Eddy & Schein

Honoring Aging Life Care Professionals!

{2:50 minutes to read} What does a 97-year-old woman with mild paranoia and beginning stages of dementia, a lonely 86-year-old WWII vet being taken advantage of by a woman who has befriended him, and an 87-year-old forgetful woman hoarding papers in a tiny apartment have in common? 
 
They are all Eddy & Schein clients who have benefited personally from the work of Aging Life Care Professionals, also known as Geriatric Care Managers. 
 

Planning for Life’s Unexpected Turns

When we are young and fearless, not yet feeling our own mortality, we do very little planning ahead. However, as we grow older and take on greater responsibilities, we begin to address the future differently. We may use that new foresight to develop a retirement plan for when we leave the workforce and create wills to provide for our loved ones when we are gone. What we often fail to prepare for are circumstances, whether due to an accident, illness, or mental decline, which interfere with our ability to make reasonable decisions and meet our daily needs. Anticipating that kind of a challenge requires only a few documents appointing someone you trust to make decisions on your behalf, and you are rarely too young to start.  
 
Power of Attorney (POA):   
 
A POA names an “agent” who can act as your financial and legal representative. There are three main forms of POAs, though their names and how they’re constructed may  differ from state to state.
 

Financial Abuse of Seniors: How to Uncover and Prevent It

{3:00 minutes to read} One of the unfortunate realities of aging is an increase in vulnerability. We all know seniors are prone to falls and illness, but there are other areas of danger that caregivers and family members should be aware of.

Despite the availability of information, instances of elder abuse can take many forms and be difficult to uncover. One of the more prevalent types of abuse dealt with at Eddy & Schein is financial abuse, which can result in major losses when left unchecked.

Daily Money Managers: Agents Under a Power of Attorney, Trustee or Executor

{4:35 minutes to read} Have you been struggling to identify trustworthy agents under power of attorney (POA), trustees or executors for yourself, your loved one or your clients? 

With an aging population in which many people don’t have adult children or younger friends to whom they can turn, there is a growing need for people who can be fiduciaries. Some Daily Money Managers (DMMs) who choose to perform these duties and are properly insured, may be the right choice as fiduciaries.

Medicare Enrollment Made Easy — Well, Easier!

{7:25 minutes to read} Enrolling in Medicare for the first time, or changing your status, can feel like a torturous process. It does not have to be if you have a basic knowledge of the options and limitations. Since the “Annual Election Period” begins on October 15th and ends on December 7th, we summarized the basic choices and when/how to make them. We will not deal extensively with the premiums, penalties or co-pays.

There are 2 main Medicare coverage plans: Original Medicare and a Medicare Advantage Plan (Part C).  Original Medicare consists of Part A, Part B and Part D for drug coverage. A Medicare Advantage Plan consists of all three parts. Essentially, it is a less-expensive form of Medicare, but medical care is through a Health Maintenance Organization (HMO); this restricts your choice of doctors and is only valid in the region in which it is issued.

 

What Do I Do with All My Parents’ Books?

{4:25 minutes to read} Books bring great joy to those who love to read and collect them. But they pose challenges when people move to smaller quarters or when their estates are settled. At Eddy & Schein, we are often called to assist clients, or their heirs, find a good solution - a recent case involved us finding a buyer for 4,000 books in mint condition. 

Most books have no value. However, that does not mean you should discard them. Here are some tips:

 

 

Senior Housing Choices - Bewildering, Fear-Provoking, Yet Plentiful

{5:25 minutes to read}

Choosing senior housing and care is a critical part of aging. We are asked almost daily, “Where shall I go and when?” The options available are plentiful and they fall into a few distinct areas.

Deciding where to go and eliminating where not to go is often based on four factors: physical and medical needs, home size and preparedness, social and emotional needs, and last, but hardly, least financial needs and resources.

Social Security Fraud Happens: Taking Steps to Resolve the Problem

{3:55 minutes to read}

Jonathan has Alzheimer’s, and as a result, he has not been handling his finances for over a year. He has an agent under his Power of Attorney (POA) and Eddy & Schein taking care of his financial affairs. A Geriatric Care Manager and a Home Health Aide Agency are caring for his physical and medical needs.

Each week Diane Lansing stops by to visit with Jonathan and collect his mail. Back in the Eddy & Schein office, Diane writes checks to send to his POA agent for signature and mailing. She also reviews Jonathan’s bank statements. Recently, while checking his bank statement, Diane noticed that Jonathan’s Social Security payment for the month had not been deposited the previous week, as scheduled. 

Veteran Administration Benefits: Explore All Options

{4:50 minutes to read} For U.S. Military Veterans, there are many resources available through the Department of Veteran Affairs. However, several steps are required to apply for these benefits. Below, we describe a recent case involving a World War II Veteran who already had benefits.

Don was living alone in a studio apartment within walking distance of major NYC Entertainment Venues, but he was lonely and getting more and more confused. He was a victim of a “sweetheart” scam – a woman befriended him and eventually asked for $5,000 for one health issue after another.

Emergency Medical Services and Surprise Bills Law Takes Effect in NYS

{3:45 minutes to read}

Have you ever woken up from a medical procedure and been informed that you were treated by an out-of-network physician?

Have you ever been treated in a non-urban area and sought the treatment of an in-network specialist - only to find out that the only available treating physician was not in network?

Have you ever been provided medical services costing thousands of dollars by an out-of-network physician without even knowing it until the bill arrived?

 

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