Tips on Ohio Financial Planning for Senior Care

If you have aging parents who reside in Ohio, there’s a great resource for families who need to plan for affordable senior care provided by Care.com  On the site, you will learn that the median cost of long-term care in Ohio ranges from $44,500 for a private one-bedroom in assisted living to $81,213 for a private room in a nursing home. The bottom line is that senior care is expensive and the time for planning is now.

Ohio Senior CareIf this news is startling, there are programs and levies in Ohio that offer a series of financial assistance programs for seniors on Medicare. Bookmark the Care.com page for tips on how your loved one can qualify for Ohio medicare savings programs and how Ohio aids its senior population financially through Ohio Senior Services Levies. Care.com also offers a comprehensive guide to senior care that helps readers understand the options in detail and answers frequently asked questions.

Getting the professional help to manage an aging parent’s financial resources before these decisions are made can better prepare your family and your loved one for these future draining expenses. With our help, you’ll have the peace of mind knowing that your parent’s finances are in order and there is a clear understanding of current assets and expenses. This knowledge is invaluable when the time comes to apply for Ohio senior program eligibility.

What’s In An Acronym?

acronymnsWe live in a world of acronymns. Did you know that the term “acronym” was actually coined by Bell Laboratories in 1943 to describe a word that is derived by taking the first letter of each word in a phrase to create an abbreviation that becomes a new word? I’m often asked about the acronyms associated with logo designations on my website: CSA and AADMM.

A Certified Senior Advisor (CSA) designates that I have completed required courses and exams to learn what’s important to seniors and to keep their interests first. As a CSA, I’m able to better understand the financial, health, and social issues that senior face and am able to communicate more effectively with seniors and their families.

As a member of the American Association of Daily Money Managers (AADMM) I have access to professional development and educational resources and other opportunities that allow me to better provide personal financial/bookkeeping services to senior citizens, the disabled, busy professionals and others.

CSAs and members of AADMM are in the business of DMM – Daily Money Management. DMM programs help people who cannot handle their own financial affairs (or don’t wish to). Essentially, I act as a personal financial assistant. The most often provided services are:

  • paying bills
  • maintaining financial records
  • preparing budgets
  • balancing checkbooks, and
  • negotiating with creditors.

It’s important to understand what a DMM can’t do. We are not financial or legal professionals, so we can’t act in an advisory role or prepare tax returns. But we can certainly refer you to ethical, trusted accountants, investment advisors, and lawyers.

In 1983 the Washington Post coined a related term, the “backronym” to describe an acronym that has been specifically constructed to fit a pre-existing word or phase. An example is the distress signal SOS, often believed to be an abbreviation for “save our ship” but in reality is simply a representation of an easily identifiable three dots, three dashes, and three dots of Morse code. To enjoy a little Acronym Overload humor watch this 1:40 video.