MATURE MARKET HEADLINES POSTED 7/24/98
AHCA: Boomers Need LTC Plan ASAP
Delegates from the National Summit on Retirement Savings and long term health care experts today warned that long term care costs are the major threat to retirement security, and they urged Congress and the White House to address this financing crisis along with Social Security and Medicare reform.
The Retirement Summit, convened in Washington D.C. last month, focused on a number of obstacles facing America's retirees, it did not address the cost of long term care which - at an average cost of $41,000 a year and an average stay of 3 years - can wipe out a retiree's life savings. At a briefing, summit delegates - Representative Earl Pomeroy (D-ND) and Dr. Fernando Torres-Gil, former U.S. Assistant Secretary on Aging - said that baby boomers need to plan now for their long term care needs in their retirement years.
"Retirement savings does not necessarily mean retirement security if you or your spouse end up in a nursing home," said Rep. Pomeroy. "Long term care insurance is one of the tools available to help families plan now to protect their retirement savings." Dr. Torres-Gil highlighted the fact that few Americans today are taking adequate steps to prepare financially for the long term health care needs they may face in the future, and that Medicaid - the primary payer of long term care costs - cannot continue to support the needs of the increased aging population.
Contrary to popular opinion, Medicare does not cover most long term care expenses. Rather, Medicaid, which was never intended to serve as a long term care program for the non-poor elderly, provides for nearly two-thirds of all nursing home residents. Long term care insurance is one option currently available to help families plan for their health care financing.
Two out of every five Americans will need long term care at some oint in their lives, and millions will be financially unprepared to meet the costs of such care. For baby boomers, the epidemic is even more clear - 1 in every 5 Americans over the age of 50 is at risk of needing long term care within the next 12 months. And by 2030, the number of baby boomers is expected to double to more than 77 million.
"The American Health Care Association (AHCA) agrees with the core tenets of the Retirement Summit - individuals must begin planning for retirement now and government must remove barriers to saving for retirement," said Dr. Paul Willging, Executive Vice President of the American Health Care Association. "But this country has to realize there can be no retirement security unless Americans also plan for their long term health care needs."
The National Summit on Retirement Savings was established as part of the Savings Are Vital to Everyone's Retirement Act (SAVER) of 1997 to examine the state of retirement savings and explore ways to educate Americans about the need to create a secure financial future. The event is the first of three, with additional summits scheduled for 2001 and 2005.
See related articles in the AgeVenture archives.
"Medicare's Future Busted by Boomers"
Aging? Boomers say "Hell no, we won't go"
"Boomers: We're Aging Better Than Our Parents Did"
"Boomer Care Will Be Booming"
AgeVenture News Service, www.demko.com
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New Trend in African-American Eldercare
While home care by relatives is preferred by African-American elders and their families, the elders are more willing to enter nursing homes than their families are to send them, mostly because the elders don't want to be a burden. That's one of many findings reported in "African-American Elders' Long-Term Care Preferences and Choices" by Lisa Groger, associate professor of sociology, gerontology and anthropology at Miami University and colleagues at Miami's Scripps Gerontology Center.
As with the population as a whole, the elderly are the fastest-growing segment of the African-American population. While nursing homes are an option of last resort, statewide data on Medicaid-certified nursing home beds revealed that African-American elders are more likely than whites to use nursing homes. But, when elders entered formal care, familial care did not decrease, but instead refocused on interpersonal support.
While in-home services allow independence for elders, many families lack information about them, the report says. Interviews with 60 care recipients and caregivers and eight focus groups revealed a culture of caring, exemplified by deliberate efforts to teach children that caring for elders is the right thing to do and then showing them how to do it.
"The culture of caring is strong among African-American family members of all generations," says Groger. However, demographic and economic realities alter best intentions. Three major reasons for caring were found: reciprocity, altruism, self-interest and a hybrid of the last two.
Constraints on kin care fell into three categories: caregiver factors, care recipient factors and circumstances. In addition to Groger, report authors include Scripps researchers Pamela S. Mayberry, Jane K. Straker and Shahla Mehdizadeh. Groger and colleagues suggest that more information about and experience with nursing homes and other formal care will ease African-Americans' use of them, and help families include formal care in their culture of caring. The study was funded by the Administration on Aging, U.S. Department of Health and Human Services.
See related articles in the AgeVenture archives.
"Market Watch: Nursing Home Trends"
"Gender Gap in Nursing Home Expectations"
"Women Continue Caregiver Tradition"
"Roam'n Ain't No Holiday for Caregivers"
AgeVenture News Service, www.demko.com
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Treatments for Epileptic Fit Alzheimer's Too
Medicines commonly used to treat epilepsy and other seizure disorders appear to be effective at soothing the agitation in people with Alzheimer's disease and other forms of dementia. The findings are a glimmer of good news for the treatment of some of the most disturbing aspects of the disease, which afflicts about 4 million people in the United States alone.
Psychiatrists Pierre Tariot and Anton Porsteinsson, physicians at the University of Rochester's main Alzheimer's treatment site at nearby Monroe Community Hospital, have conducted studies showing that the compounds currently used to treat aggressive behavior in epileptic patients are also effective in treating agitation among patients with dementia.
The medicines appear to be as good as or better than the medicines physicians have available now to treat agitation, says Tariot. Patients' aggression and agitation are often the top concerns among families of patients, say physicians. "The behavioral disturbances wear care givers down and are one of the main reasons that patients are admitted to acute and long-term care institutions," says Porsteinsson.
"People don't put their husbands or mothers in nursing homes because they are forgetful; they're put in a nursing home because they are a danger to themselves or others, or because they're unbearably hostile or aggressive. This type of medicine alleviates those symptoms for many patients in a population that is a bear to treat."
The medicine, called carbamazepine, appeared so effective that the researchers concluded that all patients should have access to it. Some doctors have previously reported case studies where anti-seizure medicines like carbamazepine seemed to improve Alzheimer's patients' symptoms. Doctors normally use the medicines to treat agitation found in epilepsy patients.
Agitation is one of many symptoms that patients with Alzheimer's and other dementias develop as their brain cells get sick and die. The patients' memory and comprehension deteriorate, they become confused and disoriented, and ordinary tasks become impossible. "The field is evolving very rapidly," says Tariot. "Six years ago, there was nothing to treat Alzheimer's disease.
Now, we have two FDA-approved drugs and as many as a dozen more coming out within five years. We're even talking about prevention strategies. It's very exciting and gratifying." "This is a case where medical science is trying to catch up with clinical practice," says Porsteinsson, an assistant professor of psychiatry. "The medicines are already being used, but there haven't been studies in place to determine just how safe and effective these agents are. That's what our work is all about."
See related articles in the AgeVenture archives.
"Alzheimer Research: Trials and Tribulations"
AgeVenture News Service, www.demko.com
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Have You the Will to Preserve Your Estate?
Have new grandchildren, a move to another state, or the loss of a loved one caused your will or living trust to be out of date? Do you have an advance health care directive? If so, does it reflect your feelings today? Do you need to authorize someone to act on your behalf or revoke powers of attorney?
The latest edition of the "Kiplinger's Home Legal Advisor '98" offers a software program that makes it simple to create customized state-specific wills, living trusts and other vital legal documents by harnessing the power of a personal computer. The software program includes discussions of more than 84 personal law subjects to help users understand important legal topics ranging from consumer issues to travelers' rights.
The home-advisor leads the user through a step-by-step process for developing and completing 70 legal documents. These documents fall into seven categories including wills, trusts and estates, health and medical, consumer and family, finance and investments, general contracts, real estate, and powers of attorney. Wizard templates allow the user to create 1,200 wills and 1,200 living trusts that incorporate the most recent tax law changes.
In addition to the software program, the home legal advisor provides a wealth of information in its online Personal Law Library, including more than 60 minutes of multimedia video explanations of documents. The user can also access the "Home Legal Guide" which includes 84 personal law subjects, "Gilbert's Law Dictionary" with 4,000 legal definitions, and "Kiplinger's Handbook of Personal Law", a comprehensive guide explaining the user's rights and responsibilities under the law. The wills, living trusts, and health care directives are designed to comply with each state's law with the exception that wills may not be appropriate in Louisiana.
The Home Legal Advisor was developed by Block Financial Corporation in partnership with the Kiplinger organization. Block claims to be the second largest publisher of personal finance software in the world. "Kiplinger's Home Legal Advisor '98" is available wherever software is sold. The program retails for $29.95 with a $10 mail-in rebate.
AgeVenture reviewers found the software to be a valuable educational tool that de-mystifies legal processes, making the user a better consumer of legal services. Finally, be sure to follow the publisher's advice, "... that users seek a lawyer's review before using a document, especially when the document involves complex matters such as estate planning". That's sound advice. Someone once said "the person who tries to represent himself has a fool for a client".
See related articles in the AgeVenture archives.
"WillMaker Computer Program"
"Lawyers Want Court to Outlaw Legal Help"
"Irrevocable Life Insurance Trusts"
AgeVenture News Service, www.demko.com
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Hidden Expenses of Two-Income Families
Millions of families work dual careers because they believe two incomes are needed in order to survive. But the truth of the matter is if the second income grosses less than $30,000 a year, you're better off staying at home. That's what author, Andy Dappen says in his new book, "Shattering the Two-Income Myth: Daily Secrets for Living Well on One Income". How can this be? Blame in on the cost of earning money.
From a $30,000 second income, subtract $9,300 in income taxes, $1,150 in work-related clothes and drycleaning, $3,800 in dining out and convenience foods, $1,500 in home maintenance and repair fees that get hired out, $3,300 in commuting and parking fees, and $1,000 in work-related tools (computers, software, cell phones, pagers).
Typically, says Dappen, a $30,000 second income boils down to $9,000 or $10,000 of disposable income. That's before children get factored in. Daycare alone adds another $4,500 per child to expenses. The book not only helps the reader find ways to reduce expenses, it documents the toll the two-income lifestyle has on children, marriages, and society in general.
After explaining why readers may be better off saving at home rather than earning at work, it gives a day-by-day program to follow. Each day, a task helps stay-at-home spouses afford a more sane lifestyle. "Shattering the Two-Income Myth" is now available in bookstores. 408 pages. $14.95. 1998. Brier Books, Brier, WA.
See related articles in the AgeVenture archives.
"Boomer Moms Score A+ on Home Work"
"Boomer Couples Cling to Role Stereotypes"
"Sonic Boomer profile: Surrendering to Motherhood"
"Sonic Boomer profile: Champion of Mr. Moms"
AgeVenture News Service, www.demko.com
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Glaucoma Surgery Varies Based on Race
Glaucoma, called the thief of vision because of its lack of early symptoms, is a leading cause of irreversible vision loss in the United States and affects an estimated three million Americans. It is estimated that as many as 120,000 Americans are now blind from the disease.
Groups at high risk of developing the disease are everyone over the age of 60, blacks over the age of 40, and people who have a family history of glaucoma. The Baltimore Eye Survey, supported by the National Eye Institute, shows that by age 70, about one in 50 whites has the disease. In blacks, the problem is more severe by age 70, one in eight has the disease.
Open-angle glaucoma tends to develop earlier in blacks than in whites, and progresses more rapidly. Now, researchers have found that the differences between black and white glaucoma patients extend to types of surgical treatment. For example, researchers supported by the National Institutes of Health have discovered that black and white patients with advanced glaucoma respond differently to two surgical treatments for the disease.
A paper detailing these findings is published in the July 1998 issue of Ophthalmology. Scientists found that blacks with advanced glaucoma benefit more from a regimen that begins with laser surgery, and whites benefit more from one that begins with an operation called a trabeculectomy. This is the first evidence that members of two racial groups benefit from different treatments for glaucoma, said Carl
Kupfer, MD, director of the National Eye Institute (NEI), one of the Federal government’s National Institutes of Health and the sponsor of the study.
Doctors now have better information to recommend treatment programs, depending on the patient’s race. This will give people with advanced glaucoma a better chance to preserve and prolong their vision. A leading cause of irreversible vision loss in the United States, glaucoma affects about three million Americans, about half of whom may be unaware they have the disease because of its lack of early symptoms.
The disease is three to four times as common in blacks as in whites, and blindness from glaucoma is six times as common in blacks than in whites. Based on the study results, it is recommended that black patients with advanced glaucoma begin a treatment program that starts with laser surgery, which is consistent with current medical practice, said study co-chairman Douglas E. Gaasterland, MD, of Georgetown University.
In contrast, white patients with advanced glaucoma who have no life-threatening health problems should begin a treatment program that starts with trabeculectomy. This recommendation is inconsistent with current medical practice.
The National Eye Institute, part of the National Institutes of Health, is the Federal government's lead agency for vision research, and supports between 70 to 80 percent of basic and applied vision research in the United States.
See related articles in the AgeVenture archives.
"New Sixty Second Glaucoma Screening Test"
"Optometrist Calls Eyes Windows to Wellness"
"Vitamins Help See You Through Vision Problems"
AgeVenture News Service, www.demko.com
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