Talk openly to your adult children about your plans for the future

For many boomers and seniors, talking about plans for their later years with their children is not a hot agenda item. But it should be.

Planning for long-term care represents a carefully thought out decision to be made with the help of an extended care professional. You need information so you can make educated decisions about the care you may need – and Your LTC Resource is a great place to get the facts for yourself and help with your future health needs.

Just as you need that important information, your adult children do, too.  Make time to sit down with your adult children and honestly discuss your preferences and your decisions. Ed & I are fully ready to help you discuss the many options for Long and Short-Term Care (and the many new hybrid plans) available to you. That talk with your kids? It’s something we’ve always recommended.

Recently, we ran across a down-to-earth guide called, “The Other Talk; A Guider to Talking with Your Adult Children About the Rest of Your Life.” The guide provides tips for honest discussions about such tough topics as:

  •  Who do you want to help manage your finances, and how will you budget for unknown needs?
  •  If you need assisted living, where do you want to live?
  •  Where can your children find the documents and information they’ll need to help?
  • What type of medical treatments do you want — and not want?
  •  Who will advocate for your needs?

It’s good, and very reasonably priced (available in paperback for $9 from Amazon, and on Kindle for $8.55). Click HERE for a link for more information on this book.

Education, information and frank, open talks. All three are the keys to making smart decisions, and communicating honestly with your family.   ~ Ed & Elise

 

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How affordable are senior home options?

If you suddenly needed in-home care or nursing home care, could you afford it? Or would your life savings be depleted in the face of potentially significant Long-Term Care costs?

Remember that most health insurance plans do not cover long term care. Medicare was not designed to cover custodial care – which is what many people will need. Even more importantly, Medicaid doesn’t cover care until most of your assets are depleted.

Senior housing options are many, and plenty expensive. Here’s what they cost:

  • Continuing care (CCRC) communities:  According to SeniorHomes.com, incoming residents pay a one-time, upfront entrance fee, a buy-in or ownership fee, plus monthly fees. Price ranges are from $20k – 200k per year depending on the community. Seniors join these communities when they are relatively active and live independently in apartments, then gradually move into on-site assisted-living or nursing home facilities.
  • Assisted living communities: According to a survey conducted by MetLife, the national average for assisted living base rates was $3,550 per month in 2012. Licensed and regulated by the state, these communities are intended for those who need some help with the activities of daily living such as dressing, eating or bathing, but are not totally disabled. Residents usually buy or rent rooms or apartments.
  • ECHO (Elder Cottage Housing Opportunity) housing: According to the U.S. Department of Housing and Urban Development, a 500 square foot one-bedroom unit installed, is around $25,000. These units are small, inexpensive prefab homes that can be leased or purchased and placed on the property of relatives or caregivers.
  • Nursing homes: According to a MetLife Market Survey, the average cost in 2009 of a private bed in a nursing home facility was $219 per day, or over $79,000 per year. For those patients who are in a semi-private room, the average cost is $191 per day, or about $70,000 annually. Nursing homes focus on individuals who are disabled, acutely ill or need help with many activities of daily living.
  • Help from outside or live-in caregivers: According to Caregivers.com, live-in caregivers cost from $700 to $3000 a week. Costs vary widely, depending on what part of the country you live in and what the living accommodations are.

Arm yourself with the facts to protect your dignity, your savings, and your freedom to make your own choices. I can help.               ~ Elise

How to avoid spending your last days in a nursing home

One sentence I’ve yet to have a potential client say is, “When I’m old, I hope to live my last days in a nursing home.”

I hear you loud and clear – that’s not your preference.

As the co-owner of YourLTCresources.net, I’m an extended care professional, and have been for the better part of the past 30 years. Helping you provide for yourself and your family in the ways you want is the best part of my job.

I know nursing home living is not part of your plan, so let’s map out a health care insurance plan that factors in your ideas, your finances, and your family. If you are approaching your 50s, right now is a great time to make key decisions while you are still vital and healthy, and make your preferences known.

I often refer to myself as a “tour guide” in the labyrinth of Long-Term and Short-Term Health Care Insurance options. Navigating that path on behalf of my clients is what I do best. And the best news I have for you is, you have a LOT of choices!

When we sit down to talk, it’s you that will be telling me what’s important to you, and how you want to live out your life. What I do is provide you with options that work with your ideas and your budget. Together we can plan for every health contingency.

You’ve worked hard to set up your life the way you want it to be. Let me help you align your future health and well being in the same way.

~ Elise

Critical Care Insurance and how it benefits you

People are living much longer lives even after suffering a heart attack, cancer, heart bypass surgery, suffering a stroke, or many other maladies that used to guarantee fatality. No more, thanks to early earlier detection, better prevention and medical advances in serious healthcare treatments.

Unfortunately for many of us, surviving such a catastrophic illness can bring with it serious financial hardships – especially if that illness leads to a prolonged, expensive stay in a nursing home or assisted living facility (or both) while recuperating.

This is where Critical Care Insurance can help. Relatively new to the health care insurance scene, Critical Care Insurance provides monthly cash benefits for at home care, assisted living and nursing home care. The benefits provided progress with the expenses and duration of each level of care.

Here’s how it works. Let’s use Pat as an example:

Before Pat became ill, she purchased a Critical Care Policy with a monthly base benefit of $2,000 with a maximum benefit period of 18 months. Some years later, Pat suffered a stroke. Like many other stroke patients, she required lengthy follow up care.

Here’s how her Critical Care Coverage helped pay Pat’s bills:

  • 3 months in nursing home = $12,000
  • 8 months in assisted living = $24,000
  • 3 months in home care = $6,000

Total Critical Care paid to Pat over the course of 14 months of recovery in various facilities = $42,000.

What’s even better? Twelve months after Pat fully recovered from her stroke, all of her Critical Care Benefits were fully restored. So if Pat suffers from another catastrophic health event, she will be covered again.

If not for her Critical Care policy, that $42 thousand would have had to come from Pat’s retirement savings, the equity in her home –or even from her children. That’s something none of us wants to consider.

As an extended care advisor, I can help you figure out a plan of health insurance that fits you in every way possible. Together, we can choose a plan, a benefit period and a monthly base benefit amount that is right for you. Whether you are 18 or 84, I want to be sure your future health doesn’t cause you a moment’s stress or anxiety.

~ Elise

What IS Long-Term Care insurance?

Long Term Care insurance may seem complex, but in fact – it’s based on a very simple concept – being prepared.

Long-Term Care insurance (LTC) is a protection product sold in the U.S., the U.K. and Canada. Simply put, LTC covers health costs that employer health insurance, private health insurance, hospital insurance and health costs that Medicare does not cover. What are these health costs addressed only by LTC insurance?

  • Home healthcare
  • Assisted living
  • Adult daycare
  • Respite care
  • Nursing home care
  • Hospice care

LTC insurance has been around for quite awhile. Why is it being talked about so much right now?

  • People are living longer lives
  • Families are living farther apart
  • Health care costs are dramatically rising

Is Long Term Care primarily for the elderly? The facts tell a different story. 40% of those receiving long-term care today are between the ages of 18 and 64. But LTC is also for those over the age of 65. In fact, studies show that 60 percent of individuals over age 65 will require at least some form of long-term care services during their lifetimes.

But the thing about Long Term Care insurance is that it must be purchased BEFORE  it is needed. That’s because, once you have a condition that requires long-term care, you will no longer qualify for coverage.

It’s confusing, in a way, to plan ahead. How do you know what you’ll need? That’s where I come into the picture.  With 25 years of experience, I’m uniquely positioned to help you figure that out.

~ Elise