Long Term Care Insurance is Better than Home Care and Self-Insurance

Most individuals today share the same thought with regard to long term care: sticking to home care and self-insuring are the best way to cope with it. Though the number of traditional care supporters is still high, the staggering economy and failing health care programs do not give verdict to sustain the needs of the elderly and the invalid.

 

LTC Financial Partners President Craig Smith challenged the public with the question “If one of your aging parents suddenly needs help with the tasks of daily living, who will provide it? You?” Long term care services are not free, and they always come with high price tag, he reminded. LTCP is considered one of the leading insurance agencies in the country with undeterred know-how in the industry.

 

Smith argued that home care or do-it-yourself caregiving could slash almost half of the expenditures; this may sound cheap but the overall costs that can be accrued from medications and home-care treatments may exceed one’s expected expenses. He also said that a long term care insurance policy, which pays 30-year premiums, could be less expensive than self-insuring and DIY caregiving.

 

 

Smith’s response to these questions did not come merely from his own speculations, but it is centered on the results of MetLife’s study “The MetLife Study of Caregiving Costs to Working Caregivers: Double Jeopardy for Baby Boomers Caring for Their Parents.” According to the study, each caregiver may earn $304,000, and only a fraction of this income may go to LTCi.

 

The U.S. Department of Health and Human Services’ report has a relevant support to Smith’s claim which reveals that large number of Americans over 65 or 70 percent of the population will need long term care. Smith reiterated that people should not be discouraged with LTCi’s premiums because they are less expensive than they think they would get from self-insuring.

 

Even Celebrities Have Long-Term Care Needs

We’ve heard a lot of rumors circulating all over the Internet about these celebrities who have insured a part of their bodies (which sounds crazy for us ordinary people) to maintain their good looks in front or behind the camera or simply get what they paid off for a revamp. What we’re they thinking, huh?! Is this something celebrities should be more concerned about?

Did you know the most expensive legs are donned by Mariah Carey? Seriously, she has insured it worth $1 billion in case her legs become severely scarred or marred with varicose veins. Rihanna is said to be the second celebrity with the most expensive legs.

Jennifer Lopez, who has the most perfectly-shaped buttocks, was rumored to have $27 million insurance for her booty. The singer-actress then denied the allegations

Victoria Secret’s angels and Playboy playmates are not the ones with the most expensive breasts; singer-songwriter, Dolly Parton, owns them with a policy of $300,000 for each.

Some of the unbelievable insurance was purchased by celebrities:  Tom Jones, chest hairs worth $7 million; David Lee Roth, sperm, for 1 million; Bruce Springsteen, vocal cords, for $6 million, and a lot more..

However, while some celebrities made a ridiculous decision to insure their body parts, there are celebrities and famous people who don’t just need a policy to gild their appearance but to insure them from serious health threats. This means long term care may happen to anyone regardless of his or her social status.

Montell Williams, known for long-running “The Montel Williams Show,” was diagnosed with multiple sclerosis at the age of 42. He also founded a multiple sclerosis foundation. Williams shared that he has experienced pain throughout his knees down to his feet, 24 hours a day, for 10 years. He also admitted that the emotional struggles made the physical pain even worse.

 

Christopher Reeve played Superman during the 90’s, but the hunk actor became paralyzed after fateful incident in the equestrian competition. He founded the Christopher Reeve Foundation that aims to improve the lives of those suffering from spinal cord injury.

 

 

How to Prevent Long-Term Care from Making you Broke

Many individuals have gone broke after paying few months of caregiving and/or nursing home stay. This is obviously the result of skyrocketing costs of long term care and lack of efficient health care system in the country. People may shout on top of their lungs and vent their rants on the government and the system itself, but going against the tide won’t solve it  and  make things more complicated. One of the ways to prevent you from becoming bankrupt is to plan for your health care which can be achieved through the following:

1. Make a clear agreement with a family member on the type of care they wish to receive in their senior years. You may expect initial answer “we want it here at home” but this may change depending on their condition. Some seniors, after spending few months or years at home, are transferred to a facility due to a failing health. However, some of their children or loved ones are not prepared for the move and often contend the decision with the doctor or nurse. Make sure to assess of all the possible care options for yourself or a loved one; don’t just get stuck on one type of care.
2. Don’t get yourself included on the list of people relying on Medicare’s financial assistance because you’ll be disappointed. Medicare will cover only a portion of the expenses in a nursing home for span of 100 days and excludes home care or personal care. Any day that falls beyond the time period will not be covered by Medicare.
3. Assess the financial options available to avoid procrastination. There are lots of ways to pay for long term care.

Family-provided care– Your family members or relatives may be willing to provide care from tedious tasks to less strenuous ones, so why not give it a try? The involvement of your loved one can really help cut the costs and promote close ties. Nonetheless, maybe your loved one does not want to be a burden anyone so address this problem with love and understanding.

Long term care insurance – This is the best insurance recommended for those opting for nursing home care or assisted living. It covers a lot of care services from personal to medical services. It prevents you from having your savings drained for just a night in a nursing home because you have the full control on the benefit amount and period that should go in your policy. However, this is not recommended for seniors above the age of 80 and those with terminal illnesses because the premiums may be extremely expensive for them.

 

Five Reasons to Say “Yes” to Long Term Care Insurance

Good news: a lot of seniors can go around 60 plus of age or older through and people with terminal or chronic illnesses or disability may ensure longevity through technological advancement. But wait! That good news could turn out bad for some who think longevity means an extra stretch on their finances. How ironic, isn’t it?

More years in a person’s life not just turn gray hairs and wrinkles worse; it’s a welcome party to the threats of expensive hospital bills and nursing home stays when not planned carefully.  The costs of health care, particularly LTC services, make the story even shoddier.  Here are top five reasons why you need to say yes to long term care insurance policies.

Anyone may need long term care – Around 70 percent of seniors age 65 and above will need long-term care any time. According to fact sheet presented by Urban Institute, 1.6 million seniors are staying in nursing homes, and this population is comprised of 85-year-old and above adults. The age of 85 is also the peak age of Alzheimer’s and other terminal illness.

 

Health care services are overpriced –You’ll get charged even with simple tasks such as meal preparation. Nothing’s free now! Both home and facility care rates are seriously expensive that drive patients and their families crazy.  Those who thought home care would be a cheaper option became so disappointed since caregivers’ rates have increased dramatically.

 

Family members and friends are not always there for you– One of the reasons why people don’t plan for their care is the high expectation from their loved ones and/or friends. Don’t expect too much that your children will take care of you because they will raise their own families someday. This is also a problem for many aging baby boomers who have smaller families that cannot depend on when time comes they need care or assistance.

 

Americans don’t have enough money to afford long-term care – The Employee Benefit Research Institute found out that 30 percent of employed Americans have less than $1,000 and 25 percent have less than $25,000, which means they won’t be able to afford long term care costs that could run from$80,000 per year. The workers’ savings are far lower than LTC expenses, and, unfortunately, most workers haven’t considered LTC plans to pay for any unexpected care they might need in the future. Very small percentage of seniors has secured long term care insurance or any health care plans

 

Public Health Care Programs are not dependable – So you think Medicaid and Medicare will cover everything in your bill? The recent cuts and strict limitations on the two programs means lesser opportunity for Americans to have their long-term care covered. The hopeful individuals ended up impoverished as they had to drain their assets first to pass Medicaid eligibility.