SeniorTruth

Q: Once I retire, I want my savings to serve as my monthly income. Do you suggest I look into purchasing an annuity?

A: An annuity policy is a type of insurance contract that provides the insured person with periodic payments. Depending on the particular contract, payments can last a specified number of years or terminate when the insured person passes away. Although annuities may provide some people with a sense of monetary security, they seldom serve as a preferable source of income when purchased by seniors aged 65 and above.

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Q: My 80-yr. old mom asked me to take charge if she loses the ability to handle her personal affairs. To give me that kind of legal power, does she need to contact an attorney, or can she get pre-printed forms and do it herself?

A. Although most people are living longer lives, many are suffering from chronic illnesses or injuries that leave them unable to handle their personal affairs. A durable power of attorney for financial matters (DPAFM) is a legal document that allows people to choose who will speak for them should they become incapacitated. The person who signs the DPAFM is the “principal,” while the person chosen to act on the principal’s behalf is the “agent.”

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The California Supreme Court has made it legal for same-sex couples to marry. However, the federal Defense of Marriage Act, which specifically defines marriage as a legal union between one man and one woman, still remains in effect. This means that even though same-sex couples can now get married in California, they cannot file joint federal income tax returns, or receive spousal benefits through social security, federal employment, veterans’ affairs or other federal programs. In addressing issues of estate planning for seniors, California’s same-sex married couples are getting very different responses from state and federal laws.

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It used to be very clear that communications between a doctor and patient were confidential. However, as the healthcare community started relying on electronic equipment to transfer medical records, different issues arose. It has now been five years since the federal Health Insurance Portability and Accountability Act took effect. Although HIPAA’s major purpose is to respect each patient’s right to privacy, the true confidentiality of healthcare information is not as secure as it once was.

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There’s a confusing maze of government income, health and care programs for seniors out there. Here’s a quick guide to eight of them:

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Question: I always thought that my Social Security Number was my most acceptable ID.  Why do I often see it printed with “Xs” in place of the first 5 numbers?

Answer: Although SSNs continue to be very acceptable forms of identification, they are neither as confidential nor as private as they once were. The first SSNs were created in 1936 to record workers’ employment earnings. Since only one person could be assigned a specific SSN, it was considered to be a perfect ID.  With time, its purpose kept growing. New laws were enacted requiring inclusion of the SSN when filing federal income-tax returns. Finally, both government agencies and private businesses began using SSNs for employee files, medical records, credit and banking accounts and much more.

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Paying for a visit with the doctor used to be the biggest financial dilemma most people confronted when they happened to get sick. Nowadays, many people can afford the visits, but can’t afford to have prescriptions filled. For that reason, certain drug companies have designed Patient Assistance Programs (PAPs). Read more »

Question: My husband broke his hip. He’s had surgery and has been in a nursing home for a week receiving physical therapy. Medicare has been paying so far, but the nursing home says he’s not improving, so Medicare and the therapy will stop. What can I do?

Answer: He should be able to keep receiving therapy and Medicare.

Background
Regularly, we hear that a nursing home has stopped providing therapy – giving the reason that Medicare will not pay the costs of therapy if the resident is “not improving” or has reached a “plateau.” When a nursing home gives this reason, it is wrong! Legally, lack of improvement is not a reason for stopping therapy or Medicare.

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Question: I retired last year at the age of 66, and started receiving Social Security. I have been thinking about going back to work. Will returning to work hurt my benefits?

Answer: Since you did not start receiving Social Security until your “full retirement age,” you may work as much as you want, and your benefits will remain the same. At one time, people’s benefits were reduced

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The Alzheimer’s Association has created a helpful website that it calls “Carefinder” — providing information on planning ahead, care options, care coordination and support and resources.

Take a look at Carefinder, and also at H.E.L.P.’s free online Home Care Toolkit and other publications available through our Publications Catalog.