CPA ElderCare - PrimePlus: A Practitioner's Resource Guide - Third Edition

This third edition of CPA ElderCare/PrimePlus Services: A Practitioner’s Resource Guide contains various updates to help you stay on top of ElderCare/PrimePlus concerns and advise your clients accordingly. We’ve made a number of changes to the book to make resources easier to find and link to. Updates include:

• Medicare Part D prescription drug programs
• Medigap Supplement plans A-J
• Original (fee-for-service) versus Medicare Advantage (managed-care)
• Federal and state programs for the elderly, including new rules covering Medicare, Medicaid and Social Security

The National Association of Insurance Commissioners has once again been kind enough to allow us to reprint their updated Shopper’s Guide to Long-Term Care Insurance. We’ve updated and expanded the companion CD-ROM and created easy links to all the organizations, agencies and services you and your clients need access to via the Associations and Other Resources link from the CD-ROM. These resources include:

• Federal Agencies
• Health and Aging Associations
• State Agencies on Aging
• State Long-Term Care Programs
• State Offices on Aging
• State Vocational and Rehabilitation Offices
• State-by-State Elder Abuse Hotlines
• Telecommunications Services for Deaf and Speech-Impaired People
• The Better Business Bureau
• Where to Learn More About Aging

As always, you can print and customize the practice aids and/or use the PowerPoint presentation to introduce CPA ElderCare/PrimePlus services to your clients (the presentation helps standardize the information provided to the public about these services).

PREFACE

This third edition of the CPA ElderCare/PrimePlus Services: A Practitioner’s Resource Guide, contains various updates to help you stay on top of ElderCare/PrimePlus concerns and advise your clients accordingly. We’ve also made a number of changes to the book’s companion Toolkit CD-ROM to make resources easier to find and link to.

• We’ve added information about Medicare Part D prescription drug programs; Medigap Supplement plans A-J; and Original (fee-for-service) versus Medicare Advantage (managed-care) plans all of which have such a profound affect on the lives of aging clients and their caregivers.
• We’ve updated and expanded information on federal and state programs for the elderly, including new rules covering Medicare, Medicaid, and Social Security that you and your aging clients need to know.
• The National Association of Insurance Commisssioners has once again been kind enough to allow us to reprint their updated Shopper’s Guide to Long-Term Care Insurance.
• Information is the lifeblood of any profession. In the financial and non-financial services field, the information explosion has challenged CPAs to seek information in the fastest and most cost-effecive way possible. Associations and organizations are one of the best sources of information for aging clients. They are generally focused on one specific area and produce accurate and often voluminous information. Because links to, address and phone numbers for these organizations change so frequently, we’ve updated and expanded the companion CD-ROM to include the organizations, latest contact information: name, address, phone (toll-free number if one exists), fax number, Web site (if one exists), and description. We’ve created easy links to all the organizations, agencies and services you and your clients need access to within the Associations and Other Resources link from the CD-ROM interface. These resources include:
  • Federal Agencie
  • Health and Aging Associations
  • State Agencies on Aging
  • State Long-Term Care Programs
  • State Offices on Aging
  • State Vocational and Rehabilitation Offices
  • State-by-State Elder Abuse Hotlines
  • Telecommunications Services for Deaf and Speech-Impaired People
  • The Better Business Bureau
  • Where to Learn More About Aging

Plus, you can still print and customize the practice aids, use the PowerPoint Presentation to introduce CPA ElderCare/PrimePlus services to your clients (the presentation helps standardize both the description and information provided to the public about these services), and instantly access targeted associations and organizations on the Internet.

About CPA ElderCare/PrimePlus Services

Surveys suggest that today’s Baby Boomers will likely spend more years caring for a parent than their own children. These individuals know firsthand the meaning of the “sandwich generation,” a phrase used to describe the growing number of adult children who feel the squeeze of caring for the needs of an aging parent or other relative and the demands of their own children, spouses, and careers. CPA ElderCare/PrimePlus services cover clients who are younger than 65 but who can use the strengths and competencies of a qualified CPA in managing the financial details of aging, in cash flow planning and budgeting, preand post-retirement planning, insurance reviews, and other areas.

The aging of the Baby Boomers, the largest generation in American history, has begun. According to the Census Bureau’s “middle series” projections, the elderly population will more than double between now and the year 2050, to 80 million. By that time, as many as one in five Americans could be elderly. Most of this growth in the age 65+ adult population will occur between 2010 and 2030, when the Baby Boom generation enters their retirement years. CPA ElderCare/PrimePlus services has three primary markets: the current 65+ age population, the adult children or relatives of the 65+ population, and families of special needs who need assistance with the process of aging in our society.

Even though practitioners may believe they have limited need for some of the material provided, we suggest that practitioners review each section of the Guide. To a great extent, a practitioner’s ability to provide appropriate services and assistance depends on a high level of knowledge about the network on aging that exists in the United States.

The AICPA/CICA ElderCare/PrimePlus Task Force of the American Institute of Certified Public Accountants has worked diligently to consider the opportunities for growth as well as concerns about entering this area of practice. The services you provide reflect your firm’s skill, knowledge, and ability. We challenge you and your staff to offer only the highest standard of service and to commit to affiliating with other licensed professionals to maintain a cohesive standard of excellence throughout the industry.

A NOTE ABOUT TERMS

For convenience, most of the references in this publication refer to CPA ElderCare/PrimePlus Services. However, many of the forms and documents included in the publication can be effectively used by Canadian chartered accountants. Therefore, the term CPA should be read as including CAs.

Also, the terms elderly and older are used interchangeably throughout the publication to refer to clients and potential clients of the service. In light of cultural sensitivities to the choice of terminology, practitioners can choose to use the latter term where occasion or usage concerns warrant

Thank you.

American Institute of Certified Public Accountants, Inc.

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