It is universally agreed that no one wants to think about their parents or themselves in a situation where they are no longer able to do everything they used to do without any assistance. So, what’s all the fuss about? The fuss is about not wanting to think about nor make a plan for long-term care. Should we continue not thinking about it or put a long-term care plan in place that will be able to handle the situation when it arrives?
With a long-term care plan in place, we as children will be able to continue maintaining our roles as children rather than caregivers. We will continue our relationships with our parents by visiting, having family gatherings, outings and celebrations together. It also means that the chores of caregiving will be handled by the caregivers entrusted to care for our parents.
Parents usually do not want to burden their children with their long-term care, but still want their children involved in their lives. The physical and emotional side to caregiving is more than most can handle. When the roles are reversed with the child now caring for the parent, the family dynamics change drastically. Caregiving for our children is expected, but for our parents it is difficult. We look to our parents as mentors, advisors and reversing the role of child and parent has emotional consequences.
A Long-Term care insurance policy can help make an unpleasant situation more bearable by providing the finances to pay for caregiving in the home. Most people would like to stay at home to receive care. It is hard enough to admit that someone you love needs help with the activities of daily living such as bathing, grocery shopping household chores. However, keeping them in the familiar surroundings of their own home minimizes the trauma these events have on the families.
Your need for long-term care could not only deplete the inheritance you had planned on leaving to your children, it may also affect their financial security, career goals, as well as their personal lifestyle. To alleviate these problems, more and more parents and their grown children are putting both their heads and their money together to develop a long-term care plan.
Long-Term care insurance may offer security to both parents and children, by assuring that education, retirement income, and inheritance dollars will not be invaded to pay for care needed by an older parent. In some cases, children and parents are sharing in the cost of coverage. The emotional issue of inheritance, mixed with the stress of the potential need for long-term care provides the catalyst for grown children to consider paying for at least some of the Long-Term care insurance premium for their parents. This may also alleviate the potential problems that might arise among siblings once a parent requires long-term care.
Although inheritance and income protection are the rational reasons behind having the long-term care conversation with parents, the primary motivation for grown children to consider sharing in the premium with their parents is the peace of mind of knowing that their parents will have options for quality care-options that otherwise might not be available to them. Long-Term care insurance is purchased because the emotional and psychological benefits of knowing their parents will be well cared for outweigh the cost of the premiums.
If you haven’t had the conversation with your parents, the time is now. Planning for long-term care now when everyone is healthy and has good cognitive ability will make you say Long-term care…what’s all the fuss about?
For free Long-Term Care insurance advice from a Long-Term Care Specialist, visit http://www.longtermcareinsurancepros.com/ You can get free online comparative rate quotes from top carriers as well as a plan personalized for your own situation.
Monday, May 26, 2008
Tuesday, May 20, 2008
Long-Term Care Costs are on the Rise...Do You have a Plan?
I had to share this article from the The Orange County Register.
This comes as no surprise: The cost of long-term care in nursing homes, assisted-living facilities and in-home care has increased for the fifth consecutive year.
Also not surprising is the news that we face a shortage of direct-care workers, which will further increase the cost of long-term care.In 2008, the average annual price of a private nursing facility reached $76,460 nationwide, according to a survey by Genworth Financial.
The assisted-living home cost is $36,090 a year nationally, the same survey revealed.Meanwhile, in-home care costs stayed fairly flat at about $44,000 nationally, says Beth Ludden, senior vice president for long-term care products for Genworth, a major long-term care insurance provider.
Q: Your study indicates the expense of just a few years of long-term care in a facility or at home can quickly wipe out a lifetime of savings.
A: Well, having an insurance policy that pays for this type of service is definitely a benefit. These policies should be part of retirement planning.
Q: The nursing home cost varies widely by region – for instance, Alaska averages $187,902 a year and Louisiana $45,539. Can you explain the variation?
A: In certain urban or remote areas, costs can jump 40 percent above other regions. One interesting thing is demand. The cost for assisted living in Orange County, Calif., for example, went up quite a bit, about 16 percent, suggesting that assisted living is relatively popular.
Q: What about adult day-care services - where the elder is cared for during the work day and then returns home at night?
A: Costs are relatively modest, and this is a viable alternative for people who may be living with a family member who works outside the home.
Q: The study mentions a lack of sufficient home-care workers in the future. Does this have anything to do with immigration, as many of these workers currently are from Hispanic countries?
A: Immigration trends definitely are playing a role in the workforce issue. But we need, as a country, to take a step back to promote caregiving and those types of services as a more attractive career option.We need to advocate for better wages, education and training.
Q: What's new in home care that could reduce costs?
A: Technology is playing a larger role and reducing, to some extent, the need for human intervention. Remote monitoring comes into play. People are able to transmit blood pressure and blood sugar readings. Medication can be dispensed and there is a way to make sure it is actually being taken.Some of the new technology in the pipeline will mitigate the demand for home-care workers.
Q: Long-term care insurance is still a new product that not too many people buy. Why not, and what's the future?
A: At this point, among people in the 50-plus age group, long-term care insurance has about a 7 percent penetration, and about a third of these people are using their policy. Many people don't understand the need for this insurance.
Q: When does it make sense to buy this insurance and what if I don't use it?
A: We recommend looking at buying the insurance around age 50, because it is cheaper then. There are several products that return the premium in the event no long-term care is given, and if you can go through life without needing long-term care, that's a good thing.
Q: California has a partnership program for long-term care purchasing. I understand policies are available to people as old as 70.
A: Yes, but they are more expensive, of course.
Q: Given the current economy, are more family members providing caregiving?
A: We see the workforce component as being a key driver, and our policies will pay for a family member to provide care as long as the caregiver was not residing in the home prior to caring for the insured person. We do advocate for some of the proposals giving family caregivers tax incentives to relieve some of their burden.Long-term care insurance doesn't take the place of the family providing care, but it does offer caregiving in a different way. It frees the family member to spend quality time with the elder when the person is disabled.
Q: And we need to think about this sooner rather than later?
A: Yes, because we're all getting older and we require different strategies.
A Long-Term Care Specialist can assist you in comparing all the top carriers. A Long-Term Care Specialist is certified and has specific training in Long-Term Care Planning and Insurance.
This comes as no surprise: The cost of long-term care in nursing homes, assisted-living facilities and in-home care has increased for the fifth consecutive year.
Also not surprising is the news that we face a shortage of direct-care workers, which will further increase the cost of long-term care.In 2008, the average annual price of a private nursing facility reached $76,460 nationwide, according to a survey by Genworth Financial.
The assisted-living home cost is $36,090 a year nationally, the same survey revealed.Meanwhile, in-home care costs stayed fairly flat at about $44,000 nationally, says Beth Ludden, senior vice president for long-term care products for Genworth, a major long-term care insurance provider.
Q: Your study indicates the expense of just a few years of long-term care in a facility or at home can quickly wipe out a lifetime of savings.
A: Well, having an insurance policy that pays for this type of service is definitely a benefit. These policies should be part of retirement planning.
Q: The nursing home cost varies widely by region – for instance, Alaska averages $187,902 a year and Louisiana $45,539. Can you explain the variation?
A: In certain urban or remote areas, costs can jump 40 percent above other regions. One interesting thing is demand. The cost for assisted living in Orange County, Calif., for example, went up quite a bit, about 16 percent, suggesting that assisted living is relatively popular.
Q: What about adult day-care services - where the elder is cared for during the work day and then returns home at night?
A: Costs are relatively modest, and this is a viable alternative for people who may be living with a family member who works outside the home.
Q: The study mentions a lack of sufficient home-care workers in the future. Does this have anything to do with immigration, as many of these workers currently are from Hispanic countries?
A: Immigration trends definitely are playing a role in the workforce issue. But we need, as a country, to take a step back to promote caregiving and those types of services as a more attractive career option.We need to advocate for better wages, education and training.
Q: What's new in home care that could reduce costs?
A: Technology is playing a larger role and reducing, to some extent, the need for human intervention. Remote monitoring comes into play. People are able to transmit blood pressure and blood sugar readings. Medication can be dispensed and there is a way to make sure it is actually being taken.Some of the new technology in the pipeline will mitigate the demand for home-care workers.
Q: Long-term care insurance is still a new product that not too many people buy. Why not, and what's the future?
A: At this point, among people in the 50-plus age group, long-term care insurance has about a 7 percent penetration, and about a third of these people are using their policy. Many people don't understand the need for this insurance.
Q: When does it make sense to buy this insurance and what if I don't use it?
A: We recommend looking at buying the insurance around age 50, because it is cheaper then. There are several products that return the premium in the event no long-term care is given, and if you can go through life without needing long-term care, that's a good thing.
Q: California has a partnership program for long-term care purchasing. I understand policies are available to people as old as 70.
A: Yes, but they are more expensive, of course.
Q: Given the current economy, are more family members providing caregiving?
A: We see the workforce component as being a key driver, and our policies will pay for a family member to provide care as long as the caregiver was not residing in the home prior to caring for the insured person. We do advocate for some of the proposals giving family caregivers tax incentives to relieve some of their burden.Long-term care insurance doesn't take the place of the family providing care, but it does offer caregiving in a different way. It frees the family member to spend quality time with the elder when the person is disabled.
Q: And we need to think about this sooner rather than later?
A: Yes, because we're all getting older and we require different strategies.
A Long-Term Care Specialist can assist you in comparing all the top carriers. A Long-Term Care Specialist is certified and has specific training in Long-Term Care Planning and Insurance.
Monday, May 12, 2008
Long Term Care Planning is Easy with Long Term Care Insurance Pros
Is Long-Term Care in your Future?
Needing care in our homes or having to go to a long-term care facility is something we hope we will never need.
Several factors determine when it's time to sell the car, need help shopping for groceries, visiting the Doctor and keeping up with the household chores.
Remaining independent is not just taking care of ourselves, but also taking care of our environment (mowing the lawn, taking out the trash)
Most people do not know how a long term care insurance policy works. It is different than medical insurance.
There are lots of different options that can be insignificant and people get confused while not focusing on what really matters. Dealing with a Long-Term Care Specialist will help you make the decision on what will give you the most value. It will also save you lots of time.
It is important to get the right coverage without overspending. A Long-Term care specialist will help you focus on what is important.
For a Free, online quote from the Top Carriers, schedule a home or telephone interview with LongTermCareInsurancePros
Needing care in our homes or having to go to a long-term care facility is something we hope we will never need.
Several factors determine when it's time to sell the car, need help shopping for groceries, visiting the Doctor and keeping up with the household chores.
Remaining independent is not just taking care of ourselves, but also taking care of our environment (mowing the lawn, taking out the trash)
Most people do not know how a long term care insurance policy works. It is different than medical insurance.
There are lots of different options that can be insignificant and people get confused while not focusing on what really matters. Dealing with a Long-Term Care Specialist will help you make the decision on what will give you the most value. It will also save you lots of time.
It is important to get the right coverage without overspending. A Long-Term care specialist will help you focus on what is important.
For a Free, online quote from the Top Carriers, schedule a home or telephone interview with LongTermCareInsurancePros
Tuesday, May 6, 2008
Long-Term Care Costs are Increasing
Nursing Home, Assisted Living Costs Increase for Fifth Consecutive Year
Costs for nursing homes and assisted living centers rose again from 2007 to 2008, making this the fifth consecutive year of price increases, according to results from Genworth’s latest Cost of Care Survey.
Costs for nursing homes have jumped 17 percent since 2004 and now average $76,460 annually or $209 per day for a private room. Assisted living charges escalated even more during the same period, rising 25 percent to average $36,090 nationally.
In contrast, in-home care costs for non-Medicare certified workers have remained relatively stable since 2004 and continue to average $18/hour for homemaker services and $19/hour for a home health aide. The cost of a Medicare-certified aide, however, has changed, rising 7 percent over the past four years to reach $38/hour on average in 2008.
For the first time, the survey looked at adult day health care. The annual cost for five-day-a week participation in a community-based care setting is $15,000, with an average daily price of $59.
The study speculates that costs will rise further if the shortage of long-term care workers continues.
Long-term care costs can vary significantly by locale. For cost information by state or metropolitan area, visit http://www.genworth.com/costofcare. You can also read the full report and a description of the research methodology used.
Long-Term Care should be part of your retirement plan. It is best to consult with a Long-Term Care specialist.
Simplify Your Long-Term Care Planning with Long Term Care Insurance Pros
Costs for nursing homes and assisted living centers rose again from 2007 to 2008, making this the fifth consecutive year of price increases, according to results from Genworth’s latest Cost of Care Survey.
Costs for nursing homes have jumped 17 percent since 2004 and now average $76,460 annually or $209 per day for a private room. Assisted living charges escalated even more during the same period, rising 25 percent to average $36,090 nationally.
In contrast, in-home care costs for non-Medicare certified workers have remained relatively stable since 2004 and continue to average $18/hour for homemaker services and $19/hour for a home health aide. The cost of a Medicare-certified aide, however, has changed, rising 7 percent over the past four years to reach $38/hour on average in 2008.
For the first time, the survey looked at adult day health care. The annual cost for five-day-a week participation in a community-based care setting is $15,000, with an average daily price of $59.
The study speculates that costs will rise further if the shortage of long-term care workers continues.
Long-term care costs can vary significantly by locale. For cost information by state or metropolitan area, visit http://www.genworth.com/costofcare. You can also read the full report and a description of the research methodology used.
Long-Term Care should be part of your retirement plan. It is best to consult with a Long-Term Care specialist.
Simplify Your Long-Term Care Planning with Long Term Care Insurance Pros
Monday, May 5, 2008
Long-Term Care Insurance In the News
Long-Term care and Long-Term care insurance are in the news daily. Maybe I am aware because it affects me and so many of my clients.
It's is generally a topic that no one wants to discuss except when a crisis situation has occurred in their family. Then, everyone seems eager to tell the story of a parent, family member or close friend that suddenly had a long-term care event . The story goes on to talk about the incident and the emotional drain of getting care for the family member. Of course, the finances of caring for the family member also comes into play.
We face an impending crisis as many older Americans are living longer, with more complex health care needs, and this increasingly outpaces health care providers.
Are you really prepared to take on the unexpected expense of caring for a loved one? Taking time off work, lost income and increasing expenses, in addition to the emotional impact, is enough to make anyone take some action.
In today’s economy, Long Term Care insurance helps families manage consequences rather than just the high cost of professional services and its risk.
Simplify Your Long-Term Care Planning! Consult with a Long-Term Care Specialist.
Read more articles on Long-Term care planning.
It's is generally a topic that no one wants to discuss except when a crisis situation has occurred in their family. Then, everyone seems eager to tell the story of a parent, family member or close friend that suddenly had a long-term care event . The story goes on to talk about the incident and the emotional drain of getting care for the family member. Of course, the finances of caring for the family member also comes into play.
We face an impending crisis as many older Americans are living longer, with more complex health care needs, and this increasingly outpaces health care providers.
Are you really prepared to take on the unexpected expense of caring for a loved one? Taking time off work, lost income and increasing expenses, in addition to the emotional impact, is enough to make anyone take some action.
In today’s economy, Long Term Care insurance helps families manage consequences rather than just the high cost of professional services and its risk.
Simplify Your Long-Term Care Planning! Consult with a Long-Term Care Specialist.
Read more articles on Long-Term care planning.
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