OSURA Copes with Change
By Carlene Hamilton
OSURA Communications
Each year for the past 10 years, The Ohio State University Retirees Association (OSURA) has sponsored a full-day conference entitled “Coping with Change.” Timed to coincide with the state retirement systems’ open enrollment period for the following year’s health choice options, the conference presents speakers on a wide variety of subjects of interest to retirees as well.
This year’s keynote address was on drug interactions, given by Maria C. Pruchnicki, Pharm.D., BCCPS, assistant professor of OSU Clinical Pharmacy. Drug interactions were identified as drug-drug, drug-food, and drug-disease. She addressed ways physicians and pharmacists contribute to the management of drug interactions and had suggestions for people to maximize healthcare provider resources when consulting with physicians or pharmacists.
Following the keynote address, a panel moderated by Larry Lewellen, associate vice president for human resources, gave insights into “Your Retirement System: Things You Should Know.” Representatives from OPERS and STRS were also on the panel.
During the afternoon, conference participants could choose one of four concurrent sessions, which are summarized here:
- Living With Arthritis: James Borchers, M.D., OSU Family Medicine
The primary goals of osteoarthritis treatment are to alleviate pain and increase functional ability of the involved joint. Patients require a multi-faceted approach to their treatment of the disease. Exercise is usually an important component for treatment of the problem and for overall health.
- Stay On Your Feet With Balance: Gail Wadley, athletic trainer, OSU Sports Medicine and Cindy Prezioso, R. N., OSU Sports Medicine
Balance training and steps to prevent falls are important since people over 65 are likely to take some kind of fall during the next 12 months. Balance training can improve both one’s physical and mental health. While some instances of loss of balance may be due to medical conditions or from drug interactions, most cases are the result of age and decreased physical fitness. Wadley suggested everyone begin a balance exercise program, preferably with exercises designed for strength, cardiovascular conditioning, flexibility, and posture. Regularity is the key. Since 60 percent of falls occur in the home, it is also very important to promptly correct hazardous home conditions.
- Long-Term Care Insurance: Lynn Heskett, Ohio senior health insurance trainer, Ohio Department of Insurance
About 33 percent of men and 52 percent of women will spend some time in a nursing home after reaching age 65. The majority of these nursing home stays are less than three months, but about 10 percent will stay in a nursing home as long as three years. Average monthly costs for long-term care in 2006 in Ohio was $5,400. Medicare does not pay for routine custodial care; when “skilled nursing” care is needed following a hospital stay, Medicare coverage may apply for a short time between hospitalization and returning home. A booklet, “Shopper's Guide to Long Term Care Insurance” explains how coverage works and the variables that can be part of a long-term care insurance policy. It may be read online at ohioinsurance.gov, click on “consumer publications” or may be requested at 1-800-686-1578.
- Managing Your Financial Resources During Retirement: Bill Rives, Ph.D. Department of Finance, OSU Fisher College of Business. Following are a few financial tips highlighted in this session:
- Online identify theft is a big problem. Check your credit report regularly
- STRS and OPERS provide life income options; 403b and IRA plans provide supplemental retirement income
- Continue investing later in life or you will lose ground to inflation. As you grow older, the basic rules of investing do not change. Diversification is important
- Mutual funds work best for most investors. No-load funds with low operating-expense ratios are preferred. Morningstar provides one of the best research services for individual investors
- The following advance directives are essential for retirees: written will that is up-to-date; a living will; and a designated healthcare power of attorney.
For more information on any of the speeches, log on to the OSURA web site (click on newsletter, then November and December).