*Franklin cover, 2009 

Does this list of resolutions look familiar?  Similar to changes you said you’d make in 2009 or 2008 or 2000?

So what can you do differently to reach your goals in 2010?

It’s all about commitment.  Over 30% of the people surveyed said “lack of commitment” is the major reason they won’t stick to their resolution.

So, first thing to do is begin to think about goals you want to reach, not resolutions you’ll try to keep.  Then really get committed to reaching your goals.

Personal finance expert Jean Chatzky said, “While the survey’s respondents want to improve financially, the biggest detriment to people saving is their lack of commitment.  Like losing weight or developing any healthy habit, the key to financial success is a regular schedule and plan.”

Here are three tips to help you stick to your goals in 2010:

1.  Write it down.  Thinking about it, imaging it, guesstimating helps build momentum but it probably won’t get you doing what you need to do to change habits.  Whether it is saving more, spending less, losing weight – write down the goal – where you are at now and how you are going to get there.  If you haven’t done a budget or financial plan, or if you’re close to retirement and haven’t done a retirement plan, get started.  There are lots of free resources on the Internet (http://www.choosetosave.org, ballpark estimator plus the site has lots of calculators to help you plan or http://www.mint.com ).

2.  Don’t overload your goals. The enthusiasm of change can rapidly dissipate if you are trying to do too many things at once.  Changing habits is hard work – especially if you are older with more years of experience behind you…so if money is the most important issue on your list, start with that – and pick up other goals a couple months into the new year after you’ve got yourself into a new financial habit.

3. Find a “change buddy.”  Share your success.  Share your pain and frustration.  Find someone who is also trying to change so you don’t feel alone and give up.  Online, offline – whatever works for you.  There are some communities that will launch online challenges and then provide the camaraderie and feedback to keep going. (AARP’s Magazine is starting an online Clutter challenge on Jan. 1)

4.  Be Realistic and optimistic.  Reach for new heights, but don’t set the bar so high you set yourself up to fail.  So if you have a big goal, break it down into manageable bites and celebrate your success along the way! 

Share your resolution success stories.  What’s your goal for 2010?

All of us at Longevity Alliance wish you a happy and properous new year!

If you’ve been procrastinating about switching your Medicare Part D prescription drug coverage, your time is almost up.  The last day to switch Medicare Part D plans is Dec. 31, 2009 for plans effective for 2010 – but really, don’t wait until the last minute.

Need some help?  Go online – whether you are checking for yourself or helping an older family member or friend, the Internet can help you zero in on the right plan.

At Longevity Alliance we find that people often come to us with their selections narrowed down for a Part D plan. Then our advisers help them with is walking through the pros and cons, selecting and signing up for another plan if switching is the right option.

You can find helpful information at http://www.medicare.gov and http://www.mymedicarematters.org.

If you are seeking help for someone eligible for low-income assistance, try the the National SHIP Resource Center website which can connect you with local face-to-face resources (click on Find a Counselor).

 If you are currently in a Medicare plan and decide to switch plans, you do NOT need to cancel that plan. When you join the new Medicare plan, your coverage will switch automatically. The new plan will cover you starting on January 1.

Doughnut Hole and Health Care Reform

If you are wondering about the status of the Part D doughnut hole in the health care reform bill, here’s an article from the Washington Post that does a nice job laying out the differences between the bills and the potential impact on Medicare beneficiaries.

When it comes to financial and retirement planning, it’s tempting this time of year to look back with a bit of “woulda, coulda, shoulda” .  But really, who could have anticipated the depth of the recession, job loss and stock market crumble. 

So rather than beating yourself up about what you didn’t do, focus on what you can do to make sure that you can weather the financial bumps a bit better and the financial road ahead is a bit smoother. 

New Year’s resolutions often include promises to change our financial lives.  Research from Fidelity Investments found that this year is no exception.  In fact, thanks to the economy more of us are resolving to change our financial ways.

For the coming year, 43 percent of individuals surveyed said they are more likely to consider financial resolutions, a potential jump of 23 percent. This number increases to 55 percent among those ages 35 to 44, who often are managing multiple financial goals such as saving for retirement and a child’s education and paying down mortgages.

So where do you start? Here are four tips for your financial New Year’s resolutions

 1. A return to basics.  Spend less, save more.

Saving more and spending less was the overwhelming mantra for most Americans when listing the top three financial resolutions they are considering. More than half (51 percent) said that saving more money was their primary focus, followed by spending less money (30 percent) and making or sticking to a budget (14 percent).

2. Have a plan and a goal.

Making tip #1 work requires having a plan in place to reach your goals and you modify the plan and goals when necessary. Whether you scratch it out on a notepad, use technology to build a detailed plan or use a professional advisor to help you, this is the step that gives you the biggest chance of successfully reaching your goal.  Otherwise a year from now you’ll find yourself back in the “woulda, coulda, shoulda” mode of thinking.  

There are lots of free planning tools available. Here’s an article from Kiplinger’s personal Finance reviewing three financial planning tools.  Other sites include. http://www.mymoney.gov,  http://www.mint.com, http://www.fidelity.com, http://www.vanguard.com or your 401(k) plan probably has free tools available to get you started.

If you are not yet retired, make sure you go to the Social Security website and calculate your benefits. It can be eye-opening! You’ll find an easy to use tool that helps you see the difference in your benefits depending upon how old you are when you retire.

3.  Rethinking credit.

Boy, if there is one lesson learned in the past year, it is how many of us treated credit like we never had to pay it back.  Many used it to fund a lifestyle rather than special purchases.  It’s true that the behavior was not only encouraged but enabled by many lending institutions- from banks to credit card companies to mortgage lenders.  Hopefully, lesson learned.

So, going forward, if credit is your “achilles heel” some good news is that you’ll find fewer “enablers” as the credit card issuers and banks tighten their credit terms.  And employing tip #1 and #2 can you get you on the path to rethinking the right way to use credit in achieving your goals.

This is also a great time to help young adults understand how to use credit wisely. Here’s a resource from Charles Schwab about talking to kids about money.

4.  Managing big risks

As you go through the planning process, you’ll want to consider how to handle the risks that may just be too big to finance on your own.  That’s usually where insurance comes in.

*Do you have the right amount of life insurance for your stage of life?

*Do you have a plan for covering the potential costs of long-term care and, if appropriate, do you have long-term care insurance?

*Do you have the right health insurance coverage?  And if you are a Medicare beneficiary, do you have a Medicare Advantage plan, or Medicare Supplement Plan and Part D Prescription drug plan?  If you have retiree health care coverage, have you thought about potential cost increases if your employer drops or changes coverage?

*For those who are working, do you have some level of disability coverage that can provide income if you are disabled?

*Is your home and auto insurance reflective of current conditions and have you comparison shopped it recently to make sure that your getting the right coverage at the right price?

Keeping your resolution

Although nearly one-third (30 percent) of Americans surveyed by Fidelity said it was harder to keep a financial resolution over other popular resolutions, 60 percent said they had stuck with their past financial resolutions versus 51 percent who kept non-financial resolutions.

Of the 31 percent who broke their financial resolution in past years, the average length of time they managed to stay with their resolution was a little more than three months (3.2 months).

But the vast majority (88 percent) of those considering a financial resolution said they believe the economic events of the past year will give them impetus to stick with them in 2010.

What are you going to do to make your financial resolution stick this year?

The health care reform bill moved closer to passage in the Senate over the weekend.  While the city was shut-down by an historic snowfall, the Senators kept working through their compromises to reach the magic 60 votes needed to move the bill forward. 

There are still a number of procedural votes to go before it is expected to be completed on Thursday.  Here are two provisions that could impact many Medicare beneficiaries:

*Both the House and Senate have committed to closing the so-called “doughnut hole” in Medicare Part D.  The “doughnut hole” in the Medicare Part D prescription benefit is the gap in coverage under which enrollees have to pay the full price for drugs between the cost of $2,700 and $6,154 per year.  The provision is expected to be resolved in a House-Senate conference with full phase out of the doughnut hole by 2019. 

*Medicare Advantage participants in southern-Florida could be spared premium increases, but others are sure to see increases in the future if the Medicare Advantage cuts of $120 billion over 10 years go through. 

Here’s an article from the Miami Herald about Medicare Advantage rates in Florida.

If you are interested in tracking the details of the health care reform bill, try following the news at independent Kaiser Health News. 

If you’re still thinking about switching Medicare part D plans for 2010 or Medicare Advantage plans with drug coverage, remember the deadline is Dec. 31.  But don’t wait until the last day. ..Longevity Alliance highly recommends that you shop and compare now and if you are going to swtich get the paperwork done now so that you have a smooth transition to the new Medicare plan in 2010.

Read our other posts on switching Medicare Part D and medicare Advantage plans:

Medicare Part D Costs in 2010

3 Medicare Excuses that Can Cost You Money

Medicare Open Enrollment:  Now is the Time

There was welcome news earlier this week of a Medicare fraud crackdown, with the arrest of 26 suspects in three states accused of Medicare fraud totaling $61 million.  

Arrests were made in Brooklyn, Detroit and Miami.  The schemes ranged from extra charges for home health care to bogus patients and billing for medical equipment and physical therapy. Here’s an article on Medicare fraud.

With the skyrocketing costs of health care, it is a good reminder to look closely at the statements you receive for bills paid by Medicare.  While sometimes it may just be a simple billing error, it could also be signs of fraud. The payment notice shows what Medicare was billed for, what Medicare paid and what you owe.

Some examples of Medicare fraud include:

       Billing Medicare or another insurer for services or items you never got.

       Billing Medicare for services or equipment which are different from what you got.

       Use of another person’s Medicare card to get medical care, supplies, or equipment.

       Billing Medicare for home medical equipment after it has been returned.

The following is a list of tips from Medicare to prevent fraud:

1.Don’t ever give out your Medicare Health Insurance Claim Number (on your Medicare card) except to your physician or other Medicare provider.

2.  Don’t allow anyone, except appropriate medical professionals, to review your medical records or recommend services.

3.  Don’t contact your physician to request a service that you do not need.

4.  Do be careful in accepting Medicare services that are represented as being free.

5.  Do be cautious when you are offered free testing or screening in exchange for your Medicare card number.

6.  Do be cautious of any provider who maintains they have been endorsed by the Federal government or by Medicare.

7.  Do avoid a provider of health care items or services who tells you that the item or service is not usually covered, but they know how to bill Medicare to get it paid.

If you are unsure of an item listed on your Medicare bill, call your physician or the provider of the service.  if you cannot call them, you should call or write the Medicare company that paid the claim. The name, address, and telephone number are on the Medicare Summary Notice (MSN) you receive, which shows what Medicare paid.

For more information about Medicare Fraud and what you can do to if you suspect fraud go to this Medicare site.

Whether you have Medicare Advantage or Original Medicare and a Medicare Supplement plan and Medicare Part D, your premium costs reflect the cost of fraud.  So Medicare beneficiaries play an important role in helping stop Medicare fraud.

Do you know what your Medicare Part D Prescription Drug or Medicare Advantage plan will cost in 2010?

If you are not sure, find out now while there is still time to switch. The deadline is Dec. 31, but it is highly recommended that if you are going to switch you do it this week so the transition to the new plan in 2010 will be as smooth as possible.

Read this article for more information about selecting Medicare Part D plans.

By now you should have received notice from your Part D or Medicare Advantage Plan about any changes in your plan for 2010. 

If you have not, call your insurance company today and find out about any changes and what you’ll pay in 2010 for your Part D or Medicare Advantage plan.  Remember, once 2010 begins you can’t change plans (except for a few exceptions such as relocating).  You won’t have another chance to switch until next fall for coverage in 2011.

At a time when we are all trying to find ways to trim our budget, revisiting your Part D coverage can be an easy way to save money –maybe even hundreds of dollars per year.

On TV, Medicare Part D ads are promoting potential savings in the hundreds of dollars.  How can that happen?  Here are two reasons for higher costs in 2010:

First, the monthly premium may have gone up.  An increase of $10 or $20 per month adds up.  But it doesn’t mean that you can find a plan at your current rate.  Companies have increased rates, dropped plans and consolidated plans leaving consumers with different choices than just a year ago.

Second, the formulary may be changing in 2010.  The formulary is the list of drugs covered by the plan and how much the plan covers and your co-pay.  The drugs are usually listed by tiers and a shift of a drug you are taking from one tier to another can increase the total cost of your prescription drugs.

 Read the article here from US News about Part D plan Tiers.

 A quick way to compare plans is to go to the Medicare website Medicare Prescription Drug Comparison tool.  Have a list of your prescriptions, the dosage and frequency.  You’ll be able to quickly see the different plans and how much you would pay with the current prescriptions.  Of course, if the drugs change over the year, your costs will change too.  But that’s hard to predict.

So, take the time to run a comparison.  It’s the only way you can know for sure. Or have an insurance agent who represents a number of companies do a comparison for you.  Then, take into consideration anything you know about the quality of service the company provides.

Then if switching makes sense, call an insurance broker who specializes in Medicare health plans and the plans you are interested in. They can check the plan data you received from the Medicare site and offer you any additional guidance that can help you select the right plan.

Time is running out to make changes in your Medicare prescription drug plan.  So don’t put it off.  Find out if the plan you have is still the right plan for you or if there is a more cost effective plan available.

When it’s time to hang up the keys, what do you say to an older driver?

If you are an older driver, how do you prepare for the time when being behind the wheel no longer seems the right way to get from place-to-place?

Like many aging issues, including money and long-term care, the discussion about the need to stop driving is not an easy one.  Beyond the practical issues of how you get where you need to go, there are the psychological issues of giving up some of your independence.  And just think of how many times a story begins… when I was driving my (name favorite car); or, we all piled into the (name favorite car) for the trip of our life. 

It’s part of the American love affair with the automobile. and no wonder it is so hard to give up.

During holiday gatherings there is often heightened awareness of this issue as we see, for the first time, some diminished ability of an older loved one to drive safely.  Sometimes, it’s just making slight changes in driving behaviors. Other times it’s finding a way to have the discussion about moving from driver to passengerto avert a serious accident.

The good news is that there are lots of resources available to help you or your loved one make the transition from driver to passenger.  And the more pre-planning you do, the easier the transition can be.

Whether for yourself or an older driver, here are resources that can help you plan for the day when you won’t be driving to helping an older driver make the transition from driver to passenger.

          How to Help an Older Driver AAA Foundation

          Hartford resources:  Family Conversations with Older Drivers and Driving and Dementia

         National Highway Traffic Safety Administration- Older Driver Information and Articles

And here are some tips for making the transition from driver to passenger for those with dementia. 

The Hartford, MIT AgeLab and Boston University

One couple I spoke with recently talked about putting the cash from the sale of their car and the amount they would have paid for auto insurance into a “transportation account.”  They tapped those funds for transportation services and cabs to get where they needed to go, allowing them to retain a sense of independence and less reliance on family and friends.

Others include transportation service as a key part of their requirements for relocating,  knowing that easy access to a bus or van service can keep them mobile.

Do you have a story to share or a tip that’s worked in helping an older driver make the transition?

Key Toppers

Holiday gift giving can be challenging when it comes to figuring out just the right gift to give an older person.

Gifts for grandma or great-grandma, gifts for grandpa or great-grandpa, gifts for a favorite aunt or uncle, or a neighbor you watch over. Finding a unique gift is hard.  

It’s especially hard if the individual has physical limitations or have downsized to smaller living space.  What can you find that promotes their independence, yet can be fun?  

You want something nice, thoughtful and easy to use – not something that seems old and medicinal?  Elegant but simple to use?  Technology made simple? The Internet comes to your rescue.

Here are some websites we’ve come across that can help spark ideas for a special gift this holiday season or a gift for a birthday.  Many of these sites have special discounts for the holiday season.

Gold Violin– this company specializes in products that promote independent living. The site is easy to navigate – by health condition, by room, by activity –and a special gift section.  From stocking stuffers to books to gadgets and nostalgia.  Beautiful pill boxes, covers for keys to help identify what they’re for, talking clocks and lots more.

FirstStreet – you’ve probably seen this company’s commercials for the Jitterbug telephone and TV Ears, but they have a lot more gadgets that might meet the needs of your elder.  The site says it’s for “boomers and beyond” – so gifts appropriate for the younger, older set as well.  If you’re looking for an easy to use computer, check out their Go Computer.

Elderluxe– More upscale products for baby boomers and seniors.  Like the digital grab bag that displays a photo slideshow for grandma! Need help?  They offer a concierge service by email to help you find the perfect gift.

Solutions – products that help make life a easier includes a special section of holiday gifts.  Not a senior specific site, it includes products for all ages.

 ReadHowYouWant– looking for a book for an avid reader with sight limitations?  Try ReadHowYouWant.  You can customize the print size on a wide selection of books to make them accessible—large print, Braille, Daisy digital audio files –bestsellers to classics.

Have you found a great source of gifts for older people?  Have some gift ideas that have worked particularly well?  At a time when we’re all trying to save a bit on our holiday gifts, have you found some unique gift sites that also offer special deals?

Share your favorite gift websites and gift ideas for older adults.

*Longevity Alliance does not have business relationships with any of these organizations.

One out of three adults is a caregiver.  Are you? 

If not today, chances are you will be in the future.  Or someone will become a caregiver providing care for you.  That is the reality of our aging society. 

A new study on caregiving is a somber reminder that while it may be rewarding to give back, caregiving has an emotional and financial impact on everyone involved.  It’s one of the reasons it is so important to have a plan for long-term care – who provides care, how it will be paid for, where it will be provided …and the list goes on.  But first…

 …here are the facts*:

 1.  The average caregiver is a 49 year old female.  The average age of the person being cared for is 69.

 2.  The top reasons for needing care are: old age, Alzheimer’s/confusion, cancer, mental/emotional illness, heart disease and stroke. 

3.  A majority of care is provided  for basic activities (activities of daily living) – getting in and out of beds and chairs, getting dressed, bathing showering, incontinence, and feeding.

 4.  Most caregivers also help with other tasks such as transportation, housework, grocery shopping, preparing meals, managing finances, taking medication and supervising paid services.

 5.  Caregiving lasts an average of 4.6 years.

 This is a task that few of us are prepared for and it almost always begins with a crisis.

So one of the best things that you can do for your family members is to think through how you want to when you can no longer care for yourself.

 Read our article on Five Truths about Long-term Care

 A well-documented plan with the right legal documents in place, funds identified for long-term care assistance –whether through long-term care insurance or your own savings, and a sense of where you want to receive care (at home, an assisted living facility you have identified etc.) goes a long way to helping your caregiver make the right decisions for you.

 This time of year calls to agencies on aging increase.  A visit home or a family holiday gathering can leave you suddenly aware of signs of aging and concern for safety.

So while you tackle the issues for your family member, do yourself and your family a favor, face up to the issues of longevity and get a long-term care plan in place.  

 Having your long-term care plan in place is a great gift.

Resources

*Caregiving in the U.S., the National Alliance for Caregiving, in collaboration with AARP and funded by the MetLife Foundations.  

Caregiver information from the US government

Long-term Care Insurance Information

National Alliance for Caregiving

Longevity Alliance

Enjoy your breakfast and coffee while reading the news projected onto the wall.

Health check up at home in front of the computer instead of the doctor’s office.

Long-term care delivered at home with the help of special monitors and robots.

Sound far off?  Not so.

A new study about baby boomers and technology gives us a glimpse into how technology will impact our life in the future, whether it is our health, our money, long-term care, or how we access news and engage with family and friends.

And, most baby boomers are not only okay with that, but embracing the changes that technology brings. 

One myth of aging exploded. 

Rather than technology dodgers, the author of the report (from AARP and Microsoft) Michael  Rogers sees baby boomers as ready to use technology to help create the lives they want. 

 Read an interview with Rogers here.

 Here’s how the report predicts we’ll be using technology in 2019:

 Digital Fitness – sensor equipped exercise clothing to keep track of our physical condition while we work out.

Chip Me, Doc – electronic health records will be commonplace while we use digital diagnostic devices to upload weight, blood pressure etc.

New News – forget the paper – we’ll red the news on mobile devices and sophisticated e-readers.

Goodbye to Tiny Screens – mobile phones with built-in projectors –push a button and see the image on the wall.

Social Networks– Social networks (like Facebook) will keep us connected to children, grandchildren in meaningful ways. Personal videoconferencing will be commonplace.

Employment, Boomer-style– forget the office, and stay connected through telepresence – full or part-time as retirement is redefined.

Parents- Boomers will lead the aging-in-place movement with their parents, using technology such as smart sensors in the home to provide updates that all is well.

Money to Go – Mobile devices will become both credit card and cash equivalent.

Video Game Fever– Motion sensing game consoles makes us video gamer regulars.  More sports following up on the popularity of Wii, but with real sports equipment.

 You can read the full report here.  

One thing about technology is how much we all like to share about how we are using technology to improve our lives and keep in contact with family and friends.  At Longevity Alliance, we hear it on the phones from our clients all the time –PDF not paper please!

Bet it’s hard to think of the last time you searched for a phone book or made a major purchase without doing some upfront research online.

And Facebook has reopened friendships long thought lost and strengthened family connections – especially among the younger and older generations.

What do you think?  How has technology improved your life?  What about the future?