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Hospice care: the business of providing a dignified death

CarleeMcCullough-160ON OUR WAY TO WEALTHY Be strong. Fight until the end. Never give up. Continue to pray.

If anyone close to you has ever experienced a life-threatening illness or accident, such phrases may have been used as encouragement.

Still, death is inevitable, with the business of providing a dignified death known as hospice care. Although often thought of as a physical place, hospice is a specific type of healthcare with the primary focus of providing the patient with comfort and palliative care. Palliative care refers to the relief of the pain, symptoms and stress of serious illness. Once the doctor and patient are in agreement that the illness can not be reversed, hospice care becomes a consideration.

Hospice care may be provided in the home or in a hospital, assisted living, veterans, prison or a long-term facility. Hospice is not designed to hasten or prevent death. It is an option that provides the patient with management of pain and symptoms, an increased quality of life, and also emotional and spiritual support. Ultimately, terminally ill patients in hospice are given the opportunity to choose the end-of-life care received.

From a business perspective, hospice care is a multimillion-dollar. Businesses are compensated based on enrollment. With little to no expenses earmarked for a cure, the profit margins tend to be great. A very profitable hospice business can be established with the appropriate resources, a solid business plan and knowledge of the industry or affiliation with professionals that possess the requisite knowledge.

 

Preparing for medical expenses with an HSA

CharlesSimsJr-160According to a 2013 survey, almost 90 percent of middle-income Americans do not feel prepared to handle the financial cost of a critical illness. Most respondents said they would have to use their savings, but 75 percent had less than $20,000 in savings and 25 percent had no savings at all.

A critical illness can be especially challenging, but even healthy people with medical insurance can face substantial out-of-pocket expenses. The total health-care cost for a typical family of four covered by an employer-sponsored PPO insurance plan is $22,030 in 2013. More than 40 percent of this total – $9,144 – is paid by employees through payroll deductions and out-of-pocket expenditures.

One strategy that may help reduce health-care costs while saving for future expenses is to combine a high-deductible health plan (HDHP) with a health savings account (HSA).

What is an IRA rollover?

CharlesSimsJr-160If you leave a job or retire, you might want to transfer the money you've invested in one or more employer-sponsored retirement plans to an individual retirement account (IRA). An IRA rollover is an effective way to keep your money accumulating tax deferred.

Using an IRA rollover, you transfer your retirement savings to an account at a private institution of your choice, and you choose how you will invest the funds. To preserve the tax-deferred status of retirement savings, the funds must be deposited in the IRA within 60 days of withdrawal from an employer's plan. To avoid potential penalties and a 20 percent federal income tax withholding from your former employer, you should arrange for a direct, institution-to-institution transfer.

Small businesses must plan for the unexpected

CarleeMcCullough-160ON OUR WAY TO WEALTHY: Even with the full understanding that some accidents and illnesses cannot be avoided, few small business owners plan for the unexpected. One step in the planning process is to make sure proper insurance coverage is in place.

For the most part, we are all accustomed to purchasing the basic insurance policies that cover our home, car and life. But there are different types of disability income insurance plans that will protect income and even pay bills when necessary.

Disability income insurance is designed to maintain financial stability when you are sick, hurt or unable to work by providing a monthly income directly to the business owner. It is typically used as the primary income replacement that helps prevent the depletion of savings and retirement income.

TSD taps Hargrove to help grow businesses

Yolanda Hargrove-600The New Tri-State Defender is excited to announce the strategic hiring of Yolanda Hargrove as its new Sales Consultant and Account Executive.

Hargrove is charged with growing print and digital advertising, as well as event sponsorship and the development of strategic networking events and building relationships for the publication.

"Yolanda brings creativity and experience in the business arena and has been successful in a number of corporate accounts throughout her career. She brings an innovative and aggressive approach to strategically building new business and new relationships throughout the community and across the country," said TSD President and Publisher Bernal E. Smith II.

Beautician’s Association ready for 2013 Trade Show and Convention

23beauty-300The Tennessee Beautician's Association 2013 Annual Trade Show and Convention will be held Oct. 26-29 at the Memphis Airport Hotel and Conference Center at 2240 Democrat Rd.

According to Janice Scott, the financial secretary for the association, the event's purpose has many layers.

"To educate, to encourage people in the business, as well as others, help others find employment in the industry, and help people keep up with the laws and changes in the industry so that they will be aware of everything going on," said Scott.

Want to be your own boss?

CharlesSimsJr-160MONEY MATTERS: A 2013 study of entrepreneurship found that more than a quarter of workers aged 65 and older plan to start their own businesses in the next three years.

Developing a business after you retire from your regular job could be rewarding personally and financially, but like most potential rewards it comes with risks and challenges. If you have an entrepreneurial vision, here are some tips that may help you maintain a realistic perspective.

Don't invest more than you can afford to lose. Current failure rates suggest that 50

Senior housing may be the business for you

CarleeMcCullough-160ON OUR WAY TO WEALTHY: Whether you reference aging as growing older, more mature, wiser or seasoned, the common denominator is that we must all age. It is a fact of life.

Today, there are approximately 40 million people age 65 or older in America, which represents about 13 percent of the population. However, by 2030 there will be over 72 million or almost 19 percent of the population in this bracket.

A staple of our basic needs in life is housing and as we grow older our housing needs will change. While we hope to maintain our lifestyle, health, mobility and financial strength along the way, things may not always develop as desired.