RETIRE...FLORIDA
A Guide to Retirement & Senior Living in Florida

Geriatric Care Managers Elder Law Reverse Mortgages Financial / Insurance Services Important Phone #'s & Web Sites

GERIATRIC CARE MANAGERS are health care professionals with expertise in the aging process as well as the health care and social services systems. This service was developed for the purpose of helping families deal with the decisions associated with caring for an older person.

Geriatric care managers are registered nurses or social workers who evaluate the older person's physical, functional and emotional state, and his/her current living environment. The care manager identifies and recommends community and private resources. The family can also request ongoing monitoring and regular reporting.

PAYMENT: The fees range from $30 to $150 per hour. Recommended resources are not included in the cost. Some public and nonprofit agencies utilize a sliding-scale system based on income. For further information contact: The National Association of Professional Geriatric Care Managers, 655 N. Alvernon, Suite 108, Tucson, AZ 85711 or call (602) 881-8008.

ELDER LAW: Most elder law attorneys do not specialize in all areas of the law as elder law encompasses a variety of fields of the law.

The National Academy of Elder Law Attorneys list the following areas: Estate planning; Health insurance selection; claims and appeals; Social Security and disability claims and appeals; Preservation and/or transfer of assets; Disability planning; Conservatorship and Guardianship; Living trusts; Probate, Administration and management of trusts and estates; Long-term care and/or admission to life-care communities and nursing homes; Age discrimination; Retirement planning and benefits; Elder abuse; Fraud recovery; and Health law.

It is important to ask a lot of questions to determine if a particular attorney is suitable for your needs. The National Academy of Elder Law Attorneys may be reached at (602) 881-4005.

PAYMENT: Fees for legal services are charged in a variety of ways. Have the services that are to be rendered and the fees, including a payment schedule, completely defined in a contract or letter.

REVERSE MORTGAGES: This new type of loan requires no repayment for as long as you live in your home. You are given monthly income for life or cash whenever you choose. A select few let you preserve equity for your heirs.

Your New Retirement Nest Egg: A Consumer Guide to the New Reverse Mortgages is published by the National Center for Home Equity Conversion, (a non-profit organization). To order, send $24.95 plus $4.50 shipping to NCHEC, Suite 115, 7373 147th Street W, Apple Valley, MN 55124. If paying by Credit Card, call Bookmasters at (800) 247-6553.

FINANCIAL / INSURANCE SERVICES: With a price tag of $30,000 to $60,000 per year for skilled nursing facilities and a third to one-half as much for home care, long-term care insurance may become an option. The insurance pays a fixed amount for each day the services are required in a nursing home or at home environment. The benefit is paid for a certain period of time, usually several years. But, the price for this protection is high. Premiums increase with the age at which you buy a policy: the policy might cost $1,800 per year for a 65 year-old, $2,500 for a 70 year-old, and $4,400 for a 75 year-old.

The most important reason for long-term care insurance is to protect your savings. Consider your assets to determine if, over time, the policy justifies the amount in your savings. A 70 year-old person protecting $20,000 could spend this much in premiums in eight years. Therefore, an individual should have over $40,000 in savings ($100,000 per couple) before considering a long-term care insurance policy. Couples, especially, need to protect savings in case one spouse needs long-term care. Without insurance, hard-earned savings are easily wiped out.

Currently there are laws protecting a limited amount of a couple's assets: the house, car, and personal belongings, with a minimum of $14,148 and a maximum of $70,740, are protected for the spouse who remains in the community. While the remainder is eligible to pay for skilled nursing care.

Finally, is there a real need to buy long-term care insurance? Statistics show that at age 65 you have two chances in five of entering a skilled nursing facility at least once during your lifetime. However, almost half of all admissions are short stays, and your chance of staying longer than a year is one in four, with only one chance in 10 of staying more than five years. With this in mind, do not buy too much insurance; especially with a less than 10% likelihood of staying in a facility for more than five years. For more information regarding Long-Term Health Care Insurance contact the United Seniors Health Cooperative at (202) 393-6222, or write to USHC, 1331 H Street NW, Suite 500, Washington D.C. 20005

PAYMENT: Policy pay-outs are usually stated in days: Two years is 730 days, four years is 1,460 days. The premiums for this type of policy are level, meaning the company cannot raise your premiums unless all policies for a class of policy holders are raised. However, over time, the company can, and probably, will raise all premiums.

Insurance is very confusing, especially when considering inflation adjustments, benefit amounts, the length of the benefit period, and the deductibles. Therefore, anyone considering the purchase of long-term care insurance should seek the advice of an unbiased, knowledgeable person.

SeniorNet	Non-profit organization that teaches seniors (50+) to use computers and the Internet at over 140 learning centers nationwide.
WidowNet	Information and support resources for and by widows and widowers.

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