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Elder Care Information |
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The Best Investment You Can Make Right Now: Long Term Care Insurance
Don't think you need it? Consider this: a full 50% of Americans over the age of 50 will need long term care at some point in their lives. The average cost of nursing facility care (or home health care assistance) is $61,000 per year, and the average stay in a long term care facility is 2œ years. Can you think of a faster way to decimate your nest egg? Or look at it this way: you would never go without homeowner's insurance, would you-even though the chance of a house fire is just one in 1,200. Yet according to a recent study, if you are age 65 or over, you are ten times more likely to find yourself in a nursing home this year as you are to have your house burn down. So if haven't looked into Long Term Care Insurance-or LTCI-now is the time. Become an educated consumer. Find out how it works and what it covers, so you can determine if it is right for you. This overview will get you started. What Exactly Is Long Term Care? Long term care is the assistance you may need if you become unable to care for yourself because of prolonged illness or disability. Generally, a person becomes eligible for LTCI benefits when he or she is unable to perform any two of six "Activities of Daily Living" (bathing, eating, dressing, toileting, continence, and transferring-say from a bed to a chair). People with Alzheimer's disease or severe cognitive impairment are also eligible and those who receive doctor-certification that they require care for at least 90 days. LTCI provides coverage for such care, whether received in a nursing home or in your own home. In fact, one of the advantages of LTCI is that it allows you to make your own healthcare choices-such as electing in-home care that permits you to remain at home. No, Medicare Doesn't Cover It! One of the myths of long term care is that Medicare will foot the bill. But Medicare pays for just a very small percentage of nursing home care, and eligibility is very restrictive. (For a nursing home stay, Medicare requires that you must be hospitalized for at least three days and must receive skilled care daily. In addition, you must enter a Medicare-approved facility and stay in a Medicare-approved bed.) Here's how it works: Medicare covers all eligible expenses for the first 20 days. For days 21-100, you first pay a co-payment as of 2005 is $114.00 per day; Medicare pays the difference. After 100 days, Medicare ceases to pay altogether. In other words, Medicare is designed to cover short term recuperative care. But for most long term care patients, the average period of care exceeds 900 days. And unless you are impoverished and qualify for Medicaid (public aid), you are responsible for those staggering bills. That's where LTCI comes in. What's the Best Time to Buy? The best time to buy, quite simply, is now. The younger and healthier you are, the more insurable you'll be-and the lower your premiums. Already in your 70s? If you're in fair health, chances are you'll be able to obtain coverage. You won't know unless you ask, so by all means ask. Here's a good thing to know: once your policy is in effect, premiums never increase due to changes in your age or health. Premiums remain level unless your insurance carrier raises premiums for an entire class of policyholders in your state. Most policies are guaranteed renewable, which means that the company cannot cancel the policy or reduce benefits regardless of age. Another excellent reason to buy right now: you'll have the protection in case you need it. What Should I Look for in a Policy? Believe it or not, LTCI has been around for more than 30 years. During that time, policies have evolved to become quite sophisticated. As a result, there are a number of plan design features you'll need to consider when evaluating a plan: Coverage: A good LTCI plan includes coverage for nursing facility care, home care, adult day care, assisted living facility care, hospice care, and homemaker or companion services. In addition, the plan should cover your pre-existing conditions and offer complimentary care management and consultation, which can be invaluable in mapping the course of care. Daily Benefits: LTCI benefits range from $100-$500 a day. Your choice should be driven by the cost of living in your area. Find out the actual long term care costs in your region, and use that knowledge to determine your benefit. (Your insurance agent should be able to provide this information.) And don't forget to consider inflation! Will the benefit you choose today be viable ten years from now? Because healthcare costs are rising faster than the cost of living, you may wish to purchase an optional inflation rider, which automatically increases your daily benefit at regular intervals. Benefit Duration: Most LTCI carriers offer a choice of two, three, four or five year benefit durations, as well as an unlimited duration. The longer the benefit duration, the higher the premiums. Consider your age, health, and budget when choosing a benefit duration. Insurance Carrier: Don't be tempted to save a few dollars by purchasing coverage from an unknown quantity. When evaluating insurance carriers, ask for their industry ratings. Rating services such as Standard and Poors and A.M. Best evaluate insurance carriers based on their financial condition and claims paying ability. A strong, solid company will be eager to provide you with its current ratings. A number of solid, reputable insurance carriers-such as Met Life, Genworth, Prudential, John Hancock, and others-offer LTCI. Trust your instincts. How Much Will LTCI Cost? Premiums vary according to your age, health, and plan design. How Do I Get LTCI? LTCI is available on both an individual and group basis. If you are working, ask your employer if your company offers a plan. If not, ask if your spouse, children or even your children's spouses can obtain LTCI at work. Group LTCI coverage is often available to extended family members. Otherwise, find an independent agent who specializes in LTCI. An independent agent represents multiple top-rated companies, so he or she can find the most competitive plans. In addition, a knowledgeable agent will be able to answer your questions and help design the right plan for you. Protect your nest egg-and your healthcare options. For seniors with an eye on the future, Long Term Care Insurance makes more sense than ever. Murray Gordon is the president of MAGA Limited, a long term care insurance agency in Deerfield, IL, http://www.magaltc.com. Contact: Lekas & Levine PR, Joannepr@aol.com.
MORE RESOURCES: The Coming Elder Care Challenge: More People Are Beginning To Notice Center for Retirement Research How Japan's 'Macho Caregivers' Are Revolutionizing Elder Care Tokyo Weekender Kenora plans new hospital, expansion of long-term care home constructconnect.com What can advisors do to help clients managing elder care, childcare costs Wealth Professional Element Care Celebrates 30 Years of Providing Comprehensive Senior Care at Healthcare from the Heart Gala Yahoo Finance Impact of Training on Person-Centered Care in Nursing Homes Bioengineer.org Ontario government announces $50 million planning grant for Kenora hospital Ontario Construction News Mental health of older adults World Health Organization (WHO) Sunshine Coast elder care project uses art to ask who cares Coast Reporter 'Wild west' of elder care: CT advocates point to overlapping oversight, underfunded agencies CT Insider Elders and housing top priorities in Uqqummiut Nunatsiaq News Ageing and health World Health Organization (WHO) Opinion | The Worst Losers in Trumpâs Economy The New York Times Heart of Health: Linda Armstrongâs passion for geriatric nursing care Nova Scotia Health Changes are coming for residential aged care. Hereâs what to know The Conversation âCommunities Should Build Elderly Services Pipeline Earlyâ: Anni Chung, Self-Help For The Elderly India Currents Frontline Acquires Integracare, Plans U.S. Entrance; Zingage Raises $12.5M Home Health Care News Aging in Digital China: Senior influencers find new value online as China builds stronger elderly care system news.cgtn.com Comfort Keepers St Louis: Senior Care Franchise Opportunity 1851 Franchise LETTER: Elder care a looming crisis for Oak Bay Victoria News Elderly care: The visible and invisible International Labour Organization When a 91-year-old renter in Toronto is evicted with nowhere else to go, our governments have failed completely Toronto Star Nova Scotia Healthâs Dignity of Risk Program leading change in caring for older adults living with frailty and dementia Nova Scotia Health Critics say taxpayer dollars for nursing homes should be spent on care, not new buildings FOX 13 News Utah Why seniorsâ care should have been on the election agenda The Conversation Nursing homes receiving millions in extra taxpayer funds face allegations of poor patient care FOX 13 News Utah Telangana Plans Law to Deduct 10â15% Salary of Government Staff Who Neglect Parents The Logical Indian Elder Care Homecare Reaffirms Commitment to Providing Continuous 24-Hour Home Care in NYC. The Globe and Mail Use it or lose it: the new home care budgets you don't want to miss thesenior.com.au Commentary: The monthly tab for her in-home elder care: $18,000. She can cover it, but how many others can? Los Angeles Times Elder Care Homecare Reaffirms Commitment to High-Quality ALS Home Care in Westchester County The Globe and Mail AI Companions Redefine Elder Care: 3 Ways They Fight Loneliness, Boost Safety And Scale Support Forbes New Model Predicts Caregiver Distress in Dementia Bioengineer.org Visionaries Unite: How the West Coast Conference on Aging is Rewriting the Future of Senior Care The Daily Scan New tracker finds rapid private equity expansion in elder care Private Equity Stakeholder Project PESP NTI Invests in Community Facilities for Elder Care Nunavut Tunngavik Inc. FAU Historian Traces How U.S. Nursing Homes Evolved into Big Business Florida Atlantic University Victoria woman's months-long wait for long-term care bed could turn into two-year ordeal Vancouver Sun Youth employment and elder care: a dual challenge in Morocco AFD - Agence Française de DĂ©veloppement BPK student research looks to history to find a way forward for Indigenous elder care Simon Fraser University Stepping towards better health: Early Mobility team wins Nova Scotia Health Quality Award Nova Scotia Health âWhat they wanted to seeâ: Rankin Inlet elder facility to welcome 22 residents in April Nunatsiaq News Your Company Needs an Eldercare Policy Harvard Business Review Emotional needs and service process optimization in combined medical and elder care: A TRIZ approach ScienceDirect.com 'Don't open another bed': St. Johnâs doctor says there's a better way to keep seniors out of long-term care PNI Atlantic News Recreation therapy associates at the heart of the Early Mobility Program at St. Marthaâs Regional Hospital in Antigonish Nova Scotia Health From Durham to Denmark: A global lens on elder care ArcGIS StoryMaps Video: How the Immigration Crackdown Threatens Elderly Care The New York Times Unravelling the combination of medical and elderly care in China: a comprehensive policy analysis Nature Nursing home death now investigated as murder CityNews Vancouver Canadaâs aging crisis and a call for reform in eldercare The Hill Times MGMT Digital Helps Nursing Homes Reach Families Through Generativ The National Law Review Former MA caregiver pleads guilty to stealing from patients. Here's her sentence MetroWest Daily News The opportunity to innovate in senior housing McKinsey & Company |
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