July 23, 2001
FAMILY MATTERS:
Plan ahead for senior financial concerns
___As we plan our retirement, my wife and I are thinking about our finances. The government pays for some nursing home care, but I wonder if we will be eligible. If we aren't, I don't want to be a financial burden on my children. What can we do?
___You are so wise to plan for your financial needs during the years after your retirement. At some time, most mature adults likely will need supportive services or, to a
lesser extent, institutional care.
MARY STEPHENS
Vice President
Buckner Retirement Services, Dallas
___The U.S. Administration on Aging reports 31 percent of non-institutionalized older people live alone. Three of five women age 85 and older live alone. Although only about 5 percent of adults over 85 reside in a nursing home, it can be a tremendous drain on resources.
___You might consider many alternatives, such as continuing to live in your own home with family or hired caregivers; moving into a retirement community that offers other kinds of care, such as assisted living; or living with family members.
___Since some of these options would be costly, you might want to discuss them with someone who is knowledgeable regarding financial planning. In addition, there are some insurance products in the marketplace that can help pay for various types of care in your home as well as in assisted-living or nursing facilities.
___Have a family meeting with your wife and children and talk about these issues. Although the discussion may be uncomfortable, it is better to verbalize your desires when the need is not imminent. Your family will be prepared to follow a course of action that has been planned in advance and not forced upon them during the trauma of an acute health crisis.
___It is important to note that programs such as Medicaid and Medicare are not available and applicable for all mature adults. Medicaid relies on financial need and medical-necessity requirements; Medicare does not pay for long-term care except under rather limited and time-restricted situations.
___Planning for your mature adult years is certainly the socially responsible course to take. Many mature adults wait until it is too late to plan appropriately. However, if families would do as you are doing and plan early for their financial needs and care during retirement, public funding will continue to be available as the social safety net for those families who are unable to pay.
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