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All Too Common Hearing Loss Myths

Aging’s Effects on Financial Decision Making

Hearing loss—defined as a gradual or sudden decrease in how well you are able to hear—is one of the most common health conditions seniors face. According to the National Institute on Deafness and Other Communication Disorders, it affects 33 percent of Americans between the ages of 65 and 74. Nearly 50 percent of seniors over the age of 75 experience hearing difficulties.

If you’ve found that you have trouble understanding your doctors, family members, friends and neighbors, or have to listen to the television or radio at a louder volume than you used to, you may be suffering from age-related hearing loss. Fortunately, you can do something about it. Start by learning the truth about these all too common hearing loss myths.

Myth: You should only see a specialist if your hearing loss is really bad.

Truth: Thanks to modern technology, almost all inner ear-related hearing loss is treatable. Unfortunately, the longer you wait, the less effective treatment may be. Without hearing aids to improve your hearing, over time your brain’s auditory system can actually stop recognizing sound. This means you’ll essentially need to learn to hear all over again.

Myth: My primary care physician will let me know when it’s time for hearing aids.

Truth: This depends on your doctor. One analysis of several hearing screening effectiveness studies found that nearly 66 percent of primary care physicians—including those specializing in geriatrics—do not include even a basic hearing test when performing an annual physical. If your doctor is among this group, it’s up to you to bring up your hearing loss and request referral to a specialist for treatment.

Myth: I won’t lose my hearing until I’m really old.

Truth: While it’s true that the elderly are more likely to suffer from severe hearing loss, 65 percent of Americans with hearing loss are actually under the age of 65. Many of them—60 percent in fact—are still working and/or attending school. Whatever your age, if you are having difficulties hearing, talk to your physician about the problem as soon as possible.

Myth: My grandmother/father/great uncle Bernie had hearing aids and they never really worked, so I shouldn’t even bother.

Truth:Modern hearing aids generally work well for most people with moderate to severe hearing loss. While it’s true some people do better with a cochlear implant, that’s usually only after hearing aids are no longer effective for them.

Myth: Hearing aids and cochlear implants are the only treatment options I have.

Truth: While hearing aids are very effective, they’re also expensive—with an average cost of $2,400. Many people start with a personal sound amplification program (PSAP) instead. It’s a $300 device you can purchase at an electronics store. While not approved as medical devices by the Food and Drug Administration, PSAPs work by amplifying sound, come with Bluetooth earpieces, and can even synch with your smartphone.

Have You Discussed End-of-Life Care with Your Family?

 Seniors-Have You Discussed End-of-Life Decisions with Your Family

Some topics are understandably difficult to broach, from telling your boss she has broccoli in her teeth to educating your child about the ‘birds and bees.’ However, the conversation almost everyone fears the most involves the inevitability of death and the practical matters surrounding it. In fact, according to a survey conducted by the Conversation Project, a public engagement campaign launched in collaboration with the Institute for Healthcare Improvement (IHI), only 30 percent of adults have talked about their wishes for end-of-life care with their loved ones.

This is despite 90 percent agreeing it’s an important subject, and even Medicare recognizes the value of this particular discussion.  As of January 2016, the organization has begun reimbursing physicians for the time spent talking with their patients about future medical decisions and the care they wish to receive at the end of their lives.

If you have not yet had this essential conversation with your family, experts urge against delay. Not only will honest communication—and the proper legal documents—ensure your wishes are met in your final days, but it can also reduce the stress on your loved ones during a difficult time.

You may want to begin by discussing who should make decisions on your behalf when the time comes that you are unable to do so on your own. You may have family member who are more comfortable with this responsibility than others. Choose one you trust to respect your wishes regardless of his or her personal preferences.

Put your desires in writing. It’s important to prepare both a healthcare proxy (also known as a medical power of attorney) and a living will. These legal documents will spell out who will speak for you when you’re unable to speak for yourself as well as your end-of-life decisions. You can find advance directive documents at CaringInfo, the website of the National Hospice and Palliative Care Organization. You can fill out these forms on your own, though they must be notarized and witnessed to be valid.

The healthcare proxy will name the friend or family member you want to act as your surrogate decision maker. The living will document will describe the treatments you want—or do not want—as you approach death. These include mechanical ventilators, dialysis and organ donation as well as palliative care. Your physician is an excellent resource when preparing a living will. He or she can describe various end of life treatments as well as their risks and benefits.

Because advance directives may not always be followed by all medical personnel in an emergency situation, you may also wish to create a medical order (also known as a POLST or Physician Orders for Life-Sustaining Treatment). A POLST applies to all medical staff, including the ambulance team and emergency room personnel. If you do not wish to be resuscitated in an emergency situation, make sure your POLST includes a DNR (do not resuscitate) order.

Your completed advance directives should be copied and given to your spouse or partner, children, lawyer and physicians. They should also be scanned into your electronic health record. Take the time to revisit these directives periodically and update them according to any change in your wishes or desired proxy.

Aging’s Effects on Financial Decision Making

Aging’s Effects on Financial Decision Making

Graying hair, shrinking bones and weakening muscles are all natural side effects of the aging process. But did you know that your fluid intelligence—or ability to reason, identify patterns and solve problems—also declines as you get older? It’s true, and according to experts at the Center for Decision Sciences at Columbia University, this makes it difficult for anyone over the age of 60 to make sound financial decisions.

That’s startling information, especially if you’re trying to care for an aging parent and are approaching retirement yourself. Fortunately, learning to identify the earliest signs of financial decline can help you recognize and manage the situation before it deteriorates further. These signs include slowness completing financial tasks (such as figuring the tip at a restaurant or writing a check at the pharmacy), missing important details in financial documents, and confusion about basic financial concepts.

If you notice that your parents are exhibiting any of these signs or are having difficulty with basic arithmetic, forgetting to pay their bills, or engaging in risky spending or investment behaviors, it may be time to have a conversation about their money management plans. Some may be hesitant, fearing that accepting assistance is akin to surrendering their independence. However, you can assure them that even minimal support will be beneficial.

For example, simple tools such as automated bill payment can go a long way towards reducing the incidence of age-related financial errors. Help them set up a payment schedule with their bank online and they won’t need to remember to pay their mortgage, utilities or cable bills. Consolidating debts can also help, leaving your parents with fewer creditors to worry about.

You may also want to talk to your parents about signing a financial power of attorney. This legal document will enable you—or whomever your parents select as their agent—to manage their finances should they no longer be able to do so themselves. It can be set up so that it goes into effect as soon as they sign it (durable financial power of attorney) or when a doctor has certified that they are incapacitated (springing financial power of attorney).

They can choose to give their agent as much or as little power as they wish including the authority to pay their everyday expenses, handle their mortgage and real estate transactions, collect their Social Security and other government benefits, invest on their behalf, manage their retirement accounts, handle bank and other financial transactions, file and pay their taxes, and transfer property to a previously created trust. They can revoke a durable financial power of attorney at any time as long as they are mentally competent.

If you’d like to learn more about financial planning for retirement, money management after retirement, or how you can help your parents safeguard their future with a financial power of attorney, give us a call today.

Five Subtle Signs of Dementia

Five Subtle Signs of Dementia

According to the Alzheimer’s Association, dementia is a term commonly used to describe a wide range of symptoms associated with a severe decline in memory and thinking skills. Alzheimer’s disease accounts for 60 to 80 percent of diagnosed cases of dementia. Vascular dementia—caused by a stroke—is the second most common type of dementia diagnosis. However, even vitamin deficiencies and thyroid issues may case dementia symptoms.

Symptoms of dementia vary greatly by patient. Memory loss and problems with communication, focus, judgement and visual perception are among the most commonly recognized signs. However, long before the condition advances to that level, other more subtle symptoms may be present.

Difficulty chewing hard foods may indicate an increased risk of dementia. A group of Swedish researchers discovered that older individuals who have trouble chewing hard foods are more likely to suffer from mental decline. They postulated that when you have fewer teeth (like many older individuals do) you chew less. This ends up reducing the blood flow to the brain, which increases your risk of dementia.

Difficulty walking at a steady pace may also predict dementia risk.Multiple studies suggest a correlation between walking speed and cognitive decline. In one, researchers discovered that participants’ with slower average walking speeds also had smaller hippocampal and average total brain volumes. Shrinkage of key portions of the brain is common with dementia.

Lower morning activity may indicate an increased risk of dementia. When scientists followed a group of 1,300 healthy women over the age of 75, they found 39 percent had developed mild cognitive impairment or dementia after five years. Among them, the women who were less active early in the day were 80 percent more likely than their morning-loving counterparts to fall into the impairment or dementia group.

The development of type 2 diabetes may also predict dementia risk. Australian researchers who examined data from 14 studies and more than 2 million participants found diabetes was associated with a 60 percent increased risk of dementia for both men and women. They also found that diabetic women were 19 percent more likely to develop vascular dementia—the variety common after a stroke—than were men.

Being overweight at middle age may indicate an increased risk of dementia. When a Swedish researcher analyzed data collected from 8,534 elderly twins, she discovered that those who had been overweight 30 years earlier were more likely to have dementia once they reached the age of 65.

Depression may also predict dementia risk. One study of more than 13,000 participants found that late-life depression doubles the chance of developing Alzheimer’s disease. Their research also revealed that suffering from both mid- and late-life depression triples the risk of vascular dementia development.

Making Medicare Work for You

Making Medicare Work for You

More than 10,000 new people enter the Medicare program every day according to the AARP—and many of them either are misinformed or haven’t had the time to learn what to expect. Errors are common and can carry significant costs. Whether you’re a senior who is new to Medicare or you have been on the program for a while, you and make Medicare work for you by considering these costly mistakes to avoid.

1. Don’t assume you don’t qualify for coverage.

You automatically qualify for Part B coverage (for doctors’ services, outpatient care and medical equipment) and Part D (for prescription drugs) if you’re 65 or older, a U.S. citizen or legal resident, and have lived in the states for at least five years.

Qualifying for Part A (hospital insurance) is a little more complicated. You must have earned at least 40 credits by paying payroll taxes over the course of your career, qualify under your spouse’s work record, or pay Part A premiums. Delaying Medicare sign-up until you’ve earned 40 credits on your own could result in permanent late charges.

2. Don’t assume you must be full retirement age before you sign up.

While full retirement age is now 66 for most people, you must sign up for Medicare when you turn 65 unless you have health insurance coverage through your employer or your spouse’s employer. If you don’t have that type of coverage and you delay your Medicare application, you’ll pay costly permanent late charges.

3. Don’t assume good health means you can skip Part D.

If you’re not currently taking any prescription drugs, you may be tempted to skip Medicare Part D. However, no one knows what the future holds, and you shouldn’t wait to buy prescription coverage until you actually need it. Go without and suffer an unforeseen illness or injury and you could pay thousands out of pocket.

4. Don’t assume you can only sign up for Medicare during “open enrollment.”

Open enrollment (from October 15 to December 7 each year) is only for current Medicare consumers who want to make changes to their coverage. If you’re turning 65, you will have your own enrollment period. If you have employer health coverage, you can delay signing up for Medicare. If you do not, you’ll need to enroll around your birthday. Miss that deadline and you’ll pay permanent late charges.

5. Don’t miss out on Medigap full protections.

Medigap is supplemental insurance you can purchase to cover a portion of traditional Medicare out-of-pocket expenses such as deductibles and copays. In order to benefit from full federal protection, you need to buy Medigap coverage within six months of enrolling in Part B. Do so and Medigap insurers won’t be able to deny coverage or charge a higher premium based on your current health or preexisting conditions.

6. Don’t neglect to check into programs that may lower your Medicare costs.

Premiums, deductibles and copays can all eat into your savings. If you retirement income is limited, you may qualify for a program that can reduce your costs. If you qualify for a Medicare Savings Program, your state will pay your Part B premiums. If you qualify for the federal Extra Help Program, you’ll get low-cost Part D prescription drug coverage.

Medicare insurance is complicated. If you need assistance understanding the requirements and potential costs of Medicare coverage, contact your insurance provider.

Take a Walk!

Take a Walk!

The results are in and we now know without a shred of doubt that lack of physical activity is a risk factor for many diseases and conditions, including cardiovascular disease, several common cancers, diabetes and osteoporosis. But you can combat these conditions with the simple act of walking. Walking not only helps keeps illnesses at bay it can also elevate your mood. The benefits of walking are numerous!

Need a good reason to get started walking?  Studies have found that walking:

  • strengthens your heart
  • prevents type 2 diabetes
  • improves cognitive function
  • strengthens your bones and helps to prevent osteoporosis
  • alleviates symptoms of depression and anxiety
  • reduces the risk of colon and breast cancer
  • improves fitness and helps to maintain a healthy weight

Regardless of whether you’re just a beginner at walking for exercise, or if you’re already established in the habit, these tips can help you get the most from your workout:

Check with your doctor before starting a walking program, especially if you have a chronic medical condition.  A medically supervised walking routine will ensure you are on the best path to good health for your specific needs.

  • Invest in some good walking shoes, paying close attention to the fit and quality of the shoes.  Shoes should have a slightly elevated heel and good arch support.
  • Always warm up at the beginning or your workout.  Begin walking slowly, and pick up the tempo as you go.
  • Use good posture, keeping your head up, back straight, and abdomen flat.
  • Carry water with you, especially if you are walking for a long distance or in warm weather.
  • Evaluate your heart rate and breathing.  Walk at a brisk pace, being careful not to overdo your workout.  You should be able to carry a conversation while you are walking.

So what are you waiting for? Take a step in the right direction. Go for a walk. Join a health club. Get up off the couch and do something. It just may lengthen and improve the quality of your life.

Five Factors that Increase Senior Fall Risks

Every year, millions of older Americans are injured—or even killed—by falls. They’re the leading cause of both fatal and nonfatal senior injuries according to the Centers for Disease Control and Prevention (CDC), with direct medical costs of 34 billion in 2013. Lacerations, hip fractures and head traumas are a common result of falls, as are spine, ankle, pelvis, forearm, and hand fractures.

Fortunately, most falls are preventable. While trip hazards can be eliminated, and grab bars, railings and improved lighting in seniors’ homes can reduce their chances of falling, other factors must also be addressed. If you’re over the age of 65—or love someone who is—consider these five contributors to senior fall risk.

  1. Prescription Drugs – Many prescriptions used to treat chronic conditions common in senior citizens—including sedatives and anti-depressants—increase fall risk by reducing mental alertness, causing fainting while standing, and interfering with balance. Additionally, the more prescriptions a senior takes, the greater the likelihood of adverse interactions that can lead to a fall. Review all of your prescriptions and over the counter medications with your primary care physician and specialist doctors.
  1. Weak Muscles – As we age, we naturally begin to lose muscle tone, strength, bone mass and flexibility. These weaknesses can increase the severity of the injuries sustained in a fall, but regular exercise can improve them. Whether you’re in good health or suffer from a medical condition that makes it more difficult to exercise, talk to your physician about an appropriate workout program. Regular activity will increase your strength, muscle tone, bone mass and balance.
  1. Vision Impairment – Cataracts and glaucoma can alter depth perception, reduce visual acuity and peripheral vision, and increase susceptibility to glare. While not all age-related eye diseases are avoidable, regular eye exams can reduce the impact they have on your life, reducing your risk of a fall.
  1. Home Hazards – Loose rugs, steep stairs, slippery bathtubs, unstable furniture and poor lighting—all of these things increase tripping and falling hazards. Investing in grab bars, railings, lighting and other safety aids inside and outside your home is worth the cost if it helps you avoid even one expensive hospital stay or the loss of your independence. Keep in mind, 20 to 30 percent of seniors who fall sustain injuries that make it hard for them to live on their own.
  1. Chronic Conditions – Parkinson’s, heart disease and other chronic health conditions can also increase your risk of falling. Talk to your doctor about the disease process and steps you can take in addition to treatment to minimize associated hazards.

Should You Choose a Geriatrician for Primary Care?

Should You Choose a Geriatrician for Primary Care?

Did you know seniors are the fastest-growing segment of America’s population? According to the U.S. Department of Health and Human Services, people 65 and older made up 13 percent of the nation’s total population, a number they expect to increase to 16 percent by 2020. As they age, they’ll naturally use more healthcare resources, making more visits to their primary care doctors, spending more days in the hospital, and requiring greater access to numerous medical services.

If you’re among them, you understand firsthand the special medical needs that come with getting older. So do geriatricians. Unlike internal or family medicine physicians, geriatricians specialize in conditions that affect senior citizens. They are also experts in healthy aging and preventive care for the older generation. If you’re concerned with any of the issues below, it may be time to add a geriatrician to your healthcare team.

Frailty – It’s an almost inevitable part of aging, but frailty—characterized by symptoms that include unintentional weight loss, muscle loss and weakness—can affect your ability to function independently. A geriatrician can help you prevent or address frailty and put a care plan in place if necessary.

Multiple chronic medical problems – One is bad enough, but many seniors suffer from multiple chronic medical conditions including arthritis, heart disease, diabetes, memory loss and dementia. Geriatricians understand how these conditions interact and how to manage them concurrently.

Multiple medications – If you have more than one medical condition, you’re probably managing it with more than one medication. Not only does geriatrician medical training include understanding how medications work in the senior body, it also makes these doctors uniquely qualified to address side effects and drug interactions in elderly individuals.

Mental decline – Aging naturally comes with some degree of memory loss and cognitive decline. However, some seniors suffer from less common conditions, such as Alzheimer’s, that require appropriate treatment. Geriatricians can distinguish the normal signs of aging from more serious illness.

Caregiving insight – Many seniors eventually need help with day-to-day tasks such as bathing, toileting, dressing and eating. They may rely on family to care for them or hire outside assistance. A geriatrician can help you—and your family—to decide when it’s the right time to enlist the help of a home health aide or move to a skilled nursing facility.

If you’re ready to work with a geriatrician, ask your current primary care doctor for a referral. You can also conduct a search on the American Geriatric Society webpage. According to the AGS, there are only around 9,000 certified geriatricians in the U.S. so it may take some time to find one in your area who is accepting new patients.

Investing in Your Health

Investing in Your Health

Whether you’re one of the 78.2 million Baby Boomers in the U.S. approaching retirement or still planning for golden years down the line, the security of your financial future depends on more than socking away savings in stocks, bonds, mutual funds and real estate. You also need to invest in your health through regular exercise. Consider the many ways physical fitness and financial security go hand in hand.

Physical Fitness and Serious Illness

Regular exercise helps prevent serious illnesses including Type 2 diabetes, metabolic syndrome, heart disease, stroke, lung cancer, colon cancer and breast cancer. Medications and surgery for the treatment and management of conditions like these can take a big bite out of retirement dollars—so reducing your chances of developing them makes definite financial sense. The healthier you are, the farther your savings will carry you.

For substantial health benefits, the Department of Health and Human Services recommends older adults engage in at least 2.5 hours per week of moderate intensity aerobic exercise or 1.25 hours per week of vigorous intensity aerobic exercise. You should also work in muscle strengthening exercises involving all major muscle groups at least twice a week.

Physical Fitness and Injury

As you age, it becomes increasingly important to protect your muscles, joints and bones. Doing so is particularly essential if you want to maintain your ability to complete daily physical activities independently and avoid the cost of a home caregiver, assisted living facility or nursing home. Fortunately, regular exercise can help you maintain mobility and slow the age-related loss of bone density. This has many benefits, including reducing your risk of hip fractures.

Hip fractures almost always require repair or replacement followed by months of extensive physical therapy. According to the Centers for Disease Control and Prevention, one out of five hip fracture patients will even die within a year of injury. One in four previously independent seniors will remain in a nursing home for at least one year after hip replacement surgery.

Physical Fitness and Recovery

Seniors who are physically fit enjoy faster recovery from illness, injury and surgeries. One study on seniors recovering from hip replacement surgery found those who exercised regularly before their operations were able to use stairs, the bathroom, and get in and out of a chair unassisted faster than those who did not. This means they spent less time in the hospital and less time in physical therapy. A faster return home, and even fewer illnesses or injuries requiring hospitalization, will help you save money and preserve those valuable retirement savings.

Physical Fitness and Mental Ability

Regular physical activity can relieve tension and reduce anxiety and depression regardless of age. It can also improve your mental acuity by increasing oxygen flow to your brain. As a result, seniors who remain physically active are sharper mentally and able to postpone or reduce the cognitive decline that accompanies aging. In fact, studies show that seniors who begin exercising in their 50s can significantly reduce their risk of developing Alzheimer’s in their 70s.

The most common form of dementia, Alzheimer’s is a progressive disease with no known cure. According to the Alzheimer’s association, more than 5 million Americans are currently living with it—and their long-term care is costly. They expect the disease to cost the nation $203 billion in 2013 alone. Fortunately, regular exercise will reduce your chances that Alzheimer’s related expenses will consume your retirement capital.

Remember, whether you’re 50 or 75, you’re never too old to start a physical fitness program. Talk to your doctor about an exercise plan, start out slow and commit to a schedule. You may be surprised at just how quickly you’ll begin experiencing the many benefits of physical activity—including protection of your financial security.

Taming Retirement Healthcare Costs

Taming Retirement Healthcare Costs

Our retirement years are supposed to be the best years of our lives, a time when we can slow down, relax and enjoy everything we’ve worked so hard to achieve. Unfortunately, large expenses can quickly tarnish what we believed to be golden—if we’re unprepared for them. For example, according to Fidelity Investments, a couple retiring this year will need $220,000 in today’s dollars just to cover the cost of their post-retirement healthcare needs.

While that figure is unchanged from last year, factoring potential healthcare expenses into your retirement plan is critical. Fortunately, there are steps you can take to tame those costs.

Get to know your health insurance options.

If you want to control your healthcare expenditures, you need to understand your health insurance options once you retire. Few of today’s firms offer their previous employees retirement healthcare coverage—so you’ll likely need to strike out on your own. This means the government’s Medicare health insurance program will probably be your primary source of coverage. In most cases, you’ll qualify for basic Medicare hospital insurance (also known as Part A), once you turn 65. Provided you paid Medicare taxes while working, Part A won’t cost you a dime.

Part B (also known as Medicare medical insurance) covers doctors’ services, outpatient hospital care, and is not free. You’ll pay a monthly premium for Part B—and there’s no annual limit on your out-of-pocket expenses. You can also choose a Medicare Advantage plan that combines Part A, Part B and additional supplemental coverage into a single healthcare policy. Privately managed, these plans often offer lower premiums or better benefits, though you may be required to use in-network providers.

Then you have to consider your prescription drugs. Retirees typically use a lot of them, and spending for prescriptions has increased 114 percent from 2000 to 2010 according to Fidelity Investments. You can purchase Medicare Part D for prescription drug coverage as a supplement to Part A and Part B or as part of a Medicare Advantage Plan.

Consider early or delayed retirement carefully.

Couples retiring at 62, before they become eligible for Medicare, spend an extra $17,000 per year on healthcare for a total of $271,000 during retirement. According to Fidelity Investments, the extra costs include health insurance premiums for the period prior to Medicare enrollment as well as estimated out-of-pocket costs during that time.

Delaying retirement, on the other hand, can save you money. Fidelity Investments found that couples who postpone retirement until the age of 67 can save about $10,000 per year. This reduces their estimated healthcare costs in retirement to $200,000.

Open a health savings account before you retire.

If your employer has adopted a high-deductible health plan (HDHP), you are eligible to open a health savings account (HSA). An HSA will allow you to pay for qualified medical expenses with pre-tax dollars. While many people utilize their HSA to pay for current expenses, you don’t need to use the money right away. You can actually save your HSA contributions and use them to pay for qualified medical expenses in retirement. Any withdrawals for that purpose are also federal tax-free.

Have you included possible future healthcare costs in your retirement plan? To discuss how much you may need and learn more about controlling post-retirement healthcare expenses, contact your financial planner or advisor today.