People age along a continuum. They begin needing help with instrumental activities of daily living like taking care of household activities, paying bills, shopping and similar things. As they age, the elder progresses to needing help with activities of daily living like bathing, transferring, walking, and feeding themselves. For those needing help with either ADL’s or IADL’s the Kabb Law Firm has been a premier concierge law firm geared to helping those elders and their families with decision making about care, legal documents and planning to obtain valuable public benefit programs like Medicare, Medicaid and Veterans benefits to supplement their modest private means.
The children often come in with the parent and as soon as the plan is in place, they ask the inevitable question: “What can I do to protect myself?” The “life care plan light” is the product to answer this question. The Kabb Law Firm has a packaged product which includes upfront work with a comprehensive estate plan and subsequent case management.
In addition to estate planning, younger seniors have at least one diagnosis of a chronic condition, with many having more than one. While they don’t need the care monitoring of their parents who frequently have multiple interactions with the health care setting, these seniors are having their first interactions with a fragmented care system. The same principles that affect their parents are at work to make aging with any health condition challenging at best. Having a health care coach who knows the system will help bring an informed activated patient to the health care system.
There are 10,000 baby boomers turning 65 every day in the US (www.pewresearch.org/daily-number/baby-boomers-retire./). This trend is expected to continue for the next 19 years according to Pew. According to Pew, while there are currently 13% Americans over age 65, by 2030, there will be 18%. While it is difficult to determine exact statistics for Northeast Ohio, according to the US Census for the Cleveland-Akron Canton, Ohio Combined statistical area, there are 3.51 million residents of this area. That means that by 2030 there will be 632,000 people age 65 and over in the Cleveland-Akron Canton Area alone in the 65+ age group. Of those baby boomers, two thirds of Medicare recipients, according to CMS have at least 2 or more chronic conditions www.cms.gov with 14% having 6 or more chronic conditions.
When people have multiple chronic conditions, they are more likely to have medical interventions. According to the CMS website, even if you only have 2-3 chronic conditions, 7% will have at least one Post Acute Care visit and when a person has 4-5 chronic conditions that increases to 19% and to 49% for those with more than 6 chronic conditions. What that means is that even younger relatively healthy seniors will need care coordination and will have at least some type of scare that will result in a need to plan for their financial future.
The changes to Medicare lead to scarcity of resources which lead to shorter hospital stays and therefore increased coordination between doctors and the accountable care organizations (ACO).
The female caregiver is particularly at risk of aging alone. Women can often be less informed about their finances and legal planning than their husbands. They are also better at caring for others than caring for themselves. These women are also many times divorced and remarried in blended families, many times with absent children. Planning for this group is particularly critical.