Seniors Get Advice On Planning For The Future

It’s never too early to start planning for your future, and relying on local specialists can help you make informative decisions to prioritize your needs and wants as you age. 

On March 31, the Brewster council on aging hosted a presentation on “Planning For the Future and Beyond” with experts in senior living assistance, estate planning law and homecare options.

Seniors experience numerous challenges on a daily basis, making them one of the most vulnerable populations. Whether it’s social isolation, malnutrition, health declines, abuse, mobility or security, 70 percent of seniors will require support, according to the U.S. Census Bureau. While it can be overwhelming to sift through all the different options, knowing where to start can help make the process a little less arduous. 

While you are able, preparing the legal documents that will help your beneficiaries take care of you and your estate is one of the most important steps in setting your future up for success. 

“From the time you’re 18 and older, whether you have $5 or $5 million in the bank, everybody really needs to have these five documents in place,” said Rebecca Spinner, an attorney with the estate planning and elder law office, Surprenant and Beneski.

As a standard, you should have a durable power of attorney, a health care proxy, a HIPAA release or authorization, an advance directive and a will.

The durable power of attorney is the document where you record who can make legal and financial decisions for you, said Spinner. When in place, it circumvents the need for loved ones to petition for conservatorship over you if you become incapacitated. It is highly recommended to name a primary and alternative agent for layered support and security, she said. 

Similarly, the healthcare proxy names a person who can make medical decisions for you if you can no longer make them yourself. While there is a standard form that many fill out with a primary care doctor, an attorney will provide a more detailed form that deals with different scenarios. The HIPAA release gives your primary agent the authority to access your protected healthcare information. This is beneficial for health insurance bills, medical malpractice suits or just general access to medical records. It’s important to have this document in place so your family, spouse or loved one has all the information needed to provide the best care and make the best decisions. 

According to Spinner, the advance directive, or living will, is a document that details the decisions you would want made for yourself in the event you could no longer speak for yourself. 

“If your healthcare proxy was activated and your agent had to step into your shoes, the purpose of this document is to give them the guidance that they need to make those medical decisions on your behalf,” she said. It takes the burden off the decision-maker. 

The most familiar document, the last will and testament, determines who will be in charge of administering your estate after you’ve passed. It will also detail who will be receiving the things left in your possession. While this document does not exempt you from the probate process, it provides a set of instructions for the court. Probate court takes at least a year in Massachusetts because creditors have that amount of time to make claims on your estate, said Spinner. 

Because of changing laws federally and in Massachusetts, it’s important to have your documents regularly reviewed by an attorney. For more legal information, make an appointment with an elder law attorney to talk about specifics of trust planning and setting up your documentation. 

Jim Monti, a senior living advisor and owner of Oasis Senior Advisors, breaks down the options into four categories: independent living, assisted living, memory care and skilled nursing facilities. 

Independent living communities support independence while also providing social activities, laundry services and transportation. The amenities differ based on the facility, but many have around 10 activities and prepare three meals a day, which can be purchased through a meal plan. There are buy-in options which can lower the monthly costs, but average rents will start around $3,000 a month for a studio. Usually utilities and taxes are included. 

Assisted living facilities offer 24/7 onsite support with help for activities such as ambulating, bathing, continence, dressing and/or eating. Care levels range from standard to enhanced and depend on the level of care needed. Rent starts around $4,000 and can be upwards of $10,000, and include three meals a day, laundry, social activities, transportation and care. 

Memory care facilities are dedicated living assistance facilities which provide support and a secure environment for elders afflicted by dementia or other memory diseases. While everything in the previously mentioned facilities is included, care becomes a larger function. Rents will range from $7,000 to over $17,000. 

A skilled nursing facility, or nursing home, is a medically driven facility with 24/7 nursing care. There are limited social activities and menu options since the focus is healthcare. While MassHealth will cover some expenses when finances are depleted, this level of care usually starts around $14,000. 

Monti offers free consultations for seniors looking to find an option that best fits their needs. Visit oasissenioradisors.com for more information and an option to connect. 

It’s important to know what your insurance covers when it comes to medical treatment, hospital stays and rehabilitation. According to Ruth McNaughton, owner of Comfort Keepers, Medicare covers acute hospital stays, short-term rehab only after an inpatient hospital stay and short-term skilled visiting nurse and rehab care if you are homebound. It does not cover long-term custodial care in a nursing home and home health aide support. 

In the homecare field, there is a directive called the three-midnight rule which states that a patient must be in in-patient care for three midnights for Medicare to cover the short-term stay, 100 percent for 20 days, then 80 percent until day 100. If your hospital stay is in the observation or outpatient level of care, Medicare will not cover it. 

While long-term care insurance plans are becoming obsolete because the model wasn’t set up to be super successful, McNaughton recommends seeking information from elder law attorneys, financial advisors, elder services and potentially veterans assistance programs.

It’s hard to plan for medical assistance, but knowing your options can help you in the long run. In-home care is usually funded through personal funds, but speaking with someone like McNaughton at Comfort Keepers can help determine if there are any assistance programs or other options available. 

Knowledge is power when it comes to aging. As a vulnerable demographic, seniors are an easy target for scammers and there is a greater risk of being taken advantage of. With the right people in your corner and the right information at your fingertips, you can avoid the pitfalls.