Now, in 180 degree contrast, watch this video illustrating the night and day difference long-term care insurance ownership makes for people and their families.
To Move or Not to Move…
Many elders insist on staying at home, rather than transitioning to an independent or assisted living facility. I’ve been advising against doing this for years. Long-term care at home may cause isolation or possibly even caregiver abuse. Existing studies already prove the importance of social interaction for those needing LTC. Staying at home is not as safe from a medication management, home maintenance, proper nutritional and safety and security standpoint, either. Now, a new study, titled, “Myths & Realities of Continuing Care Retirement Facilities (CCRC’s)” backs me up on this.
The study was performed by nationally recognized gerontologist Ken Dyhtwald of Age Wave and sponsored by Vi (71 South Wacker Drive, Suite 900,Chicago,IL 60606), a leader in senior living that currently operates ten continuing care retirement communities (CRCCs).
With careful research, the study debunks these five “myths:”
1. “My current home will be the best possible place to live in my post-retirement years.”
2. “My current home is the best option to continue an active social life and stay connected with my friends.”
3. “It’s less expensive and more financially secure for me to stay in my current home.”
4. “It would be easy to get any care I need at home.”
5. “CCRCs are filled with old people who are sick and dying.”
The cost of Vi’s typical CCRC is approximately $2,800 per month, which covers rent, food, and all social/learning activities. Even if your mortgage is paid off, property taxes, home insurance, utilities, food, transportation, maintenance/repairs, etc can add up to a very big number!
When it’s time to progress to assisted living, compared to the average $55,000 per year cost for home health care, the average cost of $39,000 per year in an assisted living facility looks pretty attractive.
And, as always, the good news is that home health care care or assisted living at a CCRC will be covered by your long-term care insurance policy.
I urge all seniors to visit some CCRCs in their area to see what a supportive, friendly home they offer. I think you’ll find that these myths fade away very quickly.
I WANT MY FATHER TO DIE!!!!
In Daddy Issues: Why caring for my aging father has me wishing he would die (Atlantic Magazine, March 2012), Sandra Tsing Loh presents a personal account of the stress and sense of futility and eventual desperation she feels in her struggle to care for her aging father.
Ms. Loh begins with Gail Sheehy’s description of the freedom 50-year old’s experience after the kids are grown and their parents are enjoying their “golden years” by cashing in on frequent flyer miles to travel the globe – which differ from Ms. Loh’s experience as much as heaven differs from hell.
In fact, over 70% of all Americans over 65 will need some form of long-term care, and although Ms. Loh’s experience is extremely difficult, it is not uncommon. Her account begins with her father’s plan that his much younger wife would care for him. This failed miserably when her signs of dementia began to occur at the same time he declined dramatically.
She continues with her futile attempts to hire caregivers (at her own expense), most of whom quit the first day because her father is such a difficult case. Once she finally finds someone who can handle her father, she and the caregiver form a team, and the need for her substantial role wreaks havoc with her own life.
This article is quite long and very difficult to read. Her sad story and her honesty about her struggle are very provocative. Many readers commented that the author is a self centered bitch, while just as many laud her for her candor and humor. Still others commented in spectacular detail about their resentment & anger towards their own needy parent.
Since I see or hear about variations of this dilemma every day, I admire Ms. Loh’s candor and courage in telling her sad story, which she expressed with great honesty and a sense of humor.
Anyone who takes the time to read it will want to own long-term care insurance.
The Cost of Entitlements Just Goes Up and Up
“Even Critics of Safety Net Increasingly Depend on It” (NY Times, Feb. 12, 2012, pp. A1, 24) presents frightening trends that threaten the well being of every American. A myriad of benefits programs provided over $6,500 for every man, woman and child in the US in 2009, a 69% increase from 2000. And although the primary objective of these programs was to keep Americans out of poverty, the poorest Americans no longer receive the majority of government benefits.
Trends in the need and cost of these programs are sobering. Nearly 50% of Americans lived in households receiving government benefits in 2010, up from 38% in 1998 and 44% just before the recession in 2007. And spending on medical benefits is projected to rise 60% over the next 10 years. As the baby boomers age, the number of Americans covered by Medicare will increase by one-third. These increases will make spending on medical benefits higher than every other expenditure in the federal budget expect interest on the national debt – higher even than the money invested in education or defense!
And where will the money come from to cover all these national expenses? Not from the taxes we pay. For example, “a 45-year old woman who earns $43,500 in 2010 will pay taxes worth $87,000 to the federal government by the time she retires, BUT the government will spend $275,000 for her medical care before she dies. As the economists say, “There is no free lunch.”
As the boomers age, increasing numbers of them will also need long-term care, which is covered by Medicaid or personal funds, NOT Medicare. And, of course, the demand for long-term care will continue to increase – even as Medicaid funds shrink. How sad…
One way to maintain your dignity in your final years AND to minimize physical, emotional and financial stress on your family is to own long-term care insurance to cover these expenses that can average over $70,000 per year. You owe it to yourself and your family to give this option careful thought.
Word of the Long-Term Care Crisis is Spreading
“The long term care system in Hawaii is broken, “according to the December 13, 2011 Draft Final Report of the Hawaii Long term Care Commission (http://www.publicpolicycenter.hawaii.edu/documents/LTCC_FINALREPORT_draft14dec.pdf. 2424 Maile Way, Saunders 723,Honolulu,HI96822). And as noted in several previous blogs, the crisis will get worse because of the aging of the Baby Boomers. Furthermore, the population from which care givers are drawn is beginning to decline.
Members of this Commission clearly “get it.” They note that 75% of people over 65 will eventually need some form of long-term care (LTC) and that people need to begin planning for this prospect well before they reach their 60s. The report also cites an average cost of $80,000 per year in a nursing home and the lack of public funds to cover these enormous costs.
A recent survey (2011 Long-term Care Consumer Survey and Quiz Results John Hancock Life Insurance Company U.S.A., Boston, MA02117 includes encouraging evidence that public also “gets it.” In a sample of 1,000 Americans aged 21 – 75, 82% agreed that it is irresponsible not to plan for the cost of long-term care. On the negative side, however, only 11% actually own long-term care insurance (LTCi). And while 62% agreed that LTCi was the best way to do such planning, only one-third were inclined to purchase a policy in today’s economy.
So news about the growing need for LTC and the lack of resources to fund care is getting to the public. But Americans are still reluctant to invest their own money to purchase insurance for their own LTC.
The solution to this perplexing & frustrating problem is nicely summed up in the Hawaiian Commission’s first two recommendations:
“Conduct a long-term care education and awareness campaign
Treat the risk of needing long-term care as a normal life risk” (p. 10)
This has been my mission for over 20 years.
- « Previous Page
- 1
- …
- 24
- 25
- 26
- 27
- 28
- …
- 34
- Next Page »
Thanks for visiting my site! I like hearing from you!