Aging Baby Boomer Generation Alert - Is There a Family Care Giver Contract in Your Future? By Diane Carbo

Caregiver needed? This is a wake up call for the aging baby boomer generation. What is a family care giver contract and why would it be in your future? This is a formal contract under which family members are paid to care for the aging senior in their life. Before you get make a negative judgment on this practice, I ask you to hear me out.

The aging baby boomer is experiencing a phenomenon never experienced by past generations. As we are living longer and healthier lives, we have found ourselves providing care for our parents long beyond expectations. In fact, studies revealed that there are over 50, 000 family members providing over $300 billion dollars of free or uncompensated care each year.

Many family members get upset over the idea that they would get paid for providing care for a family member. There is a sense of obligation and family commitment. I understand that. I have been financially and professionally impacted by my decisions to provide care and support for the family members in my life. So it was with great hesitation that I started explore this as an option for other family members. I now understand the benefits and the impact a formal written contact can have on the family and the aging senior receiving the care.

Providing care for an aging family member can be overwhelming and demanding. There is nothing that prepares you for this commitment and responsibility. Studies show that a family member caring for an aging senior can lose more than 70% of their earning power for every year that they continue to provide ongoing care. Caring for an aging senior can be a commitment that goes on for many years. Many did not realize what a time commitment, emotional and financial drain it would have on their lives.

I have found that there is usually one family member that takes on more responsibility and a larger portion of the care provided. Over time, frustration, resentment and anger towards the uninvolved siblings and other extended family members becomes an issue. Some family members, in order to save their inheritance willing provide care with out any kind of written agreement in place, only to be disappointed when the money goes to a nursing home.

More on the aging baby boomer generation alert. Is there a family care giver contract in your future?

Nothing affects a family relationship like money or the thought that you are entitled to money from an estate or as part of an inheritance. Many times the family member that has provided care, support and made the personal and financial sacrifices to care for the aging senior is the subject of family ridicule and lawsuits after the aging senior's death.

There are many more scenarios like this that have led me to see the benefits of a family care giver contract. There are other situations that have had an impact on the increase in utilizing a formalized written contract.

The aging baby boomer wants to age in their home and their community. Many are trying to assist their own senior parents to accomplish that, as well. Many are finding "sticker" shock at the cost of assisted living and nursing home placement. To the surprise of the baby boomer they are discovering that should their aging parent need nursing home care, it costs over $5,000 a month. To qualify for Medicaid, a federal and state program that will pay for long term care, the system must "look back" 5 years and investigate the aging senior's assets. It is presently being discussed that this "look back" period be extended to 7 years.

This means that if an aging senior has given their family member any financial gift or home in those past 5 (soon to be 7 years) this would be considered part of their assets. If the assets were estimated at $250,000 dollars and the nursing home is $5,000 a month, the aging senior would not qualify for payment assistance for 50 months. They would be private pay for those 50 months, even if they had given that asset away in the 5 year "look back" period. A formalized contract can be viewed as compensation for services rendered, instead of as a gift. This could have an impact on Medicaid qualification.

To the aging baby boomer generation: don't be quick to pass judgment on those that implement a family caregiver contract. You should contact an elder law attorney to find out if there should be one in your future.

Diane Carbo Registered Nurse has more than thirty five years in the nursing field. Her experience as a geriatric care manager, makes her uniquely qualified to help those who want to live out their lives in their own homes. That decision may be made when you are 20, 30, 40 or in fact at any age, with sooner rather than later being ideal. Diane has developed a web site to make people aware of issues and options. You will find extensive helpful information that will be continually updated. Please visit Diane's web site and learn more about caregiver contracts and the baby boomer generation Sign up for "The Caring Advocate" her free newlsetter and take advantage of a complimentary e-course Advocating For Yourself and Others

Women's Guide to Long-Term Care Insurance Protection By Jesse Slome

Long-term care is an issue of particular importance to women. Women are often impacted as providers of care and, ultimately, as recipients of long-term care. And, when it comes to buying long-term care insurance protection, women today have one significant benefit few are aware of. That benefit can save them significant dollars immediately and for many years to come.

Financial experts universally agree that without long-term care planning, a financial plan today can be considered incomplete. This is especially true for women who are married or living with partners as well as those living alone. Why is long-term care planning of vital importance to women? Quite simply because women live longer than men. As a result, women are far more likely to reach an age where they will be the recipients of long-term care.

A few facts of vital importance to women from the just-published book: A Woman's Guide To Long-Term Care Insurance Protection:

Women live about five years longer than men,
Women have 10 times the chance (as men) of reaching age 85,
Women age 75+ are far less likely to be married (38%) than men (74%),
Women over the age of 65 are twice as likely to be living alone,
Women over age 65 include 980,000 nursing home residents versus 337,000 men,
Women are far more likely to suffer from Alzheimer's Disease.

The other reason long-term care planning is essential for women is quite simply because in today's world, women provide the majority of care. When a spouse or family member needs care, a woman is likely to ask what she can do to help. A man may ask whom he can get to help him. Indeed, today seven in 10 unpaid caregivers are women, mostly wives and adult daughters. Most of them balance care-giving with jobs and families.

A few more facts of importance to women from the new book:
Women provide between 60 - 75% of family or informal (unpaid) care.
Women who provide care for an ill or disabled spouse were almost six times as likely to suffer depressive symptoms.
Women who spend 9+ hours a week caring for an ill or disabled spouse double their risk of coronary heart disease.
Women don't abandon their caregiving responsibilities because of employment but they lose an average of $25,484 in Social Security benefits,
$565,000 in earnings and $67,000 in pension benefits.

Costs for long-term care are generally not covered by standard health insurance. Government programs, such as Medicare, offer some coverage, but only under restricted circumstances. Medicaid requires recipients to be indigent. But the most important question experts advising women ask is "what will the future hold for these government programs?" Are you willing to bet your own future on them?

A good way to help guard your savings and assets from the costs of long-term care is with the protection of a long-term care insurance policy. There's more than the financial protection. You'll be providing better options for yourself and your family because long-term care insurance protection can give you more flexibility in how and where you receive care.

You may enjoy more choices -- like the ability to be cared for in your own home. Having insurance to pay for care can help ease the burden on your family. It can allow loved ones to care about you ... not have to care for you.

Last year, the long-term care insurance industry paid $8.5 billion in benefits to some 180,000 Americans. About two thirds of all claims dollars are paid to women receiving care at home, in an assisted living community or in a skilled nursing facility. While women are far more likely to use their long-term care insurance and receive the fast majority of benefit dollars paid, women pay the same for coverage as men. As a result, women have a significant savings advantage and most financial professionals recommend women look into this protection while they are still able to health qualify.

When considering long-term care insurance, keep in mind that rates for women with spouses as well as those living alone will vary quite significantly from one company to the next. Studies conducted by consumer organizations have revealed that the cost for a typical 55 year old could vary by a few hundred dollars a year. And, since you may be paying for a number of years, the savings can add up. Experts advise consumers to work with an insurance or financial professional who can get access to policies from multiple companies. Some agents can only represent one single insurer.

The American Association forLong-Term Care Insurance is the national trade organization providing consumers with relevant and current information designed to help you make smarter decisions. The Association does not sell insurance products but works with several thousand insurance and financial professionals nationwide. Consumers should visit the Consumer Information Center of the American Association for Long-Term Care Insurance to access free information on long-term care, home care and cost-saving techniques. Jesse Slome is Executive Director of the Los Angeles-based American Association for Long-Term Care Insurance.

Care Givers and Eldercare - Are You Stressed Out - What Do I Do? By Diane Carbo

Care givers are stressed out providing eldercare for their family member. There is a cure that is sure to help stress relief, renew your energy and your spirits. This has been a survival technique that has successfully worked for me and I feel that I should share it.

There are several parts of this "care giver stress cure": alone time, reflection, positive thinking and stress relief techniques. I know what you are thinking, "Who has time for all of that?"

Since discovering the benefits of this simple little method, I have found a way to incorporate this into my everyday life. The first step is to allow yourself to reclaim your alone time. It will give you a sense of freedom and control over your life.

I have become selfish about my alone time. I get up in the early hours of the morning, before everyone else. It is quiet, calm and peaceful. If it is warm outside, I sneak out to the garden to enjoy the beauty of the outdoors. When it is cold, I bundle up with blankets and a hot cup of tea and I start my morning just enjoying the silence.

Solitude and silence has taught me to learn to live in the moment. In those stolen precious moments, I have learned that to worry about the future and think about the past is not productive. It was and still is something that I struggle with everyday.

It is difficult for me to depend on others for help. People, even family members, disappoint and frustrate when they do not meet my expectations. Positive thinking has helped me get through these moments of anger and rage. I have learned that I must change my expectations and how I respond. It was a hard and difficult lesson for me.

I have a positive affirmation, a mantra, if you will. "For every problem I encounter, there is a solution and I WILL find it." All care givers that provide eldercare for the aging senior in their life will have periods of being stressed out. Overcome the stress and feel energized and rejuvenated. Reclaim some alone time everyday and allow yourself to experience the power of positive thinking.

I have come to realize that I have no control over anybody or anything that occurs in my life. The only thing that I have control over is how I respond to the problems and issues that present themselves to me.

Solitude and reflection in those early morning hours has led me to the power of positive thinking. Did you know that positive or negative attitudes are contagious? Well, they are!

It is often said that your thoughts will become your reality, so make them good and positive thoughts.

As a care give, many become resentful that their time is not their own. Everyone has expectations that you will do something for them. Many care givers begin to feel frustrated and angry with everyone around them. I understand that feeling.

So as I sit in the still of the morning, I reclaim my life and those moments as my alone time. I am alone with my thoughts. It has given me a new perspective on how I handle things. I will only allow myself to think positive thoughts. I choose to take time and see how I can turn every situation into a positive. Trust me, when you are dealing with a crisis situation it is a challenge.

With those moments of positive thinking, I find that there is a lot to be grateful for in my life. Just when you think that your situation is terrible and overwhelming, give a thought to those that have it so much worse than you could ever imagine. Yes, I have learned that even in the darkest hours of life, there are things for which we can be grateful.

In those moments of solitude and silence, I have discovered many things about myself. Some of it is positive. I have also found that I am human and have many shortcomings. In spite of myself, I have come to realize that I cannot do it all. I need others to help me get through some of the rough times.

Diane Carbo Registered Nurse has more than thirty five years in the nursing field. Her experience as a geriatric care manager, makes her uniquely qualified to help those who want to live out their lives in their own homes. That decision may be made when you are 20, 30, 40 or in fact at any age, with sooner rather than later being ideal. Diane has developed a web site to make people aware of issues and options. You will find extensive helpful information that will be continually updated. Please visit Diane's web site and learn more about my solutions for relieving my stress. Sign up for "The Caring Advocate" her free newlsetter and take advantage of a complimentary e-course Advocating For Yourself and Others