The Importance of Financially Planning for Senior Care as You Age

As you age, it's important to start thinking about your future care and how you'll pay for it. According to the U.S. Department of Health and Human Services, 70% of people over the age of 65 will require long-term care services at some point in their lives.

Yet, many people start financially planning for senior care when it's too late. 

In this blog post, we'll explore the importance of financial planning for senior care and how it can benefit you and your family.

Protect Your Retirement Savings

One of the biggest fears people have when it comes to retirement is running out of money. This fear can become even more pronounced when you factor in long-term care costs. 

Financially planning for senior care can help protect your retirement savings by ensuring that you have the funds you need to cover the costs of care should you need it. With the right planning, you can mitigate the risk of running out of money in retirement.

Reduce Stress and Anxiety

The uncertainty of not knowing how you'll pay for senior care can cause great stress and anxiety. By financially planning for senior care, you can reduce this stress and anxiety by knowing that you have a plan in place. 

This can give you peace of mind and allow you to focus on enjoying your life in retirement.

Provide for Your Family

Financially planning for senior care doesn't just benefit you. It can also benefit your family. Having a plan in place can ensure that your family is taken care of should you require long-term care. 

This can reduce the burden on your loved ones and allow them to focus on supporting you rather than worrying about how to pay for your care.

Ensure Access to Quality Care

Financially planning for senior care can also ensure that you have access to quality home care. With proper planning, you may be able to choose between options for care and may have to settle for a lower quality of care due to financial constraints. 

By planning ahead, you can ensure that you have access to the care you need when you need it without having to worry about costs.

Take Control of Your Future

Finally, financial planning for senior care allows you to take control of your future. Having a plan in place gives you the power to make decisions about your care and your finances. This can give you a sense of control and peace of mind that can be invaluable as you age.

In conclusion, financial planning for senior care is an important step that should be considered. By protecting your retirement savings, reducing stress and anxiety, providing for your family, ensuring access to quality care, and taking control of your future, you can gain peace of mind and enjoy your retirement to its fullest. 

With the help of a financial planner or elder law attorney, you can create a plan that fits your unique needs and ensures that you are prepared for whatever the future may hold.

Services to Budget for as You Age

As you age, it's important to plan for the future and ensure that your finances are in order. While many services are available to seniors, some may only be necessary for some.

Here is a list of five essential budgeting services that all seniors should consider.

Long-Term Care Insurance

Long-term care insurance can protect you if you need long-term medical or custodial care. It can cover nursing homes, assisted living facilities, home health aides, and more costs. 

If you feel that long-term care insurance is right for you, shop around and compare premiums and coverage levels before signing up with any company.

Life Insurance

Life insurance can provide financial security for your loved ones in the event of your death. 

It can also be an excellent way to ensure that your estate is distributed according to your wishes. Life insurance policies allow you to designate beneficiaries who will receive the proceeds from the policy upon your death. 

Be sure to carefully research different policies and insurers before deciding on one that meets your needs and budget.

Retirement Accounts

Retirement accounts such as 401(k)s and IRAs can ensure that you have enough money saved for retirement when the time comes. 

Evaluate different retirement accounts offered by different companies to find one that fits both your lifestyle and budget best.

 

Consider factors such as fees, investment options, employer matching contributions, etc., when deciding which account is right for you.

Home Maintenance Services

Home maintenance services can help keep your home in good condition so it doesn’t become a financial burden later on down the road. From lawn mowing services to plumbing repairs, these services can save you money in the long run by preventing costly repairs or replacements due to neglect or wear and tear over time. 

Research local home maintenance companies near you and compare prices before signing up with one that fits both your needs and budget best.

Legal Services

Legal services are invaluable for estate planning or writing a will—two tasks every senior should undertake at some point in their life. 

A lawyer can also provide legal advice on taxes, healthcare directives, power of attorney documents, and guardianship arrangements for minor children or grandchildren in the event of incapacity or death of a parent/grandparent, among other matters related to aging adults’ finances or estates. 

It’s important to find an experienced lawyer who specializes in elder law issues so they can provide sound advice tailored specifically for seniors’ needs—so make sure you do plenty of research beforehand.

Home Care Services

Home care services can help seniors remain independent in their homes by assisting with daily living activities like bathing, dressing, cooking meals, and more. 

There are a variety of home care services available, such as companion care, personal care aides, and nurse’s aides. 

Research your options to find a provider that best fits your needs and budget.

These are just five essential budgeting services seniors should consider as they age—but there are countless other services out there designed specifically with aging adults in mind. 

No matter where you are in life financially, smart planning now will help secure a better tomorrow. Don’t hesitate to take advantage of these valuable services while they are available. 

Make sure you do plenty of research beforehand to make well-informed decisions when investing in these important financial planning tools.

What to Expect When Parents Move Into Your Home

Many families today are sharing homes to reduce costs and help raise children or manage a household. If you are thinking about inviting your parents to live with you, it is important to make plans to meet everyone's financial, social, and health needs.

Financial Agreements

Discuss with your loved ones how their living expenses will be managed. Will you all share their home or yours? Or would there be a monthly budget where your parents contribute a certain percentage? 

If they are assisting with childcare, you may decide to reduce their share of living expenses as a tradeoff. Often, it helps to prepare a budget that includes everyone's income and expenses so that everyone knows what to expect monthly except for unexpected bills that pop up. Those can be negotiated separately.

Household Duties

Housework can also be divided based on your parents' abilities and interests. One of them might like doing yard work while the other prefers cooking. 

They will probably want to pitch in and help in some way if they are able. Their duties might change over time based on health issues that may develop. It's important to make them feel appreciated without depending too much on their help or refusing their assistance. 

People with disabilities can sometimes help with simple tasks like folding laundered towels or setting the table for meals.

Monitoring and Supervision

If your parents help to care for your children, you will want to explain the house rules and boundaries. Grandparents love to spoil their grandchildren, so let them know what is acceptable or advisable. 

They may offer advice for raising kids that you don't agree with, and you can politely listen but explain your preferences. Similarly, if one or both parents require health care or supervision, you will need to figure out a schedule that works with everyone's needs and availability.

Health Support

Aging parents may experience health problems over time. You will need to decide how to help with their home care and medical appointments, possibly by hiring home health care providers. 

You may need to adjust your work schedule and other responsibilities to help care for their needs. Discuss reasonable options with family members to be prepared if and when that day comes.

Sharing your home with your parents is a wonderful way to enjoy a renewed relationship with them that could be beneficial to your children as they learn about life from their older relatives. 

Make practical plans in advance so that the transition will be smooth and clear with minimal tension or confusion.

Home Care or Assisted Living? How to Best Help Aging Parents

One of the toughest things to see as an adult is seeing your parents age. At some point or another, they are simply not going to be able to take care of themselves, and that's a reality. 

As much as you may want to, the fact is that you won't have the time nor experience to be there for them. This is why so many choose to either place their parents into home care or assisted living, but what's the best route?

Determine What They Need

To choose the proper route, you first need to make a list of all their needs. This includes everything from moving around the home to making their food. Remember, simply because they can do something doesn't mean they should. 

For example, they may be able to gather ingredients for a meal, but handling large and heavy pots may be out of the realm of possibility. However, if they can do almost everything else on their own, your parents may simply need home care from time to time. 

Home care companies such as Quality First Health Care Services offer a wide array of services to help seniors live safe and fulfilling life. These services include but are not limited to personal care and companionship, skilled nursing, and medication administration, to name a few.

Consider Health Issues

One of the most common causes of injury and death amongst seniors is falling down within their own homes. It's an unfortunate situation that happens way too often, and because seniors are often living alone, they may not have someone there to call an ambulance. 

Therefore, if your parent(s) are dealing with a health issue that prevents them from properly walking, you may want to think about including them in an assisted living program. 

Assisted living usually involves placing your parents into a caring community that often takes the form of an apartment building. 

However, the staff who run these assisted living communities are much more hands-on with their residents while allowing them to live independent lives. Many adult children like the concept because they know that their parents are surrounded by medical professionals and staff 24/7.

It's never an easy thing to place your parent's life in the hands of others. That is why it is so important to carefully research each and every option that you are presented with during the process. You must also communicate with your parents to see what they would prefer.

How to Find the Best Home Care for the Best Price

As people get older, they become more vulnerable to disabilities and diseases. While medical practitioners can offer effective treatment to address the issue, they may not help them get going with the day-to-day activities of life. 

Unfortunately, it becomes challenging for family members to assume the roles of competent caretakers as most of them lack proper medical training.

In such situations, it is imperative to look for professionals equipped to handle the needs and demands of the elderly at their old age. 

Finding a dedicated caregiver that can offer home healthcare can be a nerve-wracking experience, but there are ways you can take to finding the right in-home care you need. Below are some of the ways you can find the best and affordable home care.

Carry Out a Comprehensive Research

The first step to finding a devoted, reputable, and experienced home care is conducting thorough research from all credible sources. 

However, it may not be as simple as you think, but you have to dig deeper to acquire the valuable insight you will require. You can use the internet to search for company’s websites as they can give an insight into whether the provider is doing anything except to provide quality service to their clients. 

Detailed research will also help you compare prices offered by different home healthcare providers, thus helping you settle for the best.

Ask for Recommendations

Looking for recommendations plays a major role in finding the trusted and exceptional long-term care you need. You can ask your friends, doctor, nurses, neighbors, or any other person who works in this field to acquire the right kind of help and assistance from trusted people. 

You can also seek help from your native community resources, such as your local agency on aging, as they assist the elderly in finding the best in-home care services. 

A recommendation is also important as you may acquire knowledge of various things that you might not have contemplated or noticed in terms of getting help.

Conducting Interviews

After conducting some research and getting recommendations, you must have narrowed your options to the top choices. To ensure you get the best home care, it is important to set up in-person interviews, or consultations. 

Having a one-on-one conversation allows you to confirm which provider is the best before bringing them on board. During interviews, you get to do some background checks of the home care candidate, identify their level of training and experience, their charges of services, and others.

An overwhelming majority of families don’t contemplate having home care for a loved one until a major event occurs, such as a fall, stroke, or other medical condition. 

Unfortunately, when the need arises, families may settle for the first available home care, which may not meet their expectations. Finding the best and affordable home care takes time, comprehensive research, and conversations about home care preferences. Ensure you choose the best if you want exceptional results.

4 Financial Prep Tips for Elderly Home Care Support Services

If you require in-home or even long-term care, the costs can start to be astronomical. You have to be financially prepared in order to afford these additional care support expenses. Here are some of the tips that you should use in order to prepare for elderly home care support services.

Look into Long-Term Care Insurance

There are insurance plans that will offer a long-term care assistance package. It may cost of a little extra each month, but if you do end up requiring additional assistance, your insurance would help to cover the costs. 

Some plans will offer to pay a portion of the costs that may be associated with living in an assisted living facility. You may even be able to stay in your own home for longer if in-home health aid costs were covered.

Consider Disability Options

In some instances, disability may be the only recourse that you have when it comes to paying for the costs of care. Some companies, like Simply Helping, know that most insurance plans offer an optional disability portion on them. 



You could use this to help cover some of the elder care support agencies that would be willing to assist you. This would allow you to stay in your own for a longer period of time. Typically, in-home care aids will come to your house and do the tasks in which you need assistance.

Make Modifications to Reduce Assistance Needs

Another option is to make your home as accessible as possible. This could include things like adding grab bars in the bathroom to provide you with additional support. 

You also might want to consider having a step-in shower so that you don’t have to worry about stepping up and into the tub. Wider doorways and adding ramps for easier access into and out of your home is another thing that you might want to take into account.

Reduce Household Expenditures

Cut back on your budget so that you can put more money away just in case you need additional funds as you age. If you’re already at that point, there may be places in which you can cut back on your monthly expenses. 

There are programs that will assist you with reducing your energy bills by working with you to make your home more energy efficient. Another place to cut back is with volunteer organizations that will bring meals to your door.

There are lots of options that you can consider if you need help paying for in-home care assistance. Use these tips to get you started on the process of financially preparing for the costs of needing elderly home care support services.

How Much Do Home Care Services Cost Patients?

Home care services can be useful to individuals who need assistance with basic daily activities. It doesn’t matter if an individual is elderly or if they have any kind of medical concern. 

This form of personalized help can do a lot for convenience and ease. People who are considering home care services can get insight by learning about typical expenses for patients.

Typical Home Care Costs

Costs that are associated with home care assistance services typically run the gamut. They usually cost patients anywhere between $18.00 and $20.00 per hour, however. People often compare home care and assisted living costs. 

Patients who have moderate home care requirements often pay less. Patients who require assistance that exceeds 40 hours weekly, though, often have to pay more.

Expenses and Location

Costs that are linked to home care assistance differ dramatically. One major component that influences these expenses is geography. Home care services are more expensive in certain parts of the United States. They’re markedly less expensive in other parts, too.

Expenses and Degree of Assistance

One other component substantially influences typical home care service costs. That’s the exact degree of care. There are some patients who are rather independent and who do not need as much hands-on attention from caregivers. 




There are others who require assistance that’s significantly more detail-oriented. Patients who have Alzheimer’s disease and dementia may be examples of individuals who require assistance that’s a lot more involved. The more involved home care services are, the costlier they become.

Expenses and Expert Attention

Patients who have more complex requirements often call for assistance from experts with strong backgrounds in their fields. If you’re looking for home care assistance services for a patient who has extremely specific requirements, you should expect costs to be higher. 

This is because you may have to cover expenses for professionals who have in-depth backgrounds in certain sectors of the healthcare umbrella. Paying for a caregiver who has dementia expertise may cost more.

Home care can be an enormous help to all kinds of individuals these days. Home care assistance services are in no way limited to older persons, either. People who are healing after major surgical procedures often turn to home care services. 

People who have disabilities often turn to these services as well. They can be advantageous for many reasons. They can help people remain their familiar and comforting homes. They can make people who are vulnerable and weak a lot less susceptible to all kinds of injuries, too.

How to Save Money on Your Parent's Senior Living

Nursing Home (Photo credit: LOLren)

When you are thinking of moving your parent into a senior living home or you are considering assisted living, knowing how to go about saving money on costs altogether can help to alleviate stress on you and your family throughout the actual transition of moving itself. Saving money on your parent's senior living can be done with a bit of research and an understanding of your parent's needs and wants in a senior living care facility or home.

Determine Needs

Before selecting a senior living solution for your parent, it is important to consider their needs as well as the space they require before comparing your options. If your parent requires daily care and medical aid, keep this in mind before shopping around for the right senior living facility or home care solution.

Consider Your Budget

Consider the budget you have available to pay for the costs of a senior living facility monthly, annually or even if you choose to opt for home care. It is also important to consider whether your parent is eligible for medical aid from the state or government based on their age and current state of health.

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I remember looking for a place for my dad to stay and budget was huge for my family. Sunshine Retirement Communities was a place we found that happened to have a cost of living calculator on their site. This was very helpful in projecting the costs our family would need to take into consideration when planning to finance his retirement. More info about that calculator here.

Sharing Space

According to Paying for Senior Care, sharing an apartment space or senior assisted living home is also another way to reduce costs, which is ideal if you are on a budget but still seeking additional amenities for your parent.

Compare Out-Of-State Assisted Living Homes

It is also highly advisable to review and compare out-of-state assisted living homes and senior care options. Some states throughout the US have a drastically lower cost altogether for healthcare, including healthcare for seniors.

Amenities and Features

Consider the types of amenities and features your parent is looking for with a senior living care facility or program. The types of amenities and features that are often available within senior living homes and facilities range from medical doctors and nurses to professionals to assist with bathing, cooking, cleaning and other daily activities. Consider the type of activities your parent enjoys as well as outdoor options that may be available before selecting senior living care for your loved one.

The more time you take to research various senior living homes and services, the easier it is to find a suitable location for your own parent. Taking the time to research occupancy, space available as well as amenities featured at various senior living homes can also give you and your parent more insight into determining the right placement at any age.

10 Legal Problems That Could Change Your Financial Situation After 50's

Photo: aarp

Society is getting ruthless by the day and it takes no second thoughts for me to analyze that the elderly people are a vulnerable lot; they start to reflect on those vulnerabilities once they are into their 50’s. They have a lot to worry about, such as how to pay for health-care, how to protect assets, how to ensure good care for their spouse, how to get home care and a lot of other things besides these. To ensure protection of your rights, litigation may become necessary which involves long battles and a severe drainage of resources. But if you already have some idea about the legal problems and ways to deal with them, you can save yourself from a lot of hassle later on.

Disobeying the terms in your Advance Healthcare Directive

If you become incapacitated or paralyzed, you must have someone to communicate your wishes regarding the finances for health-care. You should get the health care that you desire to get in writing in advance healthcare directive or living will. Your kith and keen may be reluctant to adhere to the will since that may involve selling of assets or such other things. 

Continuance of treatment to terminally ill patients

There may occur a situation when your near and dear ones may be wanting to continue your treatment even when your quality of life and prognosis of disease is very poor. They may have interest in your survival; or just don;t have the strength to let go off of you. If you lay down strict terms in your Living Will that in such situations, treatment should be discontinued then you need not suffer along.

Asset protection

When all the resources for paying for your health-care are exhausted, your property is the last resort. What if the property itself is under litigation? Your spouse, children or others may have an eye on it and may prevent selling or mortgaging it. You would not want to think negatively of your family, but taking the point in consideration is of extreme importance to ensure you don;t end up n a difficult spot later on.

Wills and estates

All the money you have made and properties that you have acquired may be a source of litigation with even your near and dear ones. Even if you have made a will it may be a source of discontent for many and result in litigation. Ensure you are aware of such situations and have plans on tackling them sorted beforehand.

Long term care facilities

With increasing number of people claiming resident rights in Long Term Care Facilities, it may be a source of litigation too. 

Estate income

Income from the estates acquired or inherited by you may also be a source of acrimony between your siblings and others. This may give rise to legal problems.

Gift tax

People in their 50s should remember not to use gifting as a way of paying for nursing expenses. This is because the gift tax is applicable to the donor and not to the recipient. You may end up coughing up a large amount of tax or get involved in a court case.

Power of attorney

It is usual for elderly people to appoint Power of Attorney to take financial decisions on their behalf. But you can get involved in legal problem with him or her if he or she deviates from your principles. A mischievous power of attorney holder may also rob you off your resources.

Distribution of assets

Distribution of your assets between your spouse, children and other beneficiaries may be a source of legal conflict.

Financial transaction penalties

Quite a lot of interest may be due to the bank on your credit card transactions. If you are not able to pay the interest timely then it will amount to a huge sum due to accumulation of all the penalties and fines. This may be a source of bitter legal problem after 50s.

It is always a good idea to know what can cause you harm and take actions before that problem starts to engulf you. Like they say, Prevention is Better than looking for a cure.

Written By:
Adam Prattler blogs about attorneys and the best practises before hiring one. He has an extensive post on no win no fee specialists and when to hire such set ups on his website.

Affordable Technologies to Help Watch Your Senior’s Safety

When we get to a certain age, determining the living situation that would be best for us and our relatives can be a painstaking process. Nursing homes and in-home care are popular choices, though they can be costly for individuals with low retirement savings. Additionally, they might not be entirely necessary if an individual is physically independent and able to take care of their own daily needs.

This leads many seniors to opt for a third option: living independently or with only a spouse. Not only is this the most cost-efficient arrangement the great majority of the time, but this also allows those who dislike professional care to watch after themselves. However, even physically capable seniors can succumb to certain risks when there is no form of oversight keeping an eye on their well-being.

Whether you are a senior in such a position yourself or merely have a loved senior relative in this situation, there are a few affordable ways that you can keep an eye on elderly residents without sacrificing their independence or breaking the bank.

Home monitoring services

While home security systems have always been favored among homeowners as a convenient solution to monitoring a home, they’re particularly useful for residents living alone. This is for two reasons; first, properties with fewer residents have statistically demonstrated higher chances of being burglarized or invaded. Second, fewer residents results in fewer incidents involving false alarms and a greater chance of not compromising passcodes (or other sensitive security-related details of your property.)

Due to the great number of retirement communities and retired individuals in the area, ADT in Fairfield, California is a popular option for seniors. In addition to having flexible affordability, their Pulse app (usable via Smartphone) allows residents and family members to program their systems to send messages whenever a property’s alarm is triggered. Using this technology, residents can also deactivate and reactivate their systems remotely – which is a great feature if you have a particularly forgetful resident.

In addition to home security systems, you can also gear the property to detect fire, gas leaks, and a variety of other environmental hazards depending on where your residence is situated.

Medical alert systems

In addition to securing their house, you can also help keep an eye on seniors with a medical alert system. These are particularly useful for seniors suffering from heart disease, advanced stages of cancer, asthma, or other terminal diseases with sporadic instances in which medical assistance is required. These are practically a must for these individuals who still want to retain their independence despite their condition.

Advancing technologies in these services have given them a level of affordability and versatility that allows even the most active seniors to go about their days unimpeded. Among the most popular of options for these programs include a fall detector, which can help bring medical assistance even if a senior in incapable of reaching a help button. There is also a feature that some services provide which provides GPS location of the senior in case they ever become lost without a means of communicating others.

For decades, choosing between in-home care and a nursing home style facility seemed like an impeachable dilemma for homeowners who were advancing in age. Fortunately, we live in an age where technology allows everyone to maintain the independence they desire without sacrificing their safety. Best of all, these options are generally far more affordable than what professional caregiver services and residences offer.

Loving Care For The Elderly

Loving Care For The Elderly Home health care is a good finance option, and it is ideal for elders and the sick that no longer need hospital care to finish recuperating. This service offers numerous advantageous to elders who prefer to be in the comfort of their home and in familiar surroundings rather than a long-term care center. In-home care providers make it possible for both those recuperating and the sick to stay at home and still carry on with their life in the way that they want. Family members can be with the patients at all times or visit them whenever they want. 

The best In-home care workers do not compromise on the care and treatment they provide. They provide a highly flexible, personalized service. The patients and their families' best interests are given top priority, and all efforts are put forth to give the best clinical, pharmaceutical and healthcare services. The well-trained providers give high quality, compassionate service and take care of all a patient's needs so that they live comfortably. They work in close coordination with the existing medical services and related parameters. 

These services provide freedom, dignity and a sense of belonging. Elders who prefer staying at home and being under the care of a home worker are near their loved and dear ones instead of being in a strange hospital or care facility. A home atmosphere, love and care enhance the healing process. 

Health care includes a range of services. These services include: 

• Physical therapy 
• Speech therapy 
• Dietary Management 
• Medication and injection 
• Observations and assessments 
• Psychiatric care 
• Occupational therapy 
• Intravenous medication therapy
• Chemotherapy 
• Complicated wound care 
• Infusion therapy 

Benefits of Home Care 

Home care provides more advantages than being in a residential health care facility or a nursing home. A health care worker ensures that the elderly person receives nutritious meals, timely medication, rest and adequate supervision. 

Healing happens more quickly in a relaxed environment like one's home. Also, the risk of infection is decreased by leaps and bounds. Health care workers who come to one's home enhance recuperation and recovery, and they are also able to provide better personal hygiene. 

This type of care gives patients more control over their atmosphere. The patient can decide on his daily schedule and have the freedom to do things he has always done in his home. 

A home care aide provides companionship. Family members who have to be away from home due to work and other commitments can leave their homes safe in the knowledge that their loved ones are taken care of. 

Cost Benefits 

Nursing homes, semi private rooms and assisted living in care facilities are alternatives to hiring a health professional to come to your home, but they are more costly. A vast majority of patients are opting to be treated at home under the care of home health care workers than in an alien environment for both comfort and finance benefits. However, these facilities are less expensive than what one would have to spend on hospital service or at long term care facilities. Home care health services also reduce readmission finance. The hourly rates vary from state to state and city to city. Rates can vary from $25 to $50. 

Medicare will finance home health care if certain conditions are met. If you are home bound and need skilled nursing care, then you will be eligible for Medicare finance. There are numerous agencies catering to the needs of elders. They provide health care to the elderly who need constant medical care and assistance after being discharged from the hospital. It is important to get the services of an efficient and reliable home health aide. Referrals from friends and family are the best way to find honest and reliable care providers who your finance plan can handle. Online reviews and testimonials can also help you narrow in on the best agencies to contact. 

Author Bio 

Sarah Daren is a writer who creates informative articles relating to the field of health. In this article, she explains a few benefits associate with home health care and aims to promote programs such as a family caregiver program Colorado.

Long Term Care Insurance: A Looming Problem for Baby Boomers

Living in a segment of town where there are a number of retirees renting their own homes make me wonder how fail-proof their retirement plans are. I wonder if they have planned for a rather long retirement phase ahead, as most of us will live longer than our counterparts in generations preceding us. I wonder what they used for their retirement plans, if they worked and put aside money in their 401K or equivalent pension plans, or if they invested their money and are living off of interest or monthly payments from the investment. I wonder how many of them take up odd jobs to keep the rent paid, and what those jobs construe. Retirement is both fascinating and frightening because it can seem like a daunting task to live several decades of your life without an income stream that is an active job you currently hold.

If you are a baby boomer, chances are you've already made your decisions on retirement plans. The Baby Boomer segment in the US has long been touted as the largest group to enter retirement with the most amounts of problems in long term care and Medicaid access. Many of us know that Medicaid is not sustainable in the long run, which makes the case for long term care for boomers even worse. This is because when the largest group requiring long term care retires, the ratio of working age to elderly population will be at its lowest. The tax base that ought to be providing the source for Medicaid funds will be the smallest in 80 years. This is a very bleak picture that has serious implications with very few concrete solutions. Long term care insurance can hedge against these problems, especially because Medicaid only steps in once a senior has spent down almost all their assets and retirement income. 

An interesting notes on the issue however, is that many boomers who can afford long term care insurance have still not bought any. Many boomers might think it unnecessary but LTC insurance covers an important segment of long term care that is the most expensive item on the LTC list: nursing home care. Nursing home care and home health care coverage are now standard on almost all LTC policies. 

As we all wait for the Federal Reserve to announce its decision on its updated economic policy, many are anticipating its call on the reduction in bond purchases if it decides that the economy has been faring well for itself and could do with a reduction in stimulus packages. With so much uncertainty looming in the economy still, it might be best to self-insure against long term care expenses right now while the market is still relatively stable. Last year, some prominent long term care insurance players including Prudential, Unum and MetLife disbanded their LTC offerings, saying that it wasn't a profitable enough business segment to offer any more new policies to new consumers. Before the supply of long term care insurance diminishes further or worse, becomes prohibitively expensive, look up some quotes and consider purchasing a policy if you are a boomer nearing or already in retirement.

The statistics predict a glut of boomers spending on nursing homes about 30 years out from now. This group includes forty year olds as well, so if you think you're too young to even consider LTC, think again! The need for long term care will come upon you closer than you think.

Author bio: Frank Mitchell has worked as a life insurance agent for 10 years. After an accident in 2011 that kept him at home for more than a year, Frank started offering advice on forums and other social media networks. He now works as financial advisor and in his spare time writes articles on subjects he is passionate about. On the weekends, you’ll find Frank dirt biking.

Reference:

http://www.acli.com/SiteCollectionDocuments/ACLI/PDFs/Public%20Affairs/LTCBabyBoomers05.pdf

http://www.cbsnews.com/8301-505146_162-57393433/prudential-quits-individual-long-term-care-biz/

4 Ways to Have a Home from the Future Right Now

Everybody wants to be ahead of the curve when it comes to the latest household furnishings and home goods. But, when trading contemporary style for trends of the not-so-distant future, there are certain elements every homeowner should keep in mind. Here are just a few ways homeowners can integrate the future into their furnishings without waiting for the next millennium. 

1. Furniture Ahead of the Times

In terms of futuristic furniture, items don't necessarily have to be light years ahead to function like they're from the future. Modular designs can make a tired living room look like the next interior design movement. Mod furniture, like two-in-one table fridges are space conscious and stylishly advanced.

And truly futuristic furniture that's both aesthetically pleasing and technically advanced is available for the modern times. Tech-savvy "smart beds" not only automatically adjust firmness by sensing pressure points in the body, they can also adjust room temperature depending on a person's resting body temperature. 

2. Artificial Intelligence for the Home

Homeowners looking for futuristic elements throughout the home should look no further than smart home systems. A smart home allows the homeowner to control everything from room temperature to the adjusting of drapery and window blinds to the drawing of a hot bath all from a handheld tablet or smart phone.

As an added benefit, smart home systems can even integrate security into a home's intelligence. Intuitive security features such as remote security system arming, lights that turn on automatically from room to room, and advanced security cameras that can tell the difference between trespassers and guests are all on the market now. 

3. Advanced Appliances

A home is only as futuristic as the appliances within it. So it's no surprise there are more and more appliances coming out every day that seem to outsmart their users. Take, for instance, ovens that automatically bake meals to perfection just based on food type. Not only that, but meal presets are available to achieve that same great taste every time.

What about a refrigerator that reminds people when it's time to pick up more eggs or that the milk has reached its expiration date? Well, grocery-list-savvy fridges are available today, and they're ready to keep you in the know about your dairy. 

4. Home Efficiency

Alternative energy is going to play an important role in the future, so why not have an energy-efficient house now? Solar panel shingles and auto-darkening windows that adjust to sunlight intensity are just the beginning of energy-conscious homes.

Also, on the market this very moment are heating and cooling systems that are aware of the seasons. In other words, a home's temperature can adjust according to outdoor temperatures, while the homeowner is at work or out-of-town. So now the homeowner can save the planet while saving money on heating and cooling.

From beds that have the homeowner's comfort in mind to houses that run off tablets, it's possible for your future home to take place in the present.

Give a Home a Fresh Look Without Breaking the Bank

 (Photo credit: Wikipedia)

Even newer homes lose their luster over the years; flooring shows wear in high-traffic areas, chrome bathroom fixtures that looked so smart and modern fifteen years ago, now look plain and utilitarian, better suited for a cheap roadside motel. The era of pink bathtubs has come and gone, and 1970s wall paneling is best left in the last century.

Homeowners can update the look, function and value of their homes without the expense of a total renovation. A room-by-room assessment will identify the specific areas that need addressing. Assuming a home’s structure and mechanical systems are sound, most homeowners will find they can update their castle without emptying their wallets.

The Front Door

High-end homes often feature ornate oak doors with etched-glass inserts, making the half-lite steel doors found on so many homes seem a poor relation. Repaint that steel door with a color similar to wood. Once the paint has dried, swipe the surface with a coat of wood stain; this will add a faux wood-grain texture. Complete the project by applying a decorative window film to the door lite to get the etched-glass look.

The Kitchen

Revamping a tired kitchen will improve a home’s value and make life more pleasant for the cook in the house. Replacing dated cabinets is expensive and usually unnecessary. Sometimes a coat of paint and new hardware is all that is needed to bring a kitchen into the 21st century. A more expensive route is to replace the cabinet doors and the surrounding veneer. This may be the best approach when dealing with hopelessly outdated cabinet styles.

Replacing countertops requires carpentry skills that are beyond the reach of most homeowners, but money spent on hiring a contractor to replace that old, speckled laminate will increase the home’s value more than the cash out-lay.

The Bathroom

A few quick changes in the bathroom — a new toilet seat, new lavatory and tub faucets, new shower doors — can make a big difference is the room’s appearance. Homeowners with outdated or stained bathtubs may wish to investigate resurfacing kits. These epoxy-based products apply like paint and can cover that dated tub with a resilient finish similar to porcelain.

Flooring

A steam cleaning can often bring wall-to-wall carpeting back to life, but there are many other options for homeowners seeking a cleaner look. New laminate flooring are relatively inexpensive and often can be a do-it-yourself weekend project.

Older homes are often hiding solid wood floors under worn and stained carpeting. Lifting the carpet in one corner of a room may reveal a hidden treasure of wide pine boards. Light sanding and a coat of polyurethane will give the room a clean look, suitable for country or modern décor.

Homeowners that find plywood under their old carpet may discover, with smaller rooms, a coat of stain over the plywood, followed by polyurethane, creates a warm, rustic look. The lack of texture in plywood makes it unsuitable as a floor covering for larger areas.

Wall Paneling

Removing wall paneling is a major chore, and often adhesives applied to the paneling at installation has marred the sheetrock underneath. An easier way to update these walls is to paint. The grooved paneling, covered with a fresh coat of paint, will have the look of expensive wainscoting or beadboard without the price. For homeowners that wish to wallpaper, the grooves in old paneling can easily be filled in with joint compound to give the wall a smooth surface.

Author’s Bio: Jeff Hall is a freelance writer, professional blogger, and social media enthusiast. His blog Homeownersinsurance.org focuses on insurance. You can follow him on Google+

How to Choose a Residential Care Home

 (Photo credit: schnaars)

Today, many the of the baby boomers are being called the sandwich generation because we are still raising our children but also having to care for our elderly parents. The costs and responsibilities of taking care of the previous and next generation can take its toll. Thanks to the advances of medicine, people are living well into their 80's and 90's. 

There can come a time when elderly parents may choose to live in residential care homes. This can be a stressful time for all concerned. Choosing a quality care home can be a difficult decision. But for many it is their first time learning about how to pick a good care home. I have listed a few ideas to keep in mind when looking for a care home.

Paying for a care home

It may seem an insurmountable task to pay for a good care home but with a little planning it can be done. Preparing ahead of time can make a comfortable care home possible. If a person is leaving a personal home for a care home it is possible to sell the home for cash or go with a reverse mortgage. The reverse mortgage will provide you with a steady stream of money to make care home payments.

The Veterans Association can provide benefits for a care home. If you have been keeping a long term care policy it has the ability to pay for expenses. If there is a retirement pension or Social Security, these can help with monthly fees.

What are the different types of care homes?

1. A residential care home
2. A nursing care home
3. A residential care home for the mentally ill
4. A nursing care home for the mentally ill

Eventually you will want to visit some perspective nursing homes but before you do you can review many care homes on the Internet. You may know some friends and families already familiar with care homes. Their advice and recommendations can point you in the right direction. 

After you have narrowed down your selection to just a few good places you need to set up appointments for a visit. A good residential care home has a mission statement or service guide that should describe their philosophy and services offered to residents. In this document you can see how serious the caretakers view their work. The owners dedication to providing a safe, clean, and caring facility is paramount in your selection process. 

A superior care home has individual care plans for each resident. Viewing a sample plan will show you how your family member will be cared for at the care home. The amount of detailed planning that goes into the care plan shows you exactly how a resident will be cared for. 

Besides the quality of the facilities you also have to examine the quality of the staff. The staff should be well trained with a long history of good care home service. There should always be personal on hand 24 hours a day and an on-call registered nurse. 

When making your selection for a care home get all the details about what's included with the monthly cost. Ask for any extra charges that can be added if there is any extra services needed. 

Visiting the care home unannounced as a surprise visit will reveal the true state of the facilities and the staff.

There are still many things to consider. Taking the time and choosing the best care home will pay off for many years to come.

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