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Search for “prepaid funeral plans” online, and you’ll likely get conflicting advice warning of scams and pitfalls. But prepaid funeral plans benefit families in many ways. Knowing your wishes will be honored after death and that survivors won’t be burdened with funeral costs can provide peace of mind. What’s more, many of the myths surrounding prepaid funeral plans are based on experiences people have had with providers who are not well-known or long established. Most prepaid funeral plan pitfalls can be avoided by working with a reputable and trusted provider.
In this article, you will learn the truth about these myths:
Fact: It’s a mistaken belief that your money should be earning interest in a bank rather than being used for a prepaid funeral plan. Like most things, funeral costs have increased and will continue to do so. The National Funeral Directors Association shows that average funeral prices rose 97% from 1989 to 2017.
Prepaid funeral plans protect against inflation by locking in today’s prices on many items and services. That means that even if prices go up, your loved ones won’t have to pay more. For example, if you choose a casket that costs $3,000 today but when you pass and actually need that casket, the same item costs $5,000, your loved ones will not have to pay the additional $2,000.
Fact: While it’s true that a business can fold, when you purchase a plan through a trusted, reputable provider, you won’t be affected. State regulations require that prepaid funeral plan payments are securely invested with an independent entity—either an insurance provider or trust. That way, if the funeral home you make plans with goes out of business, the money in your plan can be transferred to another provider. Learn about what's included in cremation and funeral plans.
This funeral home and its staff provided us with excellent service. My parents had arranged pre-planning through this home, many years ago. Since then, the company that had underwritten the plan had gone out of business. In spite of this, the funeral home honored the pre-planning for arrangements for my mother's funeral, saving us a considerable amount. Additionally, the services provided us were excellent. The funeral directors took care of all arrangements, scheduling/arranging the visitation, taking care of notices, and coordinating with the church for the funeral and the cemetery. Through all of this, they were attentive to our needs and desires."
—Gerald L., St. Louis, MO
Fact: Reputable funeral homes allow prepaid funeral funds to be transferred to another provider if you relocate. When you plan final arrangements ahead of time with a Dignity Memorial® provider and move more than 75 miles from where you purchased the plan, your prearranged funeral and cemetery services are fully transferable and will be honored by any of the more than 1,900 Dignity Memorial locations in North America. If the funeral home you choose is not part of the Dignity Memorial network, the funds in your plan will still be available to your family, although they may not receive a price guarantee.
Fact: If you have a life insurance policy—and more than 40% of Americans don’t, according to a 2018 study by Foresters Financial—it’s not safe to assume it will cover funeral and other end-of-life expenses. Why?
Funeral expenses are due at the time of service, and life insurance policies typically don't pay out until weeks after death, which means that your family will need to pay the expenses up front. What's more: there's no guarantee that the life insurance payout amount will cover the cost of funeral expenses, and some life insurance policies have restrictions on how funds can be used. Learn about funeral and burial insurance options.
Fact: Most reputable providers offer funeral plans guaranteed to cover all of the prearranged services as long as your account is current. That means that as soon as your application is approved and you make the first payment, your arrangements are covered—even if you've made only a single payment (and as long as nothing was misrepresented at the time of purchase). This isn't true of all prepaid plans, however, so be sure you discuss your options thoroughly with your funeral planner.
Fact: When you meet with a Dignity Memorial planning professional, you'll learn about all of your options for planning a funeral, cremation and celebration of life. He or she will carefully listen to what's important to you and help you plan accordingly—without pressuring you into items that are unwanted or beyond your budget. Similarly, when the time comes for your family to honor your wishes, they will not be pressured into additional purchases. They can choose products or services that complement your wishes, but we won't try to talk them into choices you didn't make for yourself.
Our mother passed away recently. Both she and my father had prearranged funeral policies and a family plot for decades. Mac and George at Ridouts Valley Chapel helped us interpret their policy and provide our parents wishes. Our family has been in retail and sales for generations and I was prepared for a “hard sell” approach for us to upgrade this policy ... it never came! These professional gentlemen did mention options for our needs but fully explained the price increases that would occur if we altered the policy. For the caring we then received you would have thought we bought the “extravagant” package, which we did not.
—Alan P., Homewood, AL
We know making the decision to take care of final needs in advance is difficult, and many people don't know where to start. That's why we offer a free Personal Planning Guide. This guide allows you to record your final wishes and the details of your family heritage, military history, estate information and more into a single document to share with your family. Request your Personal Planning Guide now.
If you work for a midsize or large company, you may soon be able to review your employee benefits package, as we are entering the open enrollment season. So, consider your options carefully, with an eye toward making changes appropriate for your needs. Here are some of the key areas to look at: Retirement plan Depending on your employer, you could change your 401(k) or similar retirement plan at any time of the year, but you might want to use the open enrollment season to review your contribution amounts. If your salary has gone up over the past year, you might want to boost your pre-tax contributions (including catch-up contributions beginning at age 50). At a minimum, try to put in at least enough to earn your employers match, if one is offered. At the same time, look over how your contributions are allocated among the various investment options in your plan. Youll want your investment mix to reflect your goals, risk tolerance and time horizon. Life insurance If your employer offers group life insurance at no cost as an employee benefit, you may want to take it but be aware that it might not be enough to fully protect your family should anything happen to you. You may have heard that you need about seven to 10 times your annual income as a life insurance death benefit, but theres really no one right answer for everyone. Instead, you should evaluate various factors including your mortgage, your income, your spouses income (if applicable), your liabilities, the number of years until your retirement, number of children and their future educational needs to determine how much insurance you need. If your employers group policy seems insufficient, you may want to consider adding some outside overage. Disability insurance Your employer may offer no-cost group disability insurance, but as is the case with life insurance, it might not be sufficient to adequately protect your income in case you become temporarily or permanently disabled. In fact, many employer-sponsored disability plans only cover a short period, such as five years, so to gain longer coverage up to age 65, you may want to look for a separate personal policy. Disability policies vary widely in premium costs and benefits, so youll want to do some comparison shopping with several insurance companies. Flexible spending account A flexible spending account (FSA) lets you contribute up to $3,200 pre-tax dollars to pay for some out-of-pocket medical costs, such as prescriptions and insurance copayments and deductibles. You decide how much you want to put into your FSA, up to the 2025 limit. You generally must use up the funds in your FSA by the end of the calendar year, but your employer may grant you an extension of 2 months or allow you to carry over up to $640. Health savings account Like an FSA, a health savings account (HSA) lets you use pre-tax dollars to pay out-of-pocket medical costs. Unlike an FSA, though, your unused HSA contributions will carry over to the next year. Also, an HSA allows you take withdrawals, though they may be assessed a 10% penalty. To contribute to an HSA, you need to participate in a high-deductible health insurance plan. Make the most of your benefits package it can be a big part of your overall financial picture. Chad Choate III, AAMS828 3rd Avenue WestBradenton, FL 34205941-462-2445chad.chaote@edwardjones.com This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.Edward Jones, Member SIPC
Practical Tips for Safety, Independence and JoyAbout the Author: Sherri Snelling is a leading gerontologist, author, and expert in aging and caregiving. She is dedicated to educating and empowering families on promoting dignity, purpose, and well-being for older adults. Dementia and Alzheimer's disease (AD) are a growing concern for many families which is why it is important to be well-informed and well-prepared to support a loved one. Nearly 7 million Americans are currently living with Alzheimer's, the most prevalent type of dementia representing 70% of all dementia diagnoses, according to the Alzheimer's Association. In addition, these adults are being cared for by 11 million family members, and by 2050 Alzheimers is expected to nearly double, reaching approximately 13 million. A dementia diagnosis is a diagnosis for the whole family. While an Alzheimer's or related dementia diagnosis can be daunting, it is important to help an AD adult maintain a healthy and fulfilling life in the comfort of their own home. Research suggests that staying at home as long as possible is linked to a better quality of life for those with dementia and Alzheimer's.1Dementia family caregivers whether an adult child, spouse or other family member can find their caregiving role challenging but also rewarding. Following are some tips and guidance to help make it easier to provide care at home for a parent, spouse, or grandparent with Alzheimer's, while also finding moments of connection and joy.Creating a Safe and Comforting Home EnvironmentIssues related to Alzheimer's and dementia can impact an individual's ability to keep themselves safe. To make the home a safer and more comforting place, consider the following steps: Secure hazardous areas: Lock garages, basements, and sheds, especially where hazardous materials or tools are located, since 60% of AD adults wander and may be in danger of falls or other health risks.Enhance lighting: Keep walkways and rooms well-lit as a person with Alzheimers may have impairment of their visual field and their pupils often adjust more slowly to both bright and low light so maintaining good lighting throughout the home is essential.Minimize tripping hazards: People with AD have impaired balance so remove clutter and obstacles to create a clear path for movement and reduce the risk of fallsInstall handrails: Consider adding handrails or chair rails in hallways to assist with balance, as Alzheimer's can affect motor skills.Establishing Routines for Familiarity and IndependenceMaintaining routines and schedules can help reinforce a loved ones sense of familiarity, of control and independence while also reducing anxiety. A consistent routine actually uses rote memory rather than working memory and is easier for AD adults to maintain in the early and mid stages of the disease. Routines not only benefit the individual with Alzheimer's but also makes it easier for caregivers to plan their day and manage caregiving responsibilities.Fostering Joyful Moments Through Creative ActivitiesEngaging in everyday positive moments through creative activities and social events can significantly enhance the quality of life and overall health for individuals with Alzheimer's. Activities that keep older adults engaged include:Memory-related activities: Take a trip down memory lane by looking at old photos, taking a joyride to familiar places in your loved ones past or just reminiscing about past experiences.Sensory engagement: Stimulate the senses with their favorite music or the aromas of beloved foods, which are two powerful ways to spark positive memories. Music memory is the longest memory kept within an Alzheimers brain.Art projects: Simple art projects can keep their hands and minds busy, fostering creativity and relaxation. Keep in mind the sense of touch tactile projects with different types of touch sensations are very engaging for someone with AD.Physical activity: Encourage physical activity, such as walking, to help maintain a regular sleep schedule and promote overall well-being. Studies have found walking in nature is more beneficial than walking inside for everyone including those with dementia.2The Role of Professional CaregiversProfessional caregivers can play a crucial role in creating a personalized care plan that allows your loved one to experience greater well-being through positive moments, meaningful connections, and a more purposeful life. This is especially valuable in the familiar environment of home, where comfort and security are paramount. They also can provide important respite breaks for family caregivers who find dementia caregiving can take an emotional and physical toll.Connecting with an in-home caregiver network, like Comfort Keepers, can provide the specialized care needed for seniors with dementia. Comfort Keepers offers highly trained caregivers who are equipped to help older adults stay engaged physically, mentally, and emotionally while living independently at home. References1 Leverton, M., & Pui Kin Kor, P. (2023). Supporting people with dementia to live at home. BMC geriatrics, 23(1),681. Retrieved from: https://bmcgeriatr.biomedcentral.com/articles/10.1186/s12877-023-04389-w 2 Boere, K., Lloyd, K., Binsted, G., & Krigolson, O. E. (2023). Exercising is good for the brain but exercising outside is potentially better. Nature scientific reports, 13(1), 1-8. Retrieved from: https://www.nature.com/articles/s41598-022-26093-2
People over the age of 65 are more likely to be readmitted than younger patients, and readmission can be more serious for seniors.Readmission after an illness or injury is a serious health issue for seniors. However, it is important for seniors and their loved ones to remember that in many cases, readmission is avoidable and can be prevented with a thoughtful post-hospital care plan.Nearly one-fifth of all Medicare patients in the United States who are discharged from the hospital end up returning within 30 days. There are many reasons seniors may need to be readmitted to the hospital, but healthcare agencies are focused on finding ways to reduce these numbers and educate patients about how to have a healthier recovery at home.For many seniors, this means having a quality caregiver that can help them overcome some of the main preventable causes for returning to the hospital. Consider the following:Medication is critical: Some seniors need assistance taking medication in the right amount on the correct schedule. When you consider that, on average, seniors with chronic conditions fill 50 different prescriptions annually, it is not difficult to imagine how someone could get confused when a new medication is added to their regimen. Caregivers can not only remind seniors to take medications as prescribed, but they can also help seniors keep a list of those medications and their dosages so the information is readily available for healthcare professionals. Managing medications is one of the best ways a caregiver can help seniors during their recovery.Follow up visits prevent readmission: A full two-thirds of patients readmitted to the hospital would have avoided that trip if they had seen their physicians within two weeks for follow up. The reasons for not following up vary but can include transportation difficulties and forgetting to make or keep appointments. Hospital staff can aid the senior by setting up appointments for the individual before discharge, but getting to the appointment can still be a challenge. In addition to a host of uplifting care services, caregivers can provide transportation to appointments and keep track of any post-care visits.Discharge plans only work when implemented properly: Having a discharge plan for the patient before he or she leaves the hospital can be crucial for recovery, but it can be difficult for seniors and their family members to focus on the plan during the stress of the illness and discharge. Caregivers can help the senior follow the instructions, and will connect with family or other approved individuals when there are problems or change in condition during recovery. They can also help explain the information or ensure that the appropriate person is notified if the older individual has questions about his or her course of treatment. This takes the stress off the family and the patient so he or she can focus on recovery.Having a helping hand during recovery can ensure positive outcomes and a return to an active, engaged life. Family members, friends and neighbors are often willing to serve as a post-hospital recovery caregiver, but there is professional help available for those that dont have someone nearby to assist them. For long-term recovery, those who have the assistance of friends and family can benefit from a professional caregiver to provide respite care and support. Comfort Keepers Can HelpComfort Keepers caregivers can help with encouragement, support and assistance with daily living. And, caregivers can encourage overall health through meal planning, grocery shopping, meal preparation and activities. Our custom care plans focus on physical and mental health and wellness activities. Our goal is to see that clients have the means to find the joy and happiness in each day, regardless of age or acuity.To learn more about our in-home care services, contact your local Comfort Keepers location today. ReferencesRelias. What you need to know about readmission among seniors. Web. 2016.American Hospital Association. Examining the drivers of readmissions and reducing unnecessary readmissions for better patient care 2011 AHA Policy Research. Web. 2011.Robert Wood Johnson Foundation. Ten things you should know about care transitions. Web. 2013.