Insurance Information


Long-Term Care Insurance: Eldercare Solution


When I suddenly had to become a fulltime caregiver to my elderly parents, both with health problems and starting to develop dementia (namely Alzheimer's), I had never even heard of Long-Term Care Insurance. After we burned through their life savings, and then started chipping away at mine, I was advised to apply for financial assistance for them through the government's Medicaid system--a program for those at the poverty level. It was quite a long process with mounds of paperwork and numerous investigations, but finally my parents were approved.

I was so happy that monetary help would finally be on the way, until I discovered that the financial assistance would only pay to put my parents in a nursing home, not even in Assisted Living, and with very little help to keep them in their own home.

Since their levels of care were so different (my mother needed most things done for her), there weren't any facilities that would allow them to be together. They'd be across the street from each other in different wings of the home. After fifty-five years of marriage, my parents were adamant about wanting to be together in their own home, in their own bed, where they could continue to cuddle and kiss--as they so frequently did. And, since my father was so "difficult" with a terrible temper and quite a long record of manipulative disruptive behaviors, the homes didn't want to deal with him anyway.

It was challenging, but I committed to keeping my parents in their own home and attending Adult Day Health Care five days a week. Then, with the help of two marvelous caregivers, after four more years of loving each other--they passed, just a few months apart. Even though caring for every aspect of my parents' last years was the hardest thing I have ever done--I am proud to say I gave them the best end-of-life I possibly could.

Had I only known to insist that we buy Long-Term Care Insurance for them prior to their illnesses--their years of in-home care could have been paid for, and I could have saved myself so much heartache, not to mention a small fortune. I encourage you to learn from my mistake and look into LTC insurance long before you need it-for your loved ones as well as yourself. Like fire insurance, hopefully, you'll never have to use it.

Also, call your local Area Agency on Aging, or Department of Aging, and ask if there are any financial programs, waivers or grants available in your area that you can apply for.

STARTLING STATISTICS

An estimated 4.5 to 5 million Americans have Alzheimer's disease. In a Gallup poll, 1 in 10 Americans said that they had a family member with Alzheimer's, and 1 in 3 knew someone with the disease.

Increasing age is the greatest risk factor for Alzheimer's. One in 10 individuals over 65 and nearly half over 85 are affected. Rare, inherited forms of Alzheimer's can even strike individuals in their 30's and 40's.

A person with Alzheimer's disease will live an average of eight years and as many as 20 years or more from the first onset of symptoms.

More than 7 out of 10 people with Alzheimer's disease live at home, where family and friends provide 80 percent of their care. The estimated value of this informal care is $257 billion annually.

One half of the U.S. population has a chronic condition. More than one quarter (26.6%) of the adult population provide care for a chronically ill, disabled or aged family member or friend, which translates to more than 50 million people.

37% of caregivers are living in the same household as the person they care for. 54% are between 35 and 64 years of age. 59% of the adult population either is or expects to be a family caregiver, and 2 million more caregivers will be needed in the next twenty years.

An estimated 43% of Americans age 65 or older will spend time in a nursing home. By 2012, 75% of Americans over age 65 will require long-term care. Long-term care costs are rising at 6% annually.

The annual cost of Alzheimer's care in the U.S. is at least $100 billion, and will soar to at least $375 billion by mid-century, overwhelming our health care system and bankrupting Medicare and Medicaid.

Alzheimer's disease costs American business $61 billion a year, which is equivalent to the net profits of the top 10 Fortune 500 companies. $24.6 billion covers Alzheimer health care, and $36.5 billion covers costs related to caregivers of individuals with Alzheimer's, including lost productivity, absenteeism and worker replacement.

THREE WAYS TO PAY FOR LONG-TERM CARE

1. Pay for in-home caregivers and assisted living/nursing homes out of pocket. This is expensive and can often deplete a family's life savings.

2. Meet a very specific poverty level and qualify for government assistance through the Medicaid program. Unfortunately, options are limited, only paying for nursing homes that accept Medicaid.

3. Buy a Comprehensive Long-Term Care Insurance policy. This protects your family's assets from the rising costs of caring for someone who needs full time care. An employer might pay the tax-deductible premiums. Consider buying it at a younger age, when more affordable and accessible. It must be bought before a major illness strikes. Medicare and regular health insurance does not pay for long-term care. The average cost for a person who needs long-term care is $40-$70,000 annually, depending on where you live, plus the cost to the family caregiver who may have to leave their job.

QUESTIONS TO ASK YOUR INSURANCE AGENT

--Is the coverage comprehensive, meaning it includes all levels of care: in the home, assisted living, board & care, and nursing/dementia facilities?

--What is the daily benefit?

--Is there 5% annually compounded inflation protection?

--What is the elimination period?

--Is it a lifetime benefit period or a limited time benefit policy?

--Is there a spousal discount?

--Can you hire caregivers privately as well as from an agency?

--Is the home care benefit based on a daily, weekly or monthly maximum, and if the benefit is not used, can it be used in the future?

--Does it cover home care coordination of services?

--How many ADL's (Activities of Daily Living) does it take to trigger a claim?

--Is there a time limit for filing a claim?

--Does it cover the cost of Adult Day Care & Adult Day Health Care, hospice and respite programs?

--Is it a tax-qualified plan?

--Is the company highly rated and have they ever raised premiums?

--Can you see the company's published annual audit to check their track record for paying claims?

###

Jacqueline Marcell is a national speaker on eldercare and the author of, "Elder Rage", a Book-of-the-Month Club selection being considered for a feature film. Over fifty endorsements include: Hugh Downs, Regis Philbin and Dr. Dean Edell. Jacqueline also hosts a radio program heard worldwide on: http://www.wsradio.com/copingwithcaregiving . For more information: http://www.ElderRage.com

Permission is granted to publish all/part of this article free of charge as long as: the author's byline is included, the links are live, and the author is notified: J.Marcell@cox.net or 949-975-1012.


MORE RESOURCES:
This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news


CNBC

Don't be duped by these insurance myths. It can be costly - CNBC.com
CNBC
What you don't know about insurance policies can cost you. That's the new finding from a national survey by comparison website insuranceQuotes. "Reading ...

and more »


Wall Street Journal

Wells Fargo is now refunding customers for pet insurance and other add-ons
MarketWatch
The San Francisco-based lender WFC, -0.42% is in the midst of refunding customers for products including pet insurance and legal services that they did not understand or know how to use, The Wall Street Journal reported Thursday, citing people familiar ...
Wells Fargo's Latest Challenge: Refunds for Pet Insurance, Legal ...Wall Street Journal
Another Wells Fargo mess: Pet insurance ripoffCNNMoney
Report: Wells Fargo will pay millions in refunds for pet insurance, other add-on productsLos Angeles Times
Zacks Investment Research -Seeking Alpha -Yahoo Finance
all 190 news articles »


Entrepreneur

Does Your Benefits Advisor Work for You or for the Insurance Industry? 3 Questions to Ask.
Entrepreneur
The insurance provider doesn't care about keeping down costs, so long as your premiums cover its corporate spend (with a neat profit). Your broker's getting a percentage on the deal, so the higher the better, from his or her point of view. And, the ...



Cincinnati.com

Mason family who faked life insurance policies, bought Bentley ...
Cincinnati.com
A woman, her husband and daughter have admitted conspiring to launder nearly $3 million in proceeds from fraudulent life insurance policies they bought for a ...

and more »


Los Angeles Times

Covered California's health insurance premiums will rise 8.7% in 2019
Los Angeles Times
“I've wanted to opt out of the insurance model forever just because they provide so little value for the exorbitant amount of money that we pay,” said Malachesky, who recently paid several hundred dollars out-of-pocket for a mammogram. “I'm probably ...
California health insurance premiums to rise an average of nearly 9 ...San Francisco Chronicle
You'll pay more for insurance in 2019, but rate hikes aren't as bad as this yearFresno Bee
Covered California projects 8.7 percent premium hike in Ventura County next yearVentura County Star

all 24 news articles »


Arkansas Recovers $3.67M for Insurance Consumers in First Half of 2018
Insurance Journal
CSD assists insurance consumers with complaints and inquiries regarding insurance companies, producers, and adjusters. The division investigates all complaints, working with the insurance company and the consumer to determine the appropriate course ...



Kansas City Star

Woman in firefighter murder case had insurance payouts for blazes, analysis shows
Kansas City Star
Thu Hong Nguyen has operated five nail salons dating back to 2006 and each one them had some kind of catastrophic event — usually a fire — that closed them down for good. And in four cases, there has been an insurance payout, usually for much more ...

and more »


Bloomberg

Stolen Crypto Millions Paid Back for Cents on Dollar, Guaranteed
Bloomberg
Insurance for cryptocurrency storage will be a big opportunity,” said Christian Weishuber, a spokesman for Allianz, which began offering individual coverage for digital-coin theft in the past year and is one of the few insurers that agreed to talk ...



Cherry Hill Courier Post

Jail for insurance agent who stole inheritance
Cherry Hill Courier Post
Former Bordentown Twp. insurance salesman Patrick McCullagh was sentenced Wednesday to three years for wire fraud. (Photo: Courier-Post file photo). CONNECTTWEETLINKEDINCOMMENTEMAILMORE. TRENTON – A former Burlington County ...



Evansville Courier & Press

Consumer Watchdog: Tread carefully with travel insurance
Evansville Courier & Press
You might not know it, but it's possible you don't need travel insurance at all. You may already have coverage through your health, homeowners or life insurance policy. Your credit card might also offer protection if you used the card to book the trip.

and more »

Google News

home | site map
© 2007