Category: Articles

Before Cosigning Your Child’s Loan…

As your child heads off to college or starts life as an independent young adult, he or she will likely face new financial responsibilities, such as a car purchase, rent or college tuition payments. Given their lack of credit history, it may be difficult for them to obtain a loan without a parent or another adult cosigning the loan. Your natural inclination may be to help them out and sign the dotted line, but before you do, make sure you’re clear on the terms of the loan and what it may mean for your finances.

Cosign with your eyes wide open

Even though you may not consider it “your loan” if you cosign, lenders will identify you as one of the borrowers. That means you may be at risk if different circumstances arise. Keep in mind:

• If any of the balance remains unpaid by the borrower (in this scenario, your child), you as the cosigner will be required to repay it.
• If your child defaults or even misses one or two payments, it can damage your credit record.
• Even without a default, other lenders may look on the cosigned loan as an additional liability you will need to pay, which could also affect your credit record.
• In some states, the creditor has the right to collect payment from you, as the cosigner, without first trying to collect from your child.
• If you were to pass away, it could trigger “auto default” provisions in the loan contract. This would require your child to immediately pay the debt. Regulators discourage this practice, but it still exists in some loan agreements.

Steps to protect your position

Fortunately, there are often alternatives to cosigning a loan. For example, if your child is enrolled in college, he or she may be eligible for federal student loans or financial aid. Another option, if you can afford it, may be to lend your child money directly — thereby forgoing the paperwork and stipulations introduced by a third-party lender. If you decide to take this action, make sure you and your child have a clear and consistent understanding of the terms of the loan, including a repayment schedule that he or she will be accountable for sticking to. If you do decide to cosign a loan, take steps to help protect yourself:

• Read the fine print and understand the terms of the loan and the expectations of the lender.
• Avoid pledging property, such as a car, to secure the loan, as it could create additional risk.
• Arrange to receive duplicate copies of all paperwork and ensure you have complete online access to the account so you can stay on top of your child’s record of repayment.

In short, treat the situation with the same diligence that you would if you were borrowing money yourself. Do what you can to ensure your potential act of generosity doesn’t impair your ability to obtain credit in the future.

MICHAEL W. K. YEE, CFP,® CFS,® CLTC, CRPC®
1585 Kapiolani Blvd., Ste. 1100, Honolulu, HI 96814
808-952-1240 | michael.w.yee@ampf.com
ameripriseadvisors.com/michael.w.yee
Michael W. K. Yee, CFP®, CFS®, CLTC, CRPC ®, is a Private Wealth Advisor, Certified Financial Planner ™ practitioner, with Ameriprise Financial Services, LLC in Honolulu, HI. He specializes in fee-based financial planning and asset management strategies and has been in practice for 40 years. Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value. Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser. Ameriprise Financial Services, LLC. Member FINRA and SIPC.
© 2023 Ameriprise Financial, Inc. All rights reserved.

As your child heads off to college or starts life as an independent young adult, he or she will likely face new financial responsibilities, such as a car purchase, rent or college tuition payments. Given their lack of credit history, it may be difficult for them to obtain a loan without a parent or another…
Smart Long-Term Care Search Strategies

More than 50% of us will experience stress and anxiety while seeking long-term care, according to a recent AARP study. Firstly, it is difficult to find information about all the available services. Worse yet, without a way to easily compare them, they are seemingly indistinguishable (after all, there are over 1,800 senior care facilities and providers in Hawai‘i). Lastly, families are often caught off guard and must choose a care provider quickly.

Given the challenges, follow these strategies to successfully navigate complex and diverse care system:

• Allow ample time to learn the essentials: The details can be overwhelming and even healthcare professionals have difficulty grasping the ins and outs of senior care.

• Know your needs: Each family is unique. Even spouses have different care requirements, budgets and preferences. It is easy to get distracted by
the nice-to-have features.

• Cast your net wide first, then narrow down options: Every type of care has distinct pros and cons; every provider has strengths and weaknesses. Only you can decide which will fit your needs.

While it’s impossible to know the future, these strategies are guaranteed to help you when the time comes to seek senior care.

KUPUNA CARE PAIR
2383 Beckwith St., Honolulu, HI 96822
808-779-8871 | hello@kupunacarepair.com
kupunacarepair.com

More than 50% of us will experience stress and anxiety while seeking long-term care, according to a recent AARP study. Firstly, it is difficult to find information about all the available services. Worse yet, without a way to easily compare them, they are seemingly indistinguishable (after all, there are over 1,800 senior care facilities and…
Mediwhat? Medigap!

For beneficiaries on Original Medicare (Parts A and B), a Medicare Supplement Insurance plan may provide the extra coverage they need. Also known as “Medigap” plans, these policies which are sold by private insurance companies fill the “gaps” not covered by Original Medicare, such as deductibles, coinsurance and copayments for services.

To be eligible to purchase a Medigap, an individual must be enrolled into Part B. This kickstarts the Medigap Open Enrollment Period, which lasts for 6 months. During this period, insurance companies can’t deny enrollment and will provide coverage at the best price. Outside this period, one can still buy a Medigap policy, but restrictions may apply. Beneficiaries with Medicare Advantage plans are ineligible to purchase a Medigap.

Contact Hawaii SHIP to learn more about Medicare Supplement Insurance. Request a free Medigap plan comparison and a list of authorized insurance companies in Hawai‘i. Local, certified SHIP specialists provide unbiased information in one-on-one sessions, compare Medicare Advantage and Part D plans, and help low-income clients apply for Medicaid and Extra Help assistance.

HAWAII SHIP
Free, local, one-on-one Medicare counseling is provided by the Hawai‘i State Health Insurance Assistance Program.
250 South Hotel St., Ste. 406, Honolulu, HI 96813
Oahu: 808-586-7299 | Toll free: 888-875-9229
hawaiiship.org

For beneficiaries on Original Medicare (Parts A and B), a Medicare Supplement Insurance plan may provide the extra coverage they need.
Medicare Special Enrollment Period

A Medicare Special Enrollment Period (SEP) is the time when an eligible Medicare beneficiary may sign up for a Medicare plan under exceptional circumstances.

It’s vital to understand eligibility for Medicare plan SEP to help avoid a late enrollment penalty.

SEP is granted to beneficiaries who were unable to enroll in a plan during the General Enrollment Period (GEP) for valid reasons.

It depends on the personal situation, such as moving out of your existing Medicare plan’s service area, losing employer-provided medical coverage or losing Medicaid eligibility.

The beginning and end dates of SEP will vary from one qualifying event to the next.

The SEP rules allow you to do one of the following:

• Enroll in Medicare Part B any time while you or your spouse are covered by a group health plan based on current employment
• Enroll in Medicare Part B during the 8-month period that begins the month after the employment ends or the group health plan coverage ends — whichever happens first. If you don’t enroll by the end of the 8-month period, you’ll have to wait until the next GEP, which begins Jan. 1 of the next year.

COPELAND INSURANCE GROUP
1360 S. Beretania St., Ste. 209, Honolulu, HI 96814
808-591-4877 | josie@copelandgroupusa.com
copelandgroupusa.com

A Medicare Special Enrollment Period (SEP) is the time when an eligible Medicare beneficiary may sign up for a Medicare plan under exceptional circumstances.
Q&A: Retirement Benefits

Q: My cousin and I are both retired and get Social Security. We worked for the same employer for years, but he gets a higher Social Security benefit. Why is that?

A: Your payments are based on your earnings over your lifetime. Unless you are both the same age, started and stopped work on the exact same dates and earned the very same amount every year of your careers, you wouldn’t get the same benefit as your cousin. Social Security benefits are based on many years of earnings — generally your highest 35 years. To learn more about Social Security retirement benefits, visit ssa.gov/benefits.

Q: I went back to work after retiring, but now the company I work for is downsizing. I’ll be receiving unemployment benefits in a few weeks. Will this affect my retirement benefits?

A: When it comes to retirement benefits, Social Security does not count unemployment as earnings, so your retirement benefits will not be affected. However, any income you receive from Social Security may reduce your unemployment benefits. Contact your state unemployment office for information on how your state applies the reduction to your unemployment compensation.

Q: My neighbor said he applied for Social Security retirement benefits online. Can you really apply for retirement without traveling to an office?

A: Yes, you can. What’s more exciting is it’s the easiest, fastest and most convenient way to apply for retirement benefits. Our secure website makes it simple, allowing you to apply for retirement benefits in as little as 15 minutes. You can get started now at ssa.gov/applyonline.

Q: What is the earliest age I can begin receiving Social Security retirement benefits?

A: The earliest age you can begin receiving Social Security retirement benefits is age 62. If you decide to receive benefits before your full retirement age, which for most people is age 66 or 67, you will receive a reduced benefit. Keep in mind you will not be able to receive Medicare coverage until age 65, even if you decide to retire at an earlier age.

For more information, go to ssa.gov/retire.

For questions, online applications or to make an appointment at a SSA office, call between 7am & 5pm, Mon–Fri:
1-800-772-1213 (toll free) | socialsecurity.gov

Q: My cousin and I are both retired and get Social Security. We worked for the same employer for years, but he gets a higher Social Security benefit. Why is that?
Golden Care for the Golden Years

Primary care services play a pivotal role in ensuring the well-being of geriatric patients, addressing their unique healthcare needs and promoting a higher quality of life. Access to timely and comprehensive primary care is particularly crucial for this demographic.

Geriatric patients often face multiple and complex health issues, requiring a coordinated and holistic approach to their care. Primary care providers serve as the frontline defenders, managing chronic conditions, preventive care and addressing emerging health concerns. Timely visits allow for early detection of potential problems, preventing complications and hospitalizations.

Moreover, accessibility to primary care services is essential for geriatric patients who may have mobility challenges or difficulty accessing healthcare facilities. Home visits, where available, represent a valuable extension of primary care, ensuring that patients who may struggle with transportation or face limitations in leaving their homes receive the attention they need.

By emphasizing the importance of primary care for geriatric patients, we not only enhance their overall health outcomes but also contribute to a healthcare system that prioritizes prevention, continuity of care, and the dignified aging of our elderly population.

MI-CARE PLUS
1150 S. King St. #1007, Honolulu, HI 96813
808-930-9858 | info@micareplus.org
micareplus.org

Primary care services play a pivotal role in ensuring the well-being of geriatric patients, addressing their unique healthcare needs and promoting a higher quality of life. Access to timely and comprehensive primary care is particularly crucial for this demographic.
Homemade Meals to Smile About

While brushing twice a day, flossing daily and seeing your dentist are essential to maintaining a healthy smile, it’s important to remember that our dietary choices also impact our teeth and gums. Nutritious, home-cooked meals have been linked to a lower risk of tooth decay and gum disease because you can better control the ingredients.

Meals cooked at home tend to have less salt and cavity-causing sugars. Fast food and beverages can contain high amounts of sugar, creating an environment for bacteria to grow in our mouths and produce acids that erode tooth enamel, increasing your risk for tooth decay and gum disease. Stocking your kitchen with fresh vegetables and leafy greens such as watercress and spinach (rich in calcium) can help to maintain strong teeth. They also contain folic acid, which is linked to gum health. Crunchy vegetables such as broccoli, carrots and bell peppers require more chewing, stimulating saliva production and neutralizing acids in the mouth. Sweet potatoes are a good source of vitamins A and C, which are essential to tooth enamel formation and help to prevent gingivitis from forming.

Maintaining a healthy diet of fruits and vegetables is crucial to good oral and overall health, helping you to live well and smile more.

HAWAII DENTAL SERVICE (Nonprofit)
Kahala Howser, Wellness & Events Manager
khowser@hawaiidentalservice.com
HawaiiDentalService.com

While brushing twice a day, flossing daily and seeing your dentist are essential to maintaining a healthy smile, it’s important to remember that our dietary choices also impact our teeth and gums. Nutritious, home-cooked meals have been linked to a lower risk of tooth decay and gum disease because you can better control the ingredients.
The Power of Music in Memory Care

Programming for the residents of a memory care facility can be challenging. Everyone is at a different place health-wise. Many activities are not appropriate for everyone. Even one-on-one activities can be challenging with this population.

I have found great success using programs that involve music. Activities including sing-alongs, musical performances, drum circles, playing instruments and listening to music have provided many positives for residents — and not just because these activities are fun and bring people together. Many studies point to the benefits music offers, including a reduction in agitated behaviors, a decrease in anxiety and depression, an improvement in language skills, and opportunities to trigger positive memories and the emotions tied to them.

Singing also provides aerobic exercise for residents who can no longer exercise traditionally. Singing releases endorphins (a feel-good hormone) and oxytocin (a stress-relieving hormone). Many benefits continue weeks after the session, demonstrating the possibility of long-term effects.

You don’t need to be a therapist to use music therapeutically with your loved ones. Sing a song together. Listen to a favorite tune. Play relaxing background music during times of rest. Use music every day and enjoy its results!

MANOA COTTAGE KAIMUKI
748 Olokele Ave., Honolulu, HI 96816
808-800-4089 | info@manoacottage.com
manoacottage.com

Programming for the residents of a memory care facility can be challenging. Everyone is at a different place health-wise. Many activities are not appropriate for everyone. Even one-on-one activities can be challenging with this population.
The Gift of Whole-Body Donation

Whole-body donation is a no-cost process and a profound act of generosity that allows individuals to contribute to the advancement of medical education, research and the improvement of healthcare practices. By donating your body to science, you make an enduring impact on the lives of future generations, enabling medical professionals to deepen their understanding of human anatomy, develop innovative medical procedures, and enhance the quality of patient care.

Medical students, anatomists, surgeons and other healthcare professionals rely on donated bodies to study human anatomy in detail, providing a hands-on learning experience that textbooks alone cannot match. They gain a comprehensive understanding of anatomical structures, variations and disease processes, enabling them to develop more effective treatment strategies. In addition, researchers can study donated bodies to investigate the causes and progression of diseases, develop new medical technologies, and test novel treatment methods.

Respect for the wishes of donors is of utmost importance. It is crucial that individuals who choose to donate to science understand the process involved, including the potential uses of their donation and the expected timeline for its utilization. Donor organizations uphold strict ethical guidelines, ensuring the utmost respect, dignity and reverence for donors’ contributions.

The Donation Process

Individuals must express their intention to donate and complete the necessary paperwork, including consent forms and medical history documentation. This paperwork can be completed during the life of the individual or following their death by the next of kin or agent. Upon passing, the body is transported to a storage facility. After the body has been utilized for educational or research purposes, it is cremated, and the remains are returned to the family or interred respectfully within 3 to 12 months.

Whole-body donation serves as a gift to society, advancing medical education and promoting scientific progress. Donations embody the essence of altruism and leaves a lasting legacy, bridging the gap between medical knowledge and compassionate patient care. As we appreciate the selflessness of those who make this choice, we recognize the immeasurable impact they have on the future of healthcare and our collective well-being.

KE OLA ‘UHANE
P.O. Box 2831, Honolulu, HI 96803
808-391-6041 | keolauhane@aeternitas.com
844-330-7040 (24 hours/day)
keolauhane.org

Whole-body donation is a no-cost process and a profound act of generosity that allows individuals to contribute to the advancement of medical education, research and the improvement of healthcare practices.
Time for Spring Cleaning?

The season of spring is often associated with a strong desire to do a deep, thorough cleaning of your home. It’s a global phenomenon practiced in big cities, rural communities and remote villages. Social scientists who have studied the annual ritual believe there are health benefits to decluttering, organizing and cleaning up your home. It seems people who adopt the annual habit experience more energy, a sense of accomplishment, contentment and sleep better.

Why not extend this positive habit to organizing your health insurance paperwork? But where should you begin? Well, if you see your desk piled up with unopened mail, health cards, medical bills and health plan sale flyers, that’s a great place to start.

First, sort through the clutter by separating insurance health cards, bills, letters and sales brochures. Look for any official government notices from Social Security or Medicare. Toward the end of each year, both agencies usually send notifications about increases in retirement benefits or changes to Medicare Part B premiums. If a letter looks suspicious or you are unsure about what to keep or what to throw away, call Medicare at 1-800-633-4227. Medicare takes calls 24/7, year-round, except for certain holidays.

Next, discard old bills, and expired health cards and statements. It is very important to keep track of your current health cards and plan benefit documents. Contact your health plan provider to replace any lost or missing health, drug, dental and/or vision insurance cards. In an emergency, it is critical to have access to the information to avoid delays in care and uncovered claims.

Lastly, take a moment to pay any outstanding healthcare bills and file them in your secured computer storage or other filing system.

But if you have already selected a health plan for the year, there is no reason to hold on to sales solicitations. You will get a whole new bundle of sales material in the upcoming fall open enrollment season, so toss out the old as plans may change benefits and costs each year. It’s very easy to accumulate piles of mail during insurance year-end open enrollment periods. But rather than keeping unimportant, irrelevant documents, just shred and toss them (check with Medicare first if you need to).

Finally, the key takeaway is you are likely to feel more secure, happy and have a sense of accomplishment if you do a little tidying up of your insurance paperwork. Once you are done, you just might enjoy the same benefits as those who practice the ritual of spring cleaning.

GET2INSURANCE.COM FAMILY OFFICE
1003 Bishop St., Ste. 2700, Honolulu, HI 96813
800-226-3660 | martha@get2insurance.com
Get2insurance.com

The season of spring is often associated with a strong desire to do a deep, thorough cleaning of your home. It’s a global phenomenon practiced in big cities, rural communities and remote villages. Social scientists who have studied the annual ritual believe there are health benefits to decluttering, organizing and cleaning up your home. It…
Shrimp, Cucumber & Avocado Salad

A salad made with shrimp, cucumber and avocado is perfect for family gatherings because it’s delicious, hearty and makes even the pickiest of eaters smile. The types of foods we eat directly affect our teeth, so that’s why it’s best to always have a bowl of fresh vegetables on the table. The vegetables in this recipe have many health benefits, including crunchy cucumbers, which will help clean the surfaces of your teeth as you chew. Did you know cilantro has deodorizing properties that may help freshen your breath? Also, don’t forget the health benefits of making your own sugar-free salad dressing for fewer cavity-causing calories. I hope readers enjoy making this healthy, low-carb, high-fiber dish that will help them live well and smile more!

Ingredients:
1/2 lb. cooked, peeled shrimp (can be grilled, boiled or sauteed)
3–4 cucumber, Japanese or Persian preferred
2 avocados
2 tomatoes
1/2 red onion (and/or bell peppers)
1 fresh lime, juiced
3–4 cilantro, chopped
1/4 cup olive oil
1/4 cup sushi vinegar
lettuce (Mānoa or butter)
salt & pepper to taste

Directions:
1. Cube the avocados and sprinkle them with a bit of the lime juice. Set aside in large bowl.
2. Cut the cucumber, tomato and onion into bite-sized pieces. Add to the cubed avocado.
3. Add grilled, boiled or sauteed shrimp to the bowl of veggies. Cut them in half if preferred.
4. Add chopped cilantro to taste.
5. For the dressing, mix the olive oil, sushi vinegar and lime juice in a small bowl. Blend well. Add salt and pepper to taste.
6. Pour desired amount over veggie and shrimp mix. Toss lightly.
7. Serve the veggie-shrimp mixture over a bed of lettuce. Serves 2–4.

Do you have a favorite recipe and story to share? For consideration in the next issue, include a photo and mail them to Generations Recipe, PO Box 4213, Honolulu, HI 96812, or email them to Cynthia@generations808.com.

A salad made with shrimp, cucumber and avocado is perfect for family gatherings because it’s delicious, hearty and makes even the pickiest of eaters smile.
Before Purchasing a Subscription Service…

There are a few things you need to know before purchasing a subscription service. Tips to ensure you’re making a wise investment:

1. Do your research. Before signing up, research the company by checking their social media accounts, consumer reviews and business ratings on BBB.org. Look for complaints or scams.
2. Investigate free trials. Find out how long the trial period lasts, read the terms of the agreement, and learn how and when to cancel.
3. Understand auto-renewals. Companies must send you a renewal notice ahead of time, and you should always check your bank and credit card statements to ensure the cost is what you expect.
4. Know how to stop a subscription. There are three ways to stop automatic payments from your bank account: contact the company to revoke payment authorization, contact your bank or credit union, or give your bank a stop payment order.
5. Cancel unwanted subscriptions. By canceling early, you’ll avoid paying for an extra subscription term.
6. Watch out for scams. Scammers may offer you free trials or deals hoping you’ll sign up with your credit card number. But if it seems too good to be true, it probably is.

There are a few things you need to know before purchasing a subscription service. Tips to ensure you’re making a wise investment: