Protecting Your Retirement & Other Financial Information for Family Caregivers
"There are four types of people in the world: Those who have been caregivers, those who currently are caregivers, those who will be caregivers, and those who will need caregivers."
Former First Lady Rosalynn Carter
Introduction
Care does not have to mean that the person lives in your home. It may mean that you provide transportation or other services to a person who still lives in their own home. For working Americans, this still requires flexible work schedules or personal leave days, sometimes without pay. While these materials are aimed at family caregivers of the elderly, it is hoped that those caring for a disabled or seriously ill family member also will find them helpful. No one program can contain all the financial information necessary to help caregivers. Part of the problem is that information changes as laws and programs change, and laws vary from state to state. The goal of this material is to allow caregivers to protect their assets and prepare for their retirement while providing care.
This program provides general information about programs, and then it refers you to resources for specific information. This isn't a course in personal finance - financial worksheets are provided simply to help you get started and point out the types of information you will need to gather.
The goal of this program is to help caregivers protect their assets and prepare for retirement while providing care. The information will also assist with financial discussions that might take place as families make important decisions about the care receiver's future. This program is intended to be used as part of a package with the video and information available on the website. A complete set of the materials for Protecting Your Retirement and Other Financial Information for Family Caregivers includes:
- A video: One of the best ways to make caregiving easier is to make plans before care is needed. The video contains vignettes of communication challenges that typically come up when dealing with caregiving issues as well as techniques for discussing these issues among a family. Scenes offer examples of talking about caregiving issues with the family or appropriate third parties, such as a financial planner, attorney, or case worker who can help conversations remain objective and less emotional.
- A binder: The binder is designed for individual use, and you'll find worksheets and resources to help with financial issues. Make copies of the worksheets as necessary - for example, you may need more space or you may need to update information as situations change. The different types of care facilities are presented along with various ways to fund their costs. Discussions include ways other family members can help the primary caregiver when leaving work, changing jobs or reducing hours.
- A CD-ROM: The CD-ROM covers the same material as the binder, but it is designed for use by groups. It contains a leader's guide, PowerPoint slides for each chapter, and an evaluation sheet. The worksheets can be customized to the needs of each particular group. If individuals want to use a computer to complete the forms, the CD-ROM contains interactive forms in Microsoft Word and Excel formats.
For more information, please contact Dr. Celia Hayhoe.
About This Program
Protecting Your Retirement and Other Financial Information for the Family Caregiver: What Every Adult Child Should Know is designed as an interactive workbook to help care receivers and potential caregivers understand their financial situations, how their financial situations may change, and how best to communicate about caregiving and financial issues within their families. Since the more prepared families are, the easier the transition to a caregiving situation will be. The National Endowment for Financial Education (NEFE) provided funding through Grant Project #001-04-2001 to Virginia Polytechnic Institute and State University to write this book to help guide families through the financial, legal, and communication processes.
- Chapter 1 deals with understanding where you and the care receiver stand financially and what resources are available to pay for care.
- Chapter 2 outlines why it is essential to plan ahead by having in place all the legal documents a care receiver needs. These documents allow a caregiver to make financial and medical decisions when necessary and lay the groundwork for him or her to receive pay for the care provided.
- Chapter 3 summarizes the financial decisions family caregivers need to consider. What happens to a person's retirement if he or she leaves work to become a caregiver? Are there alternative ways for paying someone to help the care receiver while the caregiver continues to work? Does your employer allow for flexible hours that will make it easier for a caregiver to keep working while taking the care receiver to the doctor or other appointments? Will an employer allow a caregiver to work from home on occasion, such as in bad weather, if the care receiver is ill and cannot attend an adult day care program, or if another care provider gets sick and can't come?
- Chapter 4 discusses the types of care available and the programs that cover the cost of different types of care.
- Chapter 5 deals with how you can pay for care using long-term care insurance, Veterans benefits, Medicare, Medigap insurance, and Medicaid.
- Chapter 6 explains communication techniques families can use when discussing these difficult issues.
Order Form
Click here to retrieve the order form for this program.
Chapter 1: Understanding Your Starting Point
- NEFE - Wealth Care Kit
http://www.nefe.org/pages/multimedia.html - Virginia Cooperative Extension - How to Make Your Money Go Further
http://www.ext.vt.edu/pubs/family/354-028/354-028.html - Clark, Janet A. and Katherine A. Weber - Challenges & Choices: Family Relationships - Elderly Caregiving. University of Missouri, 1999. (To order, write to Extension Publications, University of Missouri, 2800 Maguire Blvd., Columbia, MO 65211. Include check or money order payable to University of Missouri, Family Relationships - Elderly Caregiving.
http://muextension.missouri.edu/xplor/hesguide/humanrel/gh6657.htm - The many faces of Aging: Family Caregiving. The local AOA is one of the first resources a caregiver should contact when help is needed. http://www.aoa.gov (For more information about services to the elderly, call toll-free 800-677-1116 or visit www.aoa.gov or write to Administration on Aging, 330 Independence Avenue, SW., Washington, DC 20201)
- Planning for Caregiving
http://www.aarp.org/confacts/caregive/planning.html
January, 2001 - McLeod, Beth Witrogen. Your Family's Options: Customized Answers to Your Family's Unique Caregiving Situations. ThirdAge Inc. 2002
http://www.thirdage.com/family/caregiving/tools/myoptions/ and complete the survey which entails customized answers for your family's situation, including recommended reading and resources, warning signs to watch for, and important advice to help you build your loved one's support system.
Chapter 2: Why It's Essential to Plan Ahead
- What is Guardianship? (National Guardianship Association)
http://www.guardianship.org
Or write to: NGA, 1604 N. Country Club Road, Tucson, AZ 85716-3102.
June 2002 - FDIC. FInancial Caregiving: A Survival Guide
http://www.fdic.gov/consumers/consumer/news/cnsum97/fincare.html
Chapter 3: Caregivers: Don't Forget to Plan Your Retirement
- Coleman, Nancy M. and Charles P. Sabatino. Legal Guide for Older Americans: The Law Every American Needs to Know. Crown Publishing Group, October 1997.
- Robbins, Mike. Smart Guide to Planning for Retirement. New York: John Wiley and Sons. 1999. ISBN 0-471-35359-0 $12.95
- NEFE - You First
http://www.nefe.org/youfirst/ - Fiscal Fitness for Older Americans: Stretching Your Savings and Shaping Up Your Financial Strategies.
http://www.fdic.gov/consumers/consumer/news/cnfall05.
Fall, 2005. - Social Security: Understanding Supplemental Security Income. SSA Publication No. 17-008 ICN 443175. (To order call toll free: 800-772-1213)
http://www.ssa.gov - Social Security: Understanding the Benefits. Publication No. 05-10024. Feb. 2002 (To order call toll free 800-772-1213)
http://www.ssa.gov - How Much Can Be Contributed? The Digital Diary: Internal Revenue Service. Dept. of the Treasury. February 2002
http://www.irs.gov
Retirement Calculators - http://www.asec.org/ballpark/
Taxes - How Much Can Be Contributed? The Digital Diary: Internal Revenue Service. Dept. of the Treasury. February 2002
http://www.irs.gov
Chapter 4: Alternative Caregiving Arrangements
- National Committee to Preserve Social Security and Medicare. Passages: Planning for Long-Term Care. 10 G Street, NE, Suite 600, Washington, DC. Free (To order, call toll free 800-966-1935)
- Golant, Stephen M. Housing America's Elderly: Many Possibilities, Few Choices. Sage Publications, 1992.
- ElderCare Locator Homepage. U.S. Administration on Aging. U.S. Administration on Aging. For more information on ways to find community assistance for seniors
http://www.eldercare.gov - Welcome to CareGuide: Helping People Lead More Comfortable, Secure and Independent Lives. Coordinate Care Solutions, 2002.
http://www.careguide.net - Solutions to Your Caregiving Situations Throughout Your Caregiving Years: Managing the Stress, Making the Decisions, Discovering the Meaning. For more information or order the Caregiving Newsletter by visiting and completing the order form.
http://www.caregiving.com
http://www.caregiving.com/caregiving/html/order.htm - Health Care Financing Administration. Your Guide to Choosing a Nursing Home. Publication No. HCFA-02174, August 1999. (To order call toll free 800-MEDICARE or write to: U.S. Department of Health and Human Services. Health Care Financing Administration, 7500 Security Boulevard, Baltimore, MD 21244-1850 or visit
http://medicare.gov - AARP. Caregiving: Changing Needs: What You Should Know, Planning Ahead.
http://www.aarp.org/confacts/caregive/planning.html - CareGuide. Evaluating & Selecting a Care Provider or Facility. They also have several checklists available to use to determine the type of care you may need and how to evaluate that type of care.
http://www.careguide.net - Stockton, Patricia with David L. Rabin. Long-Term Care for the Elderly: A Factbook. Oxford University Press, November, 1990. $20.95
- Anderson, Mary Ann with Judith V. Braun. Caring for the Elderly Client. Davis F A, February 1999. $26.95
- Loverde, Joy. The Complete Eldercare Planner: Where to Start, Which Questions to Ask, and How to Find Help. Crown Publishing Group, January 2000. $17.95
- Solutions for Better Aging.
Talk to an eldercare specialist - call the toll free center at (888) 405-4242, Monday thru Friday 7am to 7pm CST.
http://www.CareGivers.com - U.S. Department of Health and Human Services: Administration of Aging. Your source for information on aging. Elder Action: Action Ideas for Older Persons and Their Families: Caregivers, Caregiving, and Home Care Workers. 2000. For more information about services to the elderly call toll free 800-677-1116 or write to Administration on Aging, 330 Independence Avenue, SW, Washington, DC 20201.
http://www.aoa.gov
Paying for Care
- Geyer, L. Leon and Jesse J. Richardson. Managing Prosperity: Estate and Retirement Planning for All Ages Planning for Long-Term Health Care. August 2001
http://www.ext.vt.edu/pubs/agecon/448-089/448-089.html - Financial Freedom. A site dealing with reverse mortgages including a calculator.
http://www.financialfreedom.com - Long-Term Care Insurance. Virginia Cooperative Extension, Nov. 2006
http://www.ext.vt.edu/pubs/family/345-172/354-172.html - Retirement Planning for Family Care Givers website
http://www.post-gazette.com/pg/03181/197429.stm - Rivlin, Alice M. and Joshua M. Wiener. Caring for the Disabled Elderly: Who Will Pay? Brookings Institution Press, May 1988. $16.95
- Social Security: Understanding Supplemental Security Income. SSA Publication No. 17-008 ICN 443175. (To order call toll free 800-772-1213)
http://www.ssa.gov - Social Security: Understanding the Benefits. Publication No. 05-10024. February 2002. (To order call toll free 800-772-1213)
http://www.ssa.gov
Medicare/Medicaid
- The official US government website for Medicare information. Available in English, Spanish, and Chinese. Easy to navigaet website. Helpful frequently asked questions.
http://www.medicare.gov - You can call 1-800-MEDICARE (1-800-633-4227), 8am to 4:30pm local time. English and Spanish speaking customer service representatives at this number can answer questions about the Original Medicare Plan and provide up-to-date information regarding the health plans available in your area. You can also contact your State Health Insurance Assistance Program (SHIP). The telephone number for SHIP in your state is available by calling 1-800-MEDICARE. SHIP volunteers are available to discuss your individual situation and provide information on all options available to you.
- Health Care Financing Administration: The Federal Medicare Agency. Medicare Coverage of Skilled Nursing Facility Care. Publication No. HCFA 10153. May 2000. (To order, call toll free 800-MEDICARE or write to: US Department of Health and Human Services, Health Care Financing Administration, 7500 Security Boulevard, Baltimore, MD 21244-1850
http://www.medicare.gov - What Does Medicare Part A Cover? August 2000
http://www.AARP.com/hcchoices/medicare/basics/parta.html - What Isn't Covered by Medicare? August 2000.
http://www.AARP.com/hcchoices/medicare/basics/notcovered.html - Tip sheet for counselors and caregivers helping Medicare beneficiaries compare and choose drug discount cards.
http://www.medicare.gov/Library/PDFNavigation/PDFInterim.asp?Language=
English&Type=Pub&PubID=11071 - For links to other CMS publications related to the drug discount cards.
http://www.medicare.gov
Chapter 6: Effective Communication is Essential
- Mellan, Olivia. Money Harmony: Resolving Money Conflicts in Your LIfe and Relationships. New York. Walker and Company. 1995
- Gray, John. Men Are From Mars: Women Are From Venus. New York. Harper Collins Publishers.
- Adult Children, Their Parents, and Caregiving Issues.
http://www.aizan.net/families/ly_adult_parent_child_htm - Nursing World. Tips for Communicating with Frail, Elderly Patients.
http://www.nursingworld.org/tan/98novdec/elderly.htm - Breisch, Sandra L. Communicating with the Elderly Depends on Listening Skills
http://www.aaos.org/wordhtml/bulletin/oct99/commun4.htm
