Palouse Seniors, November 2017

Palouse

Seniors

November 2017

Inside: Potential long-term expenses to account for in retirement Palouse Seniors is an advertising supplement of the Lewiston Tribune and Moscow-Pullman Daily News

2 | November 18, 2017 | Moscow-Pullman Daily News & Lewiston Tribune

CANCER CARE NORTHWEST

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Moscow-Pullman Daily News & Lewiston Tribune | November 18, 2017 | 3

Potential long-term expenses to account for in retirement

R

Courtesy of Metro Editorial

etirement planning involves more than just investing in a 401(k) and/or IRA. Individuals who hope to live comfortably in retirement must account for various expenses, including those associated with their health.

A 2013 report from the U.S. Senate’s Commission on LongTerm Care found that each year an estimated 12 million adults in the United States require some type of long-term care. Planning for the following potential expenses can help men and women ensure they will have enough money to live well in retirement.

• Housing: Many individuals would prefer to spend their golden years living in their own homes.

However, adults who can no longer take care of themselves and/or their homes may need to move. Homeowners who simply want to downsize may be able to finance their transitions to retirement communities by selling

their existing homes. But those who need to move into assisted living facilities may find that even selling their homes might not provide enough capital to pay for such residences. According Genworth’s 2016 Cost of Care Survey, the annual cost of assisted living facilities greatly varies by state, with costs as high as $65,550 in Massachusetts and as low as $30,438 in Missouri. Whether they invest in long-term care insurance or develop another plan with their financial advisors, men and women must consider ways to finance potential housing costs in retirement.

• Renovations: Home renovations are another potential cost in retirement. Aging men and women who can no longer comfortably navigate staircases but are otherwise healthy may need to renovate their homes to account for their limited mobility. Such renovations might include the installation of a staircase chair lift and/or a ramp connected to the entryway of a home. Some may

ENJOY PALOUSE SENIORS

Palouse

Seniors

November 2017

Inside: Potential long-term expenses to account for in retirement

Palouse Seniors is an advertising supplement of the Lewiston Tribune and Moscow-Pullman Daily News

IN PRINT: Palouse Seniors is published quarterly, with 12,500 copies distributed in the Moscow-Pullman Daily News, Lewiston Tribune and at key drop spots and advertisers across the Palouse.

ONLINE: Check out the latest edition in digital format online at www.DNews.com, just click on the Special Sections tab.

To advertise your business or service, contact Sally Imel at simel@lmtribune.com

even need to convert a first-floor den or living area into a bedroom, which may also require adding a full bathroom.

• Maintenance: Homeowners who want to stay in their homes in retirement must also factor potential maintenance costs into their retirement plans. Aging men and women may no longer be capable of maintaining their properties in retirement. Consider the potential costs of landscaping, home maintenance and maid services when making a retirement plan.

• Transportation: Diminishing vision and slower reaction times compel many retirees to give up

driving. But retirees who still enjoy getting out and about will still need a way to get around. Moving to a retirement community with daily shuttle service to and from town centers is one way for seniors who no longer drive to get around. But men and women who do not want to move to such communities will need to find alternative means of transportation, the costs of which can add up quickly.

Financial freedom in retirement is a goal for many working professionals. Attaining such freedom involves planning and saving for all potential expenses in retirement.

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4 | November 18, 2017 | Moscow-Pullman Daily News & Lewiston Tribune

Seniors can give safely and successfully RESEARCH BEFORE GIVING eople often gain a greater sense of purpose and To ensure a donation will be happiness after giving spent in the way it was intended, to charity, and seniors are no seniors should thoroughly exception. According to a study research organizations before from Merrill Lynch and Age becoming donors. One of the Wave, today’s retirees are almost first places to start is Charity six times more likely to define Navigator. A 501(c)(3) public success by generosity than their charity, Charity Navigator has wealth when compared to seniors been steering the public in the of yesteryear. right direction regarding charities Seniors’ eagerness to give makes since 2001. Their analysts research thousands of financial documents, them prime targets for charity fraud. Giving in retirement while rating charities on accountability, avoiding fraudsters is challenging, transparency and performance, among other criteria. but seniors who recognize their Individuals also can vulnerability can reduce their risk research charities by getting of falling victim to criminals.

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Courtesy of Metro Editorial

recommendations from friends and family, as well as learning about organizations through the Better Business Bureau. Online rankings and scam alerts can help with decision-making as well.

PALOUSE SENIORS BE AWARE OF SOUND ALIKE CHARITIES Some fraudulent charities like to piggyback on the success of reputable organizations. They may operate under names that sound similar to legitimate charities or create business logos that are nearly identical. People should not be fooled by these tactics.

EXPLORE ALL THE WAYS TO GIVE Seniors can give back in various DON’T FEEL PRESSURED ways. Charitable gift annuities and charitable trusts are great ways to High-quality charities do give, and seniors can even donate not need to resort to pressure senior discounts through a giving tactics to solicit funds. Similarly, site called Boomerang Giving. individuals should not feel put Seniors also can volunteer their upon to donate because of gifts time. received in the mail. Such gifts DONATE DIRECTLY commonly include note pads and return address labels. Seniors Contact a charity directly to should make donations based on donate instead of using a middle how they feel about a particular person or unconfirmed entity on charity and the difference they the phone. Use a credit card or want to make. check so there is a receipt of the

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Moscow-Pullman Daily News & Lewiston Tribune | November 18, 2017 | 5

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ALTERNATIVE NURSING SERVICES “Professional In-Home Health Care”

Personal Care Service Photo courtesy of Metro Editorial

Seniors can find gratification through charitable giving. information shared. This also donation. helps to reduce the risk of being OPT OUT OF contacted by bogus charities.

INFORMATION SHARING Seniors who give to charity reap Donating to one charity many rewards. But safeguarding should not result in a deluge one’s finances is of paramount of solicitations from others. importance when donating to Individuals should tell a charity charity. they do not want their personal

What You Need to Know About Prearranging

Companionship/Supervision Exercise Programs Housekeeping Medication Reminders Meal Preparation Bathing & Dressing Assistance Adult Day Care Activities of Daily Living (combing hair, brushing teeth, eating, day outings, dressing and undressing)

Transportation (shopping, Dr. Appointments, etc.)

Residential Habilitation Developmental Therapy (Individual and group) Skilled Nursing (Visits & hourly)

ALTERNATIVE Payment Options NURSING SERVICES Idaho and Washington Medicaid V.A Medical AAA -Homemaker and Respite Funding Long Term Care Insurance Private Pay

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6 | November 18, 2017 | Moscow-Pullman Daily News & Lewiston Tribune

How to nance long-term care needs F

a safety precaution that can be purchased early in life to plan to help pay for expenses aging men and women may incur in their golden years. New York Life Insurance says that policy holders will be reimbursed for qualified long-term care costs up to a maximum daily benefit amount.

Courtesy of Metro Editorial extended help Coverage varies, but policy aide should during their ailing to plan for long-term know that premiums generally increase with lifetimes. such options care expenses may leave the age of applicant. cost an average Ongoing aging men and women GOVERNMENT AID care can last with little or no assets late in life. $3,800 per Government aid is available for many AARP says that the cost of long- month. for U.S. and Canadian residents months Retirement term care continues to rise and but qualifications vary and it or years. savings can the array of options can make it is usually limited to those with Long-term quickly dry difficult for families to find the financial hardships. Medicaid care needs, up when best, most affordable care. pays for the largest share of including assisted living and long-term care is required.

The median monthly costs for Individuals need to keep in mind nursing home stays beyond a few long-term care services in the a semi-private room in a U.S. United States, according to the that, in 2014, the Social Security months, may not be covered by nursing facility hovered around federal health insurance programs, Administration on Aging. But $6,800 in 2016, according to The Administration said the average such as Medicare. As a result, it is to qualify, one’s income must month retirement income from Genworth Cost of Care Survey. up to individuals to find ways to be below a certain level and the That adds up to roughly $82,000 Social Security was just $1,294. person must meet minimum state finance their care.

The National Care Planning per year. Individuals who only eligibility requirements.

Council says that at least 60 LONGTERM CARE anticipate hiring a home health percent of all individuals will need Canadian provinces will assess INSURANCE one’s ability to pay and may Long-term care insurance is subsidize care costs. Also, there one of the ways to offset costs of may only be a handful facilities care for later in life. But many supported by the government, so people are unaware that this type applicants cannot be picky about of insurance exists. A survey accommodations. conducted by Leger Marketing Financing long-term care is for the Canadian Life and Health Insurance Association found that something individuals must consider as they make their plans 74 percent of respondents said for the future. It is a large expense they haven’t included provisions that cannot go unaddressed even for long-term care in their though the need for care might be retirement plans. in the distant future.

Long-term care insurance is

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Moscow-Pullman Daily News & Lewiston Tribune | November 18, 2017 | 7

Live with less pain – Know your options and plan ahead Courtesy of Gritman Medical Center

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iving with chronic joint pain isn’t easy.

But many people who attend Gritman’s monthly joint replacement classes have been doing so for years. “It’s not necessarily due to a sports injury or a lifetime of high-impact activities, it often has more to do with age,� said Justin Minden, Director of Gritman Therapy Solutions. “Broken down cartilage in the knee or hip can lead to’bone-onbone’ contact and that lack of cushioning can lead to pain.�

According to the Joint Commission, nearly 700,000 total joint replacement (TJR) procedures are performed each year in the United States.

The demand is expected to quadruple by 2030.

To help prepare patients for surgery, Gritman holds free TJR classes each month, one for hips and one for knees. Rebecca Havens, a Physical Therapy Assistant at Gritman is one of the primary instructors for the TJR classes. Rebecca said these classes are incredibly helpful because for most patients, this will be their ďŹ rst major surgery. “These classes help take away the unknown, which is sometimes the scariest partâ€? said Rebecca. “It gives them some peace of mind and control to adapt their home before surgery.â€?

Rebecca said the 90 minute

class covers everything from basic rehabilitation exercises to walker ďŹ ttings. “We talk about what to expect after surgery and also do demonstrations of how to go up and down stairs, how to get in and out of a car, how to get on and o a bath bench, and how to safely set up your kitchen so you aren’t bending too much,â€? she said.

Rebecca said Gritman even brings in a Licensed Occupational Therapist to show participants how to adapt their home for post-surgery recovery.

The Occupational Therapist also brings in assistive devices for class participants to try. “Simple things like putting on socks, can be challenging unless you have special tools or someone to help,� said Anita Evans, Licensed Occupational Therapist at Gritman Medical Center. “These classes not only show what tools are available but also instruct how to manage self-care safely.�

In addition to free TJR classes, Gritman works to provide the best possible outcome through advanced surgical technology combined with a highly-trained and experienced sta. “For our total knee surgeries, we provide patient-speciďŹ c cutting guides or computer assisted guides to exactly match the patient’s anatomy,â€? said Brett Beitlich, Director of Surgery at Gritman. “This improves the

accuracy of implant positioning, leading to better outcomes.�

Brett said what sets Gritman apart from other hospitals is a having a dedicated orthopedic surgery team with a combined 55 years of operating room experience. “We have a team of experts that includes nurses, nutritionists, surgeons, radiologists, physical and occupational therapists, hospitalists, and others, all working together to provide you with the best care,� Justin said.

Justin said the dedicated

physical therapy sta are at Gritman seven days a week. “This means the physical and occupational therapist who teach your pre-surgery joint replacement class are there to help you recover in the hospital,â€? he said.

Taking the class before surgery is not required, but, it’s highly recommended for patients and their primary caregiver. The class is free but registration is required. Call Gritman Therapy Solutions at 208-882-1522 to for information or to sign up.

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GRITMAN MEDICAL CENTER

PALOUSE SENIORS