Long Term Care Insurance and Basic Plan of Action for Senior Care
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Long Term Care Insurance and Basic Plan of Action for Senior Care

Why Long Term Care Insurance

Nurses and other professionals know that one of the most devastating issues a family can experience is trying to figure out how to pay the exorbitant costs of Long Term Care.

Many people believe that when the time comes, they will rely on the government (Medicaid) to pay for their care. However, as the baby-boomers age, the cost of care will out-weigh our government’s resources. It is important to plan ahead, and insure yourself against the cost of Long Term Care in the future.

Know the Facts!

Long Term Care InsuranceIn a recent survey by the American Health Care Association, 76% of the people surveyed said they do not expect to need long-term care in the future.

Unfortunately, many people do not plan for long-term care. Instead, families would “crisis manage” when a family member needed constant care.

Today, most seniors are aware Medicare pays very little for long-term care and Medicaid only pays when you are impoverished.

Most people’s savings plans can not withstand one to two years of long-term care costs.

If you are like most seniors, long-term care cost is the only major catastrophe left with no plan. Most people have insurance for:

  • Home, Fire and Burglary
  • Automobile damage and liability
  • Medical Insurance

The Insurance Portability and Accountability Act of 1996 makes it a federal crime to “knowingly and willfully” transfer financial assets in order to qualify for Medicaid coverage for nursing home and other long-term care services.

70% of those in nursing homes nationwide are on a welfare program called Medicaid.

Once on Medicaid, your choices for care are limited to facilities that have chosen to participate in the program.

What’s Your Plan?

Today, the cost of care exceeds $50,000 per year whether you are in a nursing home, or at home receiving care.

Traditional health insurance and Medicare were never designed to pay for Long Term Care.

It is estimated that half of women, and one third of men will need Long Term Care in their lifetime.

Today, Long Term Care Insurance covers the cost of in-home care, adult day care, nursing home care, and assisted living. Therefore, if you do not want to end up in a nursing home situation, and you would prefer to stay at home and receive care for as long as possible, consider Long Term Care Insurance.

Basic plan of action for Senior Care

Assisted Living CommunityIf you’ve never had to deal with or care of an elderly family member it can be stressful find out all the info to do this. But here is a start to help you get on track. You want to do this with a few different health care providers to find out with one with best work with you.

This service is for older adults and families in one or more of the following situations:

  • Declining capabilities may call for more support at home, or a change in their living arrangements.
  • The older adult is in a medical crisis.
  • The primary family caregiver is in crisis.
  • The family lives at a distance.

After an initial phone inquiry, we meet with our new client and some family members usually in the client’s residence. There we assess the client’s medical, cognitive and social needs, as well as the living environment.

Then we prepare and present a written plan of care (professional recommendations). The elder care consultant designs the plan according to such considerations as:

  • Physical needs.
  • Emotional or Social needs.
  • Financial Resources available to meet goals.

The goal of each plan is to enable the elder to continue to live at home as independently as possible or to successfully transition to either a retirement community or a skilled care center. Often, we are asked to implement the approved plan in collaboration with the family.

 

 

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