An article published online this year in the journal Health Affairs and a companion report “ Seniors and prescription drugs: Findings from a 2001 Survey of Seniors in Eight States,” feature results from the 2001 survey of 10,927 Medicare beneficiaries ages 65 and older conducted in California, Colorado, Illinois, Michigan, New York , Ohio, Pennsylvania and Texas. These states account for 42 percent of adults (below 200 percent of poverty) nationwide. 

Medicare beneficiaries are already spending over one-fifth of their incomes on health care, stated by Karen Davis, Ph.D., president of the Commonwealth Fund, “For the sickest among them, the specter of wiping out retirement savings on rising prescription drug costs is truly frightening.”
“With one in four skipping medications, lack of drug coverage is more than a financial burden; it’s a health risk for seniors.”

Even patients with severe and chronic conditions like heart disease and diabetes often go without medications because of costs.  Nearly one-quarter of all seniors (23%) in the eight states spent $100 or more per month on prescription drugs,

As medical costs continue to rise for prescription drugs, in-home care, and physical rehabilitation, seniors have to shoulder a larger share of the financial burden or turn to their children for help.

A 1997 National Family Caregiver survey found that nearly one in four (or 22.4 million) U.S. Households was involved in helping care for a senior adult member.  Caring for our parents, a family member or friend can be a stressful and challenging event, one that can affect the emotional, physical and financial well-being of caregivers.

With a reverse mortgage caregivers can find the financial assistance they need to help their aging family member.

With growing numbers of seniors who need support to live on their own, private and public organizations are now offering a variety of services in the home and community.  Ways to pay for these services include, Medicare, Medicaid, Private long-term Care Insurance, (which may not be affordable for some seniors) retirement and savings accounts.

Studies by the National Council on Aging shows that of the 13.2 million candidates for reverse mortgages, about 5.2 million are either receiving Medicaid or are at financial risk of needing Medicaid if they were faced with paying the high cost of long-term care at home.  This economically vulnerable segment of the older population would be able to get $309 billion in total from reverse mortgages that could help pay for long-term care.

A reverse mortgage has the potential to dramatically increase the ability of seniors to pay for long-term health care at home.  Why not free up needed cash and continue to live at home?  Call Kaye Financial, one of the leading reverse mortgage lenders in Michigan, and find out if a reverse mortgage
will work for you.

Toll Free 1-866-894-5829

By completing the form below, Kaye Financial will send you a FREE DVD
on our Reverse Mortgage Program.

Find Out What Senior Homeowners Have Done To Make Their Life More Enjoyable