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Senior Living

  • Is it Harder for Millennials to Save for Retirement than it was for Baby-Boomers?

    Millennials vs. Baby Boomers

    A recent article by Alessandra Malito shows that Millennials are running behind on saving for retirement. Not everyone is saving for retirement, they are either living paycheck to paycheck or have no job at all. Many others are not taking advantage of IRAs or other retirement savings accounts. So, this made us ask the question, is it harder for Millennials to save for retirement than it was for Baby-Boomers?

    What Advantages did Baby Boomers have?

    Boomers had the advantage of growing up in one of the best economies in history and had low tuition costs while in College. How inexpensive was an education? In 1965-66 the average for a four year school was only $1,375. Baby Boomers were able to save more money with tuition and had a great job market to go into after school!

    What Disadvantages did Baby Boomers have?

    Baby Boomers are at risk for being considered poor or near poorer than in the last 40 years because of the economy changes. They also did not have the access that we do when it comes to saving for retirement planning and saving options. 401(k)s have only been around since the 1980’s. One can only imagine how much Baby Boomers could have saved on taxes and in wise investments if they had been in existence since they entered the workforce. Baby Boomers also didn’t have access to the tools and information that is now available today. Whether banking directly on their phone, online trading, or financial research. In short, Baby Boomers did not have the technology available to research, monitor, and contribute as quickly and easily as we do so today.

    The Millennial Advantages!

    Studies show that since the baby boomer’s time, tuition has increased by more than 150 percent! This has made college nearly impossible for today's millennials to go without incurring huge debt. However, Millennials can qualify for more grants, loans and other saving options than ever before. Some grants are as simple as living in the same state as the school you attend! Baby Boomers may have had the better cost of tuition overall but Millennials have help for books and other supplies through direct loans, scholarships, and grants. With programs like that to help Millennials they will be less in debt as they get older and will not have as many issues saving for retirement. Lastly, with the growth of online learning, there are many more ways to learn a trade or skill, though it may not include a diploma.

    How Have Millennials Had It Harder?

    The fact is that Millennials have had it tough. The economy was the worst it has ever been since The Great Depression when they entered the workforce, the cost of living and real estate has gone through the roof. So, while Millennials have many great options and tools for saving, there isn’t much money to save! Having the technology at your fingers isn’t much help if you have no extra money to save. Therefore, the Millennials savings will suffer saving for retirement as the Boomers did - due to different causes, but a similar outcome. Further, with the workforce waiting longer to retire, Millennials are having to wait for management and executive level positions to open up (find avg retirement age from 1975 vs 2015). Technology is also becoming a competitor for many jobs. A.I. and Bots are quickly becoming a customer service and administrative answer for many companies. It's definitely an unknown future for the Millennials' job market!

    What do you think? Who has it harder and why?? Feel free to Share!

  • Medicare Reimbursement and Me: A Guide to Filing for Reimbursement

    How do I know when to file a claim?

    When a provider, such as a medical supply company, does not accept a Medicare assignment you will need to begin the process to file a claim for reimbursement.

    How do I know what will be reimbursed?

    All claim reimbursement is governed by the set standard Medicare reimbursement rates, even if your bill from the provider was more than the approved Medicare amount. Non-participating medical suppliers are not subject to charge limiting but your reimbursement amount will remain the same.

    How do I file a claim?

    Once you’re ready to file your claim to Medicare you will need a few things to make sure that your claim can be processed quickly and you receive the amount of your set standard Medicare reimbursement rate.

    You will need a copy of the Medicare CMS-1490S form (also known as the Patient Request for Medicare Payment form), an itemized bill from your medical supply company, a letter explaining why you are submitting the claim (Medicare not accepted by provider, etc.), and any supporting documentation (such as a prescription, or doctor/physical therapist recommendation form). HME Medical Shop can provide this letter after your purchase. Just call or reply back to your confirmation email!

    Do I need to fill out an Authorization to Disclose Personal Health Information?

    This form is only necessary if:

    • Someone is contacting Medicare on your behalf
    • If you are authorizing Medicare to give your personal medical information to someone other than yourself

    How long do I have to file for Medicare Reimbursement?

    You have 12 months from your service date to file for reimbursement on all purchases covered by Medicare claims.

    Once you have all of your information together you will need to submit your claim to the proper Medicare office. They are listed below for your convenience but are also located with the CMS-1490S form.

     

    If you live in:Return your form to:
    Connecticut, Delaware, District of Columbia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, VermontNoridian Healthcare Solutions P.O. Box 6780 Fargo, ND 58108-6780
    Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, WisconsinCGS Administrators, LLC P.O. Box 20013 Nashville, TN 37202
    Alabama, Arkansas, Colorado, Florida, Georgia, Louisiana, Mississippi, New Mexico, North Carolina, Oklahoma, Puerto Rico, South Carolina, Tennessee, Texas, U.S. Virgin Islands, Virginia, West VirginiaCGS Administrators, LLC P.O. Box 20010 Nashville, TN 37202-0010
    Alaska, American Samoa, Arizona, California, Guam, Hawaii, Idaho, Iowa, Kansas, Missouri, Montana, Nebraska, Nevada, North Dakota, Northern Mariana Islands, Oregon, South Dakota, Utah, Washington, WyomingNoridian Healthcare Solutions P.O. Box 6727 Fargo, ND 58108-6727
  • Trusted Products that Help you Live Independently

    “Getting old isn’t for wimps.” Aging is tough, Happy Elderly Coupleas my grandmother’s saying reminds us; though the AARP has said life expectancy for American men and women have increased by 16 and 19 years, respectively. If your indomitable seniors are bent on remaining independent, here are some handy items to help them feel confident and comfortable in their own homes.

    Grab Bars and Railings

    When you have difficulty getting up and down, the reassurance of having something to hold onto -- and give you that extra boost -- can make all the difference. Installing grab bars and railings on stairs, near doorways with a step, and in bathrooms allow for much easier navigation.

    Non-Slip Rugs and Surfaces

    Falling in the home is a scary thing. Instead of carpets and mats that catch at feet and shoes, install items that are flat to the ground and stick to the surface. Replace that kitchen rug or old bath mat with one that’s safer.

    Shower Seats and Raised Toilet Seats

    Not everyone can stand for the duration of their shower. By placing a seat or stool in the unit, seniors can retain the ability to bathe themselves -- an incredibly important point, psychologically, as well as from a caregiver perspective. Raised toilet seats (with and without grab bars) serve a similar function: empowering people to continue living in their space.

    Elderly Couple Using WheelchairDiscreet Sanitary Products

    Incontinence is a fairly common, though embarrassing, condition in older individuals. By having products that are simple, effective, and quiet are a conscientious way to aid seniors. Providing special briefs, disposable underwear, and bed mats are quiet, but very real ways to help.

    Mobility Aids

    Getting around got the elders down? Walkers, canes, wheelchairs and scooters in a huge variety of styles and types are available based on the needs and lifestyle of the individual in question.

    Heating Pads

    Sometimes, we all get aches. By simply applying heat to sore joints and muscles, we can help to ease stiffness and pain. A good-quality heating pad makes a difference!

    Reachers and StoolsElderly Reacher Tool

    Having items just out of reach is frustrating for all of us. When we can no longer bend over, climb under, and clamber on things to get to them, the aid of a grabber or a stool can be instrumental in keeping your senior in their home.

    Dressing/Grooming Aids

    Elastic shoestrings, shoe horns, button aids and zipper pulls, sock and stocking aids, and long-handled brushes and combs: small, but mighty items to have around the house of your independent senior. Instead of resorting to slippers and sweatpants (unacceptable to many), products such as these can help them to feel -- and look -- like themselves.

    Exercise Equipment

    If getting out to the gym is a struggle, or even if it is simply easier to work out around the house, staying fit is an important part of aging in place. Peddlers, arm pulleys, stretch bands, and even resistive exercise putty can help seniors stay in shape. Instead of feeling trapped, having such equipment available for seniors who are accustomed to being active can help them to feel productive and healthy. Those who are looking to improve their fitness are able to do so from their homes, instead of travelling to exercise facilities. Being healthier longer means longer living in their homes.

    Elderly People Using Proper UtensilsUtensils

    Simple, but effective. Joint conditions like arthritis and nervous conditions like Parkinson’s can make acts that seem effortless to most of us into ordeals. Thicker utensils with a gripper coating, or a cup with a top and a handle can take mealtime from embarrassing back to easy.

    According to the US Census Bureau, 86% of seniors would prefer to age in place. With a bit of extra assistance from some small adjustments, we can help them achieve that dream. Sometimes, it’s the little things that make the biggest difference!

    Sources:

    http://www.parentgiving.com/shop/daily-living-aids-89/c/#buyer_guide

    http://www.parentgiving.com/elder-care/gadgets-tools-to-help-your-parents-age-in-place/

    http://www.seniorresource.com/ageinpl.htm

    http://www.theseniorlist.com/2014/10/home-adjustments-for-independent-living/

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