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saving for long-term care

Hey Boomer: Time to Start Planning How to Pay for Long-Term Care

Hey Boomer! Sara Zeff Geber has an important message for you: It’s time to make a plan for your long-term care.

In her recent Forbes article, “Hey Boomer: Medicare Won’t Cover Your Long-Term Care,” Zeff Geber, the author of Essential Retirement Planning for Solo Agers, and a Nexus Insights Fellow, shared some surprising facts. In a  2019 study by Bankers Life, “nearly half of the middle-income boomers surveyed believe they will need care in later life, but almost 80% of them have no plan or savings toward it.”

And, indeed, many seniors will need care later in life. Zeff Geber points to a new report from the Department of Health and Human Services, which found that, “Men over 65 men will require an average of 2.3 years of long-term care; women will require an average of 3.2 years.” The expected price tag? “Men who turn 65 in the next few years can expect to spend an average of $142,000 on long-term care needs (nursing and help with everyday functions like bathing, dressing, grooming, etc.). For women, that figure is $176,000.”

Those large numbers are shocking enough. But, according to Zeff Geber, “A shocking 56% of boomers mistakenly believe that Medicare will pay for long-term (sometimes called “custodial” care). They are sadly mistaken.” 

Geber offers some suggestions for Boomers to start getting prepared. “The best planning you can do for yourself is to save the money you will need for this kind of care.” Another option? “Take out a long-term care insurance policy.” And avoid the worst option, “Having your daughter/son/niece/nephew/sibling leave their family or work in order to provide you the care you need.”

Read the full article.

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Dr. Sara Zeff Geber on Senior Isolation and Solo Aging

Strategies for reducing isolation among solo agers – an interview with Sara Zeff Geber

Sara Zeff Geber, an expert in solo aging and a Nexus Insights Fellow, noticed something interesting. A lot of Baby Boomers were spending a lot of time, resources, and money taking care of their aging parents. And it occurred to her to wonder, for childless seniors like herself, “Who’s going to do that for us?” 

That question launched a new line of research for her, and ultimately led to her book, Essential Retirement Planning for Solo Agers.

Zeff Geber was interviewed recently by Dr. Namrata Bagaria and Dr. Paul Merkley of Seniors Junction on their podcast “Ending Seniors’ Isolation, One Conversation at a Time.” The two asked Zeff Geber for her insights into reducing isolation and loneliness for solo agers.

Among the many insights she shared:

  • Solo aging is becoming more common. “Almost 20% of Baby Boomer women didn’t have kids.”
  • Everyone, even married couples, should plan as if they will be solo agers. “One spouse will almost always pre-decease the other, and you don’t have a crystal ball.” 
  • “The research shows that isolation and loneliness are more deadly to us than 15 cigarettes a day,” said Zeff Geber. The most important thing, she suggested, is to build and maintain a social network. 
  • As Bagaria points out, “Paul and I have learned on our journey that some people are naturally proactive about connecting and building a network and some have to pick up that skill.” Said Zeff Geber, “Learn to be a joiner; find a group that interests you; it could be a golf club, a book club, a dog-lovers group, or a similar-minded group at your church or synagogue”

Listen to the full podcast.

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Nexus Insights Fellows News 2021

Nexus Fellows Flash Bulletin: June 2021

The Nexus Fellows are leaders in the aging industry, helping to shape public policy and redefine aging and aging services. From books to podcasts, here’s a sample of some of the work they’ve been doing in the past month:

  • Jay Newton-Small, CEO of MemoryWell, is wrapping up a second year of their joint contest for Hilarity for Charity, Seth and Lauren Miller Rogen’s Alzheimer’s charity and Humans of Dementia Storytelling Competition. It’s a competition for high school and college students to write the best profile of someone living with Alzheimer’s. Winners will have the chance to meet Seth and Lauren Rogen during the virtual celebration. Additionally, MemoryWell has added three new members to their team.
  • Jacquelyn Kung, CEO of Senior Care Group at Activated Insights, was interviewed by Skip Lineberg, host of The Main Thing Podcast, about elder care, and her passion to improve the aging experience. “The main thing I’ve learned in my lifetime so far is that getting older is what you make of it. And I see it as full of good news. Socially, we get happier as we get older, and the research shows that.”
  • Jill Vitale-Aussem, president and CEO of Christian Living Communities, sat down with Senior Housing Investors Podcast to talk about her book, “Disrupting the Status Quo of Senior Living: A Mindshift.”
  • Sarah Thomas, CEO of Delight by Design, delivered the keynote on designing products and services for the aging population with Chief Medical Office of AARP, DR Charlotte Yeh. Additionally, she moderated two panels featuring the important work of seven agetech startups at the Rehab Tech Summit mini-Summit. Thomas was an expert judge at the AOTA 2021 Inventors Showcase, where 11 startups pitched their innovative products designed to serve people across the lifespan. The winner designed a novel gait belt that improves the safety of caregivers and residents in senior living and beyond.
  • Dr. Bill Thomas, founder of The Eden Alternative, The Green House Project, and Minka, recently traveled the country, talking with elders and their care partners in more than 125 cities. He learned about their hopes and fears, and listened to their stories. What did he discover? That people want better alternatives for senior living. “It turns out that older people pretty much want what everyone else wants: to belong to a community that includes people of all ages and remain connected to the living world,” Thomas said.
  • Nexus Founder & Fellow, and NIC Strategic Advisor, Bob Kramer, has joined the Edenbridge Health Board of Advisors to help expand access to comprehensive, integrated, community-based and person-centered care for the frail elderly through innovative applications of the PACE Program.
  • In the blog post, “Just Move It,” CEO of SmartLiving 360, Ryan Frederick talks about the importance of physical exercise for older adults. “Inactivity is the fourth leading cause of death and about 1.5 billion people in the world are inactive to the point that it risks their long-term health. At a health care conference several years ago, four recent surgeon generals were asked for one tip for successful aging. They coalesced on one word: move.”
  • Nexus Fellow Kelsey Mellard, CEO of Sitka, sat down with Sanjula Jain Jo on Her Story for a candid conversation about being a healthcare leader and her transition from the Midwest to DC to Silicon Valley, building a resilient team, and overcoming challenges.
  • Longevity economy expert, Jody Holtzman, formerly of AARP is proud to be on the advisory board of Intuition Robotics, which is mitigating loneliness among older adults with the companion robot ElliQ. “The growing mismatch between the number of people in need of caregivers and the availability of caregivers is a multifaceted challenge for individual families and society more broadly. Technology must be part of the solution. Companion robots like ElliQ and others in this space, like my friends at Joy for All/Ageless Innovation, have an important role to play.”
  • Caroline Pearson, Senior VP of Health Care Strategy at NORC at the University of Chicago, announced the release of new research from NIC and NORC that looks at the impact of the pandemic on seniors by care setting. “Mortality rates increase by complexity of care, but, in lower acuity settings such as independent living communities, they are comparable to surrounding populations.”

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Update on Nexus Fellow May 21s

Nexus Fellow Flash Bulletin: May 2021

As the United States shifts gears from pandemic crisis management to a new post-COVID normal, we must now deal with the aftermath and identify what went wrong and what we can do better. Issues of transparency and loneliness in nursing homes linger. Large corporations that once were oblivious to the older population have found a new market. How will we address the age-old problem of social connection for those who are still isolated, a problem seniors have faced for decades? The entire industry, the way we view older adults, the options for living independently and the implementation of technology, must all be urgently addressed and thoughtfully designed into an actionable plan for the future of aging and longevity.

Our Fellows continue to strive for innovation and reform. Here’s what they’ve been up to:

NEWS:

  • Nexus Fellow David Grabowski, was quoted in an article by the Associated Press on nursing homes’ requirement to report COVID-19 vaccinations at nursing homes. “This is an important development that is months overdue,” said David Grabowski, a Harvard health policy professor who has tracked the industry’s struggles with the outbreak. “Many of us argued that this information should have been published starting in December when the federal long-term care vaccination effort began.”

 

  • Dr. Bill Thomas, Nexus Fellow and creator of The Eden Alternative, Minka, and the Green House Project, is helping value-based care innovator Lifesprk (which acquired Tealwood Senior Living.) Dr. Thomas will be leading the efforts to combine the two companies’ operations. He has also created Kallimos Communities, new multi-generational communities with small dwellings clustered around shared green space. Additionally, he has a new project he’s working on with Signature Healthcare — currently called “Canopy” — a cluster of small ADA-accessible houses built close together.

 

  • Bob Kramer, Founder and Fellow of Nexus Insights, was interviewed by Nancy Griffin for SeniorTrade Blog. He defines 5 Boomerville Segments likely to flourish in the future: Wellnessville, where residents will focus on healthy lifestyle, diet and exercise; Margaritaville, resort-style independent living (Minto Communities’ Latitude Margaritaville has three wait-listed locations with more in development); Serviceville, where the emphasis is on volunteerism, mentorship and giving back; Collegeville, where residents focus on continued learning in a communal living environment, and Changeville, for those concerned with making a difference in the world and creating a legacy.

 

  • Preordering is now available for “Right Place, Right Time, a book by Nexus Fellow and CEO of SmartLiving 360, Ryan Frederick. “Place plays a significant yet often unacknowledged role in health and happiness. The right place elevates personal well-being. It can help promote purpose, facilitate human connection, catalyze physical activity, support financial health, and inspire community engagement.”

 

  • Nexus Fellow Kelsey Mellard, CEO of Sitka, sat down with Sanjula Jain Jo on Her Story for a candid conversation about being a healthcare leader and her transition from the Midwest to DC to Silicon Valley, building a resilient team, and overcoming challenges.

 

  • Will seniors continue to buy groceries online post-pandemic? Nexus Fellow Jody Holtzman, longevity economy expert, formerly of AARP, thinks seniors will split their shopping, using online for staples such as canned goods and going into stores for fresh foods. Some senior consumers claim it’s a social outlet for them. “As the necessity imposed by the pandemic lessens,” Holtzman says, “retailers will have to start to play the price game.” Read more at Blomberg.com.

 

Out and About:

  • Jill Vitale-Aussem, president and CEO of Christian Living Communities, and Nexus Insights Fellow, recently spoke at a session, “Finding success in increasing diversity and inclusion,” at the 2021 Women of Distinction educational webinar. We’d also like to congratulate Jill on joining the SeniorTrade Advisory Board.

Jill Vitale-Aussem joins SeniorTrade Advisory Board

  • On June 30, Nexus Fellow Sara Zeff Geber will be joining experts and thought leaders in the areas of aging, retirement and thriving for the “Boomers Thriving After the Pandemic” virtual summit, hosted by Wendy Green from Hey, Boomer. Other speakers include Helen Dennis and John Tarnoff. Part of the proceeds will go to Meals on Wheels Greenville and The Walk to End Alzheimer’s. For more info visit the virtual summit’s Eventbrite page.

Sara Zeff Geber on Hey Boomer

  • Sarah Thomas, CEO of Delight by Design and Nexus Fellow, recently presented at the Rehab Tech Summit sponsored by AARP Innovations Labs. She spoke about designing for all, including age tech, universal design, living with purpose and designing beautiful products for everyone at every age.

 

COMPANIES ON THE MOVE:

  • Jay Newton-Small, CEO of MemoryWell, is growing MemoryWell. After a successful capital raise, she’s been adding some amazing new talent to her team including Sarah Jones from Healthsense, GreatCall and Best Buy Health.

 

  • Jacquelyn Kung, CEO of Senior Care Group at Activated Insights, is working with her team to create recognition programs for senior care providers, based on their resident and family surveys. The goal is to tie the data to outcomes and impact metrics, and to use machine learning to identify patterns in those who improve to apply across a broader population of providers.

 

NEW RESEARCH:

 

 

VIDEO DISCUSSIONS:

 

 

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Nexus Fellow

Nexus Fellow Flash Bulletin – March 2021

COVID has caused dramatic disruption in our education and healthcare systems and long term care environments. We wear masks, we distance, we stay home. So what have we learned? How can we come out stronger on the other side? Despite the massive challenges and barriers to implementation, there is a strong sense of hope on the horizon.

“Out of the tragedy of COVID, there are a lot of silver linings, a lot of good things we’re learning. Let’s seize the opportunity from the crisis so we can say we learned from it, and we won’t be here a year or two from now saying that nothing is different.” Nexus Founder & Fellow, Bob Kramer

While the pandemic has had a devastating impact on the seniors housing and long-term care industry, it’s also shed a big spotlight on this industry like never before. And that has advantages. After all, how could anyone identify a problem if they aren’t looking. People are paying attention now, and if we take this opportunity and make the changes needed, the senior living and long-term care industry will vastly improve post-pandemic.

Our Nexus Fellows are front and center. They’re experts, thinkers and entrepreneurs, bringing fresh ideas and important insights to the industry at this critical time. 

What’s the latest? Here’s a Nexus Fellow Flash Bulletin:

  • Bob Kramer, Founder and Fellow of Nexus Insights joined Jocelyn Dorsey, Becky Kurtz, Elise Eplan and Deke Cateau on a panel last month for A.G. Rhodes Living Well-Virtual to discuss the stark realities of what is happening with COVID19, aging, and in the senior housing world. “What became clear in our conversation is that, despite the overwhelming challenges and difficulty in pandemic protocols and vaccine strategies, there was a sense of hope throughout.
  • Nexus Fellow Kelsey Mellard, CEO of Sitka, announced that Sitka has raised $14 million in Series A financing led by Venrock, with participation from existing investors Optum Ventures, Homebrew, First Round Capital, and Lifeforce Capital. This round of funding will enable Sitka to accelerate product development and expand growth with new and existing partners.
  • Jill Vitale-Aussem, president and CEO of Christian Living Communities, and Nexus Insights Fellow, was featured in a McKnight’s Senior Living piece on how the senior living industry needs to change. “We need meaningful purpose in our lives. We don’t need to live in a hotel. We need to belong…to continue growing and learning…I am a huge proponent of shifting our thinking of residents as customers, which really creates helplessness, and moving to a model of citizenship”
  • In an op-ed piece in The Dallas Morning News, Jacquelyn Kung, CEO of Senior Care Group at Activated Insights and a Nexus Insights Fellow, with Nexus Insights Founder and Fellow Bob Kramer and author Ed Frauenheim offered five practical solutions for “repairing and renewing the industry.”
  • In a recent interview, Nexus Fellow Jody Holtzman cited four important trends to consider as we embark on a rebuild of a broken industry. Three of them are driving a changing view of health: the expanding holistic view of health that started with a focus on social determinants; the growing list of non-traditional supplemental benefits reimbursed by CMS; and, the increasing centrality of the home as the locus of health, care, and connected living. These are tempered however by a counter-trend: the slow uptake and limited usage of new supplemental benefits.
  • In a recent article for the journal Health Affairs, Nexus Fellow David Grabowski, along with Charlene Harrington, Anne Montgomery, Dr. Terris King, Sc.D., and Mike Wasserman, discussed recommendations for changes to public policy that would “make ownership, management, and financing more transparent and accountable to improve US nursing home care.”
  • In his latest piece on the SmartLiving 360 blog, Nexus Fellow Ryan Frederick explains that while Zillow provides comprehensive information about homes to purchase or rent, it can’t answer the question of what happens when you lose electricity and water for days, as happened in Texas recently. Whether neighbors come together as a community to help each other through the crisis has a big impact on whether you’ve chosen the right place to live.
  • Sarah Thomas, CEO of Delight by Design and Nexus Fellow, was keynote speaker at the Rehab Tech Summit in February. In her speech titled, Designing the Future: Creating Your Own Path Through a Lens of Innovation, she said,  “It’s time we challenge our own views on aging. As we design products, services, spaces and communities we must design for ALL. Our designs should delight our consumers at every age. It was such a pleasure to share my professional journey that has taken me around the world changing the global perspectives on aging.”
  • Caroline Pearson recently completed a project looking at consumer experience measures for Medicare Advantage plans. The report recommendations holding plans accountable for aspects of consumer experience that are meaningful to beneficiaries and within the health plans’ control to improve. Caroline’s team at NORC continues to examine the impact of COVID-19 on older adults in seniors housing. Look for their report due out soon.
  • Dr. Bill Thomas will be featured in the 30th Annual Aging Well Conference hosted by the University of Wisconsin-Parkside Professional and Continuing Education Office on April 23 & 30. In his keynote, Dr. Thomas will deliver a multi-part interactive keynote “What if Everything we Know About Aging is Wrong?” followed by a Q&A session. In his breakout session “MAGIC:  Exploring Intergenerational Communities,” Dr. Thomas will share new concepts in Multi-Ability, Multi-Generational, Inclusive Communities that brings together people of different ages, abilities, and backgrounds.

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Events

RCA Conference

Niche Marketings Panel – Retirement Coaches Association Conference 2021

The Retirement Coaches Association Conference brings together a network of coaches, HR professionals, therapists, entrepreneurs, academics and financial advisors to brainstorm and discuss trends and opportunities in the non-financial aspects of retirement planning and living.

Join Solo Aging expert and Nexus Fellow Sara Zeff Geber as she speaks on an expert panel:

Panel Discussion: Niche Marketings

1:30 pm – 2:20 pm ET
Speakers: Larry Jacobsen, Sara Geber, Robert Laura
Join the top retirement coaches who have developed niche markets. Hear what has worked, not worked, the pros and cons of a niche market, and how you can find and thrive in your own niche.

Register: https://retirementcoachesassociation.org/conference

Yoho talk with Sara Zeff Geber

Meeting the Challenges of Solo Aging with Dr. Sara Zeff Geber

About Speaker:

Dr. Sara Zeff Geber, 2018 recipient of the “Influencers in Aging” designation by PBS’ Next Avenue, is an author, certified retirement coach, and professional speaker on retirement and aging. She has developed a niche specialty working with “Solo Agers,” people who have no children or who are aging alone. Dr. Geber is the author of Essential Retirement Planning for Solo Agers: A Retirement and Aging Roadmap for Single and Childless Adults (Mango Press, 2018) which was selected that year as a “best book on aging well” by the Wall Street Journal. With her speaking and writing, Sara has been raising awareness of Solo Agers for the past 10 years. She believes Solo Agers have unique needs in later life that warrant greater foresight and a more robust approach to planning.

In this talk, Dr. Geber will address:

  • Identifying the planning tasks that solo agers need to complete in order to be safe and secure in later life
  • Recognizing a variety of ways to be legally and financially prepared for older life
  • Deciding where and how to live in later life
  • Knowledge of where resources can be found for solo agers

More info & to register: https://www.yohocare.com/

Sara Geber solo ager

Hey, Boomer Podcast: Solo Aging Planning: Your Life Could Depend On It

Dr. Sara Zeff Geber wrote a must-read book for solo agers, and truthfully for all of us who are planning to have the best future possible as we move into our elder years. The book, “Essential Retirement Planning for Solo Agers; a retirement and aging roadmap for single and childless adults,” covers choices in housing, relationships, legal arrangements, finances and more.

Watch LIVE on the Hey, Boomer YouTube channel: https://www.youtube.com/watch?v=D9rdZ40_7C4

 

What is Hey, Boomer

Hey Boomer is a community, a place to find inspiration, a place to feel energized and focused. Through our weekly live shows and podcasts, we talk to guests who share information that is relevant to building meaningful, purposeful lives into our Boomer years and beyond.

About Wendy Green

I am a Boomer and I have reinvented myself many times. Through the Hey, Boomer™ shows, along with the events we will offer, my goal is to provide inspiration to empower you to live the meaningful, purposeful life you want to live

Vitality Society childless solo aging

Being Childfree with Sara Zeff Geber, PhD and member Marcia Drut-Davis

Around 20 percent of female baby boomers never had kids, and that trend is relatively unique to the generation. Only around 10 percent of women in the previous generation were childfree.

Our April discussion will focus on positively overcoming myths of aging without kids or grandkids. 

Sara Zeff Geber, PhD and Marcia Drut-Davis will offer why many may feel concerned about not having kids or grandkids as they age.

They will delight in offering diverse ways to nurture and feel nurtured which are equally heart-warming, fulfilling and comforting.

Join Sara, Marcia and other members to learn from their experiences and explorations.

Get unlimited access to all our 18 live classes each week when you sign up for a Monthly Membership. Sign up for a Monthly Membership during the month of April 2021 and get your first 14-days FREE and be eligible for a discount when you pay annually upfront. Offer applies to new Monthly Memberships. 


Marcia Drut-Davis is a “pioneer” in the childfree by choice movement. She is an activist for making the right choices that are not necessarily approved by society. She is never against parents loving their jobs as parents. She tries to stop the myths against those who can’t have, don’t want to have, or shouldn’t have children. As a septuagenarian, she can effectively speak on how lives can be nurtured and fulfilled as we age without children or grandkids. You can see her in, “To Kid or Not To Kid” on Amazon Prime. Her two books are “Confessions of a Childfree Woman” and “What? You Don’t Want Children”. Vitality Society member Dr. Duffy Spencer wrote the introduction.

Dr. Geber is the author of the 2018 book, Essential Retirement Planning for Solo Agers: A Retirement and Aging Roadmap for Single and Childless Adults, which was selected as a “best book on aging well” by the Wall Street Journal. With her speaking and writing, Sara has been raising awareness of Solo Agers for the past 10 years. She believes Solo Agers have unique needs in later life that warrant greater foresight and a more robust approach to planning.

 

Register: https://www.vitality-society.com/posts/13021517

New Models of Intergenerational Mentoring: Lessons Learned from the Pandemic – Encore Network

The Encore Network is pleased to announce its program for April: “New Models of Intergenerational Mentoring: Lessons Learned from the Pandemic.” The topic will be presented by a panel of experts and volunteers working in organizations whose mission is to connect young people with older adults for the purpose of mentoring and free-flowing information – in both directions.

The moderator and several panelists are Encore Network members:

  • Sara Zeff Geber, PhD, Panel Moderator, Speaker and AuthorEssential Retirement Planning for Solo Agers, Nexus Insights Fellow
  • Dana Griffin, Co-founder & CEO, Eldera,
  • Mary Click, National Tutoring Director, Oasis Lifelong Adventure,
  • Tonya Wiley-Robinson, Strategic Partnerships & Community Engagement, AARP Foundation Experience Corps,
  • Wes Enicks, Executive Director, Generations Incorporated

The program will focus on virtual volunteering and mentoring, the changes and pivots that were brought about by COVID, and what has been learned from the  past year. The one-hour program will include ample time for audience questions and additional perspectives.

This monthly Encore Network program is free to active members.  We respectfully request that if you are not an active member that you choose the Guest category and pay $15 to attend. Of course we welcome you to join the Network so you also can attend these special programs at no cost.

Register: https://encorenetwork.org/event-archive/new-models-of-intergenerational-mentoring-lessons-learned-from-the-pandemic/