When I suddenly had to become a provider of full-time care for my elderly parents, both health problems and starting to develop dementia (namely Alzheimer's), I had never even heard about the long-term care insurance. After we burned through their life savings, then began to erode my own, I was advised to seek financial support for them by public Medicaid - a program for those in poverty . It was quite a long process with mounds of papers and numerous investigations, but finally my parents were approved.
I was so happy that monetary help would finally be on the way, until I discovered that the funding would pay to put my parents in a nursing home, not even in Assisted Living, and with very little help to keep them in their own home.
Since their levels of care were so different (my mother needed most things for her), there was not any facilities that would allow them to be together. They would be on the street from each other in different wings of the house. After fifty-five years of marriage, my parents insisted on wanting to be together in their own home, in their own bed, where they could continue to cuddle and kiss - as they so often. And, since my father was so "difficult" with a terrible temper and quite a long history of handling disruptive behavior, the houses did not want to deal with him anyway.
It was hard, but I am committed to keep my parents in their own home and attend to health care, adult day, five days a week. Then, with the help of two marvelous caregivers, after four more years to love each other - they spent only a few months apart. While taking care of all aspects of my parents last year was the hardest thing I've ever done - I am proud to say I gave them the best end of life as I could.
Had I only known to insist that we buy insurance long term care for them before their illnesses - their years of home care might have been paid for, and I could have saved myself so much heartache, not to mention a small fortune. I encourage you to learn from my mistake and look at the long-term care insurance long before you need it - for your family and yourself. Like fire insurance, we hope you'll never have to use it.
Also, call your local agency on aging or department of aging, and ask if there are financial programs, waivers or grants available in your area that you can apply.
Alarming statistics
· An estimated 4.5 to 5,000,000 Americans have Alzheimer's disease. In a Gallup poll, 1 in 10 Americans said they had a family member with Alzheimer's disease, and 1 in 3 knew someone with the disease.
· Increasing age is the biggest risk factor for Alzheimer's disease. One in 10 people over 65 and nearly half over 85 are affected. Rare, inherited forms of Alzheimer's disease may even strike individuals in their 30s and 40s.
· A person with Alzheimer's live an average of eight years and up to 20 years or more after the onset of symptoms.
· More than 7 out of 10 people from Alzheimer's disease live at home, where family and friends provide 80 percent of their care. The estimated value of this informal care is $ 257 billion annually.
· Half of the U.S. population suffers from a chronic illness. Over a quarter (26.6%) of the adult population provide care to a family member of the chronically ill, disabled or elderly or friend, which translates into more than 50 million people.
· 37% of caregivers live under the same roof as the person they care for. 54% are between 35 and 64. 59% of the adult population has or expects to be a caregiver, and 2 million caregivers will be needed over the next twenty years.
· An estimated 43% of Americans aged 65 or older will spend time in a nursing home. In 2012, 75% of Americans over age 65 will require long-term care. Costs of long-term care are up 6% per year.
· The annual cost of caring for Alzheimer's disease in the United States is at least $ 100 billion and is expected to be at least $ 375 000 000 000 by mid-century, overwhelming our system health care and bankruptcy Medicare and Medicaid.
· Alzheimer's disease costs American business $ 61 billion per year, equivalent to net profits of the top 10 Fortune 500 companies. $ 24.6 billion covers Alzheimer health care and the $ 36.5 billion covers costs related to caregivers of people with Alzheimer's disease, including productivity, absenteeism and replacement employee.
Afford THREE LONG-TERM CARE
1. Paying for home caregivers and assisted living / nursing homes out of pocket. This is expensive and can often deplete life savings of a family.
2. Meeting with a very specific poverty level and qualify for government assistance through the Medicaid program. Unfortunately, the options are limited, only paying for nursing homes that accept Medicaid.
3. Buy a comprehensive long term care insurance policy. This protects your family's assets from the rising costs of caring for a person needing full-time care. An employer may pay the premiums tax deductible. Consider buying it at a younger age, when more affordable and accessible. It must be purchased before a serious illness strikes. Medicare and regular health insurance does not pay for long-term care. The average cost for a person who needs long-term care is $ 40 - $ 70 000 per year, depending on where you live, plus the cost of family carers who may have to leave their jobs.
ASK your insurance agent
- Is it a full coverage, meaning it includes all levels of care: at home, assisted living, board and care and nursing / dementia facilities?
- What is the daily allowance?
- Is there a 5% compounded annually protection against inflation?
- What is the waiting period?
- Is it a lifetime benefit period or policy time-limited benefits?
- Is there a discount spouse?
- Can you use private providers as well as an agency?
- The advantage of home care based on a maximum daily, weekly or monthly, and if the benefit is not used, can be used in the future?
- Does it cover the coordination of home care services?
- How many ADL (Activities of Daily Living) does it take to trigger a claim?
- Is there a deadline for filing a claim?
- Does it cover the cost of adult day care and day adult health care, palliative care and respite programs?
- Is it a tax-qualified?
- Is the company highly rated and have they ever raised premiums?
- Can you see the company published annual audit to check their track record for paying claims?
Source: http://EzineArticles.com/6368
I was so happy that monetary help would finally be on the way, until I discovered that the funding would pay to put my parents in a nursing home, not even in Assisted Living, and with very little help to keep them in their own home.
Since their levels of care were so different (my mother needed most things for her), there was not any facilities that would allow them to be together. They would be on the street from each other in different wings of the house. After fifty-five years of marriage, my parents insisted on wanting to be together in their own home, in their own bed, where they could continue to cuddle and kiss - as they so often. And, since my father was so "difficult" with a terrible temper and quite a long history of handling disruptive behavior, the houses did not want to deal with him anyway.
It was hard, but I am committed to keep my parents in their own home and attend to health care, adult day, five days a week. Then, with the help of two marvelous caregivers, after four more years to love each other - they spent only a few months apart. While taking care of all aspects of my parents last year was the hardest thing I've ever done - I am proud to say I gave them the best end of life as I could.
Had I only known to insist that we buy insurance long term care for them before their illnesses - their years of home care might have been paid for, and I could have saved myself so much heartache, not to mention a small fortune. I encourage you to learn from my mistake and look at the long-term care insurance long before you need it - for your family and yourself. Like fire insurance, we hope you'll never have to use it.
Also, call your local agency on aging or department of aging, and ask if there are financial programs, waivers or grants available in your area that you can apply.
Alarming statistics
· An estimated 4.5 to 5,000,000 Americans have Alzheimer's disease. In a Gallup poll, 1 in 10 Americans said they had a family member with Alzheimer's disease, and 1 in 3 knew someone with the disease.
· Increasing age is the biggest risk factor for Alzheimer's disease. One in 10 people over 65 and nearly half over 85 are affected. Rare, inherited forms of Alzheimer's disease may even strike individuals in their 30s and 40s.
· A person with Alzheimer's live an average of eight years and up to 20 years or more after the onset of symptoms.
· More than 7 out of 10 people from Alzheimer's disease live at home, where family and friends provide 80 percent of their care. The estimated value of this informal care is $ 257 billion annually.
· Half of the U.S. population suffers from a chronic illness. Over a quarter (26.6%) of the adult population provide care to a family member of the chronically ill, disabled or elderly or friend, which translates into more than 50 million people.
· 37% of caregivers live under the same roof as the person they care for. 54% are between 35 and 64. 59% of the adult population has or expects to be a caregiver, and 2 million caregivers will be needed over the next twenty years.
· An estimated 43% of Americans aged 65 or older will spend time in a nursing home. In 2012, 75% of Americans over age 65 will require long-term care. Costs of long-term care are up 6% per year.
· The annual cost of caring for Alzheimer's disease in the United States is at least $ 100 billion and is expected to be at least $ 375 000 000 000 by mid-century, overwhelming our system health care and bankruptcy Medicare and Medicaid.
· Alzheimer's disease costs American business $ 61 billion per year, equivalent to net profits of the top 10 Fortune 500 companies. $ 24.6 billion covers Alzheimer health care and the $ 36.5 billion covers costs related to caregivers of people with Alzheimer's disease, including productivity, absenteeism and replacement employee.
Afford THREE LONG-TERM CARE
1. Paying for home caregivers and assisted living / nursing homes out of pocket. This is expensive and can often deplete life savings of a family.
2. Meeting with a very specific poverty level and qualify for government assistance through the Medicaid program. Unfortunately, the options are limited, only paying for nursing homes that accept Medicaid.
3. Buy a comprehensive long term care insurance policy. This protects your family's assets from the rising costs of caring for a person needing full-time care. An employer may pay the premiums tax deductible. Consider buying it at a younger age, when more affordable and accessible. It must be purchased before a serious illness strikes. Medicare and regular health insurance does not pay for long-term care. The average cost for a person who needs long-term care is $ 40 - $ 70 000 per year, depending on where you live, plus the cost of family carers who may have to leave their jobs.
ASK your insurance agent
- Is it a full coverage, meaning it includes all levels of care: at home, assisted living, board and care and nursing / dementia facilities?
- What is the daily allowance?
- Is there a 5% compounded annually protection against inflation?
- What is the waiting period?
- Is it a lifetime benefit period or policy time-limited benefits?
- Is there a discount spouse?
- Can you use private providers as well as an agency?
- The advantage of home care based on a maximum daily, weekly or monthly, and if the benefit is not used, can be used in the future?
- Does it cover the coordination of home care services?
- How many ADL (Activities of Daily Living) does it take to trigger a claim?
- Is there a deadline for filing a claim?
- Does it cover the cost of adult day care and day adult health care, palliative care and respite programs?
- Is it a tax-qualified?
- Is the company highly rated and have they ever raised premiums?
- Can you see the company published annual audit to check their track record for paying claims?
Source: http://EzineArticles.com/6368
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