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If your senior loved one has recently been hospitalized, you may have had an unpleasant surprise when the bill arrived. The financial impact of a patient’s admission status can be shocking. Medicare patients often don’t realize there is a difference between being classified as “observation” and being admitted as a patient.
After the hustle and bustle of the school year, most families look forward to the relaxed days of summer. Many use the time off to take a vacation. Including your family elders in your getaway can build bonds across generations. With thoughtful planning, it can be a memorable time for everyone.
Most people think of retirement communities as a place to enjoy social activities, take group trips to local and national destinations, and spend time socializing with neighbors. We picture an environment full of outgoing seniors joyfully engaged with life.
Most couples plan for a financially secure retirement for years before leaving the working world behind. While Baby Boomers are often part of a dual-income marriage, the generation before them isn’t. Among married senior couples, the husband was commonly the sole earner.
Seniors and their families often find the Part A section of the Medicare benefit especially confusing, and for good reason. Medicare Part A covers a wide range of care, including hospital stays, skilled home health care, lab tests, hospice, and skilled nursing and rehabilitation centers. Each one has different coverages and deductibles.
Guardianship is a topic that often comes up when loved ones are planning a senior’s future care. Many times, it is because the older adult is experiencing a decline in physical or cognitive health.
Planning for the future requires many things. Working on a financial plan and retirement goals. Writing a will and designating an executor. Creating important legal documents, such as a power of attorney (POA).
Seniors are often targeted for financial abuse. Con artists think older adults are more trusting and naïve, making them more likely to fall for a scam. Perceived loneliness can also play a role in targeting seniors. Whatever the reason, experts say this trend is likely to continue growing.