Saving for your retirement in your 50’s?
When should you start taking social security? When is it time to start saving for your retirement?
Carrie Schwab-Pomerantz, president of the Charles Schwab Foundation and member of the President’s Advisory Council on Financial Capability answers some money questions for fifty somethings. “The Charles Schwab Guide to Finances After Fifty” answers 50 of the most commonly asked questions about long term care insurance.
She begins by saying that you can still really make a huge difference in your savings if you start at a later age. Even in your later 50’s you would still have around 15-20 years more to save.
A lot[…]
Nursing home safety and quality care hearing
The House committee held a hearing on Thursday that went over safety and quality care in nursing homes. They reviewed reports of abuse, neglect and standard care in nursing homes today. Many incidences have been reported of horrific acts against patients in these nursing homes. It was time for a call to action from the government to ensure that these nursing homes are provided with quality care for these patients.
“Nursing home abuse is a serious concern and seniors who have been abused have a 300 percent greater chance of death in the 3 years following the abuse than those[…]
The Demand of Long Term Care
Here is a great excerpt from, “Long Term Care: Definition, Demand, Cost, and Financing” by Nelda McCall
“Estimating demand for long term care needs is complicated because it involves consideration of the prevalence of medical diagnoses and of limitations in functional abilities. Individuals need long term care when trauma or a chronic condition limits their ability to perform independently those personal activities necessary to daily living. One common way of measuring the level of disability is by assessing an individual’s ability to perform specifically defined ADLs and instrumental activities of daily living (IADLs). ADL measures include such tasks as eating, dressing,[…]
Reducing Long term care payments to hospitals
A recent group of economists have suggested that cutting long term care payments would save taxpayers around $4.6 billion per year. How would they cut the costs? By getting rid of high cost payments for long term care to hospitals.
According to the National Bureau of Economic Research three major areas of importance that are not improving long term care hospitals are:
-Non-reducing mortality
-Non-reducing length of stay/care
-Costing patients higher payments
Liran Einav, one of the economics professor at Stanford University, did a recent study on long term care spending in hospitals and said, “When the government created long-term care hospitals in the early 1980s,[…]
How to talk to your parents about Assisted Living
As your parents grow older life continues to change and they continue to age. You probably have found yourself wondering about their future and what help they will need as they continue to age. Are you worried that your parents aren’t thinking about their future like you are? We’ve listed below some prompts or materials to help bring up the conversation or to just get the ball rolling for everyone involved.
The US Department of Health and Human Services (HHS) recently projected that by 2020 over 12 million elders will need Long Term Care. Not many people like to think about[…]
Common Chronic Illnesses We could face the older We get
According to the Centers for Disease Control and Prevention (CDC), if you live to be around 65 you could possibly live another 19 and a half years after. Taking care of sometimes multiple chronic illnesses is apart of daily routines for some seniors.
To maintain a healthy lifestyle it’s important to eat healthy, exercise daily, and to try and eliminate things such as smoking. 41% of Americans over the age of 65 who are choosing to life a healthy life will maintain healthy conditions.
There are a number of chronic illnesses such as Arthritis, Cardiac Disease, Alzheimers Disease, and Cancer.
Arthritis
According to[…]
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