Hello again from SeniorS SuperStoreS.

We utilize a wide variety of sources to locate informative materials to make available to you in our products departments, our links to other sites and in our Community Room. In this process, we ran across the following piece. While the content is somewhat disturbing, the news really is not surprising.

"Survey of Senior Care Professionals Indicates Most Elderly People and Their Families Do Not Have Adequate Resources to Pay for Care" (Business Wire, August 21, 2001).

WOODLAND HILLS, Calif., Aug. 21, 2001--According to a survey of Southern California Geriatric Case Managers, 80 percent of seniors or their families to do not have adequate resources to pay for nursing home or residential care.

The survey was commissioned by Thomas D. Klarin, a Woodland Hills-based elder law and estate planning attorney (phone 818-710-7138), to better understand the needs of seniors.

Other results of the June 2001 study show that two-thirds of seniors have made no funeral arrangements, and four in five do not have long-term care insurance. "This means that the cost of care for the elderly will fall on the state or federal government," said Klarin. "The state's Medi-Cal program, which pays for nursing home care for the poor, is not adequately funded to meet current needs. This is a real concern because of the burgeoning 65-plus population."

In 2000, there were approximately 35 million persons 65 or older, about 13 percent of the U.S. population according to the U.S. Census Bureau. By 2030, it is projected that one in five people will be age 65 or older, and the greatest percentage of growth will be among those who are 85 plus.

One ominous finding was that seniors are susceptible to financial abuse by family members or their caregivers. "When people are least able to care for themselves, it is sad to see them being taken advantage of by those who they have come to trust," said Klarin.

According to the study, two-thirds of seniors have not undertaken estate planning, although the same number do have a will. "Prudent estate planning ensures that assets are distributed according to an individual's wishes and in the most tax-efficient manner," said Klarin.

The study also points out the need to educate seniors about the importance of having an Advance Health Care Directive and Durable Powers of Attorney. "These are important documents that will help to quickly resolve potential legal, financial and health-care issues," said Klarin.

This information reinforces some of our assumptions, so we will continue to follow this issue, and we will place further resources on this subject in the Financial Resources section of our Community Room.

If you haven't visited the Community Room lately, we encourage you to do so. In the Health Resources section, we have expanded the number of articles and categorized them to make it easier for you to find what interests you.

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