Innovative Building and Remodeling Solutions
for Independent Living

The U.S. Senate Special Committee on Aging held a hearing last week titled “Aging in Place: The National Broadband Plan and Bringing Health Care Technology Home.”

This hearing focused on:

• Benefits of remote patient monitoring;
• Need for more broadband;
• Special health care needs of the senior population and the obstacles presented by the Center for Medicare and Medicaid Services (“CMS”) when it comes to reimbursement of services related to telehealth and telemedicine.

Elements of e-Care include:

• Video consultation services make specialty services available to rural and other underserved areas, improving health care quality and reducing disparities while also increasing convenience for patients. Nearly 50 million people living in rural areas face challenges accessing needed health care today.

• Home monitoring can place daily metrics of patients’ health—weight, blood pressure and other vital measures—in patients’ and providers’ hands, improving chronic care management and patient engagement. Early detection of problems made possible with real time information, but not imaginable through office visits at six-month intervals, can help avoid unneeded hospitalizations for patients with heart failure and other chronic conditions.

• Secure sharing and remote reading of patient information such as radiographic images on high speed channels can improve care coordination and reduce the risk of medical errors.

The panel offered a preview of the government’s future role in health care, showing how seniors could interact with health care providers using the latest technology. Outcomes from the hearing include the creation of a position within the Office of the National Coordinator to advance the proliferation of e-Care technologies to address America’s problems with high-cost and inefficient health care delivery.

There was pressure on Don Berwick, the nominee for CMS Administrator, to examine e-Care as a top priority during his nomination proceedings that are set to begin on May 5.

The hearing also focused on how our senior population lacks access to available modern technologies that would help them age in place.  During the hearing, three senators discussed how CMS is an obstacle to modern health care technologies and is fundamentally flawed.

There were also multiple references by the senators and witnesses on broadband and wireless technologies and how they enable the delivery of care to both rural and urban populations.

We’ll continue to keep you posted on any of the latest developments!

Are you following us on Twitter? — Home Evolutions will give you real-time updates when our latest blogs are posted, as well as timely information on Aging-in-Place news from around the country.

Naturally our blog is dedicated to encouraging seniors and people with disabilities to age-in-place. But one consequence of such encouragement is the resulting question of how people can finance their decision to age-in-place once it is made.

That is why we here at Home Evolutions also like taking opportunities to provide our readers with financing information so that they can afford to continue living comfortably, safely, and independently at home.

So whom can people age 60+ (who have already cashed in their retirement funds or are about to do so) turn to for retirement help? Well, there has been a growing trend of increased education for financial advisors to help people in retirement. But a recent article warns that seniors should be careful about several of the financial specialty designations that are currently out there.

One option is to consult with a Certified Retirement Financial Advisor (CRFA). A CRFA is a financial professional who has completed a program of study designed on the unique financial challenges faced by retirees. These programs are designed for experienced financial professionals who learn creative solutions to these important challenges. Upon course completion, graduates pass a closed book exam and are required to sign a pledge to abide by the Society of Certified Retirement Financial Advisors Code of Ethics. This Code embodies five fundamental principles of ethical conduct which assure seniors of honest and competent service.

Thus seniors can be assured to receive reliable retirement help from CRFA designated financial professionals because they must have at least two years experience in financial services. Different graduates from the certification program can also each have a different focus of expertise. For example, while one may be a specialist in health insurance coverage for retirees, another may be a specialist in retirement financial asset management.

CRFAs maintain specialized retiree-specific financial knowledge which covers every aspect of financial concerns to someone in their retirement years including:

• Avoiding tax on social security income.
• Liquidating assets for the lowest or zero capital gains tax.
• Utilizing section 72 rules for early retirees who need to tap their retirement funds before age 59 ½.
• IRS exchanges for tax deferrals.
• Minimizing taxes on IRA distributions and Roth IRA conversions.
• Building retiree portfolios for greater secure income.
• Creating low-risk equity portfolios.
• Training in estate planning and asset protection.
• Long-term care planning and related tax issues.
• Trusts, advance directives, and integration of retirement and estate plans.
• Beneficiary selection for retirement accounts and other assets.

Another legitimate designation is Chartered Advisor for Senior Living (CASL), but this certification does not require as many retiree-specific courses.

The article also warns to be cautious of any other designations held by a financial advisor who contends that the designation has prepared him or her to give appropriate financial advice for people in retirement. This is because there are several designations that have no substance and they are simply programs designed to make a financial sales person look like a professional.

Here are some simple questions you should ask a retirement planner (If the professional cannot answer them easily, then move on):

• How can IRS section 1031 help me (it helps people divest real estate without current taxation).
• What is the lowest possible rate on capital gains that I could possibly qualify for (0% starting in 2008)?
• Can anyone convert their IRA to a Roth IRA (their modified adjusted gross income must be under $100,000 currently).
• If I want to leave my IRA to my three children, do I need to split it into three accounts (no—the children can split the IRA after your death into three accounts).
• Will a living trust help me save taxes (no—the benefit of a living trust that cannot be accomplished otherwise is the avoidance of probate and privacy).
• What’s the difference between an annuitant driven and owner driven annuity (all annuities are owner driven—if the owner dies, the owner’s beneficiary gets the proceeds).
• Can I lose money with an equity indexed annuity (yes—if you withdraw funds during the surrender period, the surrender charge could be larger than anything you have earned resulting in a loss)?
• Why shouldn’t I put my son’s name on my accounts as joint tenant so he inherits them directly if I die (you can be deemed to have given a gift which may have tax consequences and you have exposed jointly held assets to your son’s creditors).

Once you’ve consulted the right CRFA about financing your retirement future, be sure to then contact a CAPS certified remodeler like Home Evolutions for all of your aging-in-place needs.

Are you following us on Twitter? — Home Evolutions will give you real-time updates when our latest blogs are posted, as well as timely information on Aging-in-Place news from around the country.

The growing marketplace for technology to assist aging adults is attracting a steady stream of new vendors to a market that will exceed $20 billion by 2020, according to the newly updated 2010 report by Aging in Place Technology Watch. The emergence of caregiving as a concern to baby boomers is driving new entrants into the market, according to Laurie M. Orlov, founder of the market research firm.

“At a time when we are seeing so many business opportunities shrinking, this market is poised for steady growth,” said Orlov, in a press release. “With the slowdown in the housing market, growing elder caregiving responsibilities, and emerging technology awareness of service providers means that more people will look for solutions that help older family members. This is a catalyst for innovation and opportunity for both new entrepreneurs and new business opportunities for existing companies.”

The industry projections from Aging in Place Technology Watch are part of the updated market overview report, “2010 Technology Market Overview.” The document updates which technologies matter to inform caregiving and enable aging in place, including categories for communication and engagement, safety and security, health and wellness, and learning and contribution. The report also explains how these tighten the connections between families, caregivers, service providers, and care recipients. Check it out and let us know what you think.

Orlov is the leading industry analyst describing the trends and technologies in the aging in place market at http://www.ageinplacetech.com. Headquartered in Port St. Lucie, Florida, Aging in Place Technology Watch provides thought leadership, analysis and guidance about technologies and related services that enable boomers and seniors to remain longer in their home of choice.

She spent more than 30 years in the technology industry, including 24 years in IT and nine years as a leading industry analyst at Forrester Research. Laurie is a recognized expert advisor to organizations like AARP and her blog is widely referenced and re-published. She regularly speaks at conferences like Aging in America, Connected Health, and the UCLA Conference on Aging.

Are you following us on Twitter? — Home Evolutions will give you real-time updates when our latest blogs are posted, as well as timely information on Aging-in-Place news from around the country.

We are pleased to announce the release of the spring edition of The Forever Home, our quarterly e-newsletter that provides insightful information, valuable advice, and helpful tips about aging-in-place.

Spring is here and as the flowers bloom and the days grow brighter and warmer while buzzing with renewed life, it is a great time to think about renewing your home with modifications and renewing yourself with the possibilities of aging-in-place comfortably, safely, and independently.

With all of this on our minds, we here at Home Evolutions are excited to summarize what interesting articles you will find in this newest edition of The Forever Home—including information about financing, universal design, and of course, about what’s new and exciting in aging-in-place and home modification options.

In this newest issue, you can first read about various programs that may help fund aging-in-place home modifications. A recent article by Lisa Ann Fagan and Cheri Cabrera for the National Association of Home Builders (NAHB) offers some advice and financial ideas while discussing the following funding possibilities:  insurance coverage of home modifications; federal programs administered at the state or local level; state assistive technology projects; health promotion / fall and injury prevention grants; foundations and organizations; and tax deductions.

The second article discusses a new AARP study revealing that nine out of ten people prefer to age-in-place. These latest research findings come from a recent study conducted by AARP members in New York. AARP commissioned these surveys to examine the opinions of members regarding issues of neighborhood safety, community services, affordable housing, home modification, and transportation. The findings note that seniors who are 55 and older are less likely to move and buy/build new homes and more likely to age-in-place because most of them feel satisfied with their homes and the communities in which they live.

The next article covers another survey conducted by MetLife showing that aging-in-place is an affordable future option for baby boomers. This piece discusses author, Tom Kelly’s description of how rising long-term care costs are fueling the demand for aging-in-place home modifications. The article also describes the MetLife study’s findings that the cost of living in general is still increasing in its traditional manner despite the economic recession. For retirees and seniors who are realizing the reality and limitations of a fixed income, aging-in-place may not only be the best personal choice in one’s golden years, but it may be the most economically sound option as well. The economic and aesthetic benefits of universal design options are also considered.

Our final piece showcases the newest high-tech devices and products that allow caregivers to check on aging family members. The article describes products that were introduced to the commercial market during a recent National Council on Aging and the American Society on Aging conference. One highlight is a new wireless, home monitoring system called “BeClose” that was announced. According to the piece, this new technology will effectively connect caregivers with those who receive care. The BeClose system utilizes unobtrusive, wireless sensors that are placed throughout the home, which then transmit information to a website where caregivers can log in to monitor the daily activities of their loved ones.

We hope that you enjoy reading this issue as much as we enjoyed putting it together for you! As always, please feel free to forward our newsletter to your friends and families. We also invite you to email us at hburns@homeevolutions.com with your comments, suggestions, and any story ideas that would help The Forever Home address your interests and better meet your specific needs.