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mom and dad

Difficult Conversations with Mom and Dad

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As your mom and dad get older, it is important to keep an eye out for red flags that may signal declining health, mobility and/or cognitive function. And if you’re spending time with your parents this holiday season, now might a good time to be on the lookout.

Red flags to look out for:

  • Weight Loss: This is one of the most obvious signs of poor health and/or nutrition. This may be caused by something physical like cancer or simply lacking the energy to prepare nutritious meals, or it might be something related to their mental health like depression.
  • Balance and Mobility: Changes in gait, pain during movement or just not wanting to walk can be signs of joint, muscle or neurological problems. And if they are unsteady, they have a higher risk of falling which very often leads to further injury. The fear of falling can make your loved one withdraw, which leads to increased frailty and susceptibility to falls.
  • Mood and Behavior: It can be difficult to see changes in mood and behavior over the phone so when visiting in person it is important to notice changes in their normal schedule or routine. Is your loved one staying active, engaging in social activities, maintaining their personal hygiene?
  • Home and Environment: Be aware of changes in their environment too. Things such as a mess when they were normally tidy or unpaid bills can hint that something is amiss. Additionally, it may be wise to check the expiration dates on their medications and try to determine if they’re taking them as prescribed.

So you’ve noticed a number of possible issues? The next step is preparing for the conversation. The holidays may not be the best time for that, but instead be sure that you are collecting any necessary information that will be helpful for that conversation. It is vital to have a plan and be organized since this conversation will likely be difficult for you and for your loved one.

One aspect of that plan will be to talk about financial needs. The costs of nursing homes can exceed $100k per year. Do your parents have a plan in place in case one of them gets sick or requires care? Long-Term Care Pre-Planning Strategies can supplement Medicare or Medicaid, and can help prepare for the costs of aging before they become a concern. Other questions to consider include:

  • What are your parents’ monthly expenses? Can they continue to meet their needs through guaranteed income sources as their expenses might start to increase?
  • Have your parents been protecting assets through preservation, looking at long-term income strategies to meet their needs? As your parents gets older, retention of investments becomes more critical than high returns.
  • Do your parents have a financial advisor or an attorney to help them create a plan?

 

You have options, and you don’t have to figure them out alone:
Talking to your mom and dad about their health and finances can be difficult, but you can feel relieved afterwards, knowing that your parents’ future needs can be met.

At Elder Life Group, we’ve guided thousands of people to financial confidence over the years and understand the value of having a plan in place.

To speak with an Elder Life advisor about helping your parents, contact us today.

Alz-Awareness-Month

Alzheimer’s Awareness and Long-Term Care Awareness Month

November is National Alzheimer’s Awareness and National Long-Term Care Awareness Month. Alzheimer’s Awareness Month is a time to learn more about and openly discuss Alzheimer’s disease and show support for the more than 6.2 million Americans living with it. National Long-Term Care Awareness Month spreads the word about nursing home abuse and neglect so residents of long-term care facilities stay safe. It also encourages adults to put a care plan in place for their future.

Alzheimer’s disease is a progressive brain disorder that impacts memory, thinking and language skills, and the ability to carry out the simplest tasks. It is also the most common cause of dementia. Dementia itself is not a disease, but a term used to describe symptoms such as loss of memory, loss of judgment and other intellectual functions.

Long-Term Care Awareness Month was started in November 2001 to raise awareness about planning for elder care before it’s needed. It is an opportunity to check in with loved ones who live in nursing homes and ensure the care plans in place are effective. And it is a great reminder to make a plan that can save you and your loved ones from unnecessary stress as you age.

As an organization committed to helping protect you, your assets, and your family from the high costs of aging, we fully support both of these initiatives. Putting a plan in place before Alzheimer’s sets in or long-term care is needed is key. For decades, we’ve seen what happens when seniors don’t account for the high costs of aging. The wealth they’ve worked so hard to accumulate over a lifetime can all but vanish due to long-term care expenses. If you have questions, give us a call. We’re here to give you peace of mind.

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Meet the Team Member: Heather Gonska

We love our employees and because they are special to us, they deserve the spotlight in our blogs every now and then. So, we will occasionally feature employees in our “Employee Spotlight” blogs. It’s an opportunity to get to know the people behind our name.

For our first team member, we sat down with VP of Business Development Heather Gonska.

Tell us a little background on your job and what you do.
I have been full-time with Elder Life Group for two years, but started working with the company on a part-time basis in 2018. Originally, I started with our attorney service retail model to help families that needed assistance after completing estate planning. I experienced what it takes for families to put a financial plan in place that was asset protection and long-term care focused. By using our curated Elder Life Group products and implementing our advanced planning strategies, each client was empowered with choice and options that they didn’t even know was available to them. I saw the planning come to life and the practical application of the asset protection principals through finance.

I recently transitioned to VP of Business Development, working with financial advisors and other industry professionals by helping them incorporate our curated products into their own book of business. This will enable advisors to provide the value of helping their clients put a plan in place and provide some asset protection solutions.

What led you to work at Elder Life Group and this industry?
I started in healthcare as a skilled rehab therapist and had the firsthand experience of families facing a loved one going to a nursing home. Not only was it very stressful but it was often confusing for families on HOW they were going to pay for it. When I had the opportunity to work for Elder Life Group, I was excited to be on the other side of helping during this very stressful time by understanding the financial component of long-term care.

I love that we are helping families put together a strong financial plan to provide options. I love that we are working with agents and advisors who want to help their families do the same. What I have learned working with Elder Life Group, is that every family needs to have a plan when it comes to long-term care. It’s too expensive not to.

October is Long Term Care Planning Month – any significance to you personally? Or anything that you’d encourage people to know/emphasize during October?
Long-term care planning is very important to me. I had two family members that experienced long-term care situations. It was incredibly stressful for my immediate family. Figuring out the payment side of things on top of everything else that comes with long-term care brought a lot of confusion and heartache. At the time, there was little guidance or financial literature available to help my family successfully navigate the long-term care journey.

Given the statistics on aging, it is crucial to discuss and research the future impact of long-term care for those who want to have options; if or when they experience a long-term care situation.  I have seen both ends of the spectrum. For those that have had the forethought of implementing a plan early, they have had the biggest opportunity to have a greater say in their future. Without a long-term care plan in place, most are leaving their options to chance and not positioning themselves for a peaceful retirement. With the national average cost of a nursing home at $9,000 per month, most will be impoverished if they don’t put a strategic long-term care plan in place.

What does a typical day look like for you?
My days are spent engaging with our partnered agents and creating opportunities for education that our agents can share with their own clientele. We strategically align ourselves within the industry to provide the best products to the financial services market that encompass asset protection opportunities.

What are you most passionate about at work?
This long-term care “stuff” in relation to estate planning in general is a beast to understand. To help alleviate that stress and enable others to implement this mindset and planning opportunities into their own practice is what makes it easy to get up in the morning. If I can be a catalyst to enable others to bring asset protection principals into their own practice and therefore make an impact on the population at large, I count that as a win any day of the week.

What activities do you enjoy in your spare time?
To relax and unwind, I like to host dinner parties and cook for my family. I get most of my inspiration from TikTok and enjoy experimenting with new recipes. So far, my family has been willing recipients of my cooking. I am an outdoors gal and enjoy sneaking off to a hiking trail with my walking partner and favorite buddy, my lab, Berkley. My famous last words are, “We can get our steps in today.”

Tell us something that others may not know about you.
I am an aspiring polyglot. One of my life goals is to be fluent in 5 different languages and practice my conversation skills in some obscure European café. If I could take a trip every weekend to a new city or state, I would. There is so much world to see and places to explore. Life is too short to not experience what life has to offer, even if it’s the town next door.

RetailEvent

The Ultimate Guide to Successful Aging

Seven in 10 Americans will spend an average of two to three years in a nursing home or assisted living facility. Affording long-term care is one of the biggest risks facing Americans during retirement. It can be difficult to know where to begin planning for retirement and long-term care. This educational event will provide strategies to help you navigate the long-term care maze, and help secure your future.

Topic highlights will include:

  • The impact of the long-term care crisis ahead, and how it will affect you and your family
  • How to protect you and your family’s legacy
  • The difference between Medicare and Medicaid
  • Asset protection and long-term care plan designs

Get answers to your questions:

  • How can I avoid losing control of my assets?
  • Do I have enough money to pay for an unforeseen event that may or may not happen?
  • When would I qualify for nursing home financial relief?
  • At my age is long-term care insurance affordable, and would I qualify for it?
  • Are my IRA’s protected from long-term care and Medicaid?

Event Details

Where: Rotary Botanical Gardens, 1455 Palmer Drive, Janesville, WI
When: Tuesday, October 25 at 5:30pm OR Thursday, November 3 at 10:00am
Cost: Free
All attendees will have FREE admission to the Gardens the day of the event!

Seating Is Limited, So Reserve Your Space Now!

Call (800) 898-3572 or register online at seminar.rsvpyes.com/435696
If calling, use RSVP Code 435696.

Medicare enrollment form

Open Enrollment for Medicare Begins Soon!

Open enrollment for Medicare occurs Oct. 15 – Dec. 7. This is the designated time period where Medicare allows participants to review and change their coverage. It is also known as the annual enrollment period (AEP). However, let’s first begin with the basics.[/vc_column_text][vc_column_text]Who is eligible for Medicare?
You are eligible for Medicare Part A and Part B at age 65 if:

  • You are a U.S. citizen or permanent legal resident who has lived in the U.S. for five continuous years.
  • You or your spouse have worked long enough to be eligible for Social Security or Railroad Retirement benefits.
  • You or your spouse are government employees or retirees who have not paid into Social Security but have paid Medicare payroll taxes.

[/vc_column_text][vc_column_text]You can meet Medicare eligibility under age 65 if:

  • You have been receiving Social Security disability benefits or certain Railroad Retirement Board disability benefits for at least 24 months.
  • You have ALS (amyotrophic lateral sclerosis or Lou Gehrig’s disease).
  • You have End-Stage Renal Disease (ESRD) and you or your spouse have paid Social Security taxes for a certain length of time.

[/vc_column_text][vc_column_text]If you’ve established that you are Medicare eligible or think you might be, what does the open enrollment period mean? First, open enrollment is for those who currently have either a Medicare Supplement/Medigap or Medicare Advantage. If that is the case, you may switch coverage to another company, if it falls in line with the companies’ guidelines.[/vc_column_text][vc_column_text]During this Open Enrollment period, you can:

  • Enroll in, make changes to or disenroll from a Medicare Advantage plan (Medicare Part C)
  • Enroll in, make changes to or disenroll from a Medicare Prescription Drug plan (Medicare Part D)

[/vc_column_text][vc_column_text]Remember any changes you make during the 2022 Medicare Fall Annual Enrollment Period go into effect January, 2023.

Elder Life Group can impartially shop for Medicare coverage to help clients review their Medicare coverage options in their location. We compare costs, companies and help shop for drug coverage to ensure our clients are aware of all the costs associated with their plans. Medicare is confusing and many clients have questions on aspects such as the difference between traditional Medicare Supplements and Medicare Advantage Plans. We can help, talk and educate about the difference between these two and provide options for both types of coverage. We’re also happy to answer any other questions about Medicare. Request a free consultation today!

People, age, technology and finances. Depressed unhappy retired woman paying domestic bills online, trying hard to make both ends meet, sitting at kitchen table, surrounded with papers, using gadgets

How to Prevent Spousal Impoverishment

Spousal impoverishment occurs when the high costs of aging start to negatively impact the healthy spouse’s financial situation. Couples are facing the reality of one spouse requiring long-term nursing care and their assets being drained by the cost for that care. This can result with the spousal impoverishment of the “community spouse,” the one who remains at home.

This occurs because in order for Medicaid to kick in, almost all of a couple’s assets must be spent or disposed of, which leaves very little for the community spouse. Fortunately, in 1988, Congress enacted provisions to Medicaid that help prevent spousal impoverishment. These provisions help ensure that community spouses are able to live out their lives with independence and dignity. Under the Medicaid spousal impoverishment provisions, a certain amount of the couple’s combined resources is protected for the spouse living in the community. Depending on how much of his or her own income the community spouse actually has, a certain amount of income belonging to the spouse in the institution can also be set aside for the community spouse’s use.

Community Spouse Resource Allowance

With the Community Spouse Resource Allowance, the spouse who does not require long-term care can keep an additional percentage of the couple’s assets beyond those a couple can own and still qualify for Medicaid. Each state has a different dollar figure for this allowance, but it must be equal to or lower than the maximum amount established by federal law.

The maximum amount of these assets is determined by Congress and does increase annually to reflect rising costs of living. Allowances may also be made for dependents who are living with the community spouse.

Monthly Maintenance Needs Allowance

The Minimum Monthly Maintenance Needs Allowance (MMMNA) is a spousal impoverishment rule that allows a married Medicaid nursing home applicant or HCBS Medicaid Waiver applicant to transfer a portion, or in some cases, all of their monthly income, to their non-applicant spouse. It intended for non-applicant spouses who have little to no monthly income. However, in order to receive this spousal income allowance, the community spouse’s monthly income must fall under a specified level.

Navigating Medicaid and the high costs of aging is a complex process. Let us help you make sure that you are optimizing your income and assets protection, and protecting your family. Contact us today!

Resources

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What You Should Know About Funeral Trusts

Start with a definition
There are many terms for “funeral trusts” or that at least sound like they are the same, but are actually different. You may have heard them referred to as prepaid funeral plans, Medicaid exempt funeral trusts, funeral trusts, funeral expense trusts, irrevocable funeral expense trusts, prepaid funeral policies and more. While minor differences exist, there are two broad categories: Traditional Prepaid Funeral Plans and Medicaid Exempt Funeral Trusts.

Traditional Prepaid Funeral Plans
These are made with a funeral home and have some limitations. A traditional prepaid funeral plan sets aside funds in the form of a contract with a funeral home. Funeral homes may offer different packages, which can include:

  • Funeral
  • Burial/Cremation
  • Basic Services of Funeral Director & Staff
  • Embalming
  • Funeral Home Facilities and/or Staff Services
  • Casket
  • Cemetery Charges
  • Cemetery / Burial Plot
  • Other Funeral Merchandise
  • Other Charges

However, what if the funeral home goes out of business or mishandles the funds? What if the funeral costs less than what you prepaid? Your options might be limited since your agreement is with that funeral home and may not be able to be transferred. Essentially, you may be paying for something that isn’t guaranteed.

These funds are also less protected and can be exposed to creditors. Perhaps you believe that your estate can handle the expenses later? That could be true, but your family may have a lengthy probate process. The result is a stressful situation for your family during an emotional time.

Medicaid Exempt Funeral Trusts
A safer option for setting aside funeral expenses is a Medicaid exempt funeral trust. This is a combination of a small, guaranteed-issue life insurance policy that is irrevocably assigned to a free trust. It transfers all risk to the insurance company, which then pays the funeral provider on your behalf. Have a loved one facing a long-term care situation? The trust even speeds up Medicaid eligibility by spending down your countable assets. It is similar to the traditional prepaid funeral plan since it allows you to set aside funeral expenses through an irrevocable trust, but comes with multiple benefits:

  • They are convenient. You can conduct the entire policy-writing process from home.
  • You’re not required to commit to a specific funeral home. You or your family make that choice when necessary.
  • The trust itself is included for free with no fees up front or tax on any excess back to your estate.
  • You may choose whether or not to set specific plans.
  • These trusts cannot be altered and are considered exempt for Medicaid purposes as long as the value is below a state-specific limit – $15,000 in most states.
  • Your assets are protected for the sole use of your final expenses.
  • They are guaranteed to be safe from creditors and predators.
  • The policy value grows steadily to account for rising market costs.
  • Proceeds are paid directly to the funeral home, this allows for prompt funeral-provider payment.
  • Your family chooses where and how much to spend. Whatever is not spent is refunded to the estate of the deceased.

How to Use Medicaid Exempt Funeral Trusts
So, how do you use a Medicaid Exempt Funeral Trust? These trusts are a great add-on when going through Long-Term Care Pre-Planning and can be particularly beneficial during crisis planning. Plus, some states allow applicants to purchase trusts for their immediate family members. This makes them a great addition to any long-term care crisis planning spend-down plan.

Elder Life Group is the largest distributor of this funeral trust in the nation and we remain actively involved in its continual improvement. Best of all, we’ve made it easy to secure by anyone in just a few quick steps.

  1. Final Expenses Evaluation: First, we understand your financial situation. We can do this conveniently over the phone, and can even take care of all the paperwork electronically.
  2. Customized Plan: We tailor a plan to your needs based on your state’s rules. This is completely confidential and takes a matter of minutes with an Elder Life Advisor.
  3. Start Your Policy: All we need is your name, telephone number, and Social Security number—no medical details or other personal information.

Learn more by visiting our page on Prepaid Funerals.

 

For our Financial Advisor Partners
The Medicaid exempt funeral trust is a staple for any long-term care plan, whether your client is planning ahead or already in a care community. In addition to preserving your client’s assets for end-of-life expenses, it is a simple and effective way to enhance your planning options.

You can leverage this product directly for your clients. Contact us today to find out more.

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Elder Life Radio – June 20th, 2022

Elder Life Radio – Practical Solutions Designed to Protect You, Your Assets and Your Family

Scott Moan, Elder Life Group’s Founder and Managing Director, hosts this radio show with his friend and guest, elder law estate planning attorney, Douglas Ley of Elder Advisors Law.

This episode they discuss they two biggest parts of elder law: pre-planning and crisis planning. When healthcare can’t make you better, it’s chronic—and that resorts to people self-spending. Learn how Elder Advisors Law and Elder Life Group help mitigate these challenges.

Elder Life Radio can also be found on the WCLO website.

Home studio podcast interior. Microphone, laptop and on air lamp

Elder Life Radio – June 6th, 2022

Elder Life Radio – Practical Solutions Designed to Protect You, Your Assets and Your Family

Scott Moan, Elder Life Group’s Founder and Managing Director, hosts this radio show with his friend and guest, elder law estate planning attorney, Douglas Ley of Elder Advisors Law.

This episode they discuss the proactive steps towards education in debunking the myths of Medicare and Medicaid to help protect your assets through workshops. Unload your stress with a financial planning partner who cares.
Elder Life Radio can also be found on the WCLO website.

Home studio podcast interior. Microphone, laptop and on air lamp

Elder Life Radio – April 25th, 2022

Elder Life Radio – Practical Solutions Designed to Protect You, Your Assets and Your Family

Scott Moan, Elder Life Group’s Founder and Managing Director, hosts this radio show with his friend and guest, elder law estate planning attorney, Douglas Ley of Elder Advisors Law.

This episode they discuss how Elder Advisors Law and Elder Life Group turn complicated situations into easy-to-understand processes that makes it easier for families to understand. As we live longer and as healthcare gets more expensive having a trusted partner to help you navigate these things is crucial.

Elder Life Radio can also be found on the WCLO website.

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