Financial Planners are failing big time to educate their age 65 or over clients about one of the most significant financial decisions they will make. Medicare applicants are confused about which health plan is right for them. Many seniors do not know enough about plan components, are bombarded by Medicare advertising, and lack the knowledge to choose a plan that meets their needs.
These are the conclusions of a newly released study by Sage Growth Partners, a national health care consultancy. Key findings in the study include:
Only 20% of Medicare-eligible individuals have a good understanding of Original Medicare; only 31% have a good understanding of Medicare Advantage.
63% are “overwhelmed” by Medicare advertising; only 31% of respondents “strongly agree” that they can make effective selection decisions.
More than half (58%) stay in their current Medicare plan each year rather than reviewing their plan options and enrolling in the best plan for their evolving needs.
33% have a financial advisor, but only 2% use that advisor to help with plan selection.
Regarding their experience with working with Medicare as an institution, respondents to the survey rated their experience with Medicare as “poor to terrible.”
Respondents who were newly eligible for Medicare (those aged 64) give their experience the lowest possible score (-50). The only age group to give it a positive score were those aged 76 and older. By comparison, cable TV providers, notorious for low customer approval, have an average NPS (Net Promotor Score) score of +2.
HGC, an Aging-In-Place research and product development company based in Connecticut partnered with non-profit Arctos Foundation to survey Americans’ preparedness for long term care.
Most respondents have not spoken with a family member or loved one about wishes for Long Term Care.
Those with a spouse or partner are more likely to expect a need for long-term care services and supports, but are no more likely to have long-term care insurance in place.
“I went on a date with a Roomba last week — it totally sucked.”
Like a scene out of The Jetson’s, robots are now entertaining residents in nursing homes with stand up jokes, while also monitoring their health. By reading biometric data off of resident wrist bands, the robots are able to greet residents by name, know if they have missed medication, or detect depressed moods.
I am fortunate that both my mom (93) and mother-in-law (86) are still living and doing quite well. As I have visited with them and their close friends, there is a tremendous amount of wit and wisdom to glean from these encounters. Unfortunately, one of the things I have also witnessed in our culture is a loss or lack of honor towards those who have lived more years than most. I would like to challenge myself and the reader to make a resolution for 2022 to honor our older citizens – especially our parents. What does it mean to honor an older person? Often hearing a familiar principle from a different cultural context can clarify its meaning. In recent years, I’ve attempted to learn more about the ancient philosophies of Taoism, Confucianism, and Buddhism. These belief systems share many core principles with the Judeo-Christian ethics and scriptures that are more familiar to us Westerners than these less represented traditions.
Take the concept of Filial Piety, one of the eight virtues of Confucianism. Scholars attribute the Eight Virtues to a line in the Sage Emperor Guan’s Book of Enlightenment, saying
“It is through Filial Piety, Sibling Harmony, Dedication, Trustworthiness, Propriety, Sacrifice, Honor, and Sense of Shame that we become fully human.”
Filial Piety means to be good to one’s parents; to take care of one’s parents; to engage in good conduct not just towards parents but also outside the home so as to bring a good name to one’s parents and ancestors. The Fung Loy Kok Institute of Taoism further expounds on the concept of filial piety by stating,
“You should also attend to your parents’ well-being. There are three basic needs you must provide for your parents. First, you should provide for their food and clothing. Second, when they are ill, you must take responsibility for nursing them back to health. Third, when they die, you must provide them with proper burial and care for their graves. As a son or daughter, whether you are rich or poor, whatever profession you are engaged in, whether you are married or not, whether you have children or not, if you can perform these three deeds with sincerity and dedication, your parents will be happy while they are alive and rest in peace when they are deceased. Your parents cared for you without selfish interests. Your mother carried you in her womb for ten lunar months and nursed you for three years. Your parents constantly tended to your needs while you were growing up. You should show your gratitude to them by fulfilling the virtue of filial piety.
For we Westerners, the concept of Filial Piety is rooted in both the Old and New Testament scriptures. Exodus 20:12 commands,
“Honor your father and your mother, so that you may live long in the land the LORD your God is giving you.” (New International Version). Ephesians 6:2-3 repeats the same command and adds parenthetically “which is the only command with a promise.”
When parents age to the point where they lose independence or capacity to perform certain functions of daily living, families should adopt and adhere to a personal code of honor that maintains the dignity that the older person deserves. In a curriculum developed to teach adult children how to be effective financial caregivers, I provide a model code of honor that is available for download here.
Two new studies show the effects that social isolation and loneliness can have on cardiovascular health and cognitive decline.
The two studies provided several compelling links between social engagement and mental or physiological health. Some of the findings include:
Social isolation and loneliness are common but are under-recognized as contributing to cardiovascular and brain health.
The lack of social connection is associated with an increased risk of premature death from all causes, especially among men.
People who experience social isolation or loneliness are more likely to experience chronic stress and depression. Depression can also lead to social isolation.
Adults 65 years and older living with Alzheimer’s is expected to grow from 5.8 to 13.8 million by 2050. Learn how to improve brain health and change this.
Beverley Schottenstein said two grandsons who managed her money at JPMorgan forged documents, ran up commissions with inappropriate trading and made her miss tens of millions of dollars in gains. So she decided to teach them all a lesson.
Has COVID affected how you feel about nursing homes? Even if a loved one hasn’t become ill, many families have been unable to even visit their elderly relatives, which was especially difficult over the holiday season. This Wall Street Journal article discusses how COVID is causing many to consider other options.
The pandemic is reshaping the way Americans care for their elderly, leading more families to decide to avoid professionally run facilities as services expand to support in-home care.
Seniors in nursing homes and assisted living centers will be among the first Americans vaccinated, following recommendations last week by a federal advisory panel. Older adults living at home will need to wait a while longer.Many uncertainties remain. Among them: What side effects can older adults anticipate and how often will these occur? Will the vaccines offer meaningful protection to seniors who are frail or have multiple chronic illnesses?Here’s a look at what’s known, what’s not and what lies ahead.
As the pandemic wreaks havoc on our mental and physical health, it is also quietly reshaping how Americans will face retirement and old age in the years to come.The virus is bringing sweeping change, mainly by “accelerating developments already under way,” says physician and entrepreneur Bill Thomas. For example, “isolation of older people has long been a problem, but Covid is focusing attention on the issue and adding urgency” to address it.
In this Wall Street Journal Article, writer Anne Tergesen reports on some of the effects that the COVID virus could have on aging and society. Among her findings:
More will age at home.
Older people will benefit from a technology boom.
Lifespans will decline. (Though perhaps only for the short term)
We will have a better handle on what we want to do with our time.
We will plan for death.
We will embrace healthier lifestyles.
We need to save more to retire.
The 401(k) will morph into a multipurpose account.
