Page 12 October 11 , 2012 TORRANCE TRIBUNE Proper Nutrition Key Finance For Elderly Americans Money-Saving Open Enrollment Tips (ARA) - Americans are now living longer fractures and attention deficits. By Jason Alderman IRS-allowed medical expenses not than ever before. In fact, one of the fastest Falls are one of the most serious problems Over the next few weeks, millions covered by your medical, dental or growing segments is people over the age of 85 for the elderly and about a third of people of Americans will receive their vision plans. Check IRS Publication who will represent 20 percent of the population older than 65 fall at least once every year. Fall- 2013 open enrollment materials. 502 at www.irs.gov for allowable by the year 2040. Because we are living longer, related injuries in the elderly are associated Although it’s tempting to simply expenses. Dependent care FSAs let certain conditions specific to senior citizens with numerous psychological and physical check “same as last year,” that can you use pre-tax dollars to pay for are also on a steady rise. Dehydration, falls, consequences and are a leading cause of be a costly mistake – especially if eligible expenses related to care for your employer is offering different your child, spouse, parent or other Given this new evidence, assisted living caregivers benefit plans next year or your dependent incapable of self-care. should be very cautious before recommending changed. you earn $42,000 a year. If you contributeHere’s how FSAs work: Sayfamily or income situation has a low-salt diet for the elderly. Plus, an important feature of health care $1,000 to a health care FSA and $3,000 for flexible spending accounts, which many people dependent care, your taxable income would fractures, cognition loss and attention deficits bone breakage and hip fractures, which use to reduce their tax bite, is changing next be reduced to $38,000. Your resulting net are now becoming more commonplace. can lead to complications and permanent year (more on that below). income, after taxes, would be roughly $1,600 In a recent paper titled “Salt Appetite disability or death. More than five percent Here’s what to look for when reviewing more than if you had paid for those expenses Across Generations” presented at a medical of all hospitalizations in people older than your benefit options: on an after-tax basis. conference in Switzerland, Israeli researchers 65 years are due to fall-related injuries. Many benefit plans – especially medical Keep in mind these FSA restrictions: from the University of Haifa confirmed Sadly, the research shows that in assisted – change coverage details from year to * Important: Effective January 1, 2013, that in older people, a reduced sense of living facilities where almost all residents year. If you’re offered more than one plan, employee contributions to health care FSAs thirst results in a greatly increased risk of are given low-salt diets, the rate of falls and compare features side by side (including are now limited to $2,500 a year; however, serious dehydration. They also noted that fractures are three times as great as in the plans offered by your spouse’s employer) to if your spouse has FSAs at work, you still the appetite for salt does not diminish with normal home environment. ensure you’re choosing the best alternative. may contribute up to $2,500 to each account. age and suggested that this be used to help The implications of this research for Common changes include: * The dependent care FSA limit remains sustain hydration and prevent the dangerous liability claims incorporating legal damages * Dropping or replacing unpopular or unchanged at $5,000. symptoms that result from dehydration. are considerable. Mild hyponatremia in the overly expensive plans. * Health care and dependent care account Another study by Dr. Michael H. Alderman elderly can no longer be considered as a * Increased monthly premiums for contributions are not interchangeable. and Dr. Hillel W. Cohen of the Albert Einstein simple nonthreatening condition. Evidence employee and/or dependent coverage. * Estimate planned expenses carefully College of Medicine, published in the clearly points to significantly increased * Increased deductible and/or co-payment because you must forfeit unused account American Journal of Hypertension, identified attention deficits, loss of cognitive function, amounts for doctor visits, prescription drugs, balances. Some employers offer a grace hospitalization, dental or vision benefits, etc. period of up to 2 ½ months after the end of * Revised drug formularies. the plan year to incur expenses, but that’s * Doctors and hospitals sometimes not mandatory, so review your enrollment withdraw from a plan’s preferred provider materials. network. * Outside of open enrollment, you can * Raising maximum yearly out-of-pocket only make mid-year FSA changes after a expense limits. major life or family status change, such If offered by your employer, health care as marriage, divorce, death of a spouse or and dependent care flexible spending accounts dependent, birth or adoption of a child, or a (FSAs) can significantly offset the financial dependent passing the eligibility age. If one impact of medical and dependent care by of those situations occurs mid-year, re-jigger letting you pay for eligible out-of-pocket your FSAs accordingly for maximum savings. expenses on a pre-tax basis; that is, before * You must re-enroll in FSAs each year – federal, state and Social Security taxes are amounts don’t carry over from year to year. deducted from your paycheck. This reduces Also remember that if you marry, divorce, your taxable income and therefore, your taxes. or gain or lose dependents, it could impact the You can use a health care FSA to pay for type – and cost – of your coverage options. • “Life is to be enjoyed, not endured.” ~ Gordon B. Hinckley significant risks to cardiovascular health and increased falls and fractures - a cascade of longevity from consuming any less than one conditions resulting in a highly diminished or more than three teaspoons salt per day. quality of life and a reduced life span. It is Fortunately, most Americans - including a major threat that can be treated by simply the elderly - when left to their own choice adding salt back to the diet. consume right in the middle of this range. The evidence contradicting a low-salt regimen Given this new evidence, assisted living for the elderly is impressive and up-to-date. caregivers should be very cautious before Those responsible for looking after the elderly recommending a low-salt diet for the elderly. should very carefully consider any broad, In older people, mild hyponatremia is the sweeping recommendations to administer a most common form of electrolyte imbalance low-salt diet, for both medical and liability in the blood. Indeed, several recent medical reasons. A well-balanced diet, complete with papers found a direct relationship between salads, vegetables and fruit is the best approach hyponatremia and unsteadiness, falls, bone to ensuring a healthy and active retirement. •
Torrance 10.11.12
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