Category Archives: caregiver

Reviewing your Medicare Plan Annually

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Reviewing your Medicare coverage is a crucial step to ensure you are receiving the best healthcare benefits tailored to your evolving needs. First and foremost, healthcare needs change over time, and what was suitable for you a few years ago may no longer meet your requirements today. By reviewing your Medicare coverage regularly, you can make adjustments to ensure that your plan aligns with your current health status and preferences. For example, if you’ve developed new medical conditions or require specific medications, you may need a different plan that covers these services more comprehensively, potentially saving you money on out-of-pocket expenses.

Secondly, Medicare plans and regulations can change annually, impacting your coverage and costs. Staying informed about these changes and comparing your current plan to available alternatives during the annual open enrollment period (AEP Oct.15- Dec.7) is essential. You might discover that a different plan offers better benefits, lower premiums, or improved prescription drug coverage, allowing you to maximize your healthcare benefits while minimizing your expenses.

Lastly, financial considerations play a significant role in reviewing your Medicare coverage. As your income, assets, and overall financial situation fluctuate, you may become eligible for different assistance programs or qualify for savings on your Medicare premiums and out-of-pocket expenses. Failing to review your coverage could result in missed opportunities to reduce your healthcare costs, potentially putting undue strain on your finances. By conducting regular reviews of your Medicare coverage, you can ensure you’re making the most cost-effective choices for your healthcare needs, providing peace of mind and financial security in your retirement years. I work with seniors on retirement planning and Medicare is no different, as it should be part of your long term care planning. If I can be of help or answer any questions please feel free to reach out or schedule a time we can speak. Otherwise and as usual keep smiling, as it really does look good on you!

Should Long Term Care be Part of your Long Term Strategy?

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Long-term care coverage is essential for many individuals to safeguard their financial well-being and ensure they receive the necessary care in the event of a chronic illness or disability. As a licensed life and health professional I figured it would be nice to view a list of some compelling reasons why you might need long-term care coverage:

  1. Protection against rising healthcare costs: Long-term care can be expensive, and the costs tend to increase over time. Without insurance, you may have to deplete your savings, investments, or other assets to cover these expenses, which can jeopardize your financial security.
  2. Preservation of assets and inheritance: Long-term care coverage helps protect your assets and estate, allowing you to leave a legacy for your loved ones. Without it, the cost of care could deplete your savings, leaving little or nothing to pass on to your heirs.
  3. Maintaining independence and choice: With long-term care insurance, you have more options and control over the type of care you receive. You can choose where and how you receive care, whether that’s in your own home, an assisted living facility, or a nursing home. This enables you to maintain a higher level of independence and quality of life.
  4. Reducing the burden on family members: Long-term care insurance can relieve your family of the financial and caregiving responsibilities that come with taking care of a loved one with chronic health issues. This can help preserve family relationships and reduce the stress associated with caregiving.
  5. Peace of mind and future planning: Knowing that you have long-term care coverage can provide peace of mind, allowing you to focus on other aspects of your life and retirement planning. It ensures that you have a plan in place for potential health challenges in the future.
  6. Early access to quality care: Long-term care insurance can provide access to high-quality care services when needed, without waiting for government programs to kick in. This can be especially important if you have specific care preferences or want to avoid the limitations of publicly funded programs.
  7. Tax benefits: Depending on your jurisdiction and the specific policy, you may be eligible for tax advantages when you purchase long-term care insurance. These tax benefits can make the coverage more affordable.
  8. Longevity and health considerations: As people are living longer, the likelihood of needing long-term care at some point in their lives increases. Having coverage in place ensures you’re prepared for potential health challenges in your later years.
  9. Avoiding a Medicaid spend-down: If you exhaust your assets and qualify for Medicaid, you may have limited choices regarding the type and location of care you receive. Long-term care insurance can help you avoid this situation and maintain more control over your care.
  10. Planning for the unexpected: Illnesses and accidents can happen at any age. Long-term care insurance provides financial protection and allows you to plan for the unexpected, ensuring you’re prepared for unforeseen health issues.

Like many things that go into planning for your future retirement, long-term care coverage is a valuable tool for protecting your financial well-being, preserving assets, maintaining independence, and ensuring that you receive the care you need in the event of a chronic illness or disability. It offers peace of mind and financial security for you and your loved ones as you age. In my opinion, if you haven’t considered long term care as part of your overall financial well being, maybe now is the time you gave it some thought? Of course, I would love to know if you have it, considered it, or are considering purchasing a long term care policy? If so or if not, drop me a line or schedule a call if I can help you; otherwise, and until next time keep smiling cause it really does lock good on you!

Happier: Is there Happiness as a Care-Giver?

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Is anyone really happy? What is happiness anyway? I’ve touched on this before in previous posts but let’s dive deeper into this thing they call happiness but from a care givers point of view! So many of us wonder through life looking for some reason to be happy but is happiness really just waking up and being happy, being thankful for those we have in life, that first cup of coffee, piece of toast, or that fruit?

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Let me be the first to tell you that true happiness is those things and so much more. Happiness is something that we have control over. Happiness is in fact, what we decide to be happy over. Recently, I became a care-giver of my father in his final weeks fighting stage 4 lung cancer. This made me very happy, as it was rewarding to be with dad during these troubling times, yet it was also very stressful seeing the decline in such a good man making me unhappy.

Care-giving while remaining optimistic and happy was a new concept to us in our newly formed family life but is something millions of people around the world do everyday and very challenging to say the least. Being cared for or cared by is a team effort no matter what side of the fence you are on and if everyone can remain happy during these times the easier it can be. However, how can anyone remain happy having to manage doctor visits, medications, hospice personal, and the mental/physical health of a loved one? On the flip side and as I have yet to find out… what toll did all this short-term happiness that I had during this time will/is playing on my overall real state of happiness both mentally and physically. I guess only time will tell huh?

Going at anything in life alone can be very challenging, scary, and filled with unknowns but trying to remain happy during these times is very important. Here are some things I found helped and are helping right up to this post.

Rule #1

Don’t do it alone. One thing I noticed over the last few years in fighting this cancer is that there is a lot of help out there for you whether it comes from the doctors, hospice crew, co-workers, or other family and friends. If you don’t ask or take any help think about how this will affect your overall happiness. Also think about how this will affect your health, finances, and spirit? Chances are you will see them all decline eventually and you will end up broke, depressed, and unhappy that you didn’t do enough. Yes? No?

Rule #2

Make it worth every minute. in my dads final weeks/month we were very blessed to have worked with amazing doctors (although dad was convinced they were only after his money), family, and an amazing hospice staff throughout the greater Tampa area. Over this time, I felt a great sense of happiness and continually told myself (even if I was NOT getting paid) that this time spent with him was worth every minute and every dollar of energy we all put into his full-time care. Even though my health and finances continued to decline throughout this time, I tried my best to remain happy and make every minute count. I think dad appreciated it although I still think sometimes he could see the stress mounting.

Rule #3

Tell those your with how much you love them. All to often in life, I think a lot of us get caught up in the moment regardless of what it is. Care-giving is no different. Care-giving requires all your time, energy, and effort, so how can you remain happy and tell all those others in your life that you love them? I by no means have excelled or am excelling in this category but did/do my best each day to tell others how much I love/loved them. Heck, I was even telling the hospice crew I loved them at the end. Now that both my parents have passed I will continue to work on this and hopefully when it’s my time those I touched throughout my life will tell me those exact words… I love you in the end!

 

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I know that I could create an endless list of how to remain happy as a care-giver but I’ll save those for another day. The fact(s) is that most of us choose to be unhappy and more people should choose to be happy, especially if you are or will become a care-giver. Life as a care-giver can be filled with spreadsheets, charts, sleepless nights, etc. but if you somehow can remain happy, I think that is what will carry you to a long end life, while not pissing off all those that you are so close to. And as Mother Teresa said “spread love everywhere you go. Let no one ever come without leaving happier.” Thoughts?

In memory of my AWESOME LOVING DAD!!!

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