Simple tips for saving money while aging well

Your senior years should not be plagued with money woes. The stress that money problems bring not only ruins your aging experience but can also be disastrous to your health. Rising health care costs and your increased need for health care can add up to big bills that can further tax your health. To age well, you must use sound financial judgment as well as make healthy choices for your body and mind. The goal is to remain as healthy as you can for as long as you can and have a healthy bank account to support those goals. Beyond the obvious, such as choosing the right insurance plan and saving money for retirement, there are other strategies you can implement to further a successful and happy retirement.

Chronic stress is known to worsen health problems and can also accelerate the aging process. Though everyone experiences and handles stress differently, it is important to identify the specific stresses in your life and hone in on its source to be able to address it adequately. Relationship stress, family stress, and work stress can be treated through meditation and gentle yoga. The more you practice, the more significant the mental and physical benefits you experience.

In the case of financial stress, meditation will not save you. You need a concrete plan to approach your problem. Develop a budget that will address which debts you need to pay off first and stick to the program. Learn to avoid excessive spending that puts you in a debt cycle. Once you are as debt free as reasonably possible, learn ways to increase your savings.

An easy way to lower your expenditures and increase your savings is to view the world as your gym. Thirty minutes of brisk walking five days a week in your neighborhood is excellent for your body and your mind. Bring your cell phone, but only use it in the event of an emergency. Take in the outdoors around you and let your mind be free. You can be active doing leg extensions or squats in your own home. You can do several ballet plies while cooking a meal and toe raises while brushing your teeth. Before you get out of bed in the morning move your pillow out of the way and stretch out your spine; arms overhead and extending through your toes. The idea is to connect your daily routine activities to a specific exercise and do it every time you enter into that everyday behavior. If you have physical limitations, talk to your doctor before implementing at home exercises or neighborhood walks.

Learn to limit the portions of food you eat. We are a nation of overeaters. In many countries around the world, it is unheard of to have a “to go” box from a lunch or dinner that is too big for consumption in one sitting. The Dietary Guidelines for Americans 2015-2020 recommend active men over 65 need 2,600 calories daily, while sedentary men require just 2,000; for women it’s 2,000 if active, and 1,600 daily calories if sedentary. Pass on the heaping helping and pass on a second helping. By limiting the amount of food you eat, you can maintain a more healthy weight, which in turn can improve your health and longevity, as well as save money.

If you have room in your yard, start a vegetable garden, plant some fruit trees, and involve your friends to share in the workload and the resulting produce. If you don’t have a yard, join a community garden. Growing your food is an excellent way to increase the number of fruits and vegetables you eat and has the added benefits of making you physically active and socially engaged. By making a garden a group effort, you can prevent isolation which for many older adults is a risk factor for everything from depression to hypertension. If you have problems kneeling or being down on the ground, try using raised garden beds or even try gutter gardening. Gutter gardens are a simple way to grow vegetables that have minimal roots in gutters that are affixed to an outside wall at a height that is comfortable for you. Gutter gardens also remove the problem of bugs in the soil. A fruit and vegetable garden will lower your grocery bill and shift your eating habits to a more healthful plant-based diet.  Learn how to can or freeze your produce if you have a short growing season where you live.

Make a small investment to solve a significant problem. A grab bar in the shower or lowering the height of your bed can help you prevent a range of serious injuries from a fall. Fractures and head traumas often result in a rapid health decline and even death. Improve your balance with gentle tai chi exercises. Be sure you have adequate lighting in your home. Fix uneven floorboards and get rid of throw rugs. By being mindful of how you move through your home you can avoid an unnecessary fall which will save you money by avoiding medical treatment and might even save your life.

Kick bad habits and start with smoking. Just because you have not already developed lung cancer after decades of smoking does not mean you won’t, nor will it help prevent other lung problems like emphysema or chronic obstructive pulmonary disease (COPD). Replace a bad habit with a good one as proposed above. If you drink alcohol on a daily basis or sometimes to excess, consider cutting back or quitting altogether. Alcohol contributes to unsteadiness on your feet and can precipitate you to fall. Do not take more than the prescribed dosage of painkillers or anti-anxiety medications and never mix them with alcohol. It is easy to become addicted to these drugs as you age because often they are used in the treatment of chronic conditions. You can build a tolerance to them and need progressively stronger doses. Try to find alternative ways to address your pain or anxiety. Cut back on sugar and fatty foods.

If your day is not structured, create a schedule. Try to eat at regular times as well as have a predictable bedtime and wake up call. Your body will appreciate the regularity of life. Kicking bad habits to the curb can help you enjoy your retirement years with greater energy and health as well as save you a lot of money on bad habits that are expensive. Don’t tax your wallet and your well being.

There are many techniques for aging well and preserving your bank account. Some methods are simple while others require guidance by trusted counsel. Reduce the financial stresses of your retirement and contact our office today and schedule an appointment to discuss how we can help you with your planning.

Live and Learn: ALS and Health Care Power of Attorney

A strong health care power of attorney is indeed powerful for a condition like Alzheimer’s. But it may come as a surprise to learn that a good “basic” advance-directive document needs considerable supplementation when it comes to a dreadful illness like ALS – Amyotrophic Lateral Sclerosis, or Lou Gehrig’s disease.

Ordinarily, if a patient becomes unable to communicate their health-care choices, a good advance directive gives the patient’s agent a lot of power to shape the health-care plan as the patient would want: The power to keep the patient at home if possible; or, if not, to select a long-term health-care facility; to authorize pain-relieving drugs; to accept or decline surgery as the patient would wish; and to accept or reject blood transfusions, dialysis, antibiotics, cardiopulmonary resuscitation, breathing and feeding tubes – and possibly to decide when all that treatment should stop and the patient be allowed to die a natural death.

Many, if not most or all, of us would decline mechanical devices like breathing and feeding tubes, if that aggressive treatment would merely prolong the dying process. Yet people suffering with ALS might benefit from temporary use of precisely those treatments, as long as the treatment is accompanied by education and support in a conservative treatment plan specifically crafted for their condition.

ALS patients must be supported by care that is centered on creating more autonomy and the ability to communicate. There are conservative treatments available to assist in the breathing and coughing problems that ALS patients need assistance with, to avoid lung complications and preserve quality of life for as long as possible. These conservative treatments should be used before the drastic choice of tracheostomy, which could condemn the patient to institutionalization for the rest of that person’s life. With less-drastic treatment, the patient might remain at home and preserve a measure of familiar comfort and autonomy.

Likewise, education must be offered to create the ability to communicate by means other than speech. This education, if done timely while the patient still has some ability to move, could ensure that he or she remains communicative even when speech is eventually lost. This would avoid the terribly lonely, frightening, and despair-inducing “locked-in” condition, in which the patient retains all his or her cognitive faculties but is helpless to communicate at all.

A wonderfully supportive resource is a Caregiver’s Guide provided by the Muscular Dystrophy Association, available here.

https://www.mda.org/sites/default/files/publications/ALS_Caregiver’s_Guide_P-531.pdf

It’s loaded with information about ALS symptoms and side-symptoms; respiratory, nutritional, and emotional issues; simple solutions to build the communication skills crucial to avoiding “locking in”; financial and legal issues; end-of-life issues; and many other educational resources.

For a brief video about conservative therapies to assist with breathing and coughing, published by the Rutgers New Jersey Medical School, see here.

https://njms-web.njms.rutgers.edu/profile/myProfile.php?mbmid=bachjr

A health care power of attorney document that is custom-drafted for ALS patients should also specify that the patient must be consulted every six months to review the patient’s condition and how it may affect the patient’s health-care choices. The patient’s wishes can change, depending on the person’s progress.

Knowledge is power, and health care power of attorney documents for ALS patients should ideally reflect the education that is so important to preserve those peoples’ quality of life for as long as possible.

Holding a Family Caregiving Meeting

A family caregiving meeting is an essential tool when dealing with the care of an aging loved one. These meetings are beneficial for helping to keep all family members abreast of decisions that need to be made, changes in diagnosis or prognosis, and help to ensure that all family members feel that they have a voice. Family meetings can also help to keep caregiving responsibilities from falling solely on the shoulders of one family member. In addition, family caregiving meetings can foster cooperation among family members and lessen the stress associated with caring for an aging loved one.

Who should attend a family caregiving meeting?

There are a number of people who should be included in a family caregiving meeting. First and foremost, it is important to include the aging loved one in the meeting whenever possible. This helps the aging loved one to feel that they are being heard and that their opinions and thoughts are being considered. If a spouse is living, the spouse should be included, as well as any children and possibly siblings of the aging person. Some families may choose to include other family members, but this really varies from one family to another. Anyone else involved in care for the person should also be there. This could include paid caregivers, family friends, or neighbors. Depending on family dynamics, a facilitator can be helpful in running the meeting.

When should a family have a caregiving meeting?

First it is important to note that family caregiving meetings are not a one and done event. They must occur on a regular basis. The first family meeting can occur before an aging loved one actually needs care. This can give the person who may eventually need care more say in their future care, but often times this does not occur. Most families find that the initial meeting needs to occur when an aging loved when begins to show signs of needing care or when a diagnosis is given that determines care will soon be needed. In addition, meetings should be scheduled regular to discuss changes in diagnosis, prognosis, or general needs of the loved one or the caregivers.

How can a family hold a successful caregiving meeting?

The key to having a successful caregiving meeting is cooperation. This doesn’t mean that family members will agree on everything, but it is important that all family members are respectfully heard and considered. Families must be willing to compromise and seek the best plan for their aging loved one. Additionally, a smoothly run meeting should have an agenda and families should try to stay focused on the items included on the agenda. When holding a meeting, always put things in writing and be sure that all those involved get a copy of the important information and everyone’s responsibilities.

What challenges do families face in caregiving meetings?

One of the biggest challenges to family caregiving meetings is the family’s history. All families have their own dynamics that can cause problems in a caregiving meeting. There may be members of the family who are at odds with one another, creating an obstacle to having a successful caregiving meeting. The role that each family member plays can be a challenge. Some members may be overbearing and demand control, while others are peacemakers and do not feel free to share their thoughts. Another challenge is that some family members may be in denial of the severity of an aging loved one’s needs which could make it difficult to get a consensus for care.

Family caregiving meetings are beneficial and necessary when an aging loved one can no longer care for themselves. These meetings can help to divide the responsibilities of caregiving and reduce stress placed on the family members. It is important that families remember that the meetings are for the care of their loved one and cooperate with one another to help the process to run more smoothly and successfully.

If you have any questions about something you have read or would like additional information, please feel free to contact us.

 

Medicaid and Gift-Giving Can Be Risky

Mabel’s children were concerned that Mabel would need long-term nursing-home care in the near future. It was the holidays, and Mabel always got a lot of joy out of generosity. But her children had heard that people in Mabel’s circumstances should not give gifts.

The concern is real. For Medicaid to cover the huge expense of nursing-home care, Mabel would have to show that she owned nothing more than around $2,000. And she must also show that she had not given away money or assets over the prior five years (2.5 years in California). That Medicaid rule – the “look-back period” or the “transfer penalty” – would charge Mabel dearly for her generosity. Depending on the size and number of the gifts, the penalty could be substantial.

Many wrongly think that there is no penalty for gifts of up to around $15,000 annually. That misunderstanding confuses tax law with Medicaid law (and it also misstates tax law, but that’s another subject). The Medicaid rules are entirely different from the tax rules. In the Medicaid context, gifts of any amount that are given during the look-back period can be penalized.

There are exceptions. These include gifts to spouses and siblings under certain circumstances, disabled children, and children who are caregivers and who live at home with the elder for a span of time. But overall, gifts and Medicaid do not go together. The Medicaid rules are complicated and the consequences for mistakes can be very costly. There are a number of options to protect assets and still qualify for benefits, but these options must be weighed with great care. This is why it’s best to consult attorneys who, like us, are qualified by experience and expertise in Medicaid law.

There is one harmless deception Mabel’s children might consider, to keep Mabel happy and still satisfy the Medicaid rules. The children might help Mabel fill out checks for all the gifts she’d like to give, together with a greeting card for each gift. Everybody could thank Mabel, tear up the check later, and tell her what they “bought” with that amount. It may be that that little device would be worth it, so Mabel could enjoy the holidays too.

Otherwise, the sooner you consult a qualified elder law attorney, the more other options may be available. If we can be of assistance, please don’t hesitate to reach out.

Bill Paying Service for Seniors

If you are a senior or have a loved one who is struggling with the process of paying their household bills, Silver Bills can eliminate the task and alleviate the worry about proper handling of monthly bills. As many baby boomers continue to opt for aging in place, home administrative tasks can become problematic.  Family members who would like to help may live out of state or are too busy in their own careers to manage a loved one’s household bills. SilverBills has created a seamless service that will receive your bills, carefully review them, and ensure that your bills are correctly paid.

At your direction, SilverBills will mail you an enrollment packet. You will have to provide bills and one voided check to SilverBills in the envelope they provide. Once SilverBills receives the envelope they will convert your bills to “ebills”. Once enrolled in the service you will have a dedicated customer service representative that will assist you with any concerns or questions. SilverBills service will now receive, review, and ensure that your bills are paid for properly. The service guarantees that you will not incur late fees or penalties. In the event you do the service charge or late fee will be paid for by SilverBills.

No more getting to the mailbox or PO Box on a regular basis to look for bills. No more US Post Office trips to purchase stamps. No more calendaring due dates of bills and check writing. Once a month you will receive a statement showing your bills have been paid. There are no contracts; you can cancel your service at any time. SilverBills uses the same 256-bit encryption used by banks so that your transactions are secure.

Automating your bills through a bill paying service is becoming more commonplace particularly for seniors 75 and older. It is easy for a senior to mistakenly pay a bill twice or not at all and have needed electricity or water services shut off. The ability to manage money is often one of the first skill sets that goes when someone is experiencing mild cognitive impairment. By the time a person reaches their seventies there is a 20 % chance of cognition troubles. That percentage increases to 50% in our eighties.

SilverBills is one of a growing number of daily money management companies. The services are typically expensive ($100 and up, per month) but the peace of mind a family can have knowing the day to day bills are being correctly handled is worth the price to many. The American Association of Daily Money Managers is an online resource that can help you find the right professional service for you or your loved one. Always ask for references and check accreditations before allowing access to your banking information and remember these bill paying services do not act as accountants or financial advisers. They are more akin to a personal financial assistant with the added bonus of consumer advocacy; looking for bill errors and potential fraud.

There are many reasons that accurate bill paying becomes unmanageable for seniors. SilverBills and services like them are becoming increasingly popular for proper bill payment. Talk with your family or trusted counsel to see if it is the right choice for you. Feel free to contact us if you have any questions or would like help with your planning needs.

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