Older generations often take the approach to medical care, that if they don’t require immediate attention, there’s no need to visit a doctor or clinic. Costs and lack of insurance may play a role in this decision, but according to a report released by the Center for Disease Control and Prevention, it’s crucial that the medical community and senior caregivers promote preventative medicine for those aged 50 to 64.

Preventative medical services that older adults can benefit from include:

• Vaccinations - middle-aged adults and seniors should receive routine vaccines for illnesses like influenza pneumococcal disease

• Blood tests and screening – routine doctor’s visits should be encouraged which allow medical professionals to monitor cholesterol, blood pressure, and blood sugar levels which can both prevent and allow for early diagnosis of health issues

• Technological screening – the technology today allows for less invasive screening for conditions like breast cancer, cervical cancer and colorectal cancer and should be done regularly, dependent upon family history, age and the advice of a doctor

Older adults may put off preventative care in order to reduce their costs, but by following through with preventative steps they can secure their future health and costs that can arise from the treatment of much more serious medical conditions.

Via: CDC

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In the past, some of the AARP’s financial products have undergone some scrutiny because they haven’t offered items that are best for the senior demographic that they cater to. However, AARP has made some serious changes and now they offer some great RRSP investment options which can be beneficial to seniors in the following ways:

1. Costs are low – high investment costs are not something that seniors are looking for, particularly when living on fixed incomes. With that in mind, the AARP creates RRSPs that have low costs.

2. They are lower risk – all of the AARP’s mutual funds are index funds, which means that they are a lower risk, which is great for seniors!

3. Seniors can discuss needs with financial planners – like many financial institutions, the AARP provides financial planners to help seniors make investment decisions that are right for them. Though, it is important to keep in mind that they are paid staff of the AARP, so it’s never a bad idea to get a second opinion from an involved party!

4. Low minimums – some RRSPs require seniors to make large deposits and have a big lump sum of money to invest initially. All of the AARP’s RRSP plans require only $100 to open an account and deposits of at least $25 at a time

Via: MoneyWatch

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Money: something that very few want to talk about, because it’s something that most people worry about. But, if you’re looking into moving an elderly relative into your home permanently, the financial details of your arrangement need to be ironed out early on so that money isn’t that thing that comes between you. Here are some guidelines for discussing financial affairs with a senior that you’re planning to live with:

1. Bridge the topic gently – ensure that finances are discussed before the move happens, but don’t approach it like finances might change your motivations or your ability to care for your loved one

2. Set the standards – discuss what percentage of the household bills your senior will be responsible for. It might not be fair to ask an elderly parent to pay half of the mortgage and utility bills if there are 4 people in your immediate family, and they are just one; but you can ask them to pay one-fifth, or another number that is agreeable to everyone

3. Keep separate bank accounts, but create a common fund – don’t expect that a senior living with you is going to merge their bank account; having their own finances maintains their sense of independence and purpose. However, you can create a joint fund that all contributors can add to in order to make monthly bill payments easier

Via: Guide for Seniors and Boomers Who Live With Them

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Most seniors live on a fixed income in older adulthood, and with little money coming in, and lots going out towards living and health care expenses, it’s especially important to be aware of every cent that’s spent and learn how to stretch every dollar further. Here are 10 tips for budgeting on a fixed income for seniors!

1. Talk to a professional – talking to a financial planner, either by using a service or speaking with one provided by a local branch of your bank can help you make sure you plan to meet your financial goals and needs. For example, they can help you get on track saving for future medical or care needs.

2. Don’t be afraid to ask for help – if you’re struggling to cover your basic needs then your local Area Agency on Aging can connect you with resources that can help

3. Find ways to reduce utility costs – keep blinds down and windows and doors closed to preserve optimal temperatures for your house

4. Walk, don’t drive – taking a car or public transportation can be more costly, so walk when possible and benefit your health and your wallet

5. Never make fast financial decisions – always ask for a second opinion before making decisions

6. Grow your own produce – plant a garden in your yard, a family member’s garden, or in a community plot to grow your own produce and cut down on food costs

7. Buy healthy items – convenient, pre-prepared items might be fast and easy, but they are less healthy and often  more expensive

8. Buy generic – generic brands are less expensive, purchase them for foods and for your medications

9. Carpool – it’s more fun to travel places with company anyways; share transportation costs by carpooling!

10. Plan to stay at home – aging in place is the more desirable option for most seniors, and it can be more cost-effective too

Via: Home Instead Senior Care

Home Health Senior Care Dallas - Your elderly loved one prefers to live at home and our CAREGivers are trained to help them remain safe and healthy at home. Call us at 972-239-3934.

Retirement age is approaching for the boomer generation, and every financial move can greatly affect the type of retirement that seniors will have the opportunity to enjoy. There are some common financial mistakes that boomer women in particular tend to make, which should be corrected before they compromise the future of their senior years:

1. Some boomer women expect they’ll receive an inheritance – women who are fortunate enough to still have parents alive, might expect that at the time of their passing, they will receive a large enough inheritance to carry them through retirement. There are no guarantees if boomers will receive an inheritance at all, and if they do, they may not know if it will be enough to finance their senior years

2. Reliance on a spouse – many women allow their spouse to control all aspects of finances and also assume that their loved one is effectively planning for their retirement. Both partners should be involved in financial management, or at least have an awareness

3. No planning for women on their own – boomer women might assume that their spouse will be with them forever. But death or divorce can change this, and women need to make sure they have their financial ducks in a row so they can survive on their own

4. Expecting a man to save the day – some women on their own have the “prince charming” attitude and are waiting for a man to sweep them off their feet and fill up their bank account

Via: Let Life In

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Seniors in Dallas find themselves hoping to retire in their mid-60’s, but for many, this just isn’t reality, and the aging and career structure are changing as a result. Some seniors like 92 year old Erma Paliani are working right up until they just can’t do it anymore, and here are the factors influencing that decision:

• While the average age to claim Social Security Benefits is 63.9, many need additional income on top of it to be able to afford basic aspects of daily living, like housing and food

• Many seniors would love to retire and just focus on their family and relaxing, but based on the numbers of seniors aged 65 and older which are rising higher than ever before, this isn’t a reality for everyone. The number of older works, aged 80+ has had the most substantial increase at 67% to 500,000 Americans

• With people living longer, money doesn’t go as far as it used to, and as time goes on this might increase even more, keeping more and more seniors in the workforce longer than planned

• Government benefits, which were initially defined in 1940 certainly weren’t designed to support 30 or more years of retirement, which means seniors need a fairly substantial nest egg to make it through

Via: AARP

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Home Health Senior Care Dallas - Your elderly loved one prefers to live at home and our CAREGivers are trained to help them remain safe and healthy at home. Call us at 972-239-3934.

Although Social Security premiums cannot legally be lowered, seniors will find themselves with shrinking social security checks over the next couple of years. For the first time in decades, there won’t be a cost of living adjustment on Social Security for the next 2 years, and since these payments won’t increase, seniors will find themselves with less money to survive on since premiums for Medicare Prescription Drug programs will increase marginally. With smaller social security checks, seniors will need to be more budget conscious than ever, and here are some money saving tips:

1. Set a budget: know how much money you have available to spend on a weekly basis, and keep a record of your spending so you ensure that you’re never overspending. Pay in cash, and then deposit any remaining money at the end of the week into a savings account

2. Smart shopping – create a shopping list and buy only what you need. Plan meals around items that are in season, and try out generic brand products over name brands for the savings

3. Think all unnecessary purchases over – instead of buying things you don’t need impulsively, wait 24 hours and think it over. More often than not, you will find that the temptation passes

4. Discounts – clip coupons or shop at stores that offer more discounts. Also be aware of places that offer discounts to senior citizens, like movie theaters, museums, and even grocery and retail stores

Sources:

1. MSNBC

2. Associated Content

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Under Obama’s 2009 Economic Stimulus Plan, seniors who meet specific qualifications will be receiving a $250 rebate check to help improve the lives and challenges of those who are retired and living under limited financial means. Checks will be received by elderly people who have received Social Security, Supplemental Security Income (SSI), Railroad Retirement or Veterans Benefits between November 2008 and January 2009.

According to US Vice President Joe Biden, Stimulus Checks should be received by seniors beginning in early May, and will be kept separate from existing benefit checks typically received by eligible seniors. Seniors will receive these checks automatically and no action is required.

The 2009 Stimulus Checks for seniors come at a great time for the elderly who, during a time of economic uncertainty may be highly concerned due to their limited income levels.

Sources:
1.   Senior Journal
2.   SS Social Security Info

Home Instead Senior Care Dallas - Your elderly loved one prefers to live at home and our CAREGivers are trained to help them remain safe and healthy at home. Call us at 972-239-3934.

When it comes time to make decisions regarding senior care services for your aging parent, one of the major factors to consider is affordability. Believe it or not, in home care services are one of the most affordable options for seniors who are struggling to live independently in their own homes. Hiring a caregiver to help out in your aging parent’s home can cost anywhere from $12 to $25 an hour, depending upon the services provided by the agency and the state that you live in. Compared to a traditional nursing home or long-term care facility, which cost on average of $153 per day in the United States, the costs of in-home care are substantially lower, especially because of the flexibility it offers. With in-home caregiving services, families can decide the amount of care required by an in-home caregiver, which can start at a few hours a week to 8-hour long caregiving days. This can be determined both on care requirements of the senior, and the finances they have available for home care.

In order to determine if senior services are affordable for the senior in your family, take a close look at both their income and expenses; ensuring that their budget allows them to continue to put away 10% to fund future medical and housing needs. Medicare and Medicaid do not typically cover in-home care services, but many private insurance policies do; so ensure you determine which home care costs would have to be paid out of pocket and make sure that all the numbers add up to figure out if home care is an affordable option.

Sources:
1. Business Week, Beth Piskora
2. The Federal LTC Insurance Program
3. Senior Living Today

Home Instead Senior Care Dallas - Your elderly loved one prefers to live at home and our CAREGivers are trained to help them remain safe and healthy at home. Call us at 972-239-3934.