Many seniors put off preventative care in the United States because of cost. Without adequate insurance, when paying out of pocket, any seemingly “unnecessary” expense is often one that’s to be avoided. However, preventative medical care can actually prevent future health complications which can result in much more serious physical and financial problems. That’s why the CDC has begun a program to encourage those approaching their senior years to seek preventative medical care between the ages of 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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Home Care Central Phoenix and Home Care Greater Phoenix provides elder care and senior care in Phoenix. Call us today at 623-583-5868, 602-265-8228 or 480-991-3959.

The RRSP is known for providing seniors with great resources and services, but in the past, their financial products underwent some scrutiny. Some seniors still avoid RRSP’s products because of the former reputation of the AARP, but more recently, they’ve taken great strides to make their products ideal for their target demographic. RRSP products have the following benefits to seniors:

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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Home Care Central Phoenix and Home Care Greater Phoenix provides elder care and senior care in Phoenix. Call us today at 623-583-5868, 602-265-8228 or 480-991-3959.

Most seniors enjoy spending their retirement traveling. While planning a trip can be hectic, it is most rewarding in the end. More and more seniors are searching for a way to get a discount on their travel plans. This may seem out of reach, but there are a few ways to ensure that lower price. The following tips will help seniors obtain a discount when making their travel arrangements.

1. Make sure to know personal preferences before contacting a travel agent. These requests should be made in advance. Some common requests for traveling seniors include aisle seats on airplanes, morning flights and non-smoking accommodations.

2. Be sure to deal with a travel agent directly. Many travel agents have personal assistants that relay messages. If possible, try to arrange to speak with the agent directly.

3. If there are time constraints, make sure to have a back-up plan. Use a calendar to plan for schedule changes. Often times, a change in time could mean a greater discount.

4. Inquire about car rentals and hotel rooms. Your travel agent may be able to book a complete package which would offer additional savings.

Source: www.ehow.com

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Home Care Central Phoenix and Home Care Greater Phoenix provides elder care and senior care in Phoenix. Call us today at 623-583-5868, 602-265-8228 or 480-991-3959.

Those of us who find ourselves online day after day know that the internet can really create a sense of community and belonging to those that might have minimal physical social interaction in their day-to-day lives. However, with only 42% of older adults over the age of 65 using the internet, according to a recent Pew Internet study, there are still plenty of seniors who have yet to discover the camaraderie that can come from internet use, and they should. It’s not just about belonging when logging onto sites like Facebook or Twitter, it’s about preventing loneliness and isolation that can come from older adulthood and staying in touch with those who are most important. By doing this, seniors can improve their quality of life, even preventing depression.

In the United States, medical treatment that relates to depression equates to approximately $100 million each year alone, which means, there are plenty of seniors who are struggling through their daily lives. While the internet is surely not a cure for depression, it can reestablish a connection for seniors that can help them feel that they belong, and having support, companionship and friendship can play a major role in the prevention of depression.

Via: Home Instead Senior Care

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Home Care Central Phoenix and Home Care Greater Phoenix provides elder care and senior care in Phoenix. Call us today at 623-583-5868, 602-265-8228 or 480-991-3959.

If you’re planning on moving an elderly parent into your home, the last thing you want to do is talk to them about money. It’s easy to remember those years when they provided for you; bought elaborate gifts for your children, or helped you pay your way through college. But, when living with a senior, money becomes a whole different matter and money talks are essential. Before moving your parent into your home, have the money conversation, and make sure that guidelines are set so there is no tension or resentment later on the line because money was never talked about before you changed your living arrangements. It’s not an easy conversation to have, it never is when money’s on the docket – but with these guidelines, you’ll make sure everyone’s on the same page!

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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Home Care Central Phoenix and Home Care Greater Phoenix provides elder care and senior care in Phoenix. Call us today at 623-583-5868, 602-265-8228 or 480-991-3959.

If you read our previous post on the mistakes boomer women make when it comes to financial planning, the next step is to understand the right things to do in order to be financially secure for your future. As a strong, independent, boomer women here are a few tips in  financial planning to ensure that you are even prepared for the unexpected:

1. Let go of the idea that it’s too late – you might feel that as you approach your senior years, it’s too late to get yourself out of any financial mess you’ve made or learn new methods when it comes to managing your finances. When it comes to financial planning, it’s never too late to start!

2. Learn about money – this may sound obvious, but start doing your homework and research about all things finance. Learn about investment options, about financing available, about interest rates, and about anything that’s likely to apply to your situation before you even make your next move. Books and the internet are both great resources

3. Talk to a financial planner – you can hire a personal money adviser or speak to one that’s already available to you at your Phoenix bank (although someone independent might be more impartial) in order to keep you informed and help you make financial decisions

4. Support yourself – if you don’t have the means to save, invest or pay off debts, you might need to get a job. Find something you love, but ensure you have a set goal for earnings that will help you reach your financial goals

5. Pay off debts – don’t put it off, find a way to start paying off credit cards and loans right away

6. Save and invest – put money away every month without fail, every little bit will help you reach your financial goals and bring financial security

Via: Let Life In

Home Care Central Phoenix and Home Care Greater Phoenix provides elder care and senior care in Phoenix. Call us today at 623-583-5868, 602-265-8228 or 480-991-3959.

Boomer women have the tendency to be independent by nature, but in many relationships between people in that generation, the men still found themselves responsible for the financial management. This can result in a number of mistakes by boomer women when it comes to managing their finances that need to be overcome to secure their future in retirement:

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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Home Care Central Phoenix and Home Care Greater Phoenix provides elder care and senior care in Phoenix. Call us today at 623-583-5868, 602-265-8228 or 480-991-3959.

Retirement doesn’t look like it used to; long gone are the days where seniors had the opportunity to claim Social Security around the age of 65 and put their working days behind them. Today, seniors are working into their 70s, 80s or 90s, because retirement just isn’t what it used to be and here are the factors that contribute to the changes that keep seniors in their careers later in life than ever:

• 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 Care Central Phoenix and Home Care Greater Phoenix provides elder care and senior care in Phoenix. Call us today at 623-583-5868, 602-265-8228 or 480-991-3959.

“Will I have enough retirement income?”  We can’t get away from it in the media. With the market downturn, all of us are concerned about having enough money to retire on.  I would like to present the idea that Long-Term Care insurance can have a major positive impact on our post retirement asset retention and cash flow.  As stated in my last post, “An estimated 70% of people who reach age 65 will need some form of long term care before they die.” (Council of Economic Advisors, Economic Report of the President, Washington, DC, U.S. Government Printing Office, 02/17/07).

When faced with the reality of needing care in some form during our retirement years, if we do not have an LTC policy in force to protect us, the effects on our retirement nest egg can be devastating.  If we use the average cost of care per day of $160.00, in Arizona, this translates into the following out of pocket expense:

One Month  $4,800.00
One Year   $57,600.00
Ten Years  $576,000.00

Please keep in mind that this does not take into consideration the rising cost of care, which is growing at about 6% per year.  I do not show you all of this to scare you. There are enough scare tactics in the media today.  I share this with you because good, coordinated planning, potential LTC needs in conjunction with retirement planning is critical.

You may think that you cannot afford to purchase an LTC policy.  I wonder if any of us can afford not too?  Please contact me if you have any questions!

Joe W. Scheid, CLTC
Investment Advisor Representative
Special Care Planner
Strategic Financial Concepts
PH:  480.538.2956
www.strategicfc.com

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Home Care Central Phoenix and Home Care Greater Phoenix provides elder care and senior care in Phoenix. Call us today at 623-583-5868, 602-265-8228 or 480-991-3959.

Get your financial house in order

I took an application a few months ago with a 66-year-old couple from Tempe. They were both full of energy and had a good plan. A month later, the husband was diagnosed with cancer but with an 84% chance of beating it. On Friday, he passed away of unknown (as yet) causes. Her remaining income has now been reduced significantly because she loses the smaller of their two social security incomes.

How does she replace that? If that puts her income in the red will she be able to stay in her home? He didn’t have a pension but 70% of the men (mostly) who get pensions choose the retirement option that pays higher while they are alive but ends when the pass away. Do her remaining expenses get reduced much?

A good financial plan takes into account contingencies, even the case where one partner is no longer in the picture. I highly recommend people get it worked out in advance rather than waiting. Who wants to deal with financial problems while you are in the grieving process? While you are at it, get medical directives and funeral options handled. Who wants to have to make decisions on the fly about organ donation? Do it before something happens. And take a look at a reverse mortgage and see if you want to fit it into your plan as well. It could be the tool that makes it all work.

Dave Parker
602-750-8166
ParkerInReverse.com
Your Reverse Mortgage Resource

At The Lending Company

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Home Care Central Phoenix and Home Care Greater Phoenix provides elder care and senior care in Phoenix. Call us today at 623-583-5868, 602-265-8228 or 480-991-3959.