When the economy is suffering, seniors are often the first victims due to their limited incomes.  This year, the state of the economy has affected people of all ages, and when visiting seniors over the holidays, you can look for signs to see if they’ve been impacted and might require financial help.

1. Unusual temperatures in the home – seniors are more sensitive to temperature as they age, so a colder home in the winter and warmer house in the summer, despite the availability of adequate heating and air conditioning might indicate financial problems

2. Their home is in disrepair – if your loved one is typically on top of home repair and maintenance, if you visit and things are in disrepair, financial problems might be taking place to prevent the needed attention to necessary repairs

3. The outside of the home is lacking attention – seniors often need assistance with outdoor maintenance like lawn mowing or snow clearing, and if they are not being done, seniors may not be able to afford to hire someone

4. He/she is unwilling to travel over the holidays – if your senior typically visits family or travels over the holidays, they might not be able to afford to

5. Medical appointments are being missed – many seniors try and avoid visiting the doctor, but you have to look at the reasons that motivate them

6. Medications aren’t being filled – necessary medications that are going unfilled can indicate financial issues

7. Social activities are being cut out – entertainment, social activities and dining out could be eliminated from a senior’s routine

Via: Home Instead Senior Care

Home Health in Greater Phoenix & Home Health in Central Phoenix 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.

Most seniors live on a fixed income in older adulthood, and with little money coming in, and lots going out towards living and health care expenses, it’s especially important to be aware of every cent that’s spent and learn how to stretch every dollar further. Here are 10 tips for budgeting on a fixed income for seniors!

1. Talk to a professional – talking to a financial planner, either by using a service or speaking with one provided by a local branch of your bank can help you make sure you plan to meet your financial goals and needs. For example, they can help you get on track saving for future medical or care needs.

2. Don’t be afraid to ask for help – if you’re struggling to cover your basic needs then your local Area Agency on Aging can connect you with resources that can help

3. Find ways to reduce utility costs – keep blinds down and windows and doors closed to preserve optimal temperatures for your house

4. Walk, don’t drive – taking a car or public transportation can be more costly, so walk when possible and benefit your health and your wallet

5. Never make fast financial decisions – always ask for a second opinion before making decisions

6. Grow your own produce – plant a garden in your yard, a family member’s garden, or in a community plot to grow your own produce and cut down on food costs

7. Buy healthy items – convenient, pre-prepared items might be fast and easy, but they are less healthy and often  more expensive

8. Buy generic – generic brands are less expensive, purchase them for foods and for your medications

9. Carpool – it’s more fun to travel places with company anyways; share transportation costs by carpooling!

10. Plan to stay at home – aging in place is the more desirable option for most seniors, and it can be more cost-effective too

Via: Home Instead Senior Care

Home Health in Greater Phoenix & Home Health in Central Phoenix 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.

It doesn’t matter how old you are, whether you’re 50 or 85, you lead a busy life and it can be hard to get through the day while keeping your energy levels up.  It might seem like a waste of your precious time if you take a nap in the middle of the day, but it can actually make the difference between accomplishing everything on your to do list, and falling short. If you don’t nap habitually, getting started isn’t always easy, even if you’re feeling exhausted so here are some tips to get you started:

1. Squeeze in a cat nap of 10, 15 or 20 minutes (but no more!) during the day when you feel your energy fading. Whether you’re at work, or at home, it can help improve your productivity, so while it may feel like it’s taking time out of your day, it will actually create it. If you decide to nap at work, make sure it’s on your break or lunch hour

2. Suggest that your workplace create a napping area since it can boost productivity! Not all workplaces have created an area conducive to napping, but it is becoming more popular.

3. Help yourself wind down and prepare for a nap by listening to calming music, using aromatherapy, or doing another activity that you know works to relax you

Via: workhappynow.com

Home Health in Greater Phoenix & Home Health in Central Phoenix 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 – I know that the 2009 Stimulus Plan revealed that the elderly would be receiving one-time $250 Stimulus Checks, but I haven’t received mine. How do I get one?

A – The 2009 Senior Stimulus Checks are available to seniors who have received any one of the following benefits in November 2008, December 2008, or January 2009: Social Security, Supplemental Security Income (SSI), Railroad Retirement or Veterans Benefits. According to United States Vice President Biden, In order for seniors to receive their Stimulus Checks, seniors only need to meet the benefit eligibility requirements, but do not need to apply or engage in any other actions.Home Care Bryan, College Station › Edit — WordPress

Sources:
1. Senior Journal
2. SS Social Security Info

Home Health in Greater Phoenix & Home Health in Central Phoenix 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.

When my mother was in her 70’s, we talked her into adding identity theft insurance to her home insurance policy, knowing that the chances she might be a victim of fraud were fairly high in the senior demographic. The policy offered by her insurance policy for identity theft coverage cost nearly $30 extra per month, but after careful research we decided the benefits were worth it. While fraud insurance doesn’t actually cover any financial losses at the result of identity theft, it does provide coverage relating to the recovery process that occurs after such a fraud has occurred, including lost wages and legal bills up to $15,000 per claim.

When choosing to get the identity theft insurance for my mother, I ensured that the whole family understood that we still can’t let our guard down when it comes to managing my mom’s affairs. The same precautions still need to be taken when reviewing her finances and handling important documentation to prevent identity theft and fraud; the policy is only an additional safeguard, but it doesn’t decrease her chances of becoming a victim.

I would recommend fraud insurance to all seniors provided the policy is affordable for their lifestyle and income level, and that appropriate coverage is available. Fortunately, while my aging mom has not yet been impacted by fraud, we know with the insurance, if it occurs, she will manage to recover from it.

Sources:
1. Spam Laws
2. Globe and Mail Joanna Pachner

Image: Rofkahr Consulting

Home Health in Greater Phoenix & Home Health in Central Phoenix 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 

Home Health in Greater Phoenix & Home Health in Central Phoenix 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.

For many seniors, their necessary prescription drug costs can be as great as half of their annual incomes, but by investing in prescription drug cards some of the financial burden of their medications can be alleviated without ever having to sacrifice healthcare. However, for many of these programs, offered primarily by major pharmaceutical companies, the discount available varies for each prescription medication and ranges anywhere from a 1% to 20% savings; which forces seniors to pay into multiple discount card programs and shop around for the best price every time they are ready to fill a prescription.

According to an examination completed by Susan Dentzer for NewsHour, by making use of multiple prescription drug programs, an elderly couple with senior drug costs of $16,000 per year could save anywhere from $500 to $1,600 per year. The discount may seem insignificant when compared to the total annual drug cost, however, the annual savings can add up to a substantial nest egg for seniors who feel the efforts are worth the prescription savings. Recently, a $4 discount prescription program was released by Walmart; to offer even more substantial drug savings for seniors, with hundreds of prescription drugs available at $4 for a 30-day supply.

Seniors can benefit from using discount prescription drug programs, including Medicaid’s prescription subsidies for the elderly who have reached their $4,000 quota. However, the US still has a long way to go to catch up to other countries, like Canada, which have provincial drug subsidy programs automatically available to all senior residents who face the financial reality of retirement.

Sources:

1. Online NewsHour

2. Walmart.com

3. Makoa.org

Home Health in Greater Phoenix & Home Health in Central Phoenix 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.

Most Americans understand the importance of saving money to fund their retirement once they stop working, however, most do not know just how much they’ll need to pay for their basic living expenses or fund the retirement lifestyle they desire.

There is no magic retirement amount that will allow seniors to survive financially during their retirement. According to financial planners, the amount of savings needed for retirement all depends on lifestyle, standards of living and goals during retirement. Since life expectancy rates are increasing in North America, seniors should estimate their retirement funds based on life expectancy to age 90.

So how much do seniors need to put away for their retirement during their careers? Retirement financial planners say that 15 times your regular income should fund your bare bones expenses up until age 90; however, you can’t expect to have any money left in the bank or live the luxurious retirement lifestyle you’ve dreamed of. For those seniors who hope to travel, or maintain a less-modest lifestyle during retirement, and still have money left over; at least 22 times your regular income is required.

Financial planners say that retirement planning should start as early as the 20’s or 30’s, so that a sufficient amount of money is available to fund retirement when the time comes, and only a small portion of monthly income needs to be put aside in order to reach retirement goals.

Source:  Retirement Cash: Will You Have Enough? (Stuart Foxman)

Home Health in Greater Phoenix & Home Health in Central Phoenix 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.

“Longevity risk” is the term used to describe the increased lifespan of baby boomers which can ultimately result in them outliving their assets and funding for retirement. Not only are baby boomers living longer into their senior years than previous generations, but unlike their parents who had pensions to support them into old age; only 70% of baby boomers will retire with pensions today. Is it possible for seniors to live longer with fewer assets and income available to them?

According to a recent study by Ernst & Young, there is a very real risk that baby boomers and future generations who live longer will outlive their retirement funds. The study showed that 3 in 5 seniors middle-class retirees who maintain the lifestyle they have prior to retirement will run out of money before they die. While many seniors may dream of vacationing during the winter months and living extravagantly to celebrate their senior years; they may in reality have to sacrifice these dreams in lieu of a more modest lifestyle, saving the hard-earned money they made during their working years to provide for the regular costs of living both before and during retirement.

Younger generations should start planning today to provide for their senior years by saving a percentage of their earned income in a retirement plan to provide for retirement living; and some baby boomers who have yet to save need to act fast and adjust their lifestyles so they have the money to fund their futures.
ConsumerAffairs.com: http://www.consumeraffairs.com/news04/2006/10/longevity_risk.html (Fred Yager)
Consumer Affairs.com: http://www.consumeraffairs.com/news04/2008/07/retirement_savings.html

Home Health in Greater Phoenix & Home Health in Central Phoenix 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.

Q1 – What is hybrid long-term care insurance?
A1- Hybrid long-term care insurance helps seniors fund their long-term care costs as they age with more flexibility and affordability than typical long-term care benefits. Seniors can invest a lump sum into their hybrid benefits in order to fund any future needs in LTC.

Q2 – How do seniors benefit from investing in hybrid long-term care insurance?
A2 – Seniors pay a lump sum amount based on what they can afford, so when it comes to funding any future long-term care costs, they don’t have to pay unaffordable rates out of pocket when staying at long-term care facilities. Unlike with LTC insurance, where seniors are forced to pay expensive monthly premiums even if long-term care or custodial is never needed; hybrid insurance sits in wait until the need for long-term care arises; and funds can be returned if they are never used.

Q3 – How are hybrid long-term care benefit amounts determined?
A3 – Seniors determine how much they want to invest into their hybrid long-term care insurance, and the benefit amount available to fund long-term care under the policy is determined based on age and health at the time it is purchased. Hybrid long-term care benefit amounts are always greater than the initial investment; for example, an $85,000 investment could turn into $120,000. Life insurance benefits also work the same way; a greater amount than initially invested could be returned to the senior’s airs at the time of death.

Q4 – How much does hybrid long-term care insurance cost?
A4 – With hybrid long-term care insurance, seniors determine how much they can afford to pay. However, typically hybrid long-term care insurance is a better investment for the elderly with a large lump sum amount of funds available; since the idea is that the amount of the policy funds all or of the majority of their long-term care needs. Typical hybrid long-term care insurance policies start around $50,000; with some insurance carries enforcing minimums and others making recommendations based on funding projected costs at long-term care facilities.

Sources: http://youandyoursblawg.blogspot.com/2008/06/hybrid-long-term-care-insurance.html
http://personalinsure.about.com/od/longtermcare/a/aa082006a_2.htm

Home Health in Greater Phoenix & Home Health in Central Phoenix 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.