Your Senior Parents’ Finances: How to Ask the Difficult Questions and Get Real Answers
Home Instead
Jan 06, 2022
Florida - Sarasota, Bradenton & Charlotte Counties
Email US
Click to Email Us
The changes were gradual and subtle. First Annette's dad tore his patellar tendon. Annette could see he was struggling to navigate stairs in their two-story house. Then she noticed her mom seemed to have more issues keeping up with the housework. Next, her parents cut their cable subscription. Then it was fewer meals out and vacations.
What's up? Annette thought. What's the plan? she wondered. Annette wanted to ask, but the words did'nt seem to come. Her parents had never shared details about their finances or their plans for the future. Perhaps they felt it wasn't her business.
While encouraging aging adults to plan ahead might be a challenge, not doing so could put future financial stability and living preferences at stake for seniors and their families.
The biggest problem is that many people, because of a reluctance to face these kinds of issues, may fail to do so, said Beth Ludden, Senior Vice President of Product Development at Genworth Financial. That leaves individuals potentially at financial risk in their final years.
Opening the door to the conversations might be daunting. Consider these approaches: Financial downturns have hit us all hard, Dad. Should you consider downsizing? Or, Many people have to scale back their plans for retirement. Perhaps a financial plan would help, Mom? Id be happy to help you work this out.
Suggesting your parents reassess their life situation and priorities could help make their senior years more meaningful. Regularly asking and answering the following questions may determine how someone's life plays out, according to Ludden and the experts at Home Instead.
7 Questions to Ask Your Senior Parents About Their Financial Plans
1. How do your parents want to live their final years? Think of the final years in broader terms than just retirement. How do your parents see their lives unfolding? Is their goal to remain independent to the end? And where do they want to be at the end at home or in a care community? Consider that some of those years will be more active than others, Ludden said. Ludden noted that its important to involve a financial professional, such as a financial planner or life insurance agent, when your loved ones start thinking about final years planning to ensure they have the means to support their goals .Final Years Planning: Where to Find Assistance can help you learn more. Help your parents plan the fun part as well as those aspects of care theyll need to have in place as they age. Ultimately getting organized helps people feel more relaxed, Ludden said.
2. Where do they want to live? Ask someone where they want to spend their final years and most will say at home. That's what a number of studies have revealed. Unfortunately, its not always that simple. Do your parents have a practical plan to address their final years at home, will assistance be available and who would they like to help them? Ludden questioned. All of those issues will impact the financial plan they should put in place.
3. What's the plan if your loved ones need help? Experts say that 70 percent of people will need long-term care at some point in their lives, according to the U.S. Department of Health & Human Services. But people often are more willing to talk about death than they are disability, Ludden said. In fact, North American seniors are more comfortable planning for their funerals (79 percent) than planning for when they need full-time care (74 percent), or hospice or palliative care (71 percent),according to a survey conducted by Home Instead Inc., franchisor of the Home Instead Senior Care network.
Medicare is designed to pay for acute care situations, such as hospital stays or doctor visits, Ludden said. There are very few provisions for long-term care service only as an outgrowth for acute care and only for a brief time as long as someone is showing increased progress. Because people mistakenly believe that Medicare pays for long-term care costs and individuals are required to spend down their assets to receive Medicaid, many people have lost assets they've wanted to preserve, Ludden added.
Check out more information about what Medicare does and doesn't cover. There are ways to cover such care, Ludden explained, even at home and in a disabled condition. Many long-term care insurance policies sold currently provide for home care that is designed to support activities of daily living that cover a wide range of providers.
4. Does your family know the cost? Costs of care can be sobering. Find the costs in your area at the Genworth 2019 Cost of Care Survey. According to the survey, national median monthly costs for assisted living were $4,051. Median nursing home monthly costs were $8,517 for a private room; semi-private was $7,513. Rising costs may increase the urgency for many to create a plan. Home care remained the most affordable option at $4,290 a month for homemaker services and $4,385 for a home health aide.
5. Are products and services in place to support a plan? The good news is that a variety of long-term care plans exists to meet varied needs and budgets, Ludden said.
Traditional long-term care policies. These are stand-alone and designed to pay for the types of services someone would need in a chronic care situation, whether in a nursing home, assisted living or at home.
Hybrid products. These are life insurance or annuities with a long-term care insurance rider. While someone is living, these types of policy riders allow people to access a portion of the face amount of the policy to meet their long-term care needs.
Combination long-term care and life policies. These plans have living, long-term care insurance benefits that mimic more of the stand-alone types of long-term care insurance products. These policies can be designed to pay out monthly rather than in a lump sum.
An underwritten immediate annuity. These can be helpful for people who did not plan and would like to stretch their dollars. This product pays out a guaranteed lifetime income based on an initial lump sum premium. This type of product can help cover an immediate financial need for someone who is already impaired and looking for a way to get the most out of their dollars for care, Ludden added.
6. Is the plan flexible? Circumstances sometimes change plans sooner rather than later. Events may be the trigger to look at a financial plan, Ludden said. Unexpected deaths in the family can be a factor, as can family moving away. Life events are much more of a line of demarcation to reassess the plans you've made. If someone has planned adequately, it may not be necessary to make frequent changes. In fact, that's one of the benefits of putting a plan in place.
7. Does your family know about your parents plans? Its important that family members know about their parents plans and that they share specifics about the types of products and services they have in place. In the event an individual becomes disabled or impaired, long-term care insurance companies do have mechanisms in place to alert someone to the fact a bill has not been paid or an important change has been made to their product or service. Also, there are required protections in place if someones policy would lapse as a result of a cognitive or physical issue. Regardless, having a beneficiary on a policy or a power of attorney designated can reduce the risks of being vulnerable.
Other Articles You May Like
Functional Transformation Mobile Rehab Expands Northward to Serve Seniors in Greater Tampa Bay
Compassionate, In-Home Therapy Services Now Reaching More of Floridas West CoastFunctional Transformation Mobile Rehab, Floridas trusted provider of mobile therapy services, is proud to announce the expansion of its service area north now reaching residents up to just below Tampa International Airport. This growth allows them to offer expert in-home therapy to seniors and adults in Ellenton, Palmetto, Ruskin, Sun City Center, Apollo Beach, Riverview, Gibsonton, and parts of Town N Country, bridging the gap between Sarasota and the greater Tampa area.As the senior population across Florida continues to rise, so does the demand for quality, convenient healthcare services that promote independence and support aging in place. Functional Transformation Mobile Rehab (FTMR) answers that call with certified, personalized therapy provided in the comfort of patients homes.Why This Expansion MattersMany seniors face mobility challenges, chronic conditions, or post-surgical limitations that make traveling to outpatient clinics difficult or even impossible. FTMR eliminates these barriers by bringing certified therapists directly to patients' homes, offering a range of services tailored to meet individual health goals.From Sarasota to Tampa, patients will benefit from:In-home Physical TherapyOccupational TherapyCertified Lymphedema TherapyWound Care by Wound Care Certified CliniciansDurable Medical Equipment (DME) Support and Compression GarmentsThe ability to receive care at home not only enhances recovery and comfort but also increases consistency and outcomessomething particularly critical for seniors managing long-term conditions.Medicare PatientsFunctional Transformation Mobile Rehab is proud to be a Medicare-approved provider, making expert therapy services more accessible for those on a fixed income. With Medicare covering medically necessary therapy services under Part B, eligible patients can receive care with little to no out-of-pocket cost, depending on their deductible and secondary insurance. This is a crucial benefit for seniors who need rehabilitation after hospital stays, surgeries, or ongoing management of conditions like arthritis, balance disorders, stroke, or lymphedema.For families and caregivers, knowing that their loved one can receive certified, licensed therapy services covered by Medicare offers both peace of mind and financial relief. Please keep in mind that Functional Transformation Mobile Rehab follows Medicare guidelines, but cannot guarantee coverage.Specialized Care for Lymphedema and DME FittingsOne of the standout specialties of FTMR is Complete Decongestive Therapy (CDT) for lymphedema. Patients dealing with swelling, heaviness, or limb discomfortoften due to cancer treatment, venous insufficiency, or other chronic conditionsbenefit from a comprehensive approach that includes manual lymphatic drainage, exercise, skin care, and compression therapy.FTMR will measure, order, and fit your custom compression garments. These garments help patients maintain results from therapy, reduce recurrence, and improve quality of life.FTMR offers access to high-quality brands including:mediJuzoJOBSTSigvarisPatients are guided through proper usage and educated on maintaining their garments, empowering them to manage their condition long-term.Meet the Team Behind the CareAt the heart of Functional Transformation Mobile Rehab is James Ferrara, OTR/L, CLT, WCC, a seasoned Occupational Therapist and Certified Lymphedema Therapist with over two decades of experience in both outpatient therapy and home health settings. He is also Wound Care Certified, allowing him to serve patients with chronic or complex wounds safely and effectively.James and the FTMR team approach every case with compassion, clinical excellence, and a deep understanding of the unique needs of each patient. Therapy sessions are customized, one-on-one, and built on trustfar from the rushed or impersonal care that some may experience in traditional settings.With a patient-first philosophy and a mission rooted in helping people regain function, mobility, and confidence, FTMR is redefining what healthcare at home can look like.Serving With Integrity and CompassionFunctional Transformation Mobile Rehab operates with one goal in mind: to bring expert care to those who need it, without sacrificing comfort, dignity, or independence. Their expansion into the greater Tampa area means more seniors can now experience therapy that truly meets them where they arein every sense.Whether you live in Apollo Beach, Sun City Center, Riverview, Gibsonton, or any area in between Sarasota and the Tampa Airport, FTMR is now your local resource for in-home rehabilitation care.Schedule an Appointment or Make a Referral TodayIf you or someone you love could benefit from therapy at home, or if youre a provider looking to refer a patient to a trusted therapy partner, Functional Transformation Mobile Rehab is ready to help.Learn more or refer online at:https://suncoastftmrehab.com/in-home-therapy-expansion-tampa-bay/Experience the difference of Functional Transformation Mobile Rehabwhere healing happens at home.
Prevent the Crisis
Hello!What if you could prevent the emergency instead of reacting to it? Most long-term care decisions dont come from thoughtful planning they come from panic.A fall, a hospitalization, or a sudden cognitive decline forces families to scramble for support, often leading to costly, full-time care options like assisted living or home health services.But what if there was a better way? A way to act early, avoid burnout, delay decline, and even prevent crises altogether?Thats the power of adult day!A Different Kind of Long-Term CareMost people associate long-term care with nursing homes, assisted living or 24/7 in-home care services that often enter the picture after something has already gone wrong.These are reactive solutions: many wait until Mom is found wandering down the wrong street, or Dad fell and cant get off the floor, before making a move.Adult day care flips that model on its head.Its a proactive approach designed to support older adults and their caregivers before things reach a breaking point. It bridges the gap between independence and full-time care, keeping seniors safe, active, and connected while giving family caregivers the critical relief they need.The Hidden Cost of WaitingWaiting until a crisis hits isnt just stressful its expensive.Emergency room visits, rehab stays, and hospitalizations cost thousands. Family caregivers are often forced to . . . (click here to read the full article).Many Blessings,Kris Chana, FounderActivAge
A Guide to Geriatric Care Managers in Manatee, Sarasota, and Charlotte Counties
Providing Essential Support for Seniors and Their FamiliesAs seniors age, many families find themselves navigating the complexities of health care, daily living needs, and overall well-being. In these situations, a Geriatric Care Manager (GCM) can be a valuable resource. GCMs are trained professionals who assist families in managing the care of older adults, especially those with complex health conditions. They help ensure that seniors receive the right care, at the right time, in a way that aligns with their needs and goals.If you are a resident of Manatee, Sarasota, or Charlotte Counties in Florida, this guide will explore the important role of Geriatric Care Managers and how they can assist you and your loved ones in managing senior care effectively. What is a Geriatric Care Manager?A Geriatric Care Manager is a health and human services professional who specializes in aging and the care needs of seniors. These professionals are often social workers, nurses, or other health care providers with advanced training in geriatric care. Their main job is to help families manage the care of elderly relatives by assessing their needs, creating care plans, and coordinating services across a variety of healthcare providers.Geriatric Care Managers are particularly helpful when families are dealing with complex medical needs, or when there are multiple care providers involved in a senior's health care plan. They take the guesswork out of coordinating care and help families ensure that their loved ones are receiving the most appropriate and effective services. How Can a Geriatric Care Manager Help?Geriatric Care Managers provide a wide range of services tailored to the unique needs of older adults. Some of the key areas where they assist include:Assessment and Care Planning: GCMs conduct comprehensive assessments of a senior's physical, emotional, and social needs. Based on this, they develop personalized care plans to meet those needs.Coordinating Care: One of the key roles of a GCM is to coordinate all aspects of a seniors care. This might involve managing doctors appointments, overseeing in-home care services, arranging for transportation, or ensuring that medication is taken properly.Advocacy: Geriatric Care Managers act as advocates for the elderly person, ensuring that their needs are communicated effectively to healthcare providers, family members, and other involved parties.Family Support and Education: Many families are not familiar with the intricacies of senior care. A GCM can provide educational support to help family members understand the aging process, available resources, and how to manage long-term care.Crisis Management: When a sudden change in health occurs, a GCM is trained to manage the situation and can step in quickly to arrange for the appropriate care. Why Do You Need a Geriatric Care Manager in Manatee, Sarasota, and Charlotte Counties?Living in Manatee, Sarasota, or Charlotte Counties offers seniors the benefits of a vibrant and supportive community, but the complexities of aging can still pose challenges. With a growing senior population in these counties, the need for professional help managing senior care has never been greater.Here are a few reasons why a Geriatric Care Manager can be an invaluable resource in the local area:Access to a wide range of resources: In a bustling area like Sarasota, Manatee, and Charlotte Counties, there are numerous healthcare providers, facilities, and support services. A GCM is familiar with the best local options and can navigate these choices to create the most effective care plan for your loved one.Managing long-distance caregiving: Many families in Sarasota, Manatee, and Charlotte Counties find themselves in a situation where the primary caregiver is located out of state. A GCM can be a trusted local presence to ensure that care is being delivered properly.Specialized care options: Whether your loved one requires assistance with chronic conditions such as dementia, or they need rehabilitation after an injury, a Geriatric Care Manager can guide you to the right services in the local area.Support with aging in place: Many seniors prefer to remain in their own homes as they age. A GCM can help set up home care services, safety modifications, and other supports that make aging in place a safe and viable option. How to Find a Geriatric Care Manager in Sarasota, Manatee, and Charlotte CountiesWhen choosing a Geriatric Care Manager, it is important to find someone who is experienced, knowledgeable, and a good fit for your family's needs. Here are some steps to take: Check credentials: Look for GCMs who are certified by the National Academy of Certified Care Managers (NACCM) or similar organizations. This ensures they have met professional standards and are qualified to offer services. Seek referrals: Ask for recommendations from healthcare providers, friends, or other family members who have worked with a GCM in the area. Evaluate experience: Its important that the GCM you choose has experience working with seniors who have the specific care needs of your loved one. Whether its managing chronic illness, cognitive decline, or simply providing assistance with daily activities, the right experience can make all the difference. Interview potential GCMs: Speak with the care managers you're considering to understand their approach to care, their availability, and their fees. Its important to find someone who you feel comfortable with and who understands your familys needs. For a list of trusted Geriatric Care Managers and other senior services in the Sarasota, Manatee, and Charlotte Counties area, explore the Seniors Blue Book directory: Browse Senior Resources in Sarasota, Manatee & Charlotte Counties Geriatric Care Manager Listings in Sarasota, Manatee &Charlotte Counties ConclusionA Geriatric Care Manager plays a crucial role in ensuring that seniors receive the care and support they need to thrive as they age. In Sarasota, Manatee, and Charlotte Counties, these professionals offer invaluable assistance to both seniors and their families, navigating the complexities of senior care, advocating for the elderly, and providing peace of mind. If you are considering a Geriatric Care Manager for your family, remember that you have a wealth of resources and options in the local area to help you make the best decision. Start your search today by exploring the Seniors Blue Book directory for trusted professionals who can guide you through every step of the aging process.
Local Services By This Author
Home Instead Senior Care
Home Health 520 East Olympia Avenue, Punta Gorda, Florida, 33950Compassionate Senior Home Care Services by Home Instead Senior CareHome Instead Senior Care can help with compassionate, senior home care services for people at any point within the aging process. We'll work with you to develop a personalized care plan tailored to fit your family's needs. Our expert care provides all the support people need to live well wherever they call home, for years to come.Our services include:Personal Care: Assistance with bathing, dressing, and hygieneCompanion Care: Social interaction, activities, and meal preparationSpecialized Care: Alzheimer's and dementia care, post-hospital care, and chronic condition managementHome Helper Services: Light housekeeping, grocery shopping, and errandsRespite Care: Support for family caregivers to take a breakAt Home Instead Senior Care, we understand the importance of reliable and compassionate support. Our dedicated caregivers are committed to enhancing the quality of life for seniors, ensuring they receive the best possible care tailored to their unique needs.
.png)
Home Instead Senior Care
Non-Medical 520 East Olympia Avenue, Punta Gorda, Florida, 33950Compassionate Senior Home Care Services by Home InsteadHome Instead can help with compassionate, senior home care services. Our non-medical home care focuses on assisting seniors with the daily activities they need to engage in to remain safe and healthy. Many seniors need help to get their day started with assistance showering, preparing breakfast, and taking their medications. Likewise, help before bedtime, or even overnight, can be an important safety net for seniors at home who often are more apprehensive at nighttime.One of the most important needs of a senior who lives alone is often simple companionship. The companionship component of a professional caregiver's job can be just as vital as the physical assistance they provide. Our caregivers are dedicated to offering both essential support and heartfelt companionship to improve the quality of life for seniors.Our services include:Morning and Evening Assistance: Help with showering, dressing, meal preparation, and medication reminders.Overnight Care: Providing a sense of security and assistance during nighttime hours.Companionship: Engaging in conversations, activities, and providing emotional support.At Home Instead, we understand the importance of reliable and compassionate support. Our personalized care plans are tailored to meet the unique needs of each individual, ensuring they can live safely and comfortably in their own homes.