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

What is the difference between Medicaid & Medicare?

As a health insurance professional, I deal with this confusion all the time. Here’s what you need to know:

Although Medicaid and Medicare sound alike and are both government programs, they exist for very different reasons.

  • Medicaid is a federal program, administered by each state. It provides basic health coverage for low-income, financially dependent people. You must qualify for eligibility, which is tied to financial need.
  • Medicare is also a government program. It provides health insurance for people 65 or older, and people under age 65 with certain disabilities. Medicare is not tied to financial need. It is an entitlement program paid for through your Social Security taxes.

Since the U.S. healthcare system is THE MOST EXPENSIVE in the world, it makes sense to find health care insurance that assures you complete health care coverage, even if you have Medicare.

That’s because “having Medicare” will not pay your bills when you:

  • Need financial assistance while you are going through a critical illness. (But having Critical Care Health Insurance will pay you cash.)
  • Require prolonged health care assistance when you are older and in need of assisted living, nursing home care, hospice or home health care (Like Long-Term Care Insurance does.)
  • Need a cash benefit over and above any other medical insurance or disability insurance (As Short-Term Care and Critical CareHealth Insurance will provide).

I am sensitive to the worry I see in my potential clients’ faces when they consider how they want to be cared for, should they face a health crisis. That’s why health insurance advance planning makes good sense.

There is nothing that beats surefooted planning for all possibilities. That helps our clients – and me – rest easier, knowing they are protected.

 

Decisions about Health Care Insurance begin at the kitchen table

The most common misunderstanding about advance care health planning may be that it requires consulting with an attorney and the creation of numerous complex legal documents. In reality, advance planning starts at the kitchen table, with a thoughtful conversation with your spouse and/or family members.

Focus on advance care planning, talking about how you want your health care needs handled, financially as well as physically, and from there, move on to a discussion about a living will, a will and burial decisions. Then you are ready to speak with a Health Care Insurance advisor to set up a health care plan that meets your needs, and an attorney to take care of your will.

Yes, some of the topics may be uncomfortable to talk about. Studies show most people would rather indefinitely postpone these conversations, rather than have them. But all it takes is one cautionary tale from someone like me, a Health Care Insurance advisor, to realize delaying is not the answer.

Claire and Rich, both in their 50s, sat down with me and talked for about an hour and a half about Long-Term (LTC) and Short-Term (STC) Health Care policies. They agreed that having both a LTC and STC policy could help them, but decided to take a few days to think through some of the plans I showed them.

When I checked back with them, Claire had decided to postpone their decision for a couple of months, until after the holidays.

Unfortunately, Rich had a stroke about a month later, and was unable to buy the Short-Term Care policy that would have helped Claire pay for his home health care and nursing home care needs while he was recovering. Like many stroke victims, Rich lived, but will now be ineligible for Long-Term and Short-Term Care policies because of his pre-existing condition.

I was still able to help Claire, but felt very badly not to have been able to help Rich as well.

 Unfortunately, most of us don’t want to think about end of life and critical care health needs – often waiting too long – until after something devastating happens.

This is the reason I’m so passionate about health care insurance! I want to make sure you don’t get caught up in a crisis situation like Claire and Rich did. Both LTC and STC health insurance needs to be decided upon WHILE YOU ARE HEALTHY.

Together, let’s make your future health care decisions a priority, beginning at your kitchen table.

~ Elise

Aging U.S. population a big issue

Aging continues to be an issue and have far reaching impact, on the economy, on businesses, on families, and on individuals.

Are you familiar with these statistics?

  • The U.S. Census Bureau recently reported that the dependency ratio, or the number of people 65 and older to every 100 people of traditional working ages, is projected to climb rapidly from 22 in 2010 to 35 in 2030.

This time period coincides with the time when baby boomers are moving into the 65 and older age category.

  • After 2030, however, the ratio of the aging population to the working-age population (ages 20 to 64) will rise more slowly, to 37 in 2050.

The higher this old-age dependency ratio, the greater the potential burden on taxpayers. Another good reason to explore Long-Term Care Insurance.

With this generation of young adults waiting still longer to have and raise their children, they may not be able to – or have the time and/or means to – care for you.

Long-Term and Short-Term Care Insurance places the means for your care in your hands, so neither you nor your children need to worry about it. Let’s talk about your family situation and what Long-Term and Short-Term Health Insurance can do for you.        ~ Elise