Caregivers Month Is Prime Time to Evaluate Key Decisions,
Including Medicare, Says Allsup

 

Belleville, Ill.—Nov. 5, 2009—Caring for the chronically ill, disabled or elderly often involves making critical decisions on their behalf, according to Allsup, which is observing National Family Caregivers Month in November. Allsup is a nationwide provider of Social Security disability representation and Medicare services.

 

“Caregivers face many demands once they take on this role, and the most important thing they can do is prepare and inform themselves about their responsibilities,” said Paul Gada, an attorney and personal financial planning director of the Allsup Disability Life Planning Center.

 

“The decisions caregivers make on behalf of their family members are further complicated by emotions,” said Gada. “Caring for a spouse, parent, close relative or friend can involve complex and difficult issues. But caregivers can find support through a number of resources, including organizations and professionals who can provide valuable guidance.”

 

Each year, more than 50 million people serve as family caregivers and provide services valued at $375 billion, according to the National Family Caregivers Association. Caregivers often provide support for healthcare and personal care needs as well as guidance with important financial decisions.

 

Gada encouraged caregivers to take advantage of available resources and outlined five critical steps for caregiver financial and healthcare planning:

 

1. Secure power of attorney. A power of attorney for property provides a caregiver the legal authority to make decisions about and exercise control of various assets and transactions.

 

2. Gather and organize records. Caregivers should have a copy of any power of attorney and living will, and access to other important legal and medical documents, including a will or trust documents.

 

3. Create a financial profile and budget. The caregiver needs to understand the individual’s financial circumstances for planning purposes, including information on assets, income and liabilities.

 

4. Identify income resources. An individual with a severe disability generally will rely on insurance payments for all or part of their future income. This may come in the form of long-term disability insurance or Social Security Disability Insurance.

 

5. Determine health insurance coverage. If the individual was employed immediately before becoming disabled, the caregiver may look into COBRA coverage. Caregivers also should be aware that after receiving SSDI benefits for 24 months, an individual—regardless of age—is eligible for Medicare. Equally important is understanding the different Medicare options available. Choosing the most appropriate Medicare Advantage plan, based on individual needs, could significantly reduce healthcare costs. Medicare open enrollment runs Nov. 15 through Dec. 31.

 

Allsup is offering free posters to healthcare facilities, clinics and other community groups in observance of National Family Caregivers Month. To request posters, please call Karen Hercules-Doerr at (800) 854-1418, ext. 5770.

 

Allsup is a nationwide provider of Social Security disability, Medicare and workers’ compensation services for individuals, employers and insurance carriers. Celebrating its 25^th anniversary in 2009, Allsup employs more than 600 professionals who deliver specialized services supporting people with disabilities and seniors so they may lead lives that are as financially secure and as healthy as possible. The company is based in Belleville, Ill., near St. Louis.