Silvers Linings Expo presents solutions for seniors – including how not to spend your life savings on a nursing home

Oct. 26—{p dir="ltr"}{span}More than 500 Granite Staters who are retired or close to it came to the Silver Linings Expo at Manchester Community College on Saturday looking for information and answers to problems that plague people in their 60s, 70s and beyond.{/span}

{p dir="ltr"}{span}Their top concern: Finding and paying for long-term care — a worry that hounds most aging adults, but maybe later than it should.{/span}

{p dir="ltr"}{span}"If I can help just one family to understand how important long-term care planning is," said Catherine Cournoyer, vice president of Tilton-based Strategic Caring Solutions, a subsidiary of Franklin Savings Bank, who gave a presentation on how to prepare for illness and diminished capacity. "None of us have a crystal ball. If we don't plan well, we could be doing ourselves a great disservice." {/span}

{p dir="ltr"}{span}"Most people over 50 don't think about this," said Monique Drouin, 70, a former registered nurse and care manager who came from Dover to hear the presentations. "Lon- term care insurance? No one can afford it anymore. My husband and I have savings and own our own home. We want to make sure we make the best decisions. Everyone needs to be a planner."{/span}

{p dir="ltr"}{span}The Silver Linings Senior Healthy Living Expo held by the New Hampshire Union Leader twice a year included introductory talks on Medicare, how to prepare and afford long-term care, transportation provided for seniors, and senior-friendly travel. This year's event was sponsored by{/span} {span}Wellsense, Langdon Place of Nashua, Silverstone Living, Encompass Health, United Healthcare, RiverMead, The Morrison Communities, Trend Acupuncture, Visiting Angels, AARP of NH, Delphi Enhanced Primary Care and Anthem. {/span}

{p dir="ltr"}{span}Cournoyer's talk was packed. She said people tell her, 'I feel good right now. If something happens, I'll give you a call.' When should you start planning? "The answer is yesterday. "We want you to have a choice."{/span}

{p dir="ltr"}{span}Wills and trusts can be harmful or helpful — it's important to do what's best for you and your spouse and family members who will inherit and update your documents. Medicaid, the number one payer to U.S. nursing homes, is not just for poor people. Medicaid requires you to spend down your assets to qualify for Medicaid nursing home coverage. Medicare only covers up to 100 days. A Medicaid annuity is a little known way to preserve your assets and still receive Medicaid coverage that is approved by the state and federal government, Cournoyer said.{/span}

{p dir="ltr"}{span}"The number one question is, 'Am I going to lose my home?' Not if you do things correctly," she said.{/span}

{p dir="ltr"}{span}Your planning team should consist of a senior care adviser, a Medicaid planner, and attorney and a financial adviser, Cournoyer explained.{/span}

{p dir="ltr"}{span}Legal documents are of paramount importance — especially a contingent power of attorney for medical and financial affairs who can act on your behalf if something happens to your spouse or the person to whom you've given power of attorney. If you're in the hospital or rehab for three months, someone will need to pay your car loan and bills for taxes, heat and electricity, and make medical decisions if you're not able to make your own, she said.{/span}

{p dir="ltr"}{span}Trusts enable your estate to be settled more quickly, without going through probate and spending more money on legal experts. But it's important to understand the difference between revocable trusts, which allow you to make changes, and irrevocable trusts, which don't. {/span}

{p dir="ltr"}{span}"If you have an irrevocable trust, take your house out of that. You will never qualify for Medicaid," Cournoyer said. "Everything in an irrevocable trust can be counted by Medicaid. Retirement accounts should go into a will."{/span}

{p dir="ltr"}{span}Term life insurance is not counted as an asset. But whole life insurance is, along with checking and savings accounts, 401Ks, stocks and bonds.{/span}

{p dir="ltr"}{span}Cournoyer advises hiring an estate planning attorney who charges a flat fee for creating documents — not one who charges by the hour, which can be ten times the flat fee.{/span}

{p dir="ltr"}{span}In order to qualify for Medicaid, there is a five-year look-back on assets and income. When assets are spent down to qualify, they don't have to go towards health care. They can be applied to a new roof on the house, a car or whatever is needed for the independent spouse to continue living at home, she said.{/span}

{p dir="ltr"}{span}Federal programs such as Social Security, Medicaid, and Veterans Administration benefits do not recognize power of attorney. For those entities, it's critical to fill out an authorized representative form. This enables your loved ones to access your information and take appropriate action.{/span}

{p dir="ltr"}{span}The Silvers Linings Expo included vendors of everything from hearing aids and wheelchairs to ear wax-removal systems and telephones that print speech on screens in large print, plus Medicare providers, investment advisers, experts on downsizing and decluttering and options for assisted living. {/span}

{p dir="ltr"}{span}Kathy Baldridge, a senior real estate specialist with Coldwell Banker in Amherst and founder of Lifetime Estate Liquidations & Transitions in Bedford, is a senior move manager. She said it's important to look early for your next landing spot and seek help in making the decision. Wait lists for assisted living and continuing care retirement communities in New Hampshire currently range from six months to a year, to eight years at Concord's Havenwood Heritage Heights, she said. Many 'downsizers' go into 55+ or 62+ communities first, which range widely in size, price, amenities and availability. {/span}

{p dir="ltr"}{span}"The whole retirement thing in this country is complicated," said Bob Coulter, 66, an engineer who lives in Manchester. He came with his wife, an accountant, who is also still working. "I just wanted to know about our options."{/span}

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