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Archive for February, 2009

As days of retirement approach, health problems often become a concern. Inevitable issues such as stroke, heart disease and cognitive impairment can mean a whole new way of life. 

Even after working long and hard to acquire resources for your retirement, there are more steps to be taken. It has become necessary to insure your funds so that the hard-earned money will still be there when you need it most.

 Many mistakenly believe that government programs such as Medicare or Medicaid will cover the costs of long-term care. Medicare will cover some skilled nursing for a limited period (100 days, if you are responding to treatment).  Medicaid will only cover long-term care costs for impoverished individuals or those who have implemented proper legal strategies. Health insurance does not cover nursing home or other long-term costs except for short-term rehabilitation. When age-related problems call for long term care such as a nursing home stay or assisted living, the out of pocket costs involved (currently over $6000 per month in Michigan) are sure to speedily drain retirement funds and leave the remaining healthy spouse in poverty. (more…)

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Many of my clients are being cared for by loved ones or are providing that kind of care for others. Sensitivity to the difficulties they face can help all of us provide better service to the elderly and their caregivers.

As the population of elderly people in our country continues to increase, so does the number of adult children who have taken on the responsibility of caring for their aging relatives. According to the Census Bureau, about 1 in 8 Americans were elderly in 1994, but about 1 in 5 will be elderly by the year 2030—and will increasingly require the assistance of loved ones to obtain the care they need.

According to a 6-year study on elderly people caring for spouses with Alzheimer’s Disease, the stress involved with caregiving can negatively impact your health. The study, done at Ohio State University in 2003, found a significant deterioration in the health of caregivers and a 63% higher death rate than the similar group of non-caregivers. The continuous demands placed on an adult child caring for an aging parent can induce illness and depression, limit the effectiveness of the caregiver, and even lead to premature death. (more…)

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