fraud sweep the US Department of Justice (DOJ) has identified more than 260 defendants in fraud accounting for more than 750 million dollars. In each case, the defendants allegedly engaged in financial tactics that either specifically targeted or mostly affected seniors. The fraud operations are evident in every federal district in the United States. 

Fake drug discount cards, remote access to computers under the guise of technical support, relative in distress needing cash stories (the so-called “grandparents scheme”), insurance fees to collect nonexistent sweepstakes prizes, mass mailings and money mule fraud, and posing as debt collectors are some of the more prevalent schemes used by con artists. In one of the most horrific cases an 83-year-old woman was defrauded of her life savings by her caregiver; with no means to afford her retirement home bills, the woman sadly took her own life.

In earlier decades fraud schemes were not uncommon. Snail mail and phone scams however reached more limited victims. Now that digital technology, the internet, email, and social media is pervasive, transnational criminal organizations are “all in” to defraud the elderly of their money at a time when the cost to a senior’s life is frequently “catastrophic and irreversible” according to Attorney General William P. Barr. The Justice Department has vowed to prosecute these despicable crimes with an all-out attack against these swindlers and it’s a good thing as the numbers of incidence continue to rise. The current sweep involves 13 percent more criminal defendants, twice the amount of fraud victims and 28 percent more in elder monetary losses. In total, over 2 million older adults were affected by the current alleged fraud crimes. 

The transnational component of elderly fraud cannot be understated. The Office of International Affairs through the DOJ is working with numerous countries to secure evidence and capture defendants. Extraditions from Canada, The Cayman Islands, Costa Rica, Jamaica, and Poland are all part of this latest sweep of elderly fraud cases. Law enforcement partnerships such as the International Mass-Marketing Fraud Working Group (IMMFWG) is a network of criminal and civil law enforcement agencies including Belgium, Canada, Europol, the Netherlands, Norway, Spain, the United Kingdom, and the United States. By sharing information and providing avenues for criminal extradition this international body is a model of cooperation against specific threats that endanger the financial well being of member country’s residents.

What can you do at home to help protect yourself or a loved one from financial scams? Education is critical as to how these fraud operations function. A scammer will try to evoke a strong emotional response in their targeted senior to persuade them to part with their money. For example, a senior experiencing a high arousal emotion like excitement or anger makes them more susceptible to opt in on a risky decision. So a senior should not make what is called a “first flush” decision. Allow 24 hours to pass before opting in on an enticing scheme if you are becoming overly excited and feel pressure to make a quick decision shut down your contact with the person or organization and wait. 

One of the easiest ways to avoid scams is never giving out personal information to unknown entities. Ask for credentials, speak to supervisors, do a background check, get another trusted individual in your life involved in what you are considering BEFORE making any decisions. Have systems in place for a trusted family member or financial professional to approve of financial transactions when they are outside the scope of your normal daily purchases or bill payments. Also, review any auto deductions in your bank account monthly. Scammers often start with a small withdrawal to see if there is oversight in the account that targets fraud or identity theft.

Consumers can file elder fraud complaints with the Federal Trade Commission at www.ftccomplaintassistant.gov or 877-FTC-HELP. The Department of Justice provides resources relating to elder fraud victimization through its Office of Victims of Crime. Get educated; learn more ways to protect yourself by connecting with trusted counsel. 

If you have questions or would like to discuss anything you’ve read, please don’t hesitate to contact us at 1.800.660.7564 or by emailing us at info@covertlaw.com.

Memory Care and the Epidemic of Alzheimer’s

Memory Care and the Epidemic of Alzheimer’s

Alzheimer’s is a chronic neurodegenerative disease typically with a long pre-clinical phase which gradually worsens. Initial symptoms are often mistaken for normal aging and include problems with language, mood swings, disorientation, loss of motivation, poor self-care and behavioral issues. There are no treatments to stop or reverse the disease progression. Alzheimer’s accounts for 60 to 70 percent of dementia cases and is one of the most financially costly diseases. Usually, the disease onset occurs in seniors over the age of 65, and the average life expectancy is 3 to 9 years though the speed of the disease’s progression can vary. 

Estimates are that more than 14 million Americans will be diagnosed with Alzheimer’s disease by the year 2050 and the financial cost to the United States will total more than 1.1 trillion dollars. Memory and medical care for those who have Alzheimer’s will also create challenges for their families starting with the most basic of questions about memory care, understanding what it is, and what it entails. 

Currently, memory care for seniors with advanced Alzheimer’s is best provided in state-licensed assisted living residences or nursing homes with a secure unit designed specifically for memory patients. The unit may be a floor or separate building with security and other cueing devices to help prevent a patient from wandering. Memory care facilities offer programs that are designed to keep executive brain function active and engaged and also offer cognitive behavioral therapies designed specifically for those with memory challenges. However, these facilities are expensive, and with the Alzheimer’s survival rate of 3 to 9 years post diagnosis, many families are not able to pay the associated costs of memory care.

Because of these costs, many families become unpaid caregivers to their loved ones. In the earlier stages of the disease progression it is a workable situation, but before long this selfless act and huge undertaking can take a toll on the caregiver leading to inadequate care for the patient. It is during this family caregiver stage that exploring the longer term options for memory care becomes critical as there will come a time professional memory care will become necessary. There are several options to consider regarding paying for memory care which on average costs nearly 5 times more than seniors who do not require memory care.  

Is your loved one a US Veteran? Research about the Aid & Attendance benefits available to them. Not a veteran? Then explore options for long term care health insurance. Another option is to learn how to spend down assets to qualify for Medicaid. However this must be done very carefully and with the understanding that even with Medicaid there are, and will continue to be, long waiting lists to get into memory care facilities. If you are fortunate enough to be able to private pay for memory care, it is still important to investigate options to identify the right facility for your loved one.

How will you know when professional memory care is needed? Some of the more common indicators are when someone who has Alzheimer’s forgets to take their medication or forgets the codes to alarms or neglects to lock doors. When a person living with dementia forgets their basic house chores or forgets to eat meals, shower, change clothes or groom themselves that is a sign that memory care may be in order. Finally, psychological changes occur such as consistent feelings of anger or confusion, withdrawal or depression, even personality changes such as mistrusting others are indicators that professional memory care is needed.

All people living with dementia should make plans with their family and attorney in the early stages of disease progression as to how they want to be handled medically in the advanced stages of Alzheimer’s. It is much better to have this discussion very early on as it can provide a sense of relief to the patient knowing things will proceed as documented. 

In the absence of a cure for Alzheimer’s all seniors should proactively plan with their family and a trusted elder law attorney to create a plan in the event memory care becomes necessary. 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.

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Covert | Law

Your Plan. Your Family. Their Future.

- - We Take Care of Families: Today - Tomorrow - Forever - -

NEIL R. COVERT, Attorney at Law

Clearwater - Sarasota - Fort Myers - Naples

1.800.660.7564

email: info@covertlaw.com

© 2019 Neil R. Covert, P.A. - - All Rights Reserved.

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