Category: Senior Planning

estate planning for seniors - why it must be different

5/6/2021

Estate Planning, Elder Law, Medicaid Plus

Estate planning for seniors - why it must be different

If you're over 65 and you visit an estate planning attorney and they complete a traditional estate plan for you, you may be getting a disservice.

Why?
traditional estate plans don't provide asset protection against long term care, nursing homes and Medicaid.
what is a "traditional estate plan" -

Generally, a traditional estate plan for most people will include a financial Power of Attorney document, medical Power of Attorney document and a living Trust.

Both the financial and medical power of attorney documents are a must, no doubt, don't go without them.
However, the living Trust is what were having issue with.

Many of you have probably heard of a living Trust . A living trust is a document that creates an entity that can own property, investments, cash, cars, etc. Almost anything, other than a tax deferred financial account can be owned by a Trust. it's meant to avoid Probate.

A trust has a Trustee who manages the items and beneficiaries who receive these items at your passing.

How does it work?
Ownership of an item is transferred to the trust. Let's say a house. The deed is transferred to the Trust, the Trust now owns the home. You are named as Trustee. You can live in the home, make repairs, etc. do anything that you could before.

The difference shows when you die. Because you're not the owner of the home, when you die, it passes directly to the named beneficiaries. It's not part of your estate.

This process avoids probate. Probate is the legal process of distributing your estate, settling debt, etc. when you pass. Most people wish to avoid this process because it is very lengthy, costly and potentially messy.
So, a living Trust is meant to avoid Probate. That's great, you're all taken care of when you die.

But what happens while you're alive?
if you need long term care you may have to spend all of your savings and sell your home to pay for the cost.
Nursing homes average $10,000 - $14,000 per month [depending on care needs and location].

A living Trust does not protect the items placed in the Trust because it's revocable. That means you can take the items out anytime you wish.

because of that, it does not protect your assets while you're alive.

What can I do?
A properly drafted Asset Protection Trust will safeguard your assets against the cost of long term care.
How?

Because assets held by an Asset Protection Trust are shielded you can apply for Medicaid benefits to pay your long term care costs without spending or selling anything owned by the Trust.

Therefore, a "traditional estate plan" is obsolete.

if you're over 65;
You need Asset Protection planning along with long term care Medicaid planning infused into your estate plan.

long term care planning is complex, most estate planning attorneys are unfamiliar with it.

you need to work with someone who is a Medicaid and long term care expert.
contact us to today to learn more. [email protected]

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Veterans Aid and Attendance Benefits

3/23/2017

1 Comment

VA aid and attendance benefits planning, medicaid plus

Veterans Aid and Attendance Benefits
By: Paul Lorrah

Learn how you can receive tax-free income to pay for your care costs

Long-Term Care Benefits for Veterans and Surviving Spouses

Long-term care costs can add up quickly. For veterans and their surviving spouses who need in-home care, assisted living care or nursing home, help may be available. The Veterans Administration (VA) has an underused pension benefit called Aid and Attendance that provides money to those who need assistance performing everyday tasks. Even veterans whose income is above the legal limit for a VA pension may qualify for the Aid and Attendance benefit if they have large medical expenses for which they do not receive reimbursement.

Aid and Attendance is a pension benefit, which means it is available to veterans who served at least 90 days, with at least one day during wartime. The veteran does NOT have to have service-related injuries or disabilities to qualify.

Veterans or surviving spouses are eligible if they require the aid of another person to perform an everyday action, such as bathing, feeding, dressing, or going to the bathroom. This includes individuals who are bedridden, blind, or residing in a nursing home.

To qualify, the veteran or spouse must meet the current asset guidelines. In addition, the veteran's income must be less than the Maximum Annual Pension Rate (MAPR).

Following are the MAPRs for 2017:

Single veteran - $21,531
Veteran with one dependent - $25,525
Single surviving spouse - $13,836
Surviving spouse with one dependent - $16,506

Income does not include welfare benefits or Supplemental Security Income. It also does not include unreimbursed medical expenses actually paid by the veteran or a member of his or her family. This can include Medicare, Medigap, and long-term care insurance premiums; over-the-counter medications taken at a doctor's recommendation; long-term care costs, such as nursing home fees; the cost of an in-home attendant that provides some medical or nursing services; and the cost of an assisted living facility. These expenses must be unreimbursed (in other words, insurance must not pay the expenses). The expenses should also be recurring, meaning that they should recur every month.

How it works. The amount a person receives depends on his or her income. The VA pays the difference between the veteran's income and the MAPR. John, a single veteran, has income from Social Security of $16,500 a year and a pension of $12,000 a year, so his total income is $28,500 a year. He pays $20,000 a year for home health care, $1,122 a year for Medicare, and $1,788 a year for supplemental insurance, so his total medical expenses are $22,910. Subtracting his medical expenses from his income ($28,500 - $22,910), John's countable income is $5,590. John could qualify for $15,941 ($21,531 - $5,590) in Aid and Attendance benefits.

Don't forget Medicaid
When planning and applying for VA benefits, be sure to plan for Medicaid as well. Medicaid benefits will pay 100% of costs involved with assisted living and skilled nursing care, so when an individual's finances [even with VA benefits] is not enough to pay for the care they need, it will be time to apply for Medicaid benefits. Medicaid has a 5 year look back with their eligibility, which means any planning strategies used such as transfers, trusts, etc, when applying for VA benefits may impact your Medicaid application if not done properly.

When planning for VA benefits be sure to consult a professional that is a specialist in both VA and medicaid benefits.

For the VA's Guide to Long-Term Care, click here.

Have more questions? Contact us today! 855.471.6771

Author Paul Lorrah is a Medicaid and Long Term Care Planning expert who has authored such books as "Planning and Paying for Long Term Care' and "How to Get Medicaid to Pay for Your Long Term Care Costs".

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Is It Time To Start Managing The Finances Of Your Aging Parents

2/6/2017

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managing your aging parents finances, medicaid plus

Is it time to start managing the finances of your aging parents?
By: Paul Lorrah

Initiating a difficult conversation is much easier to do in happy times. So is making a plan to take over the finances of an elderly loved one.

As parents live longer, more and more children find it necessary to step in and help pay bills, make investment decisions, apply for benefits and arrange for long-term care. Starting early lets you discuss various options and ensure you know your relative’s intentions and desires.

The key is not only to make financial plans but to understand your relative’s wishes fully in terms of lifestyle, independence, and even critical care. The more you set up ahead of time, the less conflict and distress you both will face and the less likely you’ll need to initiate proceedings like guardianship or incompetency declarations.

Where should you begin?
Have the proper Power of attorney documents drafted and be sure it includes HIPAA authorizations. Have both a Financial Power of Attorney and a Health Care Power of Attorney. The HIPAA authorization gives the designee access to important medical information, while a Health Care Power of Attorney allows the designee to make critical medical decisions on your loved one’s behalf. Also, take the time to understand where and how your relative would like to live if their health fails. Remember, preparing for the future involves more than simply taking care of finances.

What's next?
Once you have the basics in place, try to automate as many transactions as possible. Set up direct deposits and automated payments for housing, utility, and other standard expenses. Locate important items such as life or health insurance policies, benefit plans, retirement plans, and bank accounts then place all of the necessary information in one safe place with a back-up copy either with a close relative that is assisting or in a safe deposit box.
Research federal and state benefits: look at benefitscheckup.org and eldercare.gov for discounts on taxes, utility bills, and health care and social service providers in your area.

In short, initiate these tough conversations now and help your loved one set up a system so both their life and yours can be smoother and more worry-free. When you do this, as time passes you will be prepared, if necessary, to take more control secure in the knowledge that you and your loved one are prepared for almost any eventuality.

Questions about your aging parents legal documents and long term care? Contact us today! 855.471.6771

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do i qualify for medicaid in delaware

12/2/2016

2 Comments

Do I Qualify for Medicaid in Delaware?
By: Paul Lorrah

WANT TO KNOW IF YOU QUALIFY NOW! TAKE OUR SIMPLE 5 MINUTE MEDICAID TEST!
Click Image Above

When an aging parent needs additional care in Delaware, many families are shocked to find out that the average cost of assisted living is more than $5,000 per month, nursing home care is more than $10,000 per month and that Medicare does not cover nursing home care on a long-term basis.

Fortunately Delaware has a Medicaid program that can be an option for paying for nursing home care for both married couples, and singles.

Delaware Medicaid Eligibility
The Delaware Medicaid program is complex and an arduous journey at best. There are 2 steps to qualification, financial and medical.
Medical Test: The first of two steps in the application process is to determine medical eligibility. The level of care that an individual needs is determined by a Pre-Admission Screening (PAS)... After the application is submitted the PAS will be completed and the level of care that the applicant requires will be determined such as super skilled, skilled or intermediate care.

The Delaware Medicaid financial test:
The second test is a financial test. In Delaware's Medicaid program it is comprised of both assets and income.

1. Assets:When determining an applicant's assets the Medicaid program in Delaware will divide the assets an applicant owns into 2 categories:

excluded assets; and
countable assets. Medicaid will limit the amount of countable assets a person applying for Medicaid can keep and qualify for benefits.

Married couples are allowed to keep more countable assets than a single person if one spouse is living at home [referred to as the community spouse] and one spouse is residing in a nursing home. How much of a married couple’s assets they can keep will be determined by the amount of and type of asset owned.
A single person can only a small set amount of countable assets which generally will be in the form of cash.

2. Income:
In the Delaware Medicaid program income is also a determining factor in the asset test. If an applicant has income over $1,854 they must have what is called a Qualified Income Trust [or also referred to as a "Miller" Trust]. Placing the income over that amount in the trust each month will allow them to still qualify for Delaware Medicaid benefits.
If the applicant is married, they can transfer either a portion of or their entire income to their spouse if the spouse earns less than they do and not enough to support themselves in the home environment.

Medicaid Myths:
Many myths float around regarding the Medicaid program in Delaware

I have to "spend down" all of my money before I can qualify
Medicaid will take my house;
Medicaid will take my life insurance;
Medicaid will take all of my spouses income;
Delaware Medicaid is only for poor people;
and many more...

There are many different strategies available to achieve Medicaid asset qualification and the experts at Medicaid Plus. can help determine which are the best options for your family.

Medicaid Plus. P.C has process thousands of applications over the years and we know exactly what the Delaware Medicaid program requires and how to get you approved quick and easy. Medicaid Plus will educate you on all of the eligibility requirements and provide guidance and assistance in obtaining Delaware's Medicaid benefits.

Call us today for peace of mind knowing that Medicaid Plus will help ensure your Medicaid approval. Applying for Medicaid without knowing all of the guidelines is an avoidable mistake.

Author Paul Lorah is a Medicaid and Long Term Care Planning expert who has authored such books as "Planning and Paying for Long Term Care' and "How to Get Medicaid to Pay for Your Long Term Care Costs".

2 Comments

facts about medicare

12/1/2016

2 Comments

Facts About Medicare
By: Paul Lorrah

Medicare open enrollment ends December 7th. If you haven't signed up yet because you're not sure of the facts, our experts will give you some Medicare insight in this article.

What Is Medicare?
For those of you don't know what Medicare is, basically it is our country’s health insurance program for people age 65 or older and people younger than age 65 with certain disabilities [see below]. Medicare is a government program that pays the costs for hospital care, medications, rehabilitation services and to a small degree temporary short term nursing home care [see below for more details on the nursing home coverage]. Each of the above mentioned coverage fall under different parts of Medicare.

Who can qualify for Medicare?
People age 65 or older, who are citizens or permanent residents of the United States, are eligible for Medicare Part A. You’re eligible for “Part A” at no cost at age 65 if:
• You receive or are eligible to receive Social Security benefits; or
• You receive or are eligible to receive railroad retirement benefits; or
• Your spouse (living or deceased, including divorced spouses) receives or is eligible to receive Social Security or railroad retirement benefits; or
• You or your spouse worked long enough in a government job through which you paid Medicare taxes; or
• You are the dependent parent of a fully insured deceased child.

If you don’t meet these requirements, you may be able to get Medicare Part A by paying a monthly premium. Usually, you can purchase this coverage only during designated enrollment periods.

Before age 65, you are eligible for Medicare Part A at no cost if:
• You’ve been entitled to Social Security disability benefits for 24 months; or
• You receive a disability pension from the railroad retirement board and meet certain conditions; or
• You receive Social Security disability benefits because you have Lou Gehrig’s disease (amyotrophic lateral sclerosis); or
• You worked long enough in a government job through which you paid Medicare taxes, and you’ve been entitled to Social Security disability benefits for 24 months; or
•You’re the child or widow(er) age 50 or older, including a divorced widow(er), of someone who’s worked long enough in a government job through which Medicare taxes were paid, and you meet the requirements of the Social Security disability program; or
• You have permanent kidney failure and you receive maintenance dialysis or a kidney transplant and —You’re eligible for or receive monthly benefits under Social Security or the railroad retirement system; or
—You’ve worked long enough in a Medicare-covered government job; or
—You’re the child or spouse (including a divorced spouse) of a worker (living or deceased) who has worked long enough under Social Security or in a Medicare-covered government job.

When should I sign up?
Even though Social Security’s full retirement age is no longer 65, you should sign up for Medicare three months before your 65th birthday. You can apply on our website at www.socialsecurity.gov.

While you’ll likely be automatically enrolled in Part A once you turn 65, you must actively enroll in Part B or D.

Medicare has 4 parts.
• Medicare Part A (hospital insurance) helps pay for inpatient care in a hospital or skilled nursing facility (following a hospital stay). Part A also pays for some home health care, and hospice care.
• Medicare Part B (medical insurance) helps pay for services from doctors and other health care providers, outpatient care, home health care, durable medical equipment, and some preventive services.
• Medicare Part C (Medicare Advantage plans) are available in many areas. People with Medicare Parts A and B can choose to receive all their health care services through a private insurance company approved by Medicare to provide this coverage. [please read below, Be Cautious]
• Medicare Part D (Medicare prescription drug coverage) helps cover the cost of prescription drugs. You can get more details about what Medicare covers from Medicare & You (Publication No. CMS-10050). To get a copy, call the toll-free number (1-800-633-4227) or go to www.medicare.gov

Be Cautious
Medicare advantage plans as mentioned above are through private insurance companies. The fact that it is referred to part C can be very confusing. Since Medicare advantage plans are through private insurance companies may not cover any skilled nursing home care, the co-pays may be high and coverage may be different. Before being sold an advantage plan by a slick sales person, be sure that it is really what you want. See 13 Facts about Medicare Advantage plans here

Medicare V Medicaid
Medicare and Medicaid a very different. Medicare as described above is automatic qualification. Medicaid is need based and qualifications are heavily restricted by your medical needs and finances.

Medicare for nursing homes - Medicare will only offer full coverage of your nursing home stay for 20 days and only after a qualifying in-patient hospital stay of 3 consecutive 24 hour periods or more. Days 21-100 you will owe a co-pay of $161.00 per day [which may be absorbed if you have the proper "Medi-gap" insurance]. after the 100 days all costs will be your responsibility.

Medicaid - Medicaid, for the aged [65 or older] blind or disabled is designed to cover 100% of your nursing home costs once you qualify. Qualification is a grueling process and you should have an expert assist you to ensure a fast approval which will eliminate your nursing home costs. You only apply for Medicaid when you need it such as needing care in a nursing home, assisted living facility or in some states even at-home care. Financial qualifications are rigorous but an exert will help you qualify even if your assets are higher than the state limits. For more Medicaid FAQ's read here.

If you have any questions regarding Medicare or Medicaid, contact us today! 855.471.6771

2 Comments

how to pay for long term care

11/30/2016

3 Comments

How to pay for long term care.
By: Paul Lorah

70% of all seniors will need long term care. 25% of those will require long term care for more than 5 years. Is your family prepared?

The cost of long term care rises drastically each year, what's the average?

Skilled nursing homes average more than $10,000 per month;
Assisted living, more than $6,000 per month;
At home care, more than $4,000 per month.

5 years of long term care could result in costs upwards of $500,000. If you don't plan ahead, where will the money come from?

How to pay for long term care
The options are;

Pay from personal or family funds such as savings, investments, etc. - this may work for some but for most families this option won't last very long.
Reverse mortgage - if the long term care recipient owns a home, a reverse mortgage may be an option, however, they come with very high closing costs, you may no longer be able to pass your home to your family and they are available to those over 65 only. They also have many other restrictions and clauses that affect anyone living in the home who is under 65. Do your homework before choosing this method.
Long term care insurance - this is an option, however, it is our least favorite because the policies are very limited as to what they pay, how long they pay and the premiums, if you can get approved, are very high and will increase drastically each year.
Life insurance - life insurance can come with a long term care rider that will allow the policy owner to use the death benefit to pay for long term care costs.
Medicare - contrary to popular belief, Medicare will not pay for long term care except for skilled, short-term, medically necessary care and only then for up to 20 days in full and only following a qualifying hospital stay. [days 21-100 a co-pay of $137.20 per day will be due, after day 100, all costs are billed to the family].
VA Benefits - if you are a veteran and qualify, you can obtain up to $1,780 per month as an individual, $2,125 as a married couple or up to $1,180 as a widow or widower of a veteran. The process is very complex , have a specialist assist you to get the full benefits allowed. These benefits work great for individuals needing at home care or even assisted living care because it will help subsidize the costs, it may not pay all of them but it will help.
Medicaid - Medicaid is the only government benefits program that will pay the entire cost of your long term care once approved. It's a difficult process so have a specialist assist you. You don't have to spend all of your money and be destitute to qualify either as most people will have you believe. You can qualify and preserve assets as well.

There are options available and the further ahead you plan ahead the more options you'll be able to take advantage of.

Author Paul Lorah is a Medicaid and Long Term Care Planning expert who has authored such books as "Planning and Paying for Long Term Care' and "How to Get Medicaid to Pay for Your Long Term Care Costs".

Regardless of whether you are 5 years out from needing care or you need care now, contact us for expert advice on what options are available to you based on your needs, goals and financial situation. 855.471.6771

3 Comments

Caution, Pre-Paid Funeral Plans May Have Hidden Costs

11/21/2016

0 Comments

pre paid funeral, pre planned funeral, medicaid planning

Caution, Pre-Paid Funeral Plans May Have Hidden Costs
By: Paul Lorrah

Can Making arrangements and paying for funerals in advance have problems?

A Kansas City man who made his own funeral arrangements and paid in advance learned there were still some problems as KSHB recently reported in "Surprise fees could add thousands to your pre-paid burial plan."

Bob Lockler, who did not want to leave his family with the burden of paying for his funeral, made his own arrangements with a local funeral home and paid installments on a $10,000 plan for 12 years. Just when he thought he had paid for everything, he was surprised by another $3,000 bill that suggested he still owed thousands of dollars.

Although some of the items on this new bill turned out to be suggestions and not necessary, there were other charges that were necessary for him to pay, including the costs of digging his grave, opening and closing the casket, and the sales tax on the casket.

All were additional costs that Mr. Lockler would have to pay but were "buried" [no pun intended] in the fine print of his contract with the funeral home.

It is important to be certain exactly what you are "buying" when you purchase a funeral plan to avoid being hit with a larger bill than they expected. Ask the person selling you the plan if there is anything the plan does not cover.

The Federal Trade Commission [FTC] has information and a checklist to use, for more information click here

What's another option?
Pre-paid Funeral Trusts are another option. A funeral trust id a pre-paid product that is held with an insurance company for safety, it accumulates interest and you don't have to choose a funeral home or pre-plan. There are few if any restrictions on what you can use the money for when the time comes [so long as it is used for the funeral]. these have many benefits over a pre-planned funeral at a funeral home. For more information on Funeral Trusts click here

Questions? contact us, we can advise you and review any contracts in advance.

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70% of all seniors will need long term care, are you prepared?

10/28/2016

2 Comments

70% Of All Seniors Will Need Long Term Care, Are You Prepared?
By: Paul Lorah

70% of all seniors will need long term care. 25% of those will require long term care for more than 5 years. Is your family prepared?

The cost of long term care rises drastically each year, what's the average?

Skilled nursing homes average more than $10,000 per month;
Assisted living, more than $6,000 per month;
At home care, more than $4,000 per month.

5 years of long term care could result in costs upwards of $500,000. If you don't plan ahead, where will the money come from?

How to pay for long term care
The options are;

Pay from personal or family funds such as savings, investments, etc. - this may work for some but for most families this option won't last very long.
Reverse mortgage - if the long term care recipient owns a home, a reverse mortgage may be an option, however, they come with very high closing costs, you may no longer be able to pass your home to your family and they are available to those over 65 only. They also have many other restrictions and clauses that affect anyone living in the home who is under 65. Do your homework before choosing this method.
Long term care insurance - this is an option, however, it is our least favorite because the policies are very limited as to what they pay, how long they pay and the premiums, if you can get approved, are very high and will increase drastically each year.
Life insurance - life insurance can come with a long term care rider that will allow the policy owner to use the death benefit to pay for long term care costs.
Medicare - contrary to popular belief, Medicare will not pay for long term care except for skilled, short-term, medically necessary care and only then for up to 20 days in full and only following a qualifying hospital stay. [days 21-100 a co-pay of $137.20 per day will be due, after day 100, all costs are billed to the family].
VA Benefits - if you are a veteran and qualify, you can obtain up to $1,780 per month as an individual, $2,125 as a married couple or up to $1,180 as a widow or widower of a veteran. The process is very complex , have a specialist assist you to get the full benefits allowed. These benefits work great for individuals needing at home care or even assisted living care because it will help subsidize the costs, it may not pay all of them but it will help.
Medicaid - Medicaid is the only government benefits program that will pay the entire cost of your long term care once approved. It's a difficult process so have a specialist assist you. You don't have to spend all of your money and be destitute to qualify either as most people will have you believe. You can qualify and preserve assets as well.

There are options available and the further ahead you plan ahead the more options you'll be able to take advantage of.

Author Paul Lorah is a Medicaid and Long Term Care Planning expert who has authored such books as "Planning and Paying for Long Term Care' and "How to Get Medicaid to Pay for Your Long Term Care Costs".

Regardless of whether you are 5-8 years out from needing care or you need care now, contact us for expert advice on what options are available to you based on your needs, goals and financial situation. 855.471.6771

2 Comments

What impact does Caregiving have on Women

10/26/2016

0 Comments

What impact does Caregiving have on Women
By: Paul Lorah

Women serve as caregivers the majority of time for a spouse, parent or in-law.

Some basic facts:

It is estimated that 66% of all family caregivers are women;
The annual value is estimated at $188 billion dollars;
Women spend 50% more time as a family caregiver than men.

Financial Impacts
A recent study shows that the out-of-pocket costs for a patient with dementia is the highest of any other disease mostly due to the need for personal caregivers which is not covered by Medicare. Because of that, women are juggling their time as family caregivers for those who cannot afford to hire someone. In addition. providing care to someone with dementia increases the levels of distress and depression higher than caring for someone without dementia.

As stated in another recent article we published titled " Is Caring for Aging Parents Forcing Women To Leave The Workforce" women are being forced to take time off or leave work completely in order to care for the family member.

The financial impact on women caregivers is substantial. It reduces work hours by as much as 40% [or loss of work completely] and results in a financial loss of over $300,000 [based on lost wages, social security benefits and other retirement benefits].

In 2004, a study conducted by Rice University found that women who are family caregivers are 2.5 times more likely to live in poverty and 5 times more likely to receive Supplemental Security Income (SSI).

Physical & Mental Impacts
Moreover, the mental and physical effects of family caregiving have been well documented. Women suffer from Increased stress, anxiety and depression as effects of caregiving. When caring for a spouse, women are nearly 5 times more likely to suffer depressive or anxious symptoms as non-caregiver spouses. Additional effects may include high blood pressure, hypertension, less time spent on preventative care and a higher risk of coronary heart disease.

So what does all of this mean?
It is evident that women are at great risk when providing care to a loved one both financially as well as mentally and physically. In addition, there are long-term effects as well such as a higher death rate. An article by Jennifer Caputo, was written in the Journal of Marriage and Family discusses the long term health effects of family caregivers.

Author Paul Lorah is a Medicaid and Long Term Care Planning expert who has authored such books as "Planning and Paying for Long Term Care' and "How to Get Medicaid to Pay for Your Long Term Care Costs".

0 Comments

Is Caring For Aging Parents Forcing Women To Leave their jobs

10/14/2016

0 Comments

family carefivers, medicaid planning, medicaid plus

Is Caring for Aging Parents Forcing Women To Leave The Workforce
By: Paul Lorah

Two out of every five adults are family caregivers of loved ones and most are also working full or part-time jobs. But increasingly, working women over 50 are leaving their jobs in order to provide the necessary care.

When employees with caregiving duties are forced to choose between work and family, everyone loses. This can be particularly true for women, who still make up 60% of the family caregiver population (though men are increasingly shouldering the responsibility).

Stepping Away From Work for Caregiving
A study at Boston College’s Center for Retirement Research discovered that one-third of boomer women are currently caring for an elderly parent, devoting eight to 30 hours per week to caregiving in addition to their time at work. Caregiving for parents peaks in the mid 50s, the authors say.

At our offices, we’ve seen that all this caregiving can have a tremendous financial impact, not to mention the emotional and physical stress. Most caregivers feel their career is negatively impacted by their caregiving situation.
The impact is very real. Losses can come in the shape of lost wages or in sacrifices of future pay raises or promotions.

Statistics for Working Women Who Are Caregivers

The average income lost by caregivers each year is a whopping 33%.
Caregivers pay for many caregiving expenses out of their own pockets, to the tune of $10,000 a year.
Overall, 11% of caregivers end up having to quit their job to care for someone at home around-the-clock.
If a woman does have to leave her job due to caregiving needs, the lost wages, pensions and Social Security benefits over her lifetime total more than $300,000.

Far too often, women may leave a job in order to provide care but if they drop out of the labor force it can become quite difficult for them to rejoin once their caregiving obligations have ceased.

This is unfortunate for employees and employers . Trying to retain highly-trained and valuable employees is good for business and everyone involved, however, not all employers can afford to do this. Many small companies struggle as it is.

As Americans are living longer, the issue of how to juggle work and caregiving is becoming increasingly important. The number of adult children caring for an elderly parent has tripled over just the past 15 years. And the population of 35 million elders will double by 2030. So the number of people who need elder care will continue to grow rapidly as the population ages.

Family caregiving is today’s issue just as child care was in the 1980s. We as a society need to recognize and try to accommodate the reality that so many workers today have significant caregiving responsibilities at home.

Author Paul Lorah is a Medicaid and Long Term Care Planning expert who has authored such books as "Planning and Paying for Long Term Care' and "How to Get Medicaid to Pay for Your Long Term Care Costs".

Medicaid Plus, P.C offers expert services in Medicaid Planning, asset protection, VA benefits and elder law. Contact us for any services we can help you with in PA, NJ or Delaware. 855.471.6771

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<<Previous

estate planning for seniors - why it must be different

Veterans Aid and Attendance Benefits

Is It Time To Start Managing The Finances Of Your Aging Parents

do i qualify for medicaid in delaware

facts about medicare

how to pay for long term care

Caution, Pre-Paid Funeral Plans May Have Hidden Costs

70% of all seniors will need long term care, are you prepared?

What impact does Caregiving have on Women

Is Caring For Aging Parents Forcing Women To Leave their jobs

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