Mom’s home sold this evening. Well, to be honest, anything can happen between now and the actual day that it literally gets sold. However, it was a rough day for her. Her voice was different, she didn’t even bother to go in the other room when the real estate agent called. I believe she was in shock.
I was not quite sure if I should have heard the conversation, but we have an open concept home, and I was cooking dinner. Other than turn off the stove, and leave the room, what could I have done?
I got her a pad of …read more

Senior citizens and disabled citizens will soon have to pay more for prescription drugs:
The state announced Monday copays in its drug assistance program will increase August 1.
The copay for generics will go from $5 to $6. It will go from $5 to $7 for brand names. They’re the first increases since 1992.

I’m not a politician, but there has to be another way.
Many of these people can barely afford the medications they get now. An increase will likely cause them to stop taking their medications altogether resulting in an increased burden on an already overloaded health care system.
(via Jay …read more

When my mother was sick, I gained a fuzzy idea about the details of handling finances by watching my dad handle the expenses, and ultimately her estate after her death.
However, I know that I have a lot to learn before I’ll need to handle my dad’s finances in any capacity. Many people learn what to do by trial and error, and it’s easy to get overwhelmed with all the things that need to be done.
CNN Money has a good article, Managing your folks’ money: 5 steps:
1. Create a single guide that summarizes all financial information.
…read more

The Supreme Court ruled last week that employers can reduce benefits for retirees who turn 65 and are eligible for Medicare.
AARP argued unsuccessfully that this violates federal age discrimination laws since younger retirees would still be eligible for coverage from their former employers while older retirees would see a reduction in benefits when they turn 65.
Whether or not a company continues to provide benefits to retirees is voluntary, but it is incredibly expensive and I don’t know how most companies could keep it up, and I think the temptation would be to cut out coverage for all …read more

As you know, I’m all about planning ahead, making your wishes known, and, having information readily accessible to your family in the event of an emergency.
I’ve not used this before, but, I just ran across it, and, I thought I’d share the link to Confidant Solutions, software that helps you create a complete record of personal critical information, and distribute your record to family members for backup.
It generates e-mail files to distribute your critical personal information to the people of your choosing. You can control who gets what type of information and you can change it at any time.
It’s an …read more

As much I talk about having a will and being prepared around here, there’s still plenty I don’t quite understand.
The term “estate planning” is still kind of nebulous to me and sounds like something people with lot of money and assets have to worry about, but, indeed, us regular people need to consider estate planning, too.
Estate Planning for Everyone from Nolo.com really breaks down the process is east to understand terms and is a great checklist of what you need to consider (note: legal information is not legal advice) to be prepared in the event of death.

It is important to shop carefully for long term care insurance, it can be a complicated matter.
Premiums can be quite expensive, and, you may end up finding out that you aren’t covered for what you need when the time comes. For example, my parents have dutifully paid LTC premiums, but, when my mother needed assisted care in the home, it didn’t pay even though it was far less expensive for her to be home that in a facility.
But, as time goes on, premium rates skyrocket, and, sometimes, people end up losing everything while paying for a policy they might not …read more

There’s a great article on Bankrate.com, Detecting when a senior needs financial help.
It examines both the physical and emotional reasons that an elder might lose track of their finances, a concern for friends and family.
There’s also an excellent list of red flags indicating the need for financial help.
Go read it today, it’s good stuff.

The Naperville Sun has a good article, Boomers should be gentle in aiding aging parents with estate plans.
I know I talk about this topic a lot, but, I cannot tell you how much I was just like you: raising young children, going to work, and going about my suburban existence, and, one day woke up smack in the middle of the Sandwich Generation, and, was faced with these matters.
Even if you don’t think you’re anywhere near this scenario, do read it, and, try to find something you can learn from it. It’s never too early to talk about such …read more

I talk about it lot, but, it is so important to be familiar with your aging parents’ (or other family member) finances.
I know it’s a tough thing to talk about because I’m sure many of us were raised to believe that money matters are an intensely personal and private matter. But, the fact is, that any of us could be called upon at any time to be in charge of, or, assist with the finances of someone else.
The Fort Wayne Journal Gazette has a good article, Be Prepared to Manage Older Parents’ Finances, that summarizes some of the issues to …read more