Savvy Senior Columns for September 2020

Savvy Senior – September Columns

  1. How to Prevent Falls During a Pandemic
  2. Should Seniors Consider a Reverse Mortgage Now?
  3. Is There an Age Limit for Organ Donation?
  4. Should I Buy Long-Term Care Insurance?

How to Prevent Falls During a Pandemic

Dear Savvy Senior,
My 80-year-old mother, who lives alone and is self-isolating during the coronavirus pandemic, has fallen several times. Are there any extra precautions you recommend that can help prevent this?
Concerned Daughter

Dear Concerned,
Falls are a common concern for many elderly adults and their families, especially during the coronavirus pandemic when many seniors are sheltering at home alone.

Each year, more than 1-in-4 older Americans fall, making it the leading cause of both fatal and nonfatal injuries for those age 65 and older. But many falls can be prevented. Depending on what’s causing your mom to fall, here are some different tips that can help prevent it.

Encourage exercise: Weak leg muscles and poor balance are two of the biggest risk factors that cause seniors to fall. Walking, strength training and tai chi are all good for improving balance and strength, as are a number of balance exercises your mom can do anytime like standing on one foot for 30 seconds then switching to the other foot, and walking heel-to-toe across the room.

For additional balance and leg strengthening exercises, see AgeBold.com.

Review her medications: Does your mom take any medicine, or combination of medicines, that make her dizzy, sleepy or lightheaded? If so, make a list or gather up all the drugs she takes – prescriptions and over the counter – and contact her doctor or pharmacist for a drug review and adjustment.

Get a vision test: Poor vision can be another contributor to falls, so your mom should get her eyes checked once a year and be sure to update her eyeglasses if needed. Also be aware that if your mom wears bifocal or progressive lenses, they too can cause falls, especially when walking outside or going down steps. These lenses can affect depth perception, so she may want to get a pair of glasses with only her distance prescription for outdoor activities.

If your mom is concerned about a trip into her eye doctor during the pandemic, she can get her vision tested online. Put a call her eye doctor about this option, or consider some online vision testing sites likeEssilor.com or 6over6.com. And to buy eyeglasses online, some popular options include WarbyParker.com and ZenniOptical.com.

Fall-proof her home: There are a number of simple household modifications you can do to make your mom’s living area safer. Start by helping her arrange or move the furniture so there are clear pathways to walk through and pick up items on the floor that could cause her to trip like newspapers, shoes, clothes, electrical or phone cords.

If she has throw rugs, remove them or use double-sided tape to secure them.

In the bathroom buy some non-skid rugs for the floors and a rubber suction-grip mat or adhesive non-skid tape for the floor of the tub or shower, and have a carpenter install grab bars in and around the tub/shower for support.

Also, make sure the lighting throughout the house is good, purchase some inexpensive plug-in nightlights for the bathrooms and hallways, and if she has stairs, put handrails on both sides.

For more tips, see the NIA “fall-proofing your home” web page at NIA.NIH.gov/health/fall-proofing-your-home.

Choose safe footwear: Going barefoot or wearing slippers or socks at home can also cause falls, as can wearing backless shoes, high heels, and shoes with smooth leather soles. The safest option for your mom is rubber-sole, low-heel shoes.

Purchase some helpful aids: If your mom needs some additional help getting around, get her a cane or walker. Also, to help ensure your mom’s safety, and provide you some peace of mind, consider getting her a medical alert device that comes with a wearable emergency button that would allow her to call for help if she were to fall or need assistance.

Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior.org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book.
———————————————————————————————————————————————————————————————————————————————————–

Should Seniors Consider a Reverse Mortgage Now?

Dear Savvy Senior,
What can you tell me about reverse mortgages? The coronavirus damage to my retirement account has me considering it but want to make sure I know what I’m getting into.
Cash-Strapped Senior

Dear Cash-Strapped,
Massive job losses, a volatile stock market and low interest rates caused by the coronavirus pandemic has caused many cash-strapped retirees to consider a reverse mortgage. But there’s a lot to consider to be sure it’s a good option for you now.

Let’s start with the basics.

A reverse mortgage is a unique type of loan that allows older homeowners to borrow money against the equity in their house (or condo) that doesn’t have to be repaid until the homeowner dies, sells the house or moves out for at least 12 months. At that point, you or your heirs will have to pay back the loan plus accrued interest and fees, but you will never owe more than the value of your home.

It’s also important to understand that with a reverse mortgage, you, not the bank, own the house, so you’re still required to pay your property taxes and homeowners insurance. Not paying them can result in foreclosure.

To be eligible, you must be 62 years of age or older, own your own home (or owe only a small balance) and currently be living there.

You will also need to undergo a financial assessment to determine whether you can afford to continue paying your property taxes and insurance. Depending on your financial situation, you may be required to put part of your loan into an escrow account to pay future bills. If the financial assessment finds that you cannot pay your insurance and taxes and have enough cash left to live on, you’ll be denied.

Loan Details
Around 95 percent of all reverse mortgages offered are Home Equity Conversion Mortgages (HECM), which are FHA insured and offered through private mortgage lenders and banks. HECM’s also have home value limits that vary by county but cannot exceed $765,600.

How much you can actually get through a reverse mortgage depends on your age (the older you are the more you can get), your home’s value and the prevailing interest rates. Generally, most people can borrow somewhere between 50 and 60 percent of the home’s value. To estimate how much you can borrow, use the reverse mortgage calculator at ReverseMortgage.org.

To receive your money, you can opt for a lump sum, a line of credit, regular monthly checks or a combination of these.

But be aware the reverse mortgages aren’t cheap. HECM loans require a 2 percent upfront mortgage insurance payment, plus an additional 0.5 percent annual charge, on top of origination costs and lenders’ fees. Any amount you borrow, including these fees and insurance, accrues interest, which means your debt grows over time.

To learn more, read the National Council on Aging’s online booklet “Use Your Home to Stay at Home” at NCOA.org/home-equity.

Also note that because reverse mortgages are complex loans, all borrowers are required to get counseling through a HUD approved independent counseling agency before taking one out. Most agencies charge between $125 and $250. To locate one near you, visit Go.usa.gov/v2H, or call 800-569-4287.

Other Options
If you have a short-term need for cash, there are other options you should look into. For example, many low-income seniors don’t realize they qualify for the earned income tax credit, a refundable tax break that can put cash in your pocket. You also could use BenefitsCheckUp.org to search for financial assistant programs you may be eligible for.

Another possibility is a regular home equity loan or line of credit. This type of borrowing requires you to make payments, and lenders can freeze or lower limits on lines of credit, but the borrowing costs are much lower.

Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior.org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book.
———————————————————————————————————————————————————————————————————————————————————–

Is There an Age Limit for Organ Donation?

Dear Savvy Senior,
I never thought about becoming an organ donor until my brother died of kidney failure last year. But at age 78, I would like to know if I’m too old to be a donor, or if they would even use my organs if I were to die from COVID-19. What can you tell me?
Potential Donor

Dear Potential,
There’s no cutoff age for being an organ donor. Anyone, regardless of age or medical history, can sign up. In fact, there are many people well up into their 80’s that donate. The decision to use your organs is based on health of the organ, not age. So, don’t disqualify yourself prematurely. Let the doctors decide at your time of death whether your organs and tissues are suitable for transplantation.

Regarding the COVID-19 part of your question, as of right now, the Organ Procurement and Transplantation Network (OPTN) does not recommend transplantation of organs from donors known to have the virus. So, if you were to contract the coronavirus and die, your organs would probably not be used, however, this may change as treatments are developed.

Here’s what else you should know about becoming a donor.

Donating Facts
In the United States alone, more than 112,000 people are on the waiting list for organ transplants. But because the demand is so much greater than the supply, those on the list routinely wait three to seven years for an organ, and more than 7,000 of them die each year.

Organs that can be donated include the kidneys, liver, lungs, heart, pancreas and intestines. Tissue is also needed to replace bone, tendons and ligaments. Corneas are needed to restore sight. Skin grafts help burn patients heal and often mean the difference between life and death. And heart valves repair cardiac defects and damage.

By donating your organs after you die, you can save or improve as many as 50 lives. The United Network for Organ Sharing maintains the OPTN, a national computer registry that matches donors to waiting recipients.

Some other things you should know about being an organ donor are that it does not in any way compromise the medical care you would receive in a hospital if you are sick or injured, nor does it interfere with having an open-casket funeral if you want that option. And, most major religions in the United States support organ donation and consider it as the final act of love and generosity toward others.

How to Donate
If you would like to become a donor, there are several steps you should take to ensure your wishes are carried out, including:

Registering: Add your name to your state or regional organ and tissue donor registry. You can do this online at either OrganDonor.gov or DonateLife.net. If you don’t have Internet access, call Donate Life America at 804-377-3580 and they can sign you up over the phone.

Identify yourself: Designate your decision to become an organ donor on your driver’s license, which you can do when you go in to renew it. If, however, you don’t drive anymore or if your renewal isn’t due for a while, consider getting a state ID card – this also lets you indicate you want to be a donor. You can get an ID card for a few dollars at your nearby driver’s license office.

Tell your family: Even if you are a registered donor, in many states, family members have the ultimate say whether your organs may be donated after you die. So, clarify your wishes to family. Also tell your doctors and indicate your wishes in your advance directives. These are legal documents that spell out your wishes regarding your end-of-life medical treatment when you can no longer make decisions for yourself. If you don’t have an advance directive, go to MyDirectives.com where you can create one for free.

Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior.org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book.

———————————————————————————————————————————————————————————————————————————————————–

Should I Buy Long-Term Care Insurance?

Dear Savvy Senior,
My wife and I have thought about purchasing a long-term care insurance policy, but we hate the idea of paying expensive monthly premiums for a policy we may never use. Is there a good rule of thumb on who should or shouldn’t buy long-term care insurance?
Getting Old

Dear Getting Old,
There are two key factors you need to consider that can help you determine if purchasing a long-term care (LTC) insurance policy is a smart decision for you and your wife. One factor is your financial situation and second is your health history. Currently, around 8 million Americans own a policy.

Who Needs LTC Insurance?
As the cost of LTC – which includes nursing home, assisted living and in-home care – continues to rise, it’s important to know that most people pay for LTC either from personal savings or Medicaid when their savings is depleted, or through a LTC insurance policy. National median average costs for nursing home care today is around $92,000 per year, while assisted living averages around $50,000/year.

While national statistics show that about 70 percent of Americans 65 and older will need some kind of LTC, the fact is, many people don’t need to purchase a LTC insurance policy.

The reasons stem from a range of factors, including the fact that relatively few people have enough wealth to protect to make purchasing a policy worthwhile. Seniors with limited financial resources who need LTC turn to Medicaid to pick up the tab after they run out of money.

Another important factor is that most seniors who need LTC only need it for a short period of time, for example, when they’re recovering from surgery. For those people, Medicare covers in-home health care and nursing home stays of 100 days or less following a hospital stay of more than 3 consecutive days.

So, who should consider buying a policy?

LTC insurance policies make the most sense for people who can afford the monthly premiums, and who have assets of at least $150,000 to $200,000 or more that they want to protect, not counting their home and vehicles.

Another factor to weigh is your personal health and family health history. The two most common reasons seniors need extended long-term care is because of dementia and/or disability. And, almost half of all people who live in nursing homes are 85 years or older. So, what’s your family history for Alzheimer’s, stroke or some other disabling health condition, and do you have a family history of longevity?

You also need to factor in gender too. Because women tend to live longer than men, they are at greater risk of needing extended LTC.

Choosing LTC Insurance
After evaluating your situation, if you’re leaning towards buying a LTC policy, be sure to do your homework. The cost of premiums can vary greatly ranging anywhere between $2,500 and $8,000 per year for a couple depending on your age, the insurer, and the policy’s provisions.

Also note that because of coronavirus, it may be more difficult to qualify for coverage now if you’re age 70 or older, in a high-risk group or have had a positive COVID-19 test.

To find a policy, get a LTC insurance specialist who works with a variety of companies. See the American Association of Long-Term Care Insurance website (AALTCI.org) to locate one. Also shop insurers like Northwestern Mutual and New York Life, who work only with their own agents.

Another option you may want to consider are Hybrid policies that combine long-term care coverage with life-insurance benefits. These policies promise that if you don’t end up needing long-term care, your beneficiaries will receive a death benefit.

Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior.org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book.

Leave a Comment