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It is estimated that approximately 50% of the monthly income seniors receive from social Security will be consumed by monthly Medicare premiums by the year 2021.

In the past few years Medicare premiums have risen over 30% and Medicare recipients are spending over 20% of their own money for health related expenses. According to a report from AARP, more than 33% of all seniors lack prescription drug coverage.

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.

Many older people prefer to stay at home * even when their needs for care are great. Consider these common situations:

* After breaking her hip, your mother has trouble getting around.
* The doctor says your father has Alzheimer's disease.
* Your uncle isn*t eating well, and can*t manage his medicine.

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.

Benefits Of Owning A Reverse Mortgage

Having a reverse mortgage for your Michigan based home is a smart move. This would enable you to have extra funds in times of need. By turning your existing home into equity you can enjoy some great features. Smart Michigan homeowners have all agreed that owning a reverse mortgage makes all the difference.

Lets face it * every bit counts * and the monetary value you are able to acquire from a Michigan based reverse mortgage makes the difference! Seniors are able to take that money and apply it to expensive prescriptions, home health care and more importantly get real peace of mind.

Conquering the monthly battle of affording health care just got easier. This is just the thing for seniors with heft health care bills and diabetic mail order prescriptions. The rising cost of medical care can be problematic for seniors but having a reverse mortgage can mean the world of difference.