Cost-cutting. Money-saving. Budget-slashing. No matter the description, the bottom line is we are all facing significant lifestyle changes that are redefining the way we age and the way we view long-term care. But trying to keep more money in our pockets doesn't always produce favorable results. Not for families and not for government.Mom, Dad Or Both Are Moving In To Join Your Unemployed College Grad
Take the case of adult children (clients of ours) that found themselves having to house an 81 year-old mom and an 85-year-old dad, right alongside their recent college grad who's been living at home for six months because he's been unable to find a job with his business degree. Mom and dad had gone through their savings as a result of medical issues, and had only social security (social security replaces only 40 % of pre-retirement income; most Americans need to replace about 70% of the amount they earned while working), Medicare, dad's modest pension and family to rely on.
The sheer stress would have been enough to rip apart the strongest of families. But this family persevered by making intelligent decisions and by being proactive. By placing a premium on family and wellness and independence, they set out to create a safe, comfortable and beautiful environment for mom and dad by eliminating barriers and improving the quality of life for all who share the home. Learn more about how we integrate universal design and expertise from the medical community into our programs by visiting us at www.seniorwellnessspecialists.com.
Start making healthy lifestyle decisions and saving now. Plan for the future today. The family described in the case study above is atypical of most families, who remain unprepared to cope with the many challenges that aging brings. Responsibility for our collective well-being rests with many publics: Family, friends, business, government and science. Our dependence on a badly frayed and battered safety net of entitlement programs is something we have to wean off if we ever want to regain the respect and edge we once enjoyed over other developed economies.
Medicare and Medicaid funds, once intended to safeguard the-less well-off through retirement, are now cut or frozen. Take Medicaid in the state of Florida. For over ten years there's been a moratorium on new nursing home construction. That means thousands of seniors have been and will continue to be on a waiting list. Only in extreme emergencies and only on a case by case basis has the government stepped in with any kind of plan or money to help a struggling family place a loved one in a nursing home. Funding for assisted living also has been limited. Families have had to pay the $50,000 to $100,000 annually out-of-pocket for this level of care. Then, of course, there are the traditional pension funds that are for all intents and purposes bankrupt. New York, New Jersey comes to mind. What's left? Long-term life care insurance. If you were smart and could afford the $1,000 or so a quarter in your 40s or early 50s, you're in a good place. Here's to lessons learned.
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