I meet with seniors and their families every day, many of whom are in crises. Alzheimer’s, stroke, falls, and other illnesses take their toll on the senior and their family. Many seniors do not have their financial house in order, or legal documents in place, thereby making it difficult and frustrating for the family to help the senior. There are five tips listed below that every senior should take the time to review now, before they have a health crisis.
1. Medi-Cal for Long-Term Care Needs: Explore possible future eligibility for Medi-Cal now for long-term skilled nursing care, before a health crises strikes. Skilled nursing facilities cost over $7,500 per month. State Medi-Cal benefits may be invaluable, and protecting assets requires planning before the crises occurs.
2. VA Benefits: If you are a Veteran or surviving spouse, are you receiving the maximum benefit from the Veterans Administration to help pay for your care costs?
3. Understand Your Investments: Watch out for problem assets like savings bonds and annuities. Do you have beneficiaries designated? Are your assets in your trust? Will you run out of money in your lifetime due to costs associated with care due to illness or advanced age?
4. Help Yourself by Allowing Others to Legally Help You: Make certain you have a valid and current Durable Power of Attorney, Advance Health Care Directive, and HIPAA release. Otherwise, court intervention may be needed through a conservatorship. Is your trust up to date? Is it signed, and you know where it is? Are your assets properly titled so trusted family members can access funds for your benefit in an emergency?
5. Be Organized: Make a copy of your discharge papers, current identification, Medi-Care/health insurance card, your marriage certificate, birth certificate, and all current asset statements, including life insurance. Include copies of beneficiary designations with these papers. Make a list of your medications, your doctors, and a copy of your Advance Health Care Directive. Does your family know where these documents are? If so, they will thank you for making their very tough job a bit easier. The journey through the later stages of life is difficult for not only the Senior, but also for the family trying to make sure the Senior receives the appropriate care needed, without having to go to court, searching for those “important papers,” or running out of money.
For more information, please call the Law Office of Jane M. McNamara, at 661-287-3260. Please visit www.JaneMcNamara.com or www.VAbenefits4seniors.com.