| |
| |
|
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:
Google News |
|
|
|
RELATED ARTICLES
10 Ways To Save On Car Insurance For most people car insurance is a the single largest insurance expense after health insurance. Rates are high and are forever climbing, at least it seems that way. Reducing Soaring Insurance Claim Costs With the soaring rise in claims to insurers from their customers, millions of pounds are being lost on a day to day basis throughout the industry in regards to personal property insurance. A new system in the UK provides insurance companies with an easy and effective method to reduce their personal property claims by over 80%. Insights Into Your Med-Pay Insurance Coverage While Legal Romantics would like to characterize the trial of a lawsuit as a "Search For Truth" that's not a reality!Cases are decided on the evidence. When reviewing cases before them, judges invariably use the phrase, "The evidence shows", rather than, "The truth of the matter is". Should I Buy Rental Car Insurance? Rental car agencies have a menu of insurance policies they would like to sell you. While each policy could be of some benefit under the right circumstances, you should review each plan (its provisions, limitations, and exclusions) before making a purchase. Sleep-At-Night Coverage With A Private Health Insurance ( Affordable Health Insurance ) Health Insurance: a sense of dissatisfactionThe three C's, customization, consumerization and customer-satisfaction, seem to be at the core of the business mantra for every service provider. The health insurance provider industry is no exception to this rule. 5 Strategies To Reduce Your Car Insurance Premiums Your latest car insurance bill has arrived and it is not a pretty site. In fact, it is downright ugly! What can you do? Must you remain hostage to the ever spiraling rate increases foisted upon you when your policy renews? In a word, no. What Are The Differences Between A Cancellation Notice And Non-renewal Notice? OK, you take that stroll down to the mailbox excitedly as you do everyday hoping to find the catalogue with all that neat stuff you want to buy or to find that magazine you love to read or to find that big check Uncle Bob sent! Come on, you know you love getting mail and really look forward to this daily ritual. You know that Mr. Guide to Home Insurance Here is a useful guide to Home Insurance. Home insurance covers damage from incidents such as fire, theft, and vandalism to your house, usually adjacent structures like a garage or shed, and your personal belongings. Health Insurance Coverage Health insurance is something that everyone needs today. The rising cost of visiting a health care provider or a hospital stay makes it imperative that everyone have some type of health care coverage. Useful Tips on Reducing Insurance Costs Most people want lower insurance costs but are often too lazy to do anything about it. All it takes is a little time and effort and you could be looking at a reduced insurance premium. Six Crucial Insurance Claim Possibilities There are DOZENS of insurance claim possibilities which will increase the dollars awarded you in the settlement of your personal injury insurance claim. Some of them rarely see the light of day but some do. Buy Life Insurance Online and Save There are many ways to research and buy a life insurance policy, but the fastest and most affordable way is to buy life insurance online. This way, you can supply the most accurate information and compare the greatest number of different quotes and terms to find the perfect life insurance policy for you. Global Warming: Why Consumers and Insurers Are Getting Hot Under the Collar Over Life Insurance. Global warming may have been lurking on our horizon for a number of years and historical records of terrorists have existed for thousands of years, but we are coming into a new age where we try and financially protect ourselves against such problems and if we're honest ? we're struggling.The recent terrorism attacks in London brought home the fragility of human life to many Brits, who had previously been able to distance themselves from terrorist activity. Who Sets Auto Insurance Rates? Auto Insurance rates are a complicated business. Have you ever wondered who sets your auto insurance rates and how the rates are actually derived?Many factors determine how much you will pay. Life Settlement: Towards A Free Market for Life Insurance The Life Settlement market is all about providing due access to needed cash from existing life insurance.This so-called free market referred to as the life insurance industry's secondary market is based on a central premise, namely that the value of life insurance is best determined by independent market forces and has been validated in recent years by its rapid growth. California Catering Truck Insurance Catering truck insuranceNot many agents/brokers write catering truck insurance as they don't have a contract with companies that will write that type of coverage. There's a certain type of knowledge needed to write the risk with catering truck insurance properly. What is Pet Health Insurance? Pet Health Insurance can give you the peace of mind that you are covered against unexpected vet bills. Having a pet can be a costly affair when you consider such expenses as food, vaccinations and checkups. Understanding How Your Credit History May Affect Your Car Insurance Coverage Many personal auto insurance companies consider your credit information when determining how much premium to charge for your insurance. So if you are calling around for new insurance, keep in mind that many insurers are looking at your credit history. Keys To Controlling The Future of Health Care Several key changes are necessary to get control of the costs associated with the run away health care system in the United States.Here are just a few suggestions:1) Cost information about medical procedures and cost comparisons to alternative treatments need to be more easily available so that consumers can make better educated health care choices. Are You Overpaying On Your Home Insurance Policy? For many consumers the cost of daily living is becoming increasingly higher. High gas prices, rising automobile costs and the cost of buying a new home can be very troublesome.
|
| Home | Site Map | |
| © 2007 |
