In our latest #AskTheExpert video, our spokesperson Heidi Foglesong sits down with S4 Real Estate Group founder Kevin Craig.
Kevin sheds light on what makes S4 Real Estate different from other real estate companies and how seniors stand to benefit by making use of their services when it comes to selling the family home to pay for retirement.
If you require any advice, guidance, or a trusted local referral, get in touch with us at Senior Resource Connectors.
Watch as Jennifer Pitt, Certified Fraud Examiner from Voice Against Fraud, explains the difference between identity theft, financial exploitation, and scams, as well as what you can do to avoid becoming a victim. Jennifer has close to two decades’ experience in helping seniors who have fallen victim to identity theft and various forms of financial fraud. Remember that if you need help with a trusted referral, advice or guidance, we’re here to help at NO COST to your family.
Life insurance can leave a lot of people scratching their heads in confusion. There is a lot of jargon to decipher, and the insurance industry has seen its fair share of scandal and fraud, leaving many people skeptical about its effectiveness and relevance in today’s world. This article sheds some light on some of the most pressing questions about insurance for seniors who reside in Arizona.
Whole life insurance can provide lifelong coverage and long-term peace of mind because the death benefit will payout regardless of when you die, as long as you pay the premiums. Like other permanent policies, whole life builds cash value by investing a portion of your premiums into a savings account. You can then withdraw the cash or take out a loan against the value. However, it can take time for the cash value in life insurance to build — sometimes a decade or more.
This type of life insurance is typically more expensive than term products, especially if you purchase a policy later in life. This is because your health can decline as you age, and your life expectancy is shorter, which means the insurer might have to pay out the policy sooner.
Guaranteed universal whole life insurance is a blend of term and permanent life insurance. Guaranteed universal, sometimes called “term for life,” is similar to term coverage in that the policies expire after a certain amount of time. However, instead of choosing several years to cover, you select an age at which the policy will expire, such as 90, 110, or 121.
Guaranteed universal life has lower monthly premiums than whole life, but it typically offers a small cash value while providing high coverage amounts. Guaranteed universal policies usually require you to pass a medical exam to qualify, and coverage is not always assured. The word “guaranteed” refers to a guaranteed death benefit permitted you pay your premiums.
This figure can vary significantly as it is dependent on a couple of factors. Finding affordable life insurance for seniors is not always easy, as the cost of coverage typically increases as you age. But affordable options may be available, especially if you’re in good health. Here’s the average cost of life insurance for older adults, including seniors over 80, noted by gender:
If you’re debt-free and have healthy savings or funds set aside for final expenses, you might not need life insurance coverage. Although it’s always best to double-check with a professional if you’re unsure. A life insurance policy might make sense if you:
It may be challenging to say. Rather chat to a professional financial advisor to determine whether these accounts or savings will serve the needs of those you leave behind after your passing or whether your loved ones will still feel the pinch in your absence.
If your death would financially harm no one in your life, you can likely put off investing in a life insurance policy. For now, you may find that saving and investing your money in other assets — stocks, bonds, your retirement funds, or real estate, perhaps — is a better move.
As part of our trusted coalition here at Senior Resource Connectors, they will be able to guide you on the next best steps for your new journey. Alternatively, get in touch with our clinical concierge at no cost to you for the best referral within our trusted network of companies.
Retiring can be a wonderful yet confusing time. Making sure you have your finances organized before taking this big step will alleviate undue stress, allowing you to take advantage of the time you have been looking forward to having. Let us take the guesswork out of what you will need to establish before taking this leap towards your future, with a 4-step retirement financial planning checklist to guide you.
Knowing where your retirement financing comes from will allow you to establish how much income will come from each source and how long it will provide what you need. Your retirement savings and income sources can come from:
For assistance in determining what sources of income you can expect to receive, contact us. Our clinical concierge will direct you to the most appropriate financial specialists for your needs.
Knowing how much tax you need to spend on your retirement income is imperative in establishing if you have saved enough for your financial retirement. Sources of income may be taxed differently, and therefore you will need to scrutinize the tax payable for each income source to navigate your retirement financial planning.
The trusted website for retiree finances, Kiplinger, has a great Arizona state tax guide for seniors. To access this, click here.
The income a senior will need to have saved to retire largely depends on what expenses they carry. Living costs differ from person to person, but they can include things such as:
Estimating your expenses is an integral step to ensure you have enough saved for retirement and if you need to make any adjustments to your retirement financial planning.
Once you have followed the above 3 steps on the checklist, setting this date should be a lot less daunting. These are some aspects to take into consideration:
If you have a close connection with colleagues and still enjoy working, you may want to cut back on your hours or work part-time instead of retiring. Working part-time will give you spare time in your day, allowing you to earn an income and retain your network of friends into your retirement.
Create a cohesive plan with your partner. For example, perhaps they want to continue working, which means that you can assist with domestic responsibilities until they decide to retire, or you may want to keep working until your partner retires so that you can do activities together. You will both need to assess your expectations and personal goals.
This is a personal list of goals or dreams you have. Everyone has different things they would like to do when they retire. While one person would like to play golf for hours on end, another may want to tackle that novel they have always wanted to write or donate all their time to a charity close to their heart. Whatever your wish list is, having a clear plan for your retirement will help to guide you in selecting the retirement date.
Although retiring can seem daunting, if you set time aside to plan your financial retirement plan, you can build a secure course of action that allows you to do the things you love while mitigating financial stress.
We suggest starting your financial retirement planning well in advance, as examining your financial income sources will give you time to adjust your plans if necessary.
This post was inspired by Aging in Place’s “Retirement Financial Planning Checklist.” To read the original, please click here.
If you or a loved one you know is nearing retirement, you may find yourself wondering more frequently about Medicare. In this blog article, we break down the three most important things every retiree needs to take note of with regards to Medicare – BEFORE making a final decision.
Generally speaking, Medicare is available for people age 65 or older, younger people with disabilities, and people with permanent kidney failure requiring dialysis or a transplant.
Remember that Medicare has two parts, Part A (Hospital Insurance) and Part B (Medicare Insurance).
Retirees are eligible for premium-free Part A if they are age 65 or older and you or your spouse worked and paid Medicare taxes for a minimum of 10 years. You can get Part A at age 65 without having to pay premiums permitted you adhere to the following criteria:
In short, yes. If you are under age 65 and you opted for early retirement, you can get Part A (Hospital Insurance) without having to pay premiums if:
It’s important to note that while most people do not have to pay a premium for Part A, everyone must pay for Part B (Medicare Insurance) if they want it. This monthly premium is deducted from your Social Security, Railroad Retirement, or Civil Service Retirement check. If you do not get any of these payments, Medicare sends you a bill for your Part B premium every 3 months.
Mostly. Since January 1, 2006, everyone with Medicare, regardless of income, health status, or prescription drug usage has had access to prescription drug coverage.
Most Medicare drug plans (Medicare drug plans and Medicare Advantage Plans with prescription drug coverage) have their own list of what drugs are covered, called a formulary. Plans include both brand-name prescription drugs and generic drug coverage. The formulary includes at least 2 drugs in the most commonly prescribed categories and classes.
The formulary might not include your specific drug. However, in most cases, a similar drug should be available. If you or your prescriber (your doctor or other health care provider who’s legally allowed to write prescriptions) believes none of the drugs on your plan’s formulary will work for your condition, you can ask for an exception.
It is also worth noting that your plan may raise the copayment or coinsurance you pay for a particular drug when the manufacturer raises their price, or when a plan starts to offer a generic form of a drug, but you keep taking the brand name drug.
If you would like to explore more about Medicare and senior insurance, you can reach out to Innovative Broker Partners. As part of our trusted coalition here at Senior Resource Connectors, they will be able to guide you on the next best steps for your new journey. Alternatively, get in touch with our clinical concierge at no cost to you for the best referral within our trusted network of companies.
Our mission at Senior Resource Connectors is to provide Arizona seniors and their loved ones easy access to the most trusted and highly professional resources for care as they encounter the many physical and emotional challenges that come with aging today.
In today’s digital age, staying safe while using your computer and tech products is essential. Whether you’re using a desktop PC, laptop, tablet, smartphone, or smart TV, using them with care is crucial to ensure a positive and secure experience. In this blog post, we’ll explore some key considerations for seniors regarding technology use.
The world of technology offers many opportunities, from online banking and social media to healthcare management and shopping. However, understanding and keeping up with these advancements can be challenging, especially as technology evolves rapidly. Fortunately, there’s help available to simplify this complex world.
Don’t hesitate to seek assistance if you are unsure about any tech-related topic or encounter issues. Make a list of questions or problems you’re facing, and reach out to reliable resources like AZ Senior Support for guidance.
One of the most critical aspects of using technology is safeguarding your data. Over time, your computer accumulates valuable information, including photos, documents, medical records, etc. Losing this data due to a computer failure or a cyberattack can be devastating.
Discussing data backup options is crucial to prevent such unpleasant experiences. Professionals can help you set up secure methods to protect your precious digital assets.
Unfortunately, scammers often target seniors, taking advantage of trust and goodwill. They use various tactics, such as posing as Medicare representatives or tech support agents from well-known companies like Microsoft.
To stay safe, remember this golden rule: Only communicate with people you know in person and trust via phone calls, texting, or email. Be cautious when dealing with unfamiliar voices on the other end of the line. If you suspect a scam, hang up, delete suspicious messages, or ignore emails. When in doubt, find the official contact information from your trusted sources rather than relying on internet searches.
Even if you consider yourself tech-savvy, there may come a time when you encounter insurmountable issues. Remember that there’s always a solution, whether it’s a simple problem or a complex technical challenge.
AZ Senior Support offers fast and effective diagnosis and solutions to all your tech-related woes, ensuring you can confidently navigate the digital landscape.
For additional support and information, be sure to visit AZ Senior Support’s website. They offer a helpful list of online resources to further enhance your technology skills and knowledge.
In conclusion, technology can greatly enrich our lives, but it’s essential to approach it cautiously and seek assistance when needed. With the right guidance and resources, you can enjoy the benefits of technology while staying safe and happy.
The story below details an account of financial elder abuse prevention and how our coalition came together to help seniors in need.
In a heartwarming tale of justice and support, a story recently emerged about a 78-year-old individual who faced an unsettling situation with her life savings. With her sibling, 83, as her only beneficiary, she sought financial advice from an insurance “advisor” who proposed an annuity that tied up a substantial portion of her nearly one million dollars in life savings for a totally inappropriate period of 17 years. As if that wasn’t enough, the surrender charge started at a staggering 20%.
Thankfully, the story took a turn for the better when Pelleton Capital Management, one of our valued coalition members, stepped in to make a difference. The dedicated team at Pelleton Capital Management took it upon themselves to fight for the rights of these elderly siblings. They crafted letters on their behalf, addressing and sending them via certified mail to the President of the insurance company, the AZ Attorney General, and the AZ Insurance Commissioner, shedding light on this unethical and abusive situation for these aging seniors.
Their efforts did not go unnoticed, as the insurance company responded by doing the right thing. They sent a check for the full amount, symbolically acknowledging the error and ensuring justice prevailed. It was a moment of triumph, demonstrating that good things do happen to good people.
This heartening tale of financial elder abuse prevention also emphasizes the crucial role of organizations like Senior Resource Connectors and the coalition of age-friendly businesses in serving the senior community. The philosophy of Pelleton Capital Management is simple yet powerful: do good things for good people, and your efforts will be rewarded. By standing up for the vulnerable and offering support and guidance, they exemplify how an advocate can positively impact our seniors’ lives.
Furthermore, these seniors now have a new financial advisor who, as an Accredited Investment Fiduciary, will legally put their client’s best interests above the firm’s interests. This aspect highlights the importance of having a trustworthy and reliable financial advisor, especially in the later stages of life when financial decisions become so critical.
In conclusion, this inspiring story serves as a reminder that no matter the challenge, standing up for what is right can lead to life-changing outcomes. It also emphasizes the significance of supporting organizations like Pelleton Capital Management and Senior Resource Connectors and all their coalition members, whose dedication to serving the senior community yields meaningful results. Let’s celebrate this “HAPPY ENDING” and strive to create more of them by looking out for one another and ensuring fairness and justice for all.
If you’d like to become a part of our coalition of age-friendly businesses, kindly get in touch with our team by calling (602) 698-9720 or sending an email to info@seniorresourceconnectors.com.
ALTCS or Arizona Long Term Care Services is an Arizona Medicaid program that is designed to help fixed-income seniors and other disabled individuals afford the care that they need. ALTCS pays for the care that you need after savings are exhausted.
To apply, you need to complete an application.
Another person can act on your behalf during the application process, such as a finance professional.
You will need to provide documents to show that you meet financial and non-financial eligibility requirements.
It must be determined that you require a nursing home level of care.
But what are the Non-Financial Eligibility Requirements?
Once you have been determined eligible for ALTCS services, you will be enrolled with a Program Contractor and assigned to a case manager. The case manager will meet with you and your family to develop a service plan. Covered services may include the following:
Once you have been determined financially eligible, a registered nurse or social worker will decide if you are medically eligible in a face-to-face interview. To meet medical requirements, you must be at immediate risk of institutionalization in a nursing facility or intermediate care facility for individuals with intellectual disabilities (you must require that level of care, but you do not necessarily need to reside in a facility).
Not necessarily. Once you have been determined eligible for ALTCS, a calculation will be made to determine if, or how much, you will need to pay towards the cost of your nursing home or home and community-based services.
This amount is called the Share of Cost. First, your monthly gross income will be totaled, and then the following deductions may be allowed:
If you would like to explore more about ALTCS and senior insurance, you can reach out to Innovative Broker Partners. As part of our trusted coalition here at Senior Resource Connectors, they will be able to guide you on the next best steps for your new journey. Alternatively, get in touch with our clinical concierge at no cost to you for the best referral within our trusted network of companies.
Our mission at Senior Resource Connectors is to provide Arizona seniors and their loved ones easy access to the most trusted and highly professional resources for care as they encounter the many physical and emotional challenges that come with aging today.
This week, Scott sits down to chat with Robert Montgomery, a Licensed Financial Professional & Medicare Insurance Agent with Universal Wealth.
Robert recalls how he made a career change at the age of 55 after witnessing how his own mother battled cancer and lost everything due to medical bills piling up. He muses about how much joy it brings him to help people plan for retirement and to help them understand the ins and outs of Medicare.
If you’re an adult child looking after Mom or Dad, and you need advice, guidance or a trusted referral, Senior Resource Connectors is your go-to.
Get in touch with us in the following ways:
Call Us: (602) 698-9720
Visit Us Online: https://seniorresourceconnectors.com/
Another week, another incredible guest that shares their expertise with us.
Scott chats with Edward Givens, a seasoned Independent Health Insurance Agent with HealthMarkets.
Edward shares some invaluable resources that families can tap into regarding final wishes, Power of Attorney, and more. Edward stresses the importance of being prepared by firstly getting the right health insurance and then, secondly always insisting to ask for a detailed bill of procedures after a hospital visit.
He shares how many people blindly pay medical bills out of pocket without even considering that there could be relief if certain steps are taken. Edward also shares two personal that truly inspire and shed light on how important health insurance is.
For more information on health insurance, and all things Medicare, contact Senior Resource Connectors today so we can put you in touch with Edward.
We’re here to help adult children navigate the stressful challenges that come with aging. Our services are completely free. Call today and get the help you need for Mom or Dad.
Call Us: (602) 698-9720
Visit Us Online: www.seniorresourceconectors.com
This week, Scott sits down to chat with Jeffrey Hester from S4 Real Estate about all things real estate and selling the family home. Jeffrey shares how S4 Real Estate has developed a senior-specific program to ensure every senior gets the care and service they need when selling their home.
Moving to a senior community is never easy, and neither is letting go of the family home where countless memories have been made. Jeffrey and the team at S4 are experts in the roadmap of the journey to senior living.
Jeffrey and his team have seen everything from enlisting the help of other moving experts to connecting the administrative dots needed to ensure a successful sale.
If you’re an adult child caring for a senior loved one, contact us at Senior Resource Connectors today. We can provide advice, a trusted referral, or other resources to help you navigate the tricky aging journey.
Call Us: (602) 698-9720
Visit Us Online: https://seniorresourceconnectors.com/
Watch as Scott chats with Michael Cyrino from Medicare Mike.
Mike shares some of his experiences with particularly challenging Medicare obstacles and how his ethos remains that of an unfaltering serviceman, providing his clients with accessible, honest, and speedy information.
By literally coming to the rescue of countless families in need, Mike and his team of Medicare superheroes can help you understand the fine print and put you at ease about what’s included vs what’s excluded from your coverage option.
For more resources on Medicare, how to get in touch with Mike, or any other challenge you may be facing as you navigate caring for a senior loved one while balancing the needs of your own family. Senior Resource Connectors is here to help.
Reach out to us in the following ways:
Visit Us Online: www.seniorresourceconnectors.com
Call Us: (602) 698-9720
Christopher Holmes from Scottsdale Mortgage Advisors chats to Scott about his 33-year career in the financial sector and his recent focus on reverse mortgages to help seniors pay for care.
Christopher jokes that his focus and interest in financial products have changed as he gets older, making him better equipped to help seniors unlock otherwise dormant value through a reverse mortgage.
As part of the sandwich generation himself, Christopher shares how complex it can be to juggle parenthood for young adults alongside caring for an aging parent—creating a perfect storm for stress that could have otherwise been avoided.
Part of Christopher’s value lies in the fact that he consolidates experts for the families he serves—from estate planning to tax consultation and financial advisors; Christopher helps align these professionals to ensure his clients get the maximum value out of his offering.
We are privileged to talk to seasoned fiduciary Charles Scott from Pelleton Capital Management. Charles shares how a little bit of planning at the right time can save families stress, tears, and financial heartache when disaster strikes with an aging loved one or parent.
If you’re a caregiver or family member needing help, advice, or a trusted referral, reach out to us at Senior Resource Connectors to get connected with the right resources at the right time.
Episode 1 features our very own ambassador, Heidi Foglesong. She interviews Kevin Craig, co-founder of Senior Resource Connectors, on why he chose to co-create a coalition of Arizona companies that serves the greater senior population and their families. Listen now to learn the history behind how Senior Living Connectors came to be, from Kevin’s personal experiences with his aging mother, to what he wishes to accomplish in the near future.
To provide Arizona seniors and their loved ones easy access to the most trusted and highly professional resources for care as they encounter the many physical and emotional challenges that come with aging today.
