Within 10 years, there will be 77
million people age 55 and older. The
number of Americans over 85 will
increase to 4.2 million, an increase of
44 percent in only one decade, according
to the U.S. Department on Aging. Despite
these numbers, few baby boomers are
ready for their parents’ aging, let
alone their own. Today, some 15 million
children already care for elderly
parents.
MAKING THE GOLDEN YEARS GOLDEN
by Dr. Eva Mor provides a thorough and
concise plan to meet these challenges.
An epidemiologist and specialist in
gerontology and health-care management,
Dr. Mor has worked with the elderly for
23 years in long-term care facilities,
acute hospitals and centers for chronic
disease. She has dedicated her life to
the betterment of seniors.
“One cannot discuss the subject of the
aged without examining the economic
implications of their lives,” Dr. Mor
declares. The facts are staggering. Of
the 4.2 million people over the age of
85, the median of all sources of income
for men is $21,102 and $12,080 for
women, according to AARP. To compound
the problem, 73 percent of people over
80 have at least one disability and of
those, half have several, often severe.
Some 2.7 million are living with
Alzheimer’s disease, creating a higher
mortality rate than diabetes, according
to USA Today. Yet the cost of
care exceeds most seniors’ ability to
pay. MAKING THE GOLDEN YEARS GOLDEN
reveals that:
-
Medicare covers 100 percent of costs for
only 20 days and partial cost for 80
days.
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A year’s stay in a nursing home averages
$70,000 with the average stay being 2.5
years.
-
Assisted living facilities are not
covered by Medicare and can range from
$40,000 to $100,000 a year.
-
A licensed, reputable home health aide
is $20 per hour.
-
Adult day care averages $64 per day.
In order to meet these challenges, baby
boomers need to be prepared.
MAKING
THE GOLDEN YEARS GOLDEN shows the
reader how to plan for financial and
health realities and how to set up legal
protection, including protecting the
elderly from scams and abuse. “While all
Americans are vulnerable, seniors are
especially easy prey,” Dr. Mor points
out.
-
Half of the $40 billion swindled away
from Americans by unscrupulous
telemarketers was taken from the
elderly.
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Some 500,000 cases of elder abuse were
reported in 2006. Many more cases go
unreported.
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The names of 4.7 million seniors with
advanced illnesses such as Alzheimer’s
and cancer have been sold to buyers
looking to make money, according to The
New York Times.
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Final wishes are often overlooked
because of a lack of adequate will and
estate planning.
These legal protections are especially
critical for the growing population who
stay in their own homes until the end of
their lives. “Remaining in your own home
is the best of all possibilities for
maintaining quality of life and with
careful planning it can be a viable
option,” according to Dr. Mor. To make
the home safe, she provides a checklist
of ways to track prescriptions and daily
medication; safety proof bathrooms,
kitchen and bedroom; prepare for any
emergency; find unsuspected hazards;
coordinate in-home care; and create a
neighborhood network to look after
elderly residents.
“Just as Hillary Clinton said that it
takes a village to raise a child, we
should apply the same formula to
seniors. By coming together to care for
our elderly, we are ultimately improving
everyone’s quality of life,” Dr. Mor
points out. “The key is to make your
life, or the life of your parent, as
rich as it could possibly be. I do
believe we can make our golden years
golden.”
