Posts Tagged ‘finance’
By Henry Moss (original at American Society on Aging)
Caregiver burden is emotional and subjective. We try to measure it by looking at rates of depression and anxiety disorders in the caregiver population, and at the seriousness of these disorders. We know the highest rates of emotional burden and the deepest levels of depression are felt by caregivers who experience entrapment—a sense of powerlessness, aloneness and suffering associated with long periods of caregiving for the most difficult elders, especially those with dementia. We are aware of the many studies showing how excess stress and emotional burden can impact a caregiver’s health, finances and family life, creating even more anxiety and depression.
We already know that the 45- to 64-year-old population will grow only 1 percent between 2010 and 2030, while the age 80 and older baby boomer population increases by 79 percent. As the age 80 and older baby boomer cohort grows, the number of family caregivers available to assist them drops dramatically, from 7.5 in 2010 to 2.9 in 2050, a more than 50 percent decline. Alarm bells have been going off and researchers and advocates have been busy estimating the impact on the long-term-care system. Read the rest of this entry »
Dan Munro wrote that annual U.S. healthcare spending will hit $3.8 trillion this year (~21% of GDP). There’s good info in his Forbes article and the referenced Deloitte report, but it should not be taken politically one way or another. Centers for Medicare & Medicaid Services (CMS) data shows a slow bending of the cost curve, where the increases in health care expenditures are slowing slightly, the increase is slower than the economy, and it’s slightly slower than in previous years. Still, many of us hope to see costs decline outright, and by a lot.
To me, the real value is recognizing that there are hidden costs not captured in the official 2012 estimate of $2.8 trillion/year. Read the rest of this entry »
Multigenerational homes were common during the Great Depression but declined once people rebounded economically. Now, as John Graham, coauthor of Together Again: A Creative Guide to Successful Multigenerational Living, observes, the recent recession has prompted a move back from valuing independence to interdependence.
Some 51 million Americans (16.7% of the population) live in a house with at least two adult generations, or a grandparent with at least one other generation, under one roof, according to a Pew Research Center analysis of the latest U.S. Census Bureau data. The Pew analysis also reported a 10.5% increase in multi-generation households from 2007 to 2009. Now builders are responding with homes designed specifically for multi-generation homes, or that can be modified to support that option later.
Could this trend be a utopia of built-in child care, elder care, three square meals, and shared costs? Could it avoid isolation in old age? Read the rest of this entry »
By Lucy Stewart, a financial counselor
for families looking to get out of debt
Forty-eight percent of middle-age adults provided support to their adult children in 2012, which is up from 42 percent in 2005, according to PewSocialTrends.org. Also up is the financial support they provide their aging parents: 21 percent said they provided some financial support to a parent age 65 or older in 2012, up from 19 percent seven years earlier.
Offering financial support to your adult children and 65+ parents does not mean that you give up your own financial plans and dreams. Family is family, but sacrificing your personal well-being won’t benefit anyone. Look for ways to cut expenses and create streams of income, and don’t assume you have to do this alone. Read the rest of this entry »
This is the first of a two-part series by Ken Dychtwald Ph.D. (Gerontologist, psychologist, author, entrepreneur and public speaker)
For most of us, our families make our lives — and life in retirement — richer and far more enjoyable. However, retirement planning has traditionally centered on just dollars and cents — and largely on the financial needs of an individual or a couple. With more and more of our lives impacted by family ties as well as family tensions, perhaps it’s time to rethink retirement planning from a more holistic perspective.
You may have already begun to notice in your own life that the hopes and dreams of today’s pre-retirees and retirees are increasingly complicated by three converging family-related trends: Read the rest of this entry »
Help Seniors Live Safely & Comfortably
by Eliminating Safety Hazards at Home
Guest article by Anna Graves, a freelance writer
who lives on a farm in upstate New York.
Researchers from Colorado State University reported what most of us long suspected—the number one reason seniors fall in their home is tripping over something they didn’t see on the floor. The dangers don’t stop at the front door, either; uneven sidewalks, poor lighting and steep inclines present challenges for seniors. While you can’t remove every risk of a fall, you can explore your options to ensure your home (or the home of an elderly parent or friend) is safe.
First Things First
Every room in the home has potential dangers. Take a tour of the home with a friend or relative and look for hidden risks of a fall. Read the rest of this entry »
Lowering Health Care Costs Is Hard Because Every Patient Is Unique — That’s Bull $hit.
Below is my scathing response to this recent article in The Atlantic, by Dr. David A. Shaywitx, director of strategic and commercial planning at a San Francisco based biopharmaceutical company.
I’m not surprised that this article was written by someone representing a biopharmaceutical company who sees every cure as a new drug and has a profit motive to find ways to justify high costs – in this case the “complexity of patients.”
This is exactly what’s wrong with our health care system – it’s actually a sick care or disease management system that has nothing to do with keeping people well and healthy and that treats symptoms to keep patients alive but coming back as paying customers. Read the rest of this entry »
By Caroline Montague
With an aging population and a generation of young adults struggling to achieve financial independence, the burdens and responsibilities of middle-aged Americans are increasing. Nearly half (47 percent) of these adults have a parent age 65 or older and are either raising a young child or financially supporting a grown child (age 18 or older). In addition, about one in seven middle-aged adults (15 percent) are providing financial support to both an aging parent and a child.
Adult children, worried about costs and the loss of their parents’ independence, must make difficult decisions about the best options for care for their loved ones. Assisted living communities, such as Emeritus assisted living, allow individuals to remain independent as long as possible in an environment that maximizes the person’s autonomy, dignity, privacy and safety. These types of communities also encourage family and resident involvement. (Editor: Emeritus is one of the largest and most well known, but you can also compare facilities in your area by zip code.) Read the rest of this entry »
Most people over 65 will need some kind of help with the activities of daily living such as bathing, dressing, or moving around. The need for such help can stem from a chronic illness or the natural decline of eyesight, hearing, strength, balance, and mobility that comes with aging. It’s never too early, or too late, to start planning for long-term care.
Many people think the phrase “long-term care” refers to an insurance policy. While insurance may be part of your strategy, long-term care encompasses many other decisions. You will need to decide where you will live, how you will navigate the myriad of legal, family, and social dynamics along the way, and the many options for paying for everyday help. Though a number of government programs may help pay for some long-term care services, many people are faced with significant out-of-pocket costs.
In partnership with LongTermCare.gov, Huffington Post took a look at eleven myths that may be keeping some from planning for long-term care, and ways you and your loved ones can prepare for the future.
Myth 1: I won’t need it
About 70 percent of Americans over 65 will need some kind of help with the activities of daily living for months or years as they age. It may be due to an illness, chronic disease, or disability. But often, the care is required because of the natural decline due to aging of one’s eyesight, hearing, strength, balance, or mobility. Read the rest of this entry »
According to a new report from the centers for Medicare and Medicaid services, there are vast differences in how much you will pay depending on which hospital you use. Where one might charge $7,000 for a procedure, another just down the road may charge $100,000 or more for the same care quality. (see Secret Hospital Charges)
Now there are ways to find the Fair Price on your own. One is like the Kelly Blue Book of healthcare, and it’s appropriately called Healthcare Blue Book. If you’re dealing with some major healthcare procedures, it’s certainly worth checking out. It never hurts to get informed when it comes to dealing with health care providers.