» money conversations

Can’t Find Medical Insurance?…Grandpa was denied doctor’s visits and medication at the V.A.

Think that will not happen? Economic and health care problems go hand in hand. If Grandpa, who had been serving in the army when he was young, but now he can’t find the records…guess what? He may be denied for health care. Or if Grandma does not have health insurance, she may have to pay out of pocket. She is already broke. What’s going to happen now? Can she tap into Grandpa’s V.A. benefits?

Last week, we wrote about our aging parent’s financial matters and the “money talk”, I am sure you sense there is a change with their financial status because of the economy today. Another change occurred over the past couple of years- that’s the health care industry. Big time changes, too!

How can they get health care assistance? Do you know the laws and regulations for Medicare and Medicaid in your state? Will your elderly parents qualify for Medicaid, and what are the procedures to apply before it is too late to apply?

Conversations about their healthcare, insurance, and health care needs are as important as the money talks. Everything revolves around money.

The aging population of our country is increasing by leaps and bounds as compared to the other age groups, but funding for Medicare and Medicaid is slowly diminishing. At the same time, our average healthcare cost increases about 2.4% a year, more than our GDP according to the Kaiser Family Foundation report.

Our need for healthcare increases as a person gets older. Other than doctor’s visits and prescription drugs, there may be a need for nursing home care, homemaker services, medical visiting nurses, hospice, or other types of in-home based caregiving services.

Each state has their own agency for Medicare and Medicaid and they are all different from each other. Here are some general tidbits that will save you a lot of time and energy when you are preparing to have that conversation with your aging parents or elderly grandparents regarding Medicare, Medicaid, or V.A. Benefits:

Get ready, gather information, and be prepared to create a paper trail.

1. Proof of citizenship and residency

2. Income details

3. Tax records will be needed

4. Marital status

5. Military records

6. Retirement dates and details

7. A complete list of assets

Check with local agencies for details and applications. Check with your local area on aging and SHIP for details. Don’t wait too long and be in a “too late” situation. In most cases, there is a “look back” period.

Another important consideration about health care with your aging parents is the Power of Attorney for Health Care Document- who will determine what will happen with medical and end-of-life issues? If you do not have a signed, notarized Health Care power of Attorney Document with health care directives, it will not be your siblings or your loved ones. It will be the hospital and the doctors. Watch for more information regarding POA in September.

We are here to serve as a resource and to serve with that first step- Keeping in Touch every day with your aging parents and elderly grandparents. We call for you every day when you can’t be there with a check-in personalized call and medication reminder. We know daily, positive words of encouragement and support do make a difference. When you are ready to take the first step, we are here to give a helping hand. Call us at 1-800-788-1280 or visit us online at KeepingInTouchSolutions.com.

P.S. If you have a question, email us your question at KeepingInTouchSolutions@gmail.com

Diana Beam is an entrepreneur with a vision and a heart for the elderly. She has more than 30 years of experience as a teacher, long term care administrator, home health care pioneer, senior real estate specialist and owner of Keeping in Touch Solutions. Her passion is to see working women and men with elderly parents set free from guilt of not having time or proximity to their aging parents and helping the elderly with their aging needs and transition challenges. Diana lives in Indiana with her husband Ron and they have 3 grown children, 2 grandsons and a golden retriever named Hope and a calico cat named Ms Dottie. Grab her free report, 7 ways to provide maximum support to your parents, today. If you’d like to learn more about Diana and how she helps elderly clients through Keeping in Touch Solutions, check out her website at www.keepingintouchsolutions.com.

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Look! Ramen eating Grandma was pushed off the cliff….

How often have you heard someone talking about the future of our seniors citizen and end up saying “Well, we’ll just let the government take care of them”? You all saw that disgusting ad about pushing Granny off the cliff!

Yes, there is uncertainty and fear but that was a bit too much! Yes, there are families out there who don’t give a darn about their aging parents, but for every one of those slackers out there, there are hundreds of loving and generous caregivers who go to the wall for their aging parents and neighbors every day of the week.

…But despite all the years of hard work and planning there are some elderly who just can’t do it alone. Our role is to educate and help give support.

According to the National Council of Aging Report in January, less than 10% of the nation’s 38 million elderly people are living in poverty. But once medical care and other costs of living are factored in, the number of people aged 65+ living in poverty jumps to 16%.

With all the upheaval and regulatory explosions, more and more of our elderly and frail elderly will be affected financially and the numbers will increase accordingly.

Could it be that Grandma and her college-aged Grandchildren will both be eating ramen noodles every day? Will we see our elderly and seniors sitting around wrapped in blankets because utility costs have skyrocketed?

Remember, Grandma’s generation carried the filled coal bucket into the house when it was wintery cold and stoked the stove to heat the house. Adapting was a part of Grandma’s life.

It may be taboo to talk about money, but as Betty White said with the AARP ad “GET OVER IT,”

These are tough times and we can’t help our aging loved ones if we don’t know their real story! For most families this is a very emotional subject and parents often say it isn’t our business BUT press forward we must.

Remember, Grandma and Grandpa understand the great depression. They lived it!

In the last few weeks, the elderly have seen their investments get smaller and smaller. Their nest egg may have cracked. Their money is buying less and prices are heading up. Hardest hit with increases: food, utility bills, medical cost – all vital to the aging seniors. So, now may be the time to start a serious and intellectual discussion about money and the future.

For some, it is easier to start the conversation with your aging parent with a preset list of questions. For others, observing will tell the story. Such as, are there past due bills thrown about, have there been disconnects, is the furnace or air conditioning being rationed, is there food in the refrigerator, is housekeeping slipping fast and safety a concern, are appointments being missed? It is much easier to have the conversation while the aging loved one is able to make reasonable decisions.

To start the conversation, think about the following:

Investments- stocks, bonds, real estate holdings, jewelry, precious gems, art and antiques.

What is the value and where are these assets…..who manages the names, address and phone numbers.

Are the items in the investment portfolio secure and who can make changes….does a family member’s name need to be added?
This is the most difficult! What is the current status with all liabilities, debts, financial obligations, and banking accounts? What is the income to debt ratio? Is there a rainy day fund?
What are monthly costs for food, housing, taxes, medical needs (including prescription drugs), utility costs, maintenance and upkeep?

Who do they turn to for money questions and legal advice? Who does Grandma go to for emergencies? Tough questions to ask a person you love so much.

Approach your elderly parents and grandparents with care and compassion. What is worse than asking is not asking until they are unable to make a decision or they pass away without you understanding anything about their finances? JUST do it now…start the conversation.

The unexpected is ever present!

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Diana, August 15th 2011 | Tags: caring for elderly parents, money conversations, Money matters, poverty and the elderly, your aging parents, Your aging parents legal documents
Posted in Aging Parents and Money Matters, Caring for elderly parents, Conversations with your aging parents

How to Plan Ahead for the Conversations With Your Aging Parents

None of us grew up thinking that one day we might have to care for our aging parents. Along with our own sets of commitments and responsibilities, many of us (especially between the ages of 35-55) are seeing the need to give a helping hand to our aging parents or grandparents.

How can we find the time and ways to help them while we may be struggling ourselves? It is not easy being a daughter or a son who is being called on to step up and be the parent in the situation – after all, they have parented us for all these years. Plus, we are torn by emotional and financial issues attached to the situation.

The fact of the matter is, not all parents are created equal! Just knowing this can make our planning a bit more effective and less confrontational.
I’m sure you’ve seen them:

Perfect victims- cannot make decisions and always rely on you to help out.
Controllers and manipulators- want to make all decisions and they are always right and you are to listen and do what they want.
The one in between- they are the sweet, caring and cooperating parents who will help themselves and are willing to receive help.

Do you know what type of aging parents you have? Thank heavens most of us are blessed with the “in betweens”. When you know this about your aging parent or relative, it is easier to start the plan and the conversation – always asking the questions “what comes next” or “what is the next step.” Keep thinking forward and moving forward!

One of the many books we reviewed here at Keeping in Touch Solutions was The Parent Care Conversation, by Don Taylor, dealing with conversations that most of us will be forced to face as our loved ones age or fall victim to Alzheimer’s. This is a good read for anyone who is a practicing caregiver.

It isn’t easy for our loved ones to think about losing their independence and freedom. But it isn’t easy being the son or daughter of a frail or ill parent living in another community – just waiting for the other foot to fall!

Starting the conversation ASAP is imperative. This is the first in weekly posts related to “money matters” – since most issues are involved with money!

Is it time for you and your aging parents to sit down and talk about any financial issues – in a non-judgmental way – they are facing at the current time? Are they in debt? Do they have cash all over the house? Do they have a right structure for all their financial portfolio and needs? Where and what are their bank accounts information and investments information? Do they have all legal papers regarding money in one location? Do they have all necessary paperwork signed and documented legally and correctly? Where is it? Can we get everything together and in one place – a box, desk drawer, etc. – and then review?

It is not easy to start such conversations since all along they are the ones who gave you the advice about money. But you can’t help unless you know what they want!

There may be a role switch going on here- which could be very emotional. While in these conversations, it is important to identify in a non-judgmental way which type of aging parents you are conversing with today. However, these are crucial times to ensure smooth moves or transitions for you and your aging parents. Don’t let it be too late.

Plan ahead with your siblings and aging parents to have the money talks. By initiating conversations that consult and partner instead of taking over…we like to call it, coming alongside your aging parents. That will reduce all defenses, intimidations and tensions.

Are you facing this situation right now?

Are you postponing the ‘talk’ with your aging parents?

Are you planning ahead with your aging parents for their needs in the near future?

We would love to hear your stories about how you started the money conversation with your loved one.

We, at “Keeping in Touch Solutions”, are here to serve. Our daily check-in call and medication reminder can brighten the day for your home bound loved one – you’ll feel better, too knowing they have connected with the outside world today.

Leave us your questions and comments. Let us know how we can serve you.

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Diana, August 1st 2011 | Tags: caring for aging parents, caring for elderly, caring for your aging parents, conversations with aging parents, help for your aging parents, money conversations, Money matters
Posted in Aging Parents and Money Matters, Conversations with your aging parents