Long-term Care Planning | NJ Senior Care

Archive for the ‘long-term care planning’ Category

Boomers, are you confident you’ll have enough saved for retirement? Many aren’t…

April 2nd, 2013 No Comments

A new study by the Employee Benefit Research Institute has shown that 28% of U.S. baby boomers report they don’t have confidence they have enough money saved for retirement. With advances in medical care, people are now living longer. As a result, the need for long term care, such as home care NJ, has increased. These costs should be part of financial planning for retirement. 18% of boomers stated they are now planning to retire well after the age of 62–they are now saying they are planning to retire at age 70 or older. Read the Wall Street Journal story at http://on.mktw.net/XGykBo.

Man dies on the way to his wife’s funeral…

February 26th, 2013 No Comments

In the news: A 94-year-old New York man died unexpectedly in a limousine on the way to his wife’s funeral. His daughters reported their father, Norman Hendrickson, didn’t like to waste money, so the family decided to have both their mother and father’s funerals together. The couple, who met in Europe during WWII, had been married almost 66 years. Read the story at http://nbcnews.to/13lsM1o.

Have you talked to your parents about their final wishes or long-term care plan? As an elder care NJ provider, we encourage you to have the conversation with them soon!

Mild cognitive impairment can put you at risk for financial abuse

February 13th, 2013 No Comments

About 20% of Americans over the age of 70 have mild cognitive impairment, or MCI. It’s described as a stage between an expected mental decline of normal aging and the more significant decline of dementia. You may have more difficulty with completing tax forms, for example, or keeping on top of your finances, but it’s not severe enough to stop you form doing your day-to-day activities. An interesting article on USAToday.com reinforces the need for baby boomers to make their long-term plans BEFORE they have MCI. Not doing so in advance may lead to unsavory people taking over your finances at a time when you’re most vulnerable. The article offers tips of ways to prepare, such as putting together a support team of those you trust to take care of your finances. It’s also advisable to prepare your documents, such as medical directives (such as your desire to have home care NJ rather than living in a nursing home) and power of attorney. Read more: http://usat.ly/Yrh6ml

Series on aging stresses importance of talking to your parents about end-of-life wishes before a crisis happens…

December 13th, 2012 No Comments

NBC News, in conjunction with AARP, has been featuring a series about aging. In one video installment, the focus was on having a conversation with your older parents about their end-of-life wishes–how they would like to handle topics such as how they would like elder care should they need extra help (such as home care NJ), where they would like to live, how they would like their funeral to be arranged, what their plan is to financially pay for long term elder care, who would be appointed power of attorney, where important paperwork is located, etc. These conversations about death and dying are extremely difficult for both adult children as well as adults, but by being proactive BEFORE a crisis arises will greatly reduce stress and anxiety.

Go to NBC new’s website at http://nbcnews.to/Z323pp to view their series on aging.

Have you had “the conversation” (end-of-life wishes) with your loved ones?

October 11th, 2012 No Comments

No one likes to think about the end of their parents’ lives, nor their own, for that matter. Most of us know, especially those in elder care New Jersey, it’s important to have “the conversation” with your loved ones about end-of-life wishes, or to at least get them in writing (80% of people surveyed think they should have their wishes in writing, but only 7% have done so, according to the California Health Foundation). ABC News is partnering with The Conversation Project and is featuring a series focusing on long term care and end-of-life planning. At theconversationproject.org, you can download a starter kit to help get you and your family started. Questions such as, where would you prefer to be when you die?, at what point would you want to stop looking for a cure, and instead focus on being comfortable?, what do you need to do to get your affairs in order?, and many more questions and ideas to ponder. Visit abcnews.go.com/health/conversation to watch videos and learn more.

Photo: MorgueFile by HERMSdesign

Don’t wait for a crisis to start planning for your long-term care…

October 4th, 2012 No Comments

October is Long-Term Care Planning Month. We at Visiting Angels NJ know how especially important it is to plan, as we work with clients and their families on a daily basis who are in need of our home care services. Most people may not know that Medicare, health insurance, and disability coverages won’t pay for most long-term care services. When a crisis occurs with an elder loved one, families are often faced with making quick, high-pressure, costly decisions regarding care. By planning ahead, you will have alleviated some of that pressure and you will also have more options for care.

For much more on this important subject, visit our Long-Term Care Planning page.

Thinking of a reverse mortgage? Check out the myths…

July 26th, 2012 1 Comment

A reverse mortgage is available to retirement-aged homeowners, allowing them to receive monthly payments from a loan on their home’s equity. As a senior, perhaps you need extra funds to pay for home care NJ or other long-term care costs. You’ve seen actor Robert Wagner and actor/senator Fred Thompson recommending reverse mortgages on TV, but would getting one be beneficial in your circumstance? The National Council on Aging has identified 8 myths about reverse mortgages.

Myths About Reverse Mortgages:

Myth #1: They work the same as other types of home loans.
Myth #2: Most clients use their loan funds for “fun”–vacations and such.
Myth #3: They are cost-prohibitive.
Myth #4: They should only be used if there are no other options.
Myth #5: Older widows are the main people who take out reverse mortgages.
Myth #6: A fixed rate reverse mortgage is always a good idea.
Myth #7: It’s a waste of time to get counseling regarding reverse mortgages.
Myth #8: Most borrowers who end up facing foreclosure were victims of a scam.

Read the detailed Council on Aging myths by going to: http://bit.ly/8MtgMyths

How much money will you need to have when you retire?

July 17th, 2012 No Comments

We all know we should be saving for our retirement. But just how much should that be? It’s nearly impossible to predict, as the future is unknown. How long will you live? What will your medical expenses be? What will your elder care needs be? Will you be able to stay in your own using home care NJ or will you need medical care 24/7 for a period of time?

Aon Hewitt, a benefits counselor, has developed a simple strategy: he’s determined you will need 11 times your final salary. This is based on retiring at age 65 and continuing to live at your same standard of living. There are many who have different views, of course, but in the long run, it’s best to be conservative in your spending and liberal in your saving. This will help ensure your future retirement.

To read more, read the article from Time.com by going to http://bit.ly/RetirementSavings.

Baby boomers not settling for others to plan their funerals…

July 10th, 2012 No Comments

Typically, funerals are hastily planned by a grieving spouse who has provided NJ elder care or by the family of their departed loved one. There are so many things to decide–did the person want an open or closed casket? Did they want to be cremated? Would they have wanted a sombre or more light funeral? What songs would they have wanted to play at the ceremony? Would they want flowers or have money donated to a charity as a memorial? Which photos would they have wanted in a slideshow, if any? These questions–and many more–are often difficult, especially if the family hadn’t discussed the funeral with their loved one in advance.

An online website founded by Sue Kruskoph and Nancy Bush, www.MyWonderfulLife.com, helps baby boomers and their older loved ones decide exactly how they’d like their “final party” to be. Featured on ABC’s “SharkTank,” this website allows people to write letters to selected people, choose their funeral preferences (including what food they’d like to be served), write their own obituary, note where important papers and items are located, etc.

This innovative idea is just one of many more to come as baby boomers age, and the demand for different ways of doing things increases.

*Visiting Angels does not endorse or recommend any commercial products, processes, or services; for informational purposes only.

Baby boomers concerned about financial future…

June 5th, 2012 No Comments

About 78 million baby boomers will be retiring soon. If you were born between 1946 and 1964, how are your finances for your future long-term care? An article by NPR discusses the concerns people will have as they age, such as NJ elder care for parents, the expected rise of Alzheimer’s disease costs, assisted living costs, and the reduced tax payer base as older adults retire.