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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: Cost of elder care expected to double by 2031 as baby boomers turn 75: CMA study Alberni Valley News Elder Care: What estate planning really looks like Carlisle Sentinel Biden Takes On Sagging Safety Net With Plan to Fix Long-Term Care The New York Times Opinion: It's time for Quebec to keep its promises on elder care Montreal Gazette Biggest Innovations in Elderly Care Services Market to Access Global Industry Players like Benesse Style Care Co., Ltd, Econ Healthcare Group, Epoch Elder Care Los Hijos de la Malinche Background check system delays elder care hiring | News | avpress.com Antelope Valley Press COVID-19 pandemic âcrashedâ Ontario nursing home staffing; operators say âcrisisâ has only grown Global News Analysis: COVID-19 cases rising again among eldercare residents Montreal Gazette Immigrants help our communities Pittsburgh Post-Gazette Ontario Newsroom Government of Ontario News Former MP decries âhorrendousâ treatment of elderly The Sarnia Journal York Region opening 13,500 new COVID-19 vaccine appointments NewmarketToday.ca Elder Care: Liability for parent's care Carlisle Sentinel Elder Care Services Market Future Scope including key players Benesse Style Care, Econ Healthcare, Epoch Elder Care Clark County Blog Elder Care Facility Uses NFC and BLE Technology for Contact Tracing Commercial Integrator How Domestic Labor Became Infrastructure The Atlantic Why does Blackburn oppose elder care? | Opinion | johnsoncitypress.com Johnson City Press (subscription) As Singapore ages, single women pay the price of caring for elderly parents The Washington Post New affordable-housing project for seniors in Lake Cowichan inches forward â Cowichan Valley Citizen Cowichan Valley Citizen Aged Care Services Market to Witness Strong Growth Over 2020-2027 | Econ Healthcare Group,Epoch Elder Care,St Luke's Eldercare,Samvedna Senior Care,Apnacare â KSU | The Sentinel Newspaper KSU | The Sentinel Newspaper N.B. seniorsâ advocate says home-care workers should be re-prioritized for COVID-19 vaccine Global News Four solutions for a new normal after the pandemic Policy Options Planes, Trains, and Working Women Mother Jones Measurable antibody response to mRNA COVID-19 vaccine in elderly care home residents News-Medical.Net Death Notices: April 17, 2021 | The Daily Chronicle Centralia Chronicle York Region expands COVID-19 vaccine to residents with chronic conditions, special education workers NewmarketToday.ca A teacher and nursing home employee say 'no' to COVID-19 vaccinations Rapid City Journal Profitable Strategic Report on Aged Care Services Market by 2027 â Los Hijos de la Malinche Los Hijos de la Malinche New long-term-care facility coming to Marylake in King City yorkregion.com Brigus man charged with sexually assaulting Bay Roberts nursing home resident has yet to enter pleas TheChronicleHerald.ca COVID shows systemic problems in California nursing homes Sacramento Bee Editorial: Nursing home announcement long overdue Estevan Mercury Just over half of Pennsylvaniaâs nursing home staff have been fully vaccinated, according to stateâs Department of Health The Morning Call Residents of care homes may soon get more freedoms The Brussels Times COVID-19 vaccines in Toronto: Latest information CP24 Toronto's Breaking News Troubled background check system delays elder care hiring Walla Walla Union-Bulletin Fully vaccinated nursing home resident tests positive for virus Glens Falls Post-Star How will new technologies benefit ageing and longevity? | World Economic Forum World Economic Forum Federal, provincial funding to help Peterborough-area seniors cope with isolation ThePeterboroughExaminer.com Man charged with sexually assaulting Newfoundland and Labrador nursing home resident has yet to enter pleas Cape Breton Post Global Aged Care Services Market Survey Report, 2020-2027 â KSU | The Sentinel Newspaper KSU | The Sentinel Newspaper Nursing Home Software Market Research Report â Forecast to 2024 â Cumulative Impact for COVID-19 Recovery | Matrix Care Inc, Netsmart, American HealthTech, OnShift, Cantata Health â KSU | The Sentinel Newspaper KSU | The Sentinel Newspaper Global Elder Care Services Market To build up Huge Returns Over Estimated Timeframe Over 2020-2026 â ZMR Study â KSU | The Sentinel Newspaper KSU | The Sentinel Newspaper Elderly Care Market 2021| Key Vendor Landscape By Regional Output Demand By Countries And Future Growth 2027 â KSU | The Sentinel Newspaper KSU | The Sentinel Newspaper Unsung Heroes Halifax Examiner Your Milwaukee Guide to the Golden Years Milwaukee Magazine How we can fix elder care in Canada HalifaxToday.ca Lessons on proper elder care after my mother's death denvercatholic.org Elder Care Should Not Be About Making Profits Jacobin magazine Are 'villages' the future of elder care? WXXI News PAUL SCHNEIDEREIT: Petsâ needs prioritized over elder care at New Brunswick border TheChronicleHerald.ca Long-term care outbreaks, deaths reveal how badly we undervalue seniors and people with dementia CBC.ca As covid-19 cases surge, global study paints grim picture for elder-care homes - The Washington Post As covid-19 cases surge, global study paints grim picture for elder-care homes The Washington Post Balancing Work and Elder Care Through the Coronavirus Crisis Harvard Business Review Elder Care Services & Assistive Devices Market to Reach Value of USD 1020.00 Billion by 2027 | Emergen Research GlobeNewswire ADA seeking volunteers for National Elder Care Advisory Committee American Dental Association Moose Jaw elder care home facing COVID-19 outbreak warns of 'significant staffing challenges' CBC.ca |
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