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Caregiving Reimagined: The New Retirement Part 4

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For many Millennials, elder care is personal: that’s their grandparent you’re talking about. But unlike previous generations, Millennials have a powerful tool to help them do more than just move grandma to assisted living or hire a caregiver and hope for the best: the Internet.

Thanks to Gen Y innovation, the digital landscape is reimagining health, safety, finances, food, transportation — “virtually” every aspect of aging. And this means an expanded definition of “caregiving,” which can now be performed from afar via technology.

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For instance, seniors can wear an Apple Watch look-alike that contains an alert button to push in the event of a fall or other emergency. A senior who might refuse to wear a medical alert pendant will look stylish and up-to-date wearing a Lively watch, which helps keep them safer than having a smartphone.

The company also sells in-home sensors, which allow family members to track a senior’s actions. If there’s no movement at a time when the elder is expected to be up and about, this can be a signal something is wrong — enabling help to get there much sooner and potentially save a life.

The Right Prescription

One serious issue for seniors living independently is the risk of mixing up medications, mistakenly taking 4 pills at 2 o’clock instead of 2 pills at 4 o’clock, which can lead to disastrous consequences.

For one Millennial entrepreneur, it was an easy fix: presort prescriptions into single-dose packs, clearly labeled with the day and time to tear open and pop the pills. The packs come in one long strip rolled into a dispenser, and arrive by mail every two weeks. A no-brainer, and so simple it’s a wonder nobody thought of it before. The company even created an app that uses customized, geo-tracking sensors to create reminder prompts.

The Buck Stops Here

Seniors who’ve donated to various charities all their lives can be blindsided by fraudsters who see them as an easy mark. Or they might develop a touch of dementia and begin whimsically distributing their savings to anyone who asks.

When the latter happened to 32-year-old Kai Stinchcombe’s grandmother, he founded True Link, which issues senior Visa cards with an online dashboard that family members can access to block merchants or groups engaged in suspicious behavior. Family can also limit transaction amounts and keep a watchful eye on their loved one’s savings and checking accounts. Best of all, instead of taking away a senior’s credit cards and sense of autonomy, True Link allows the older person to maintain their independence.

Where to Live for Tech-Assisted Retirement

Finally, if a senior plans to use technology to help them live better in retirement, these are the 10 best cities for technology-assisted living that will both allow an elder enough disposable income to pay for tech services, and provide the maximum range of senior-related tech services available. The researchers evaluated the availability of transportation (Uber), dog sitting (Rover), house and yard care (Porch), grocery delivery (Instacart), and professional caregiving (CareLinx) to make their assessment.

Anyone planning to relocate with a HECM for Purchase, or who already lives in one of these areas and wants to age in place with a reverse mortgage, may be particularly interested.

For ease of sharing, here’s the list:

  1. Washington, D.C.
  2. Philadelphia, PA
  3. Chicago, IL
  4. Austin, TX
  5. Houston, TX
  6. Boston, MA
  7. Miami, FL
  8. Denver, CO
  9. Atlanta, GA
  10. Portland, OR

For more reverse mortgage information, tools and technology visit ReverseFocus.com today.

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Editor in Chief: HECMWorld.com
 
As a prominent commentator and Editor in Chief at HECMWorld.com, Shannon Hicks has played a pivotal role in reshaping the conversation around reverse mortgages. His unique perspectives and deep understanding of the industry have not only educated countless readers but has also contributed to introducing practical strategies utilizing housing wealth with a reverse mortgage.
 
Shannon’s journey into the world of reverse mortgages began in 2002 as an originator and his prior work in the financial services industry. Shannon has been covering reverse mortgage news stories since 2008 when he launched the podcast HECMWorld Weekly. Later, in 2010 he began producing the weekly video series The Industry Leader Update and Friday’s Food for Thought.
 
Readers wishing to submit stories or interview requests can reach our team at: info@hecmworld.com.

Leave a Comment

3 Comments

  1. Hi Amara,

    Love your articles! I’m always looking for resources to share with the families I work with. I tried to find a page on the site with more resources and I’m sure it’s right there in front of me but I’m missing it. Do you have a hotlist of more links/resources?

    Thanks,

    Krey

  2. […] at greatest risk of exploitation, a huge risk factor is caregiver stress and burnout. Some of the tech solutions to ease caregivers’ work can make all the difference, as can caregiver recognition that they can’t do it all, and need […]


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