 The Cost of Cutting Corners: Penny-Pinching Seniors Put Health and Well-being at Risk |
 |
 |
 Fran FoxOwner, Home Instead Senior Care |
| View all articles by Fran Fox |
Evidence is mounting that seniors are cutting everyday expenses to keep up with the economic downturn and, as a result, are putting themselves at risk. From skipping medications and meals to falling for financial scams and cancelling social outings, local eldercare experts warn families to be on alert and make sure seniors aren’t cutting too deeply.
Nearly 60 percent of seniors 65 and older surveyed in a recent AARP study said they found it more difficult to pay for essential items such as food, gas, and medicine. In the May report titled, “The Economic Slowdown’s Impact on Middle-Aged and Older Americans,” nearly half (47 percent) said they found it more difficult to pay for utilities such as heating, cooling, or phone service. Forty-six percent have reduced the number of times they eat out and 45 percent cut back spending on entertainment.
“Cuts of essential items such as food and medication should be of immediate concern to seniors’ families,” said Fran Fox, owner of the Home Instead Senior Care office in Somers Point serving seniors in Atlantic and Cape May Counties.
“Other reductions in spending can lead to less obvious issues,” she said. “One of the biggest problems that we see is senior isolation, which has been magnified with the high price of gas.”
When seniors’ families live a distance from their loved ones, or when Boomer children are busy trying to make ends meet themselves, an older adult can get in trouble very quickly, said Fox.
“That’s why it’s so important that someone look out for the well-being of seniors to ensure they are safe in their homes and eating properly, taking their medications, and able to maintain their appointments and social life,” she said.
Falling interest rates, fixed incomes, and seniors’ fears of past hardships can influence how they react to the current economic slowdown, according to certified financial planner Sheryl Garrett, author of Personal Finance Workbook For Dummies and several other books on financial planning.
“Some seniors may be running short on money, but for others there’s always that fear of running out because they lived through the Depression,” said Garrett. “They know how ugly it can get.”
It’s important also for seniors to guard against fraud and too-good-to-be-true offers, Garrett advises.
“Seniors want to get the best that they can from their investments without falling for scams or overselling tactics,” she said. “Older adults also should beware of CDs and fixed annuities that can promise higher interest rates but force seniors to lock in their money for longer time periods, putting their investments at risk. Always get a second opinion.”
Seniors at all income levels may be facing choices they haven’t had to make in the past, Home Instead Senior Care’s Fox said. “They should know where to go for help before they put themselves or their health at risk,” she said.
Area Agencies on Aging, for instance, offer both food and gas assistance, so seniors should contact their local offices if they can’t make ends meet. And senior care and companionship companies such as Home Instead Senior Care can provide transportation assistance and help around the home, and serve as a second set of eyes for seniors’ families, she said.
Families also can play an important role monitoring seniors who have decided to scale back because of the economy, said Fox.
“Even seemingly innocent decisions, like cutting back a little on groceries or air conditioning, can have a damaging impact,” she said.
10 Cost-Cutting Warning Signs
Home Instead Senior Care and the National Association of Area Agencies on Aging, show ways that a downturn in the economy could impact seniors. If you’re a family caregiver, ask yourself the following questions. If you’re an older adult experiencing difficulties because of the economy, contact your local Area Agency on Aging or Home Instead Senior Care office.
1. Is your senior’s home too warm in the summer and too cold in the winter?
2. Is the lawn not getting mowed or walk not getting scooped?
3. Is your loved one complaining about not being able to afford medications?
4. Are home repairs not getting made?
5. Is there a shortage of food in the house?
6. Is your senior skipping doctor’s appointments?
7. Is your older adult staying home more and becoming isolated?
8. Is your senior cutting out entertainment?
9. Does your loved one eat out less?
10. Did your senior cancel a vacation?
Source: Home Instead Senior Care,
www.homeinstead.com/669.
10 Ways Seniors Can Stretch Their Dollars
1. Hire an objective financial planner.
2. Get a second opinion on investments and financial purchases, especially if approached about changing your investments or making a purchase.
3. Get back to gardening, which has seen a resurgence during the economic downturn. The national seed and plant company Burpee estimates that every $100 spent on garden plants results in $1,000 in produce.
4. If you’re having trouble paying for food and gas, contact your local Area Agency on Aging (find locations at www.n4a.org).
5. Watch for sales on fresh or canned fruits, vegetables and meats, which are less expensive than convenience foods and better for you.
6. Look for deals on generic medications. Contact your pharmacist about ways to save money on your medications.
7. Walk when you can. If the gas prices are cutting into your social life, organize a walking club or walk with friends.
8. Carpool when you can’t walk. There’s economy in numbers.
9. Keep drapes drawn during the heat of the day. Close off parts of the house you’re not using to cut down on utility costs.
10. Living at home helps cut costs as well. If you or a loved one needs assistance around the house, enlist the help of trusted friends and family members or a professional care giving and companionship service.
Source: Home Instead Senior Care,
www.homeinstead.com/669.
Fran Fox, Owner
Home Instead Senior Care
Nearly 60 percent of seniors 65 and older surveyed in a recent AARP study said they found it more difficult to pay for essential items such as food, gas, and medicine. In the May report titled, “The Economic Slowdown’s Impact on Middle-Aged and Older Americans,” nearly half (47 percent) said they found it more difficult to pay for utilities such as heating, cooling, or phone service. Forty-six percent have reduced the number of times they eat out and 45 percent cut back spending on entertainment.
“Cuts of essential items such as food and medication should be of immediate concern to seniors’ families,” said Fran Fox, owner of the Home Instead Senior Care office in Somers Point serving seniors in Atlantic and Cape May Counties.
“Other reductions in spending can lead to less obvious issues,” she said. “One of the biggest problems that we see is senior isolation, which has been magnified with the high price of gas.”
When seniors’ families live a distance from their loved ones, or when Boomer children are busy trying to make ends meet themselves, an older adult can get in trouble very quickly, said Fox.
“That’s why it’s so important that someone look out for the well-being of seniors to ensure they are safe in their homes and eating properly, taking their medications, and able to maintain their appointments and social life,” she said.
Falling interest rates, fixed incomes, and seniors’ fears of past hardships can influence how they react to the current economic slowdown, according to certified financial planner Sheryl Garrett, author of Personal Finance Workbook For Dummies and several other books on financial planning.
“Some seniors may be running short on money, but for others there’s always that fear of running out because they lived through the Depression,” said Garrett. “They know how ugly it can get.”
It’s important also for seniors to guard against fraud and too-good-to-be-true offers, Garrett advises.
“Seniors want to get the best that they can from their investments without falling for scams or overselling tactics,” she said. “Older adults also should beware of CDs and fixed annuities that can promise higher interest rates but force seniors to lock in their money for longer time periods, putting their investments at risk. Always get a second opinion.”
Seniors at all income levels may be facing choices they haven’t had to make in the past, Home Instead Senior Care’s Fox said. “They should know where to go for help before they put themselves or their health at risk,” she said.
Area Agencies on Aging, for instance, offer both food and gas assistance, so seniors should contact their local offices if they can’t make ends meet. And senior care and companionship companies such as Home Instead Senior Care can provide transportation assistance and help around the home, and serve as a second set of eyes for seniors’ families, she said.
Families also can play an important role monitoring seniors who have decided to scale back because of the economy, said Fox. “Even seemingly innocent decisions, like cutting back a little on groceries or air conditioning, can have a damaging impact,” she said.
10 Cost-Cutting Warning Signs
Home Instead Senior Care and the National Association of Area Agencies on Aging, show ways that a downturn in the economy could impact seniors. If you’re a family caregiver, ask yourself the following questions. If you’re an older adult experiencing difficulties because of the economy, contact your local Area Agency on Aging or Home Instead Senior Care office.
1. Is your senior’s home too warm in the summer and too cold in the winter?
2. Is the lawn not getting mowed or walk not getting scooped?
3. Is your loved one complaining about not being able to afford medications?
4. Are home repairs not getting made?
5. Is there a shortage of food in the house?
6. Is your senior skipping doctor’s appointments?
7. Is your older adult staying home more and becoming isolated?
8. Is your senior cutting out entertainment?
9. Does your loved one eat out less?
10. Did your senior cancel a vacation?
Source: Home Instead Senior Care,
www.homeinstead.com/669.
10 Ways Seniors Can Stretch Their Dollars
1. Hire an objective financial planner.
2. Get a second opinion on investments and financial purchases, especially if approached about changing your investments or making a purchase.
3. Get back to gardening, which has seen a resurgence during the economic downturn. The national seed and plant company Burpee estimates that every $100 spent on garden plants results in $1,000 in produce.
4. If you’re having trouble paying for food and gas, contact your local Area Agency on Aging (find locations at www.n4a.org).
5. Watch for sales on fresh or canned fruits, vegetables and meats, which are less expensive than convenience foods and better for you.
6. Look for deals on generic medications. Contact your pharmacist about ways to save money on your medications.
7. Walk when you can. If the gas prices are cutting into your social life, organize a walking club or walk with friends.
8. Carpool when you can’t walk. There’s economy in numbers.
9. Keep drapes drawn during the heat of the day. Close off parts of the house you’re not using to cut down on utility costs.
10. Living at home helps cut costs as well. If you or a loved one needs assistance around the house, enlist the help of trusted friends and family members or a professional care giving and companionship service.
Source: Home Instead Senior Care,
www.homeinstead.com/669.
Fran Fox, Owner
Home Instead Senior Care
- By Fran Fox
- Home Health & Elder Care
- Published 07/5/2008
