Posts Tagged ‘long term care’

Are you a Boomer who feels squished like a sandwich?

Tuesday, April 24th, 2012

If so, you aren’t alone. Many people in the boomer generation (those born between 1946 and 1964) have now been referred to as the Sandwich Generation. That is because this generation that thought their middle years would be full of free time with plenty of time to plan what to do with their retirement benefits is facing a very different reality. Due to the recession, some young adults have had to put off college, or have had difficulty finding a job after completing college. So, for some boomers, they have adult children that have come home and aging parents that may need extra help.

On top of the possibility that some boomers may have lost some of their investments they were relying on for retirement, they also may be spending extra money to help their children get on their feet. Meanwhile their aging parents have also felt the effects of the recession.

This has resulted in two or three generations of a family living under one roof. There are various scenarios, out of work adult children move in with parents due to job loss, sometimes with young adults (college or post-college) in tow. Or young adults come back from college and need to live with mom and dad or even grandpa and grandma. Sometimes the older adult is in need of help so it may work out for both the young adult and the grandparent who needs assistance.

 It’s a fact that is backed up by serious stats, between 2007 and 2009 multigenerational households shot up more than 10 percent, from 46.5 million to 51.4 million. According to the Pew Research Center, that is the largest number of Americans living that way in modern history. Even as the economy recovers, those numbers probably won’t chance much as people are still finding a need to live under one roof.

Sometimes it is due to finances, sometimes it is also due to need for more hands on care. Adult children and grandchildren are finding themselves in caregiver roles more often as the older generation lives longer than it used to. They may have left a job to move in with their parent or grandparent or had them move into their house. Even if mom or dad live in a long term care setting boomers and their children will find that they are juggling their work life, family life, and financial problems all while caring for an elder.

Multigenerational households can be a blessing in disguise. Maybe it means that the child or grandchild doesn’t have to worry about childcare because grandma or grandpa is there. It could mean getting to spend time with a loved one in their last years, providing care for them while you gain comfort in knowing you took care of them they way they did you. Or just the simple fact that saving money by all being together means fewer rent or mortgage payments, utilities, etc. Not to mention sharing cooking and cleaning duties. So while the economy may have hurt your savings, it may just have brought your family together.

 NPR has recently begun a series on this topic called “Family Matters” you can read more facts and hear the stories of three families at http://www.npr.org/2012/04/17/150365158/one-roof-three-generations-many-decisions

 The lesson to be learned? Talk about your plans for the future with your family, many of the families in the stories state this is not where they expected to end up, but we all age and we can all become ill at anytime, so talk to your family and be prepared for what you might do when and if the time comes.

Medicaid Myths in Long Term Care

Monday, January 17th, 2011

You may have heard a friend, family member or neighbor tell a story about an elderly relative that had “all their money taken by a nursing home” or “the state took all their money when they went into the nursing home”.  This is another one of those myths regarding coverage of long term care, like the one we covered in the last blog about Medicare.

Unlike Medicare, Medicaid does cover long term care, but you have to qualify. Medicaid both in the community and in a nursing facility is a program for low-income individuals who must qualify by meeting the income guidelines. When it comes to paying for nursing home care, you have to meet the medical criteria showing that you need the physical assistance, as well as, showing that you have no more than $4,000 is assets and no more than $2,000 in monthly income.

When someone states “the nursing home took all of my mother’s money”, most likely the Medicaid guidelines were not properly explained to them or it was oversimplified by the person explaining it. Often when someone is admitted to a nursing home for long term care, the nursing home must look at their financial records to see how they will pay for the care, they will counsel the person and /or their family on how much care at the facility costs and should help them determine if and when they will need to apply for Medicaid. When a person has enough money to pay, but knows they may run out in six months to a year, they call this a “spend down period” which means you pay the nursing home the monthly rate and when you’ve “spent down” your funds to the Medicaid eligibility level, you can apply for Medicaid.

There may be people who are under the false impression that Medicaid or some other program, will automatically cover you when you need nursing home care, similar to the false belief that Medicare covers long term care costs. We pay for goods and services all the time, but when it comes to long term care there is much confusion and false assumptions.