(Add to Favorites | View All Articles | Resource Directory)
|
|
|
Long-Term Care Insurance is Essential - Why, and what to look forThe Best Investment You Can Make Right Now: Long Term Care InsuranceDon'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 2½ 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: News provided by Yahoo! News and Google News Govt to spend $300m on elderly care - The Age Liberals promise to improve elderly care - The Kingston Whig-Standard Entering a grey area - Bangkok Post Love on overload - Melbourne Herald Sun New Film Exposes Bruce Wasserstein and Lazard-linked Elderly Care ... - eMediaWorld.com Newswire Press Release Distribution Service (Press Release) Business showcase: Assisted living facility not too big, or small - Record-Searchlight Chattanooga: Elderly Care Needs Rise - RedOrbit Emotion Runs High as Board Votes to Close Elderly Care Unit - KFVS Call for regulation of elderly care workers after gagging - Wairarapa Times Age Dignity charter bid for Chorley elderly care home providers - Chorley Citizen |
|
|
|
RELATED ARTICLES
While standing in line for a prescription... I finally went to the doctor this morning for my bad cold. My appointment was for 9:30 am and yet I didn't get home until after 1:00 pm. Making moving to a smaller residence as pleasant as possible Moving to a smaller house or apartment in a retirement community almost always involves a certain degree of trauma, both for the elder who's moving and for family members. However, by planning ahead you can reduce the discomfort involved and turn what might well become a nightmare into a pleasant event. Tennessee DHS Abuse of Seniors - The rest of the story PART I: Physical Abuse of the Elderly vs. Tennessee DHS Abuse of FamiliesDuring the week of October 26, 2003, newspapers across the state of Tennessee published an Associated Press story that featured the glaring news headline, "Reports of neglect and abuse of senior citizens up 40% in six years. What is Christmas actually? Every year, as Christmas approaches, you hear Christmas carols everywhere. Sometimes to the point where another Silent Night would make you want to silent the sound system. Preventing Alzheimer's patients from losing things Q: My mother is always losing, hiding and hoarding things, I am losing my mind! What can I do to get her to stop?A: This is a great question and I have a lot of material to work with.My grand mother had made me the most beautiful doilies. Long term Care Insurance - Probably the most important asset you could ever own If you're 60 to 70 years old .. Breakthrough in Alzheimers Research There is now widespread agreement among research scientists and medical professionals that Alzheimer's Disease (AD) is a problem quickly growing to vast proportions. As the life expectancy of Americans continues to rise, increasing the percentage of the population over 65 years of age, so does the number of Alzheimer's cases. Care Givers - How to avoid burnout Just for a moment I want you to imagine that you are coming out of a very deep sleep. If you have ever had surgery try to remember the way you felt as you were trying to make sense of things as you awoke. Arizona Senior Housing: Care Options for Seniors Who Can No Longer Live Alone The following are a few of the care options available for seniors who can no longer live on their own and require assistance with their Activities of Daily Living (ADL), or require skilled nursing care. Every state is a little different in terms of availability and cost, state regulations, and the specific names used for each care option:Assisted Living Home- A facility consisting of 10 or fewer residents in a private home setting located in residential neighborhoods. Do some research before buying any Stair Lift There is no doubt that having a stair lift in your home can dramatically improve your quality of life. If you are starting to find that climbing the stairs is becoming a hazardous experience, or just hard work, then a stair lift could be the answer. Exercise Walking For Seniors: Preventing Foot Problems Exercise has a very important role in the general health and the quality of life of everyone, but especially in seniors. Seniors who walk tend to look younger, sleep more soundly and have fewer visits to the doctor. Alzheimers treatment facilities As a person ages, a certain amount of memory loss and confusion is quite normal. Personally, I've been known to invoke the cliché, "The older I get, the better I was!" Unfortunately, Alzheimer's disease represents a more serious loss of mental sharpness and calls for special care for seniors. Diet may diminish the influence of Alzheimers Argh! Where are my glasses? I put them down . . Housing for lower income seniors who are able to care for themselves A few years ago Miranda M. became a widow. Stair Lifts for curved staircases There are two types of stairlift. Straight and curved. A look at Board and Care Homes Board and Care homes (also known as RCFE's - Residential Care Facilities for the Elderly) are residential private homes that have been licensed by the Department of Social Services to provide services to seniors. Most accept no more than six residents, but offer a cozy, home-like setting for frail seniors. 5 Myths You Should Know Before Choosing Elder Care Myths associated with selecting quality nursing home care suggest quick and easy ways to identify quality care. In fact, relying on these myths can lead to disastrous results. How Seniors Can Benefit from Anaerobic Exercise by Phil Campbell, M.S. Psychologists: May be more effective than drugs, and covered by Medicare! Medicare recognizes this need and, therefore reimburses your residents to receive advanced behavioral health services? making them free to your facility!Psychologists provide a wide variety of valuable and tested clinical services that can provide a big shot in the arm to your nursing home care. For example:1. Don't be embarrassed to ask for help! Becoming a care giver might not have been a conscious decision on your part. It may have arrived quietly and unnoticed because you are the adult child of your elderly parents who now require care or you may have a special needs child that exacts your constant attention or a friend or spouse has become very ill and needs your support.
|
| home | site map | articles |
| © 2006 |