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The most expensive stay no one will pay for.

At $549/night, you’re not really sure what you’re getting in a nursing home.

new orange hills, orange county

Without even checking medical records, the admissions lady casually blurts this luxury nightly rate to a troubled family concerned about the placement of their retired male. She continues gabbing about the long list of amenties throughout the hallways of an old, burgundy geometric carpet that’s been downtrodden by heavy wheels and chairs, while grief-stricken family members follow quietly in their first nursing home tour. The smells of human excess, the drab beige of a not-so-new medical building, and the many contorted faces sitting covered in blankets in the halls. Loud beeps and whizzes of respirators create a false excitement in the aisles, but the faces are ambivalent. A shy glance into a wide doorway reveals 3 residents on twin-size beds separated each by a thin cloth hung from the ceiling curtain matching the blue triangle-speckled hospital gowns. This is the last 20 years of your life in America’s healthcare, but how do most people get here?

  • LITTLE TO NO FAMILY SUPPORT FOR MEDICAL NEEDS

    Either your medication list outnumbers your toes and fingers twofold, or you’re unable to eat/poo/pee on your own due to your condition. The rate above was quoted to cover bedside care 24/7, physical therapy, occupational therapy, medication assistance, all food/meals and some hospital transport. As most nursing homes are near capacity from hospital discharges, most families need a week or two head-start to scope potential places to rest their loved one and reserve a bed in advance.  Aging in place by home health aides or home care are nearly impossible to afford through Medicare, especially when most octogenarians require 24-hour care. For an aide paid at $19/hour, most siblings work too far to care for mom or dad at home, nor can most families afford this weekly expense usually reserved for the higher earning families or those with flexible schedules. Shopping for a nursing home can be a lot like shopping for a home, where the highest bidder wins.

  • HEALTH & MEDICAL INSURANCE ISN’T WHAT YOU THINK

    Nursing home care requires a high level of care which comes with a fixed rate of reimbursement by insurance carriers. Kaiser Permanente, one of the nation’s most respected and wide-reaching health plans, only has 4 skilled nursing facilities listed as in-network in Orange County, California, where there are a 74 total nursing homes registered with the State. This patient mentioned above was only approved for the 1 of the 4 facility pictured below based on the level of care, meaning the family had 1 choice of the 74 facilities that could accept them.  So, while you’re paying your health insurance premiums every paycheck, remember that most large health plans do not include long-term care coverage. If your health deduction was $500 per month, you’ll need to add $549 per month just for skilled nursing care alone.KP nursing home referrals

  • (NO) SAVINGS OR CASH

    Most people (or 38% of Americans these days), even at a healthy retirement age of 65, have less than $50k total saved for more than a decade of retirement. Let’s do the math, shall we?

At $549 per night…

x 30 days = $16,470 cost per month

x 365 days = $200,385 cost per year

x 835 days, average length stay : $458,415

This means for most of Americans their entire retirement savings will not cover nearly 80% of over 2 years in a nursing home. So then, how does this 6-figure expense get paid?

  • SOCIAL WORKERS – YOUR SENIOR CARE BAILOUT SPECIALISTS

Consider these paper-laden, compassionate administratives your saviors from an unkind situation. Medi-Cal, Medicaid, Medicare and other social welfare programs are easily made available to the majority of Americans who cannot afford the overwhelming expenses of their seniorhood. Armed with the prowess of an uncertified financial planner, the tenacity to help unidentified emergency room patients in midnight hours, and the patience of a tortoise to withstand the seasonal timings of the CMS billing systems, these individuals can provide a road map for families to navigate the complexity of medical orders combined with the subsidized amounts offered by government. Social workers know both hospital and various payor networks, as well as the reimbursement rates for assigned treatment plans. Their relationship with admissions staff at different locations, whether by favor of donuts or contracted as an employer, is likely the primary driver of how any family ends up choosing a facility. If one finds themselves at the mercy of a government payment program, be sure to ask about policies like estate recovery for Medi-Cal if you’re forced to sell real estate or deal with probate court upon death.

Prevent sticker shock and do the homework decades before you are a few cents short for a life-threatening decision. If you’re lucky to have all expenses taken care of by your own private pay, you’re tiers above your peers. You can also find a trustworthy life insurance representative who can help you navigate to a financially secure portfolio to greatly alter the outcome of your longest days of care. Check out Genworth’s Cost Calculator here if you’re curious about different kinds of senior care, or want to learn some interesting baby boomer statistics for some perspective.

Whether it’s your first time or a recent experience with a nursing home yourself, let us know how you first dealt with this healthcare setting and funded your high costs. Or, if you’re currently searching for a skilled nursing facility in Orange County, message us in the Contact form and we’ll refer you to several county and community resources.

 

The White House is getting into financial planning. National Social Security Week is July 19-25

Dear Colleague:

July 1925, 2015 is National my Social Security Week. Now in its second year, this campaign aims to educate workers about the importance of planning thoughtfully for life events—starting with creating a secure my Social Security account at www.socialsecurity.gov/myaccount.

Throughout this week, we ask that you share our retirement planning and other messages with your members, employees, and the public by taking advantage of our 2015 my Social Security toolkit atwww.socialsecurity.gov/thirdparty.  Here you will discover a wealth of materials that you can begin using now to support the campaign. The toolkit includes eye-catching web banners and publication-ready content for internal and external web pages, blogs, newsletter articles, social media, and email blasts.

Creating a my Social Security account helps workers plan for their future and the future of their families by giving them convenient access to their own personalized Social Security Statement. TheStatement provides estimates of future retirement benefits at age 62, full retirement age, and age 70. It also lets workers verify the earnings information we have for them. This is important because future benefits depend on earnings.

On average, Social Security replaces just 40 percent of pre-retirement income. Yet only about half of American workers say they are contributing to a workplace retirement plan. We need your support to help workers understand that they will require other sources of retirement income in addition to Social Security, and that it’s never too early (or too late) to start thinking ahead.

Besides retirement, with a my Social Security account, you can also get estimates of future disability and survivor benefits you or your family may be eligible to receive. For those already receiving benefits, a my Social Security can be used to get benefit verification letters, change an  address and phone number, and start or update direct deposit information.

In addition, we welcome invitations to assist workers with creating a my Social Security account at your location, whether as part of another activity, such as a conference or annual meeting, or as a standalone event. To explore this possibility, please contact us at oea.net.post@ssa.gov.

To hear more about my Social Security from Social Security’s Acting Commissioner Carolyn W. Colvin, visit us at https://www.youtube.com/watch?v=loBsUPMFYfs.

Thank you for sharing our materials and helping us to make this vital campaign a success!

Sincerely,

  1. Jioni Palmer
    Associate Commissioner for External Affairs
    (T) 410-965-1804
    (E) Jioni.Palmer@ssa.gov

National my Social Security Week is July 1925, 2015. Visit  http://www.socialsecurity.gov/myaccount/materials.html to learn how you can support us and make our campaign a success!

Plan for your “Someday”. Create your own my Social Security account today at www.socialsecurity.gov/myaccount.

Follow @SSAOutreach on Twitter and stay connected with Social Security:

Need health coverage or know someone that does, visit www.healthcare.gov.

White House Conference on Aging Webcast: Silicon Valley Boomer Venture Summit

WEBCAST: Silicon Valley Boomer Venture Summit

Date: June 30, 2015

Time: 1:25 – 2:25 p.m. PCT

Click here to view the webcast

Event Agenda:

2015 White House Conference on Aging Update & Investing in the Silver Economy

1:25 – 1:30 p.m. PCT

2015 marks the 50th anniversary of Medicare, Medicaid, and the Older Americans Act, as well as the 80th anniversary of Social Security. The 2015 White House Conference on Aging is an opportunity to recognize the importance of these key programs as well as to look ahead to the issues that will help shape the landscape for older Americans for the next decade.

Introduction: Jeff Maltz, CEO, SilverRide

Speaker: Nora Super, Executive Director, White House Conference on Aging

What Are Your Investing Priorities?

1:30 – 2:25 p.m. PCT

Business Plan Competition judges will talk about what trends will dominate the market in the coming year and where smart investors are putting their money.

Moderator: Heather Somerville, Business & Technology Reporter, San Jose Mercury News

Panel of Judges:

  • Lynne Chou, Partner, Kleiner Perkins Caufield & Byers
  • John Hopper, Managing Director, Link-age Ventures, Inc.
  • Scott Smith, Founder & Managing Partner, Viant Group
  • Gavin Teo, Principal, Comcast Ventures
  • Jeff Lee, Principal, DCM Ventures
  • Jim Murphy, Vice President, UnitedHealthcare
  • Dr. Sanjaya Kumar, Co-Founder & Managing Director, Synepta Group, Inc.
  • Jody Holtzman, Senior Vice President, Thought Leadership, AARP

Click here to view the webcast.

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