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Get your 2017 Long Term Care Insurance Consumer Guide … emailed to you FREE. Learn the basics of how affordable LTC insurance can safeguard your future retirement income and assets like your 401k IRA and other savings … while at the same time easing the burden placed on family. EMAIL your request with the subject line GUIDE: firstname.lastname@example.org
Make 2017 the year you add peace-of-mind to your retirement plan with affordable LTC insurance. The financial costs and burdens of aging will impact your family. An advance plan will protect savings and add peace-of-mind. Act before you retire.
If you’re a Generation X, Late Boomer or Boomer planning now is essential.
Too many caregivers providing help for a person requiring Long Term Health Care are not qualified to provide that help. Many of these caregivers are unpaid family members. This creates additional burden on the caregiver as it impacts their lifestyle and family, finances and health.
Helping a person with their medications can be hard. Sometimes an untrained caregiver will mix up medications which can cause major health issues. Mixing up pills are hard on those trained to provide such services much less a person who is not trained. The AARP says more than three-quarters of caregivers help loved ones to fill and manage medications that often require juggling varying dosages for pills that can appear identical. Many untrained caregivers are a family member, often a daughter or daughter-in-law. For them it is harder as they are part of the sandwich generation. This means they have a spouse, children, a job and the job of a caregiver for a parent or other family member. In other words, they are mentally and physically drained as they juggle work, family, career and caregiving.
There are an estimated 43.5 million unpaid caregivers in the U.S., many taking care of older adults with multiple chronic conditions. Traditionally, caregiving involved helping a person with basic daily activities. But the work has grown more demanding. They perform routine nursing work such as draining catheters. Caregivers also help loved ones navigate the healthcare system.
The skills required to help a person bath and perform other activities of daily living requires skill so the person doesn’t hurt themselves or the person they are trying to help. Many family members are not prepared for this work. This creates a huge burden on everyone. An recent article in Modern Healthcare says the economic value of caregiving, which ranges from short-term post-acute assistance to long-term care, was estimated at $470 billion in 2013. In 2011, the Congressional Budget Office estimated, family members provided 55% of the value of long-term elderly care services, or $234 billion a year.
“Despite the value of their work, these unpaid caregivers often lack the skills and support needed to properly care for their loved ones. And as the medical complexity of patient cases escalates, so do concerns about safety,” wrote Elizabeth Whitman in her this article.
An answer for many is to plan before any caregiving is required. First understand the risk of needing Long Term Care is high. As medical science gets better we live longer. The financial costs and burdens of aging will impact your savings and create physical, emotional and financial burdens on loved ones. Affordable Long Term Care Insurance will provide the resources for quality caregivers and reduce the burden placed on family.
Experts say the best time to plan is well before retirement. As you are saving money in your 401k and IRA finding a way to protect the money and have a plan to reduce family burden is perhaps common sense … but main fail to plan until it is too late.
The US Department of Health and Human Services says 7 in 10 people who reach the age of 65 will require some type of Long Term Care service before they die. The fact is it can and may happen to you. A plan to address this risk should be part of your overall retirement planning.
Discover how easy it is to learn about and get quotes for Long Term Care Insurance. It is easy and affordable and can be designed to fit your needs. Many states offer additional partnership benefits which provide additional asset protection. Many LTC plans will also pay for caregiver training so if you want to have a part-time family caregiver they will be trained to do it correctly.
See the full article in LTC Planning News: http://longtermcareplanningnews.com/articles/unpaid-caregivers-impact-quality-of-long-term-care
Life expectancy is usually considered a good thing. However, as longevity increases, the need for elder care continues to grow. Without advance planning the caregiving usually falls on the lap of a woman. This places a huge additional burden on women who are also in the workforce, have a spouse and children all at the same time. Many of these women are forced to cut back on working or leave the workforce entirely to be a full or part-time caregiver.
A new study, “Women Working Longer: Labor Market Implications of Providing Family Care,” by Sean Fahle, PhD, assistant professor in the Department of Economics at the University at Buffalo’s College of Arts and Sciences, and Kathleen McGarry, PhD, of the University of California, Los Angeles, found women caregivers were 8 percent less likely to work, and that after providing care, were 4 percent less likely to be working. The study was presented at the Women Working Longer Conference hosted by the National Bureau of Economic Research.
The study found that caregiving is increasing, meaning more current generations of women are more likely to provide care than women before them.
“Millions of people are providing care for their parents or parents-in-law,” Fahle said.
Fahle and McGarry used data from the Health and Retirement Study from the University of Michigan, which has been tracking participants for more than 20 years. The data used in the study from 9,498 people showed that about one-third of the women had provided care for an elderly parent, parent-in-law or spouse.
This Long Term Care involves helping a person with what are referred to as “ADL’s”- Activities of Daily Living. These activities such as eating, bathing or dressing. Caregiving for a parent peaks around age 56, while caregiving for a spouse does not become widespread until the late-60s.
With the aging American population, demand for care will increase, Fahle said. The U.S. Department of Health and Human Services say if a person reaches the age of 65 they will have a 70% chance of needing some type of Long Term Health Care service. Estimates suggest 20 percent of these people will need help for five years or more. And most of this help will come from wives and daughters unless those people what Long Term Care insurance or substantial assets.
Health insurance and Medicare (health insurance for those 65 and older) will only pay for a small amount of skilled care and only if a person is improving. Most extended care is custodial (help with ADL’s or supervision due to memory) and health insurance and Medicare will not pay for those costs. Medicaid, the medical welfare program, will pay for custodial care but only if you are poor or go through the Medicaid spend-down of assets. Long Term Care insurance will pay for extended health care but too few people start shopping for a policy until they are older and less healthy … which is usually too late.
“People are living longer, Alzheimer’s is projected to increase, and meanwhile family sizes are shrinking, so the burden of caregiving is falling on fewer children,” Fahle noted. “Scenarios look somewhat gloomy in many ways going forward.”
Other studies by insurance companies also show dramatic economic losses. The National Association of Insurance Commissioners reported this year that 10 percent of caregivers cut back on hours worked because of the demands of caregiving while an estimated 6 percent left paid work entirely. Seventeen percent of caregivers take a leave of absence, and 4 percent reportedly turn down promotions.
Figures from a survey by Genworth Financial (which sells Long Term Care insurance) were even starker: 11 percent of caregivers lost their jobs due to caregiving, and 52 percent had to reduce work hours by an average of 7 hours per week, the study cited.
Many experts suggest Long Term Care insurance not only safeguards retirement income and assets but eases the burden on these women who often, by default, become caregivers.
The economic value of the care given by family members is astounding. A 2011 study by Reinhard L. Feinberg, A. Houser, and R. Choula, for the AARP Public Policy Institute, estimated the value of informal care in 2009 exceeded $450 billion, more than twice the estimated value of formal care.
The growing number of women giving care to their elders should lead to people planning for extended care options which benefit both the person who requires care and the family members who without an advance plan become default caregivers.
Here are some outstanding resources to learn more about LTC Planning and Long Term Care Insurance:
LTC Planning News: includes news stories on health and Long Term Care Planning. It also has videos and website links which I use often: http://www.longtermcareplanningnews.com.
US Department of Health and Human Services LTC site: http://longtermcare.gov.
The American Association for Long Term Care Insurance (AALTCI) Consumer and Industry Advocacy Group: solid information: www.aaltci.org
See this article in full: http://longtermcareplanningnews.com/articles/caregiving-growing-burden-on-women-in-mid-career
Get free quotes on affordable Long Term Care Insurance and address the financial costs and burdens of aging: www.quoteonltc.com
The holiday season brings families together. This gives family members an opportunity to see how aging relatives are doing since many times we don’t get to see them as often as we like. You can watch the older family member interact in their environment and see if they have lost independence.
The issue, however, is more than just about the aging parent, grandparent or an aunt and uncle. It is a good time to think about how you have planned … or not planned … about aging and the extended health costs which will impact assets and create a burden on your loved ones.
With multiple generations of family getting together, the holidays provide a good time to carve out a number of these concerns. First, with aging relatives, you need to spot changes in older family members that may indicate a greater need for attention and Long Term Health Care. This is the crisis planning that needs to be addressed hopefully prior to an actual crisis.
Many experts say it’s not unusual to spot personality or behavior changes that go unnoticed by those who see your loved one on a regular basis. It is important to speak-up about these issues with other family members.
Some of the items to look for include:
•Neglect of physical appearance or basic hygiene
•Neglect of normal medical needs
•Trouble performing routine household tasks and activities
•Wobbliness, clumsiness or history of falls
•Lack or delayed response to sudden sounds or loud noises
•Wearing inappropriate clothing
•Difficulty answering simple questions
•Repeating the same story over and over again
If you observe these issues the family should discover how advanced the problem may be, does it have an immediate impact on health and well-being and are the financial issues being addressed.
“Your estate or elder law attorney will help prepare key documents such as powers of attorneys and healthcare directives. A good estate lawyer can also help the family feel confident that they are making the best possible decisions for future financial security and peace of mind during an otherwise challenging time,” said Kristina R. Hess, a San Diego estate planning attorney.
Family members should see if the loved one has Long Term Care Insurance, a will and power-of-attorney and other documents which will protect them and the family.
The next question to ask is how have you planned any differently from how your loved one has planned.
“As Americans live longer lives, it is more vital than ever for families to address vital issues including Long Term Care planning,” explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance (AALTCI).
The AALTCI is a national consumer advocacy and trade organization. They established November as Long Term Care Awareness Month in 2001 with the goal of encouraging discussions between generations.
“Even a few minutes to cover some key issues can avoid years of family stress and angst,” Slome notes.
The Association’s studies have found that too few families discuss the issue prior to the time when an actual need for care arises.
Long Term Care Insurance has become an important part of retirement planning. Over 8 million people have active policies in place but many times family members and friends have no clue.
“I often refer to it as the ‘silent purchase’ because few aging parents tell their adult child they have this protection in place,” Slome said.
It may be too late for an older family member to purchase a Long Term Care policy since health underwriting and age may prevent them from obtaining coverage. This is a major reason why the purchase of Long Term Care Insurance is something people do in their 40’s and 50’s when premiums are much lower and health is generally better.
“People today understand the physical, emotional and financial burdens that Long Term Health Care can have on family. Most of the people I speak with are ages 45 to 60 and have lived through an extended care event of a parent, grand-parent, friend, neighbor even a co-worker. So many people have some personal experience they know they must address the issue prior to retiring, said Matt McCann, a leading specialist in Long Term Care Planning.
There are a number of resources for consumers to help them educate themselves on Long Term Care planning.
The US Department of Health and Human Services has a website devoted to this issue: http://longtermcare.gov/
The National Association of Insurance Commissioners (NAIC) has a full section on their website to Long Term Care: http://naic.org/index_ltc_section.htm
The American Association for Long Term Care Insurance site and outstanding consumer information: www.aaltci.org
LTC Planning News offers articles, links, videos and other resources: www.longtermcareplanningnews.com
U.S. Surgeon General Vice Admiral Vivek H. Murthy, M.D., M.B.A. says the issue of aging is a very important public issue. “All of us are aging no matter what age we are at, to be clear,” said Murthy. The Surgeon General said he has had a conversation with his own parents about aging and their future needs.
“The conversations we have had is how they can stay healthy and independent as they get older recognizing they want to be part of their children’s lives but they don’t want to be dependent on their kids for everything,” he said.
The consequences of aging impact you and your family. A retirement plan which includes Long Term Care Insurance can safeguard your future retirement income and assets and ease the burden on your family members down the road. Make this holiday season a time to discuss these issues and make plans for yourself and your family so crisis management can be averted.
The nation’s leading consumer advocacy group for Long Term Care (LTC) planning announced the top 10 states of sales of individual LTC insurance in 2016. The American Association for Long Term Care Insurance (AALTCI) published the list in an announcement made this week.
The demand for Long Term Care Planning has increased dramatically in recent years as many parents of Generation X and Late Boomers started facing eldercare issues. While many people require Long Term Care before they are 65, this is a major aging issue and the consequences of a care event can be devastating on one’s savings and income while creating a burden on the person’s family.
“We will end the year with some seven million Americans who have traditional Long Term Care Insurance protection and another million who have a linked-benefit product that provides some LTC protection,” explained Jesse Slome, executive director of the AALTCI. The organization maintains the nation’s leading online resource for information pertaining to Long Term Care Insurance and annually helps tens of thousands of consumers seeking information on the topic.
The top-10 states ranked by the number of policyholders are:
Most LTC insurance policies offer benefits for both care in one’s own home as well as adult daycare, assisted living, rehab, memory care and nursing home care. Most LTC specialists say both consumers and policyholders at the time of claim prefer home-care if at all possible.
“The vast majority of individuals who purchase Long Term Care Insurance protection want the ability to receive care in their own home and this protection makes that possible,” said Slome.
Many consumers obtain partnership plans which provide additional dollar-for-dollar asset protection. The New York State Partnership for Long Term Care publishes an online list of states which have partnership LTC plans available and the states which offer reciprocity in the event a consumer were to move to another state. Illinois is the most recent state to adopt the federal/state partnership program which went into effect when President George W. Bush signed the Deficit Reduction Act of 2005.
Here is the link from the New York State: http://www.nyspltc.org/reciprocitymap.htm
Consumers have a number of affordable options available today. In additional to traditional plans, linked or so-called “hybrid” policies provide death benefits. Many are single premium plans however some can be paid on an annual basis as well. Short-term plans are also available which in many situations easier to qualify for and offer affordable benefits for a wider age range.
“Insurance agents are selling more short-term care insurance to seniors to fill gaps in Medicare and as a Long Term Care planning alternative when cost, age or health is an issue,” Slome explained.
While most experts agree that LTC planning should happen well before retirement, options are available to those who may have waited too long or were turned down for coverage from a traditional plan.
Slome says consumers seeking information on Long Term Care Insurance costs and planning options should do so from a designated specialist, a member of the American Association for Long Term Care Insurance. Slome says to work with LTC specialists that can prove they’ve helped at least 100 consumers get a good deal on Long Term Care insurance.
“There are agents who have insured 250 to 500 individuals or more over many years,” Slome adds. “A good broker specialist will be appointed to compare policies from at least four or five companies. ‘Appointed’ means they can actually sell the particular policy, because it’s rare one will favor coverage from a company they cannot sell to you.”
Learn more about all these options at www.mccannltc.net – LTC Planning News: http://longtermcareplanningnews.com/ See this article in full: http://longtermcareplanningnews.com/articles/top-states-for-long-term-care-planning
Get free quotes on all types of available plans: www.quoteonltc.com
It is a wonderful life when you know you won’t burden your family from the consequences of Long Term Care. Affordable LTC insurance will safeguard your future retirement income & savings and ease the burdens that are placed on your family. This holiday season give peace-of-mind to yourself and your loved ones before you retire.
The holidays are a great time to start a plan … before you retire … to provide peace-of-mind and retirement security from the high costs and burdens of extended care. You know health insurance and Medicare won’t pay for a majority of these costs. The financial costs and burdens of aging will impact not only your 401k, IRA 403B and retirement income but will also place a big burden on those you love. It just makes sense to add LTC insurance to your plan. Very easy to do and very affordable. But don’t wait for an angel in training to come down to convince you … act before you retire and enjoy good health discounts. Plus, premiums are based on the AGE you are when you get a plan in plan. Lock in your savings and lock in peace-of-mind.
Act now: www.mccannltc.net
The financial costs and burdens of aging impact all Americans. However, the impact on rural America (farmers and ranchers) can be devastating since much of a farmer’s estate is tied up in the value of land. Many people wish to leave their land and other personal property, cash and investments to their heirs. The desire is to keep it in the family. To protect the heirs’ inheritance from potentially devastating costs of Long Term Health Care an affordable plan must be in place prior to retirement or change in health.
The University of Nebraska Center of Rural Affairs says Long Term Care for America’s aging population is an important consideration in estate and business transition planning. Many have become increasingly aware how easily the cost of Long Term Care can wipe out a lifetime of savings or hamper the transfer of a family farm, ranch or business to future generations.
What is the risk of needing some type of extended health care? High. The U.S. Department of Health and Human Services says if you reach the age of 65 you have a 70% chance of needing some type of Long Term Care service before you die. With advances in medical science we live longer, we survive health events and accidents. This all leads to more aging issues in addition to many health events which cause the need for help with activities of daily living or supervision due to memory problems.
Part of any responsible retirement and legacy plan is to provide for the financial costs and burdens that Long Term Care places on loved ones. Long term Care Insurance is an affordable way to ease the burden and help preserve the farm or range for generations to come.
“I hear from farm families from all over the country. This is a key concern. The costs of care can create liquidation of assets. Too many farmers have seen this happen to fellow farmers and they want to make sure the land stays in the family. For many, Long Term Care insurance will protect their farm and other assets and plans are very affordable if they plan early when their health is better,” said Matt McCann a nationally recognized expert in Long Term Care Planning.
One of the biggest threats to a family legacy is catastrophic end-of-life costs. Cost of care can vary depending where in the country a person lives. Most Long Term Care is not in nursing homes although nursing homes are the most expensive. LTC policies will pay for care in all settings including one’s own home.
For example, in Iowa an average skilled nursing home will run about $6100 a month according to the annual Genworth Financial survey. Monthly care at home averages about $4300 a month with assisted living facilities running around $3600. However, costs in Ohio will be more. A Long Term Care specialist can discuss the cost of care in your area.
The issue of burden on family is another consideration. Without Long Term Care insurance, a spouse or daughter may become the primary caregiver, at least at first. Spouses who are the default primary caregiver for a partner often see a decline in their own health. Daughters or daughters-in-law have their own families and responsibilities. In some cases, they may not even live close by.
Since health insurance and Medicare (including Medicare supplements) will pay only for a very small amount of skilled care and only if you are improving, much of the cost of Long Term Care is placed on you.
There are three types of LTC plans available. Traditional tax-qualified plans provide a monthly or daily benefit once you qualify for benefits. Generally, you start with a pool of money and both the monthly benefit and benefit pool are subject to inflation increases in those benefits. In many states you have additional “partnership” benefits which provide dollar-for-dollar asset protection in the event you spend through your LTC policy money.
Hybrid plans are also available. These are usually single premium life insurance policies or annuities with a rider for Long Term Care. Be careful, some of them are just an advance of death benefit or will only provide benefits for critical illness not traditional Long Term Care. A LTC specialist can discuss the differences.
Short-Term plans are also available. These provide a year of extended care. While not a complete solution, for some people with health issues this might be an appropriate option.
“One of the features that makes these products extremely attractive is the ability to select a 0-day Elimination Period (EP),” said Jesse Slome, executive director for the American Association for Long Term Care Insurance (AALTCI). “Most traditional LTC insurance policies require that a doctor certify a need for care lasting longer than 90 days and have a 90-day wait period for benefits. With a 0-day EP period the policyholder accesses policy benefits early on when they need care.”
The assets you have accumulated throughout your working life including your land you own your farm will go to one of two purposes, your lifestyle or your legacy. It’s up to you to decide how much is dedicated to each purpose. You are in control. The one thing that will get in the way is extended healthcare. The time to safeguard your property and assets should happen well ahead of your retirement. The peace-of-mind it will create is priceless.
(from LTC Planning News, see article: http://longtermcareplanningnews.com/articles/farmers-need-to-protect-land-legacy-from-long-term-care
Discover how easy it is to plan: www.mccannltc.net