At approximately $174,000, the average lifetime cost for senior Alzheimer’s care, the disease can take a toll on the finances of seniors and their families. There are two major aspects of Alzheimer’s and finances that seniors and their families need to consider; advance financial planning, to prepare for a stage when the senior may be unable to be involved in their own financial decisions; and understanding the costs associated with Alzheimer’s care.

Elderly costs for Alzheimer’s care do vary dependent upon the progression of the disease; but can average around $18,000 per year for early Alzheimer’s care, $30,000 for a senior with moderate Alzheimer’s symptoms and $36,000 during the latter stages of Alzheimer’s disease. 75% of the costs incurred are due to Alzheimer’s care required in the home, while the other 25% of average Alzheimer’s costs relate directly to health care. Since costs of Alzheimer’s care are so significant, often seniors are unable to support the costs self-sufficiently, and family caregivers may become responsible for medical and care costs.

Seniors who suffer from Alzheimer’s, may also become physically and mentally unable to manage their finances self-sufficiently, so during the early stages of Alzheimer’s disease it’s important for seniors to establish a living will, appoint a Power of Attorney, and ensure that all bills and financial documents are consolidated.

With appropriate planning and consideration of the costs implications of Alzheimer’s, seniors and their families can put greater emphasis upon health over finance.

Sources:

1. Alzheimer’s Association

2. About.com

Image Source: jupiterimages.com

Q – My mother recently decided to formalize her will and get her estate in order and has asked me if she can name me as estate executor on her will. I’m open to taking responsibility for her affairs after her death, but I don’t know much about the process. What are the responsibilities of an estate executor in Phoenix?

A – While it’s not uncommon for adult children to be appointed estate executors for their aging parents because there is already a strong element of trust in the relationship; you should first know that it won’t be an easy job. If your mother’s affairs are in good order, the estate executor process itself could go smoothly, but dealing with the emotional repercussions of losing a parent while managing all the responsibility can be a challenge. But, if you are sure you’re up to the job, here is a lists of tasks you may be responsible for carrying out:

• Beginning the probate process – filing the will and petition for probate. Specific probate laws apply for the process in Phoenix and may vary between states.

• Notifying the family – close family members can be notified that their loved one has deceased.

• Obtaining death certificates and EIN (Federal tax number for the estate)

• Determining and collecting the deceased assets (locating documents that verify value of the estate and make an inventory list)

• Letting people know who the executor is – family members and friends with claims will need to get in touch with the estate executor

• Managing the property of the estate – paying bills, taxes and other legalities

• Settle Finances – filing income tax returns on behalf of the deceased

• Distributing assets – distribute assets to those named on the will

• Be removed as executor – once the estate is settled, petition the courts to be removed as executor

Sources:
1. Third Age Alan S. Novik
2. AFSP

Greater Phoenix Assisted Living Alternative & Central Phoenix Assisted Living Alternative helps elders and seniors in Phoenix remain at home safely and independently. Call us today at 623-583-5868, 602.265.8228 or 480-991-3959.

Grants for seniors in Phoenix are available from the Federal Government and foundations that provide financial assistance for seniors relating to housing, education and more. There are Federal Grants for seniors that cover a number of areas like housing, volunteerism, nutrition and housing.

Popular Federal Grants for Seniors Include:

•    Capital Assistance Program for Elderly Persons and Persons with Disabilities provides funds to provide transportation to elderly persons in areas public transportation services are not available, or when they are inappropriate due to a senior’s physical or mental condition.
•    The Foster Grandparent Program encourages seniors to volunteer in their communities, specifically with special needs children, through funding which is available for seniors 60 and older who have limited incomes.
•    Mortgage Insurance-Rental Housing for the Elderly -  this grant insures mortgage lenders against loss, to increase the number of quality and affordable rental properties available for seniors.
•    Retired and Senior Volunteer Program encourages community service by seniors 55 and older by offering reimbursement
•    Nutrition Services Incentive Program works with the Department of Agriculture to provide nutritious foods to senior meal delivery programs and other nutritional-focused organizations.

To apply for senior grants provided by the Federal Government or foundations, Phoenix seniors must write a proposal, demonstrating the benefits that they would receive, or be able to dispense to others were they to become an approved recipient of the grant.

Sources:
1.   LovetoKnow
2.    Foundation Center

Image: www.heartlandconnection.com

Greater Phoenix Assisted Living Alternative & Central Phoenix Assisted Living Alternative helps elders and seniors in Phoenix remain at home safely and independently. Call us today at 623-583-5868, 602.265.8228 or 480-991-3959.

Q – My father passed away last year, and my elderly mother will be responsible for completing her taxes on her own this year. As this is a financial responsibility her husband normally handled, she doesn’t feel prepared. Are there services available to help seniors with tax preparation?

Tax time can be an overwhelming time of year for many seniors managing their money and finances, especially those who find themselves taking over the financial responsibilities from a spouse who has passed away. In order to ensure that senior taxes are accurate and that seniors receive the maximum number of benefits available to them when filing their taxes, the AARP and other organizations are providing free tax preparation services under the IRS sponsored Tax Counseling for the Elderly (TCE program) to help the seniors, aged 60 and older, manage their money. The AARP tax preparation services for seniors are free at most tax sites, except for a few locations where they are subsidized. The income tax preparation assistance for the elderly can help seniors prepare a number of important tax forms like Form 1040, Form 1040EZ, Form 1040 Schedule A&B, and Form 1040 Schedule D, as well as provide additional complimentary income tax counseling services.

Sources:
1.    AARP Money
2.   Suite 101, Lena Gott

Image: Read It New

Greater Phoenix Assisted Living Alternative & Central Phoenix Assisted Living Alternative helps elders and seniors in Phoenix remain at home safely and independently. Call us today at 623-583-5868, 602.265.8228 or 480-991-3959.

Q – My mother is very ill, and I know that she has debt that was acquired by her and my father before he passed away. Will her children be responsible for paying off her debt when she passes away?

A – In your mother’s case, any shared debt with your father, would have been passed along to her in probate; especially if she was the sole beneficiary of his estate (or all assets were shared). Children are not directly responsible for the debts of their senior relatives, however, debts owing may first be deducted from the senior’s estate before distribution during probate, decreasing or eliminating completely the assets left to beneficiaries of the will or trust because when creditors are unable to collect debts during a senior’s life, seniors remain responsible even after they are deceased. If after your mother’s death, her estate demonstrates insufficient assets to pay off her debts, the creditors will be forced to take a loss; however, you and your siblings will not be responsible for paying her debts.

The only other situations where the survivors of a senior’s family may be responsible for the debts, are if they co-signed on a loan, or guaranteed payment to a creditor.

Sources:
1. Lawyers.com
2. Money Tips
3. Wikipedia

Greater Phoenix Assisted Living Alternative & Central Phoenix Assisted Living Alternative helps elders and seniors in Phoenix remain at home safely and independently. Call us today at 623-583-5868, 602.265.8228 or 480-991-3959.

Q – What should be included in a living will and should all seniors have them?
A – A living will communicates a senior’s wishes with regards to their healthcare, to ensure that family and medical practitioners carry them out even once they no longer have the ability to voice what they want. Every senior should prepare a living will before their health comes into question, because unfortunately illness just can’t always be predicted.

When creating living trusts and living wills during the process of estate planning, seniors should understand their options and clearly state their wishes when different medical issues occur. In a general statement, seniors can include treatments they would consider having or prefer should specific medical issues arise (for example, chemotherapy to treat cancer); while general statements are not legally binding, doctors will keep them in mind when determining the course of treatment. Advance decisions and advance directives also allow seniors to refuse specific treatments and actions by a medical doctor; for example, refusing life support under any circumstance. When creating a living will, seniors should also appoint an advocate, which can be a family member or caregiver, to ensure that medical wishes outlined in the living will are abided by.

Having a living will ensures that all seniors have a voice, and play a role in their own medical care; even when they are not physically able to communicate their healthcare needs.

Sources:
1.    CNNMoney.com Gerri Willis
2.   Directgov

Greater Phoenix Assisted Living Alternative & Central Phoenix Assisted Living Alternative helps elders and seniors in Phoenix remain at home safely and independently. Call us today at 623-583-5868, 602.265.8228 or 480-991-3959.

2009’s Economic Stimulus Plan brings both good and bad news for senior Americans. While some of the bills President Obama is hoping to have passed by the senate do benefit seniors’ financial needs; there are advocates who fear that the provisions might hurt Social Security benefits and healthcare long-term. The American Recovery and Reinvestment Act (ARRA), recently passed by the House, does includes some senior-friendly elements such as $87 billion to help fund state Medicaid programs; $650 million to continue the DTV coupon program (allowing people to convert from analogue to digital cable); and $500 million dollars has been allocated to the Social Security Administration to process the rise in disability and retirement claims.

According to the Stimulus Plan, unemployed people age 65 and older will be able to retain their COBRA health insurance coverage, so they are not burdened with exorbitant medical costs until they are eligible for Medicare coverage. Healthcare provisions have also been added that will allow medical institutions to store information about senior health electronically to increase senior medical care. However, they also include a controversial component which requires that medical providers choose medical treatments that are cost-effective. While this may help keep seniors’ bills for medical care low, advocates also worry that this will impact the quality of care received by those with Medicare benefits or private insurance coverage.

Obama’s 2009 Economic Stimulus Plan will also put money directly into seniors’ pockets, with eligibility for one time payments for retirees, including $300 for seniors receiving SSI, Social Security, Railroad Retirement and Veterans Benefits.

Sources:
1. Spectrum

2. Bloomberg: (Betsey McCaughey)

3. Associated Press: (Adrian Sainz)

Greater Phoenix Assisted Living Alternative & Central Phoenix Assisted Living Alternative helps elders and seniors in Phoenix remain at home safely and independently. Call us today at 623-583-5868, 602.265.8228 or 480-991-3959.

Prescription costs for seniors without healthcare and prescription coverage may find that their medication costs make up a substantial part of their daily living expenses, and during the recession an increased number of seniors may be choosing to go without their required medication to keep money in the bank.

According to a study completed by The Society of General Internal Medicine in 2001, pre-recession 8% of seniors were not taking some or all of their prescribed medication, as a result of the costs, when paying out of pocket without prescription coverage. With the Commonwealth Fund projecting that healthcare costs for seniors will be as great as $5,000 by 2011; funding medical and senior prescription costs is becoming increasingly more unaffordable for seniors without benefits living on a fixed income. During these tough recessionary times, many elderly people may be more fearful that their retirement income will not last; so they might be hesitant about taking on even necessary medical costs like prescriptions. According to Kenneth Schafermeyer, Director of Graduate Studies at the St. Louis College of Pharmacy “for some [seniors], it’s either eating, or paying the mortgage, or paying for healthcare” and that is an unfortunate reality of the economic situation today. Seniors are forced to make tough decisions that impact both their health and their livelihood.

Sources:  CourierJournal.com
Self-Restriction of Medications Due to Costs in Seniors Without Prescription Coverage

Greater Phoenix Assisted Living Alternative & Central Phoenix Assisted Living Alternative helps elders and seniors in Phoenix remain at home safely and independently. Call us today at 623-583-5868, 602.265.8228 or 480-991-3959.

Family Law - Choosing an Attorney

The search to find the “right” attorney for your parent can happen through a friend or co-workers recommendation, or a caregiver support group. Also, ask your local area Agency on Aging, they can also lead you in the right direction.

When you are interviewing Attorneys, make sure they have a lot of knowledge about Medicaid laws and regulations, tax planning, trusts, power of attorney laws for healthcare and asset management, conservatorships, social security, and housing and/ or healthcare contracts.

Be prepared when you go to your consultation. Here is a simple list of things to bring with you:

1. Existing wills

2. Bank statements

3. Lists of debts

4. Documents of title

5. Lists of major assets

6. Contracts or legally binding documents

Preparation is the key to keeping everyone happy and feeling good about the choices being made. Make sure all family members are on the same page, and keep the emphasis on your parent and the fact that you are all doing this for them. Also, try to praise each other after accomplishing these difficult tasks. Stay positive and focused!

Greater Phoenix Assisted Living Alternative & Central Phoenix Assisted Living Alternative helps elders and seniors live safely at home. Call 623.583.5868, 602.265.8228 or 480.991.3959 for Home Care and Independence.

Many seniors wonder if they’re too old to apply for long-term care insurance or critical care coverage. The easy answer is most often “no”, though understanding age limits for long-term care policies is no easy feat since policy expiration and maximum ages for enrollment vary dependent upon the plan and insurance carrier.

Ages of eligibility for long-term care insurance usually depend upon the term of the policy. Of course the younger one is when they initiate their policy, the lower the premiums will be.  In addition, the state where the policy holder resides will be a determining factor in understanding the costs of long term care and how much insurance is needed.  Many insurance providers can initiate a policy up until someone is actually in their mid 80’s - however the caveat is that they will have to meet certain health criteria and of course the premium will be very high.

All seniors should consider purchasing long-term care insurance to ensure that any future medical and long-term care needs are funded so they can receive the highest level of senior care that they deserve, without it being determined by financial affordability. However, it is not a decision that should be taken lightly. Seniors and their families need to do their research to choose plans which suit their lifestyles and needs, and begin the process of purchasing long-term care insurance early enough so their age and health doesn’t make them ineligible.

Sources: http://www.dsf-dfs.com/en-CA/Prtclrs/CnsltCntrFrmtn/FAQ/FqAssrncSntMldsGrvs.htm
http://www.helpguide.org/elder/long_term_care_insurance.htm
John Hancock Long Term Care

Greater Phoenix Assisted Living Alternative & Central Phoenix Assisted Living Alternative helps elders and seniors live safely at home. Call 623.583.5868, 602.265.8228 or 480.991.3959 for Home Care and Independence.