We all know that the elderly population is forced to live on a fixed income. Many things change financially after retirement. This is why when seniors travel; they should make use of a travel agent. These agents have access to information that many of us cannot get on our own. Discounts for seniors are available in many ways when traveling. For example, people over a certain age may receive a discount on airfare. To find the best deals available, follow the tips below.

1. Make sure to know personal preferences before contacting a travel agent. These requests should be made in advance. Some common requests for traveling seniors include aisle seats on airplanes, morning flights and non-smoking accommodations.

2. Be sure to deal with a travel agent directly. Many travel agents have personal assistants that relay messages. If possible, try to arrange to speak with the agent directly.

3. If there are time constraints, make sure to have a back-up plan. Use a calendar to plan for schedule changes. Often times, a change in time could mean a greater discount.

4. Inquire about car rentals and hotel rooms. Your travel agent may be able to book a complete package which would offer additional savings.

Source: www.ehow.com

Image source: sxc.hu

Home Care Houston Southeast serving elders in the Bay Area; Clear Lake, Webster, Pasadena, League City, & Pearland - call (281) 484-0200.

Home Care Houston South Central serving seniors in Meyerland, Bellaire, Missouri City, Sugar Land, & Stafford - call 713-774-2215.

Home Care Houston Southwest serving aging adults in Katy, Richmond, Rosenberg, Fushear, Sugar Land, Stafford, Memorial City & Galleria areas - call 832 379-4700.

Identity theft insurance can be obtained by seniors as part of their home owners insurance or they can acquire a separate policy. While it does offer peace of mind for the elderly, by offering reimbursement for any expenses incurred following identity theft, it can still be difficult to evaluate whether or not identify theft protection by way of insurance is really worth it.

Since the elderly demographic tend to be the main victims of fraud, fraud insurance may be tempting. But seniors need to weigh the costs against the benefits. From a monetary perspective, identity theft insurance can be quite costly ranging from $20-$150 per year for $15,000-$20,000 in coverage and like any insurance plan, offers maximum claim amounts for specific elements related to the recovery from identity theft. For example, a maximum benefit amount for lost wages may be $2,000 and legal fees covered may range from $5,000 to $15,000. Unlike insurance policies that the aging population may have grown used to, identity theft insurance cannot recover the effects of the fraud; having fraud insurance will not rebuild damaged credit, it will simply cover costs related to proving the identity theft and trying to secure lost finances.

Provided identity theft insurance works within a seniors budget, and they understand the coverage available should they become a victim of fraud, the right insurance policy can help protect the elderly from fraud, but should not create the impression that they can drop their guard.

Sources:
1.   Spam Laws
2.    Globe and Mail

Home Care Houston Southeast serving elders in the Bay Area; Clear Lake, Webster, Pasadena, League City, & Pearland - call (281) 484-0200.

Home Care Houston South Central serving seniors in Meyerland, Bellaire, Missouri City, Sugar Land, & Stafford - call 713-774-2215.

Home Care Houston Southwest serving aging adults in Katy, Richmond, Rosenberg, Fushear, Sugar Land, Stafford, Memorial City & Galleria areas - call 832 379-4700.

Home Care Houston Northwest serving older adults in Humble, Katy, Spring, Cypress, and Tomball - call 281-440-5160.

According to the Better Business Bureau, there’s a new phone scam targeting senior citizens  – specifically grandparents-  in Houston and around the United States by playing upon their dedication to helping their loved ones. The phone fraud, which targets American grandparents, involves a scammer posing as a grandchild in need of money following a trip to Canadian jail or a car accident while traveling North of the border. The scammers exercise a form of phishing, while trying to get information to propel the conversation with the concerned grandparent since naturally they are unaware of the specific details regarding the senior’s grandchild. Often, such a scam phone call starts with “it’s your favorite grandchild!” giving the senior the opportunity to fill in the missing details.

Once the caller seems to have the senior’s attention, they then request that money be sent from Houston to Canada using money wire or Western Union since these financial transfer methods make it hard to trace scammers. While grandparents of course always want to help a grandchild in need, if they receive such a call they should ask to call to their grandchild back or confirm the story with a family member before agreeing to send money. Any suspicious phone calls can be reported to the Better Business Bureau.

Sources:
1.   Senior Advocate News

Home Care Houston Southeast serving elders in the Bay Area; Clear Lake, Webster, Pasadena, League City, & Pearland - call (281) 484-0200.

Home Care Houston South Central serving seniors in Meyerland, Bellaire, Missouri City, Sugar Land, & Stafford - call 713-774-2215.

Home Care Houston Southwest serving aging adults in Katy, Richmond, Rosenberg, Fushear, Sugar Land, Stafford, Memorial City & Galleria areas - call 832 379-4700.

Home Care Houston Northwest serving older adults in Humble, Katy, Spring, Cypress, and Tomball - call 281-440-5160.

Grants for seniors in Houston are available from the Federal Government and foundations that provide financial assistance for seniors relating to housing, education and more. There are Federal Grants for seniors that cover a number of areas like housing, volunteerism, nutrition and housing.

Popular Federal Grants for Seniors Include:

•    Capital Assistance Program for Elderly Persons and Persons with Disabilities provides funds to provide transportation to elderly persons in areas public transportation services are not available, or when they are inappropriate due to a senior’s physical or mental condition.
•    The Foster Grandparent Program encourages seniors to volunteer in their communities, specifically with special needs children, through funding which is available for seniors 60 and older who have limited incomes.
•    Mortgage Insurance-Rental Housing for the Elderly -  this grant insures mortgage lenders against loss, to increase the number of quality and affordable rental properties available for seniors.
•    Retired and Senior Volunteer Program encourages community service by seniors 55 and older by offering reimbursement
•    Nutrition Services Incentive Program works with the Department of Agriculture to provide nutritious foods to senior meal delivery programs and other nutritional-focused organizations.

To apply for senior grants provided by the Federal Government or foundations, Houston seniors must write a proposal, demonstrating the benefits that they would receive, or be able to dispense to others were they to become an approved recipient of the grant.

Sources:
1.    LovetoKnow
2.    Foundation Center

Image: www.heartlandconnection.com 

Home Care Houston Southeast serving elders in the Bay Area; Clear Lake, Webster, Pasadena, League City, & Pearland - call (281) 484-0200.

Home Care Houston South Central serving seniors in Meyerland, Bellaire, Missouri City, Sugar Land, & Stafford - call 713-774-2215.

Home Care Houston Southwest serving aging adults in Katy, Richmond, Rosenberg, Fushear, Sugar Land, Stafford, Memorial City & Galleria areas - call 832 379-4700.

Home Care Houston Northwest serving older adults in Humble, Katy, Spring, Baytown, and Tomball - call 281-440-5160.

Q – What is senior financial abuse, and how can it be prevented?

Senior financial abuse is any situation where a senior and/or their money are exploited for monetary gain. Seniors in Houston, are a major target of financial abuse because they can be dependent upon others, they can be trusting, and they may have minimal experience managing their financial affairs; oh, and they also control 70% of personal assets in North America. Financial abuse takes a number of forms; some seniors may be financially exploited by their own family members, their caregivers may take advantage of their money, and may be stolen from through elaborate scams.

Tips to Avoid Senior Financial Abuse:

1.    Protect personal information – SSN, PIN numbers and other financial data should be protected and never given to anyone (except a financial power of attorney)
2.    Background checks and references – anyone hired to work for a senior, as a laborer or caregiver should be thoroughly screened with background checks and follow up on personal and professional references
3.    Never pay for anything – often sweepstakes or lottery scams require a senior to pay money in order to claim a prize. Seniors should never have to pay to receive winnings
4.    Have a backup – seniors should seek the help of a trusted family member to review and oversee major financial transactions. Having a second set of eyes to assist with decisions will help protect seniors from financial abuse
5.    Report it – report any suspicious persons to senior advocacy agencies and the local police

Sources:
1.    Associated Content Susan Rand
2.    Sun-Times News Group Terry Savage

Home Care Houston Southeast serving elders in the Bay Area; Clear Lake, Webster, Pasadena, League City, & Pearland - call (281) 484-0200.

Home Care Houston South Central serving seniors in Meyerland, Bellaire, Missouri City, Sugar Land, & Stafford - call 713-774-2215.

Home Care Houston Southwest serving aging adults in Katy, Richmond, Rosenberg, Fushear, Sugar Land, Stafford, Memorial City & Galleria areas - call 832 379-4700.

Home Care Houston Northwest serving older adults in Humble, Katy, Spring, Baytown, and Tomball - call 281-440-5160.

Q – My father passed away in Houston last year, and my elderly mother will be responsible for completing her taxes on her own this year. As this is a financial responsibility her husband normally handled, she doesn’t feel prepared. Are there services available to help seniors with tax preparation?

Tax time can be an overwhelming time of year for many seniors managing their money and finances, especially those who find themselves taking over the financial responsibilities from a spouse who has passed away. In order to ensure that senior taxes are accurate and that seniors receive the maximum number of benefits available to them when filing their taxes, the AARP and other organizations are providing free tax preparation services under the IRS sponsored Tax Counseling for the Elderly (TCE program) to help the seniors, aged 60 and older, manage their money. The AARP tax preparation services for seniors are free at most Houston tax sites, except for a few locations where they are subsidized. The income tax preparation assistance for the elderly can help seniors prepare a number of important tax forms like Form 1040, Form 1040EZ, Form 1040 Schedule A&B, and Form 1040 Schedule D, as well as provide additional complimentary income tax counseling services.

Sources:
1.    AARP Money
2.    Suite 101, Lena Gott

Image: Read It New

Home Care Houston Southeast serving elders in the Bay Area; Clear Lake, Webster, Pasadena, League City, & Pearland - call (281) 484-0200.

Home Care Houston South Central serving seniors in Meyerland, Bellaire, Missouri City, Sugar Land, & Stafford - call 713-774-2215.

Home Care Houston Southwest serving aging adults in Katy, Richmond, Rosenberg, Fushear, Sugar Land, Stafford, Memorial City & Galleria areas - call 832 379-4700.

Home Care Houston Northwest serving older adults in Humble, Katy, Spring, Baytown, and Tomball - call 281-440-5160.

For many seniors, their necessary prescription drug costs can be as great as half of their annual incomes, but by investing in prescription drug cards some of the financial burden of their medications can be alleviated without ever having to sacrifice healthcare. However, for many of these programs, offered primarily by major pharmaceutical companies to the Houston senior community, the discount available varies for each prescription medication and ranges anywhere from a 1% to 20% savings; which forces seniors to pay into multiple discount card programs and shop around for the best price every time they are ready to fill a prescription.

According to an examination completed by Susan Dentzer for NewsHour, by making use of multiple prescription drug programs, an elderly couple with senior drug costs of $16,000 per year could save anywhere from $500 to $1,600 per year. The discount may seem insignificant when compared to the total annual drug cost, however, the annual savings can add up to a substantial nest egg for seniors who feel the efforts are worth the prescription savings. Recently, a $4 discount prescription program was released by Walmart; to offer even more substantial drug savings for seniors, with hundreds of prescription drugs available at $4 for a 30-day supply.

Seniors can benefit from using discount prescription drug programs available in Houston, including Medicaid’s prescription subsidies for the elderly who have reached their $4,000 quota. However, the US still has a long way to go to catch up to other countries, like Canada, which have provincial drug subsidy programs automatically available to all senior residents who face the financial reality of retirement.

Sources:
1. Online NewsHour

2. Walmart.com

3. Makoa.org

Home Care Houston Southeast serving elders in the Bay Area; Clear Lake, Webster, Pasadena, League City, & Pearland - call (281) 484-0200.

Home Care Houston South Central serving seniors in Meyerland, Bellaire, Missouri City, Sugar Land, & Stafford - call 713-774-2215.

Home Care Houston Southwest serving aging adults in Katy, Richmond, Rosenberg, Fushear, Sugar Land, Stafford, Memorial City & Galleria areas - call 832 379-4700.

Home Care Houston Northwest serving older adults in Humble, Katy, Spring, Baytown, and Tomball - call 281-440-5160.

Most Houston citizens understand the importance of saving money to fund their retirement once they stop working, however, most do not know just how much they’ll need to pay for their basic living expenses or fund the retirement lifestyle they desire.

There is no magic retirement amount that will allow seniors to survive financially during their retirement. According to financial planners, the amount of savings needed for retirement all depends on lifestyle, standards of living and goals during retirement. Since life expectancy rates are increasing in Houston and the rest of North America, seniors should estimate their retirement funds based on life expectancy to age 90.

So how much do seniors need to put away for their retirement during their careers? Retirement financial planners say that 15 times your regular income should fund your bare bones expenses up until age 90; however, you can’t expect to have any money left in the bank or live the luxurious retirement lifestyle you’ve dreamed of. For those seniors who hope to travel, or maintain a less-modest lifestyle during retirement, and still have money left over; at least 22 times your regular income is required.

Financial planners say that retirement planning should start as early as the 20’s or 30’s, so that a sufficient amount of money is available to fund retirement when the time comes, and only a small portion of monthly income needs to be put aside in order to reach retirement goals.

Source:  Retirement Cash: Will You Have Enough?   (Stuart Foxman)

Image: istockphoto.com

Home Care Houston Southeast serving elders in the Bay Area; Clear Lake, Webster, Pasadena, League City, & Pearland - call (281) 484-0200.

Home Care Houston South Central serving seniors in Meyerland, Bellaire, Missouri City, Sugar Land, & Stafford - call 713-774-2215.

Home Care Houston Southwest serving aging adults in Katy, Richmond, Rosenberg, Fushear, Sugar Land, Stafford, Memorial City & Galleria areas - call 832 379-4700.

Home Care Houston Northwest serving older adults in Humble, Katy, Spring, Baytown, and Tomball - call 281-440-5160.

Home Care Houston Southeast serving elders in the Bay Area; Clear Lake, Webster, Pasadena, League City, & Pearland - call (281) 484-0200.  

Home Care Houston South Central serving seniors in Meyerland, Bellaire, Missouri City, Sugarland, & Stafford - call 713-774-2215. 

Home Care Houston Southwest serving aging adults in Katy, Richmond, Rosenberg, Fushear, Sugar Land, Stafford, Memorial City & Galleria areas - call 832 379-4700.

It’s human nature to worry about finances, but as the recession continues to haunt our lives our concerns are increasing; especially those of us in our senior years, retired and living on limited incomes. With the current state of the economy, now might be the time to gain access to additional financial resources through effective asset management to unlock equity and leverage your home.

There are many major lenders and institutions beginning to encourage seniors in this increasingly common practice. Older adults who have already paid off their home mortgages, can leverage the equity in their homes by re-mortgaging or financing to get the money they need to pay for medical bills, assist family members to pay for education costs, or to complete much needed renovations in their own homes.

Reverse mortgages are another option and are HUD backed.

Maintain Your Independence

A reverse mortgage can give you access to your home equity without having to make monthly loan payments.  Instead, you receive tax-free loan proceeds that will not affect Social Security or Medicare benefits.
You can choose any combination of these flexible payout options at closing:

.  A lump sum to cover large expenses
.  Monthly installments to supplement income
.  A line of credit to draw on as needed

And you can change how you receive proceeds as often as your needs change during the loan term.

Secure Your Financial Future

There are no income, employment or credit requirements.  The amount you can qualify for is based on your age, your home’s value, its location, and current interest rates.

.  You keep title and ownership of your home
.  You continue to pay property taxes and insurance
.  The amount you owe can never exceed the home’s value.

Funds received during your loan term, and interest, become due and payable by you or your estate when you sell or permanently leave your home. The home itself-and remaining equity-belongs to you or your heirs.

Thanks to Wells Fargo Reverse Mortgage Solutions for providing this information.