Dreaming Again

I believe the insurance companies in our country and financial services industry (planners, bankers, etc.) are missing the boat when it comes to seniors. Sure, they have retirement products to sell them, or investments they will advise on, but how about the real issue that is missing for a lot of these clients?

Planning, to me, means more than how much money is in your IRA. For some clients, say those who have carried home and auto insurance through the same agent for years, I can visualize a "senior services" representative of that company who works with clients over 65 to insure they have a will and power of attorney in place. Partnering with local attorneys, assisted living facilities, the local medicare office and other professionals, makes the system easier to negotiate and the senior is already your client. They trust you. Starting the conversation on living arrangements and last wishes, and involving the families, is much easier done by someone trusted and known to the senior.

In my dream world, a senior services representative would know when to refer service organizations, such as meals on wheels or home care services, to the client much as a geriatric case worker would. Only it wouldn't cost what it would to pay a case manager. And there's the rub...the reason why banks and insurance agencies and stock brokers don't have a "senior services" type person to guide the clients into making plans for old age. They can't make money from this service. What would they get out of it? In reality, possible continued business and referrals to friends and family. And goodwill...lots of goodwill.

Any business with a large client base of older people could provide a service such as the one I've described. But social workers need not apply! This is not involvement in the client's care. Several larger companies such as duPont Corporation and Fanny Mae have had eldercare advisors in house for years. As the Baby Boomers begin to retire and the percentage of those over 65 increases, it seems to me that proof of social responsibility by our employers must step up to meet the need. Both for the community and their employees! Maybe I'll live long enough to see my "dream" come true.

Health Pro Shortage

By 2030, one in every five adults will be age 65 or older. Right now, between 30 million and 50 million family, friends and others tend to aging parents and other older individuals. We, as Americans, are facing an impending crisis as the growing number of older patients, who are living longer and face more complex health care needs, outpaces the health care providers capable of treating them.

With a health care work force too small and unprepared for the deluge to come, training for the basics in geriatric care for every provider (not just specialists) and direct care providers, is desperately needed to fill the expanding void. Family and informal caregivers need more preparation and information to ease the stress that comes with caring for loved ones.

The solutions to the problem won't happen over night. Planning is still the answer and I encourage you to do just that.

PBS Special Comment

For the most part, I think the special "Caring for Your Parents" aired on PBS last evening was a good representation of what millions of families are going through.
Some people may be shocked by the day to day routine that is part of caring for your parents if you are not already into the situation. This was real life, not a movie.

Caring for loved ones can be a stressful and emotional experience. It can also be one of the most rewarding times of your life. One piece of advice I have stated in past blogs and was repeated on the program would be planning BEFORE a crisis strikes. It helps avoid the "unknown" situation, and gives the family an adjustment period
that fosters security, both for the parent in knowing they will be cared for, and the family in knowing how they can help.

I can't stress this point enough. Talk to your parents and know their wishes. Make your plans together. For more help with this or other questions on planning, please contact me at lmorrison@ffaionline.org.