Long term care (LTC) is a term that has many facets to its definition. It is comprised of a variety of services that meet medical and non-medical requirements for people who cannot care for themselves for long periods of time. It is a highly individualized care system which can be formally or informally provided. Formal facilities that provide long term care go by various names such as residential continuing care facility, nursing home, and personal care facility. Informal long term care is often provided, in its earlier stages, by a family member who is willing to provide their parent personal care, meals, laundry services, housekeeping, and transportation services to and from appointments.
Aging is the sign of a successful life. After all, when you think about the alternative to aging your perspective about getting older shifts. You should start seeking self-sufficiency for your retirement years well before the age of sixty-five. But, even if you have not done so, don’t shun the planning stages. You need to address planning no matter what your age. Some preparation is better than none at all. It can provide you with some peace of mind and can take pressure off of family members who would have to make their own income adjustments to be able to provide money to support your cost of living. No one wants to become a burden to their children or otherwise extended family. It feels good to be able to provide for oneself (and one’s spouse) no matter how lavishly or modestly. It is a relief to know that you have solid plans as well as contingency plans for the future. Although it can be hard work and tough to realize how much it will take to cover your future living expenses, putting off the planning stage does not lead to easier or better outcomes.
The business of selling long term care insurance has changed dramatically over the last 20-30 years, which in turn has affected how senior citizens protect their assets.
What was once a busy marketplace of more than 100 insurers vying for long-term care dollars, has shrunk to a group of fewer than 20.
This was because many insurers drastically underestimated how long their policy holders would live, and how many claims they would file.
As the Wall Street Journal reported earlier this year, the insurance industry is in the midst of something of a panic trying to cover its losses, which means that many senior citizens who have long-term care policies are seeing significant rate hikes, some as high as 90 percent.
This leaves them with an almost impossible choice: pay this steep increase or walk away from coverage you’ve been paying into for years, if not decades.
When drafting a special needs trust for your disabled child or other special needs family member, you want to make sure that there are no mistakes that could jeopardize their financial future and care.
But too often, mistakes are made and can go undetected until it is too late. When creating special needs trusts in Doylestown, beware of these common mistakes.
It’s one of the most difficult decisions a family can face: Moving an older parent into a long-term care facility. Even if the parent recognizes they can no longer live on their own, there are other major questions to be answered:
How do we know a nursing home is safe? How can we make sure they’ll get the best care? As an elder care attorney in Bucks County, Richard Newman knows how difficult it can to answer these questions. That’s why we’re sharing this list from the AARP.
If your parent loses a mate, spouse or life partner, he or she may need a good deal of emotional and practical support. If you are close to your parent’s mate you may need support too. Family members, friends, neighbors and even grief groups are all good places to turn to for comfort during this time. Here are some tasks and decisions you may need to help your parent face.
Dealing with Property
In some circumstances, your parent will have to act as executor in dealing with their mate’s estate and there may be a lot to do. You may need to help with such things as sorting through their records for a will or collecting insurance and other benefits. Take it one step at time and know that there are always resources to help you and your parent out. Continue Reading How to Help When Your Parents Lose a Life Partner
Long-term care refers to the help that people with chronic illnesses, disabilities or other conditions need on a daily basis over an extended period of time. This need can range from assistance with simple activities such as eating, dressing or bathing, to skilled care provided by therapists or nurses.
With nursing home care in some parts of the U.S. costing as much as $10,000 per month, long-term care can deplete even the best-planned estate. As a result, many seniors are opting to purchase long-term care insurance to cover this risk. An advantage of this insurance is that most policies now cover home care, personal care and assisted living care as well as nursing home care.
Policies offer many different coverage options. Since you can’t predict what your future long-term care needs will be, you may want to purchase a policy that has flexible options so that you can adjust it according to your needs in the future. Depending on the policy options you select, long-term care insurance can help you pay for the care you need, whether you are living at home, in an assisted living facility, personal care home, or a nursing home. Long-term care insurance may also pay expenses for adult day care and some policies will even help pay costs associated with modifying your home so that you can keep living in it safely. Continue Reading Understanding Long-Term Care Insurance
The decision to place a loved one in a nursing home is difficult enough, but families also need to decide which one is the best choice. There are so many options, so how do you know which one is right?
Nursing homes provide 24-hours patient care, home-like environment, ensure proper nutrition and have skilled nurses. What else needs to be considered in choosing the right place? What steps should you take in selecting one for your loved one?
Make a checklist and get every question answered before selecting which home you believe is best.
1. Do Your Research: The first step in selecting a nursing home is to seek referrals. Talk with your doctor, long-term care professionals, hospital discharge planners, social workers and friends and family. Speaking with them can help you clarify issues and focus on your needs. Makes sure that the patient and members of the family are all involved in the decision-making process. Continue Reading Choosing the Right Nursing Home
Are you expecting to inherit an IRA account from a parent or spouse? According to a recent article on the AARP website, there are some things you should know before you cash in the account.
The spouse inherits:
In the case of a husband or wife getting the IRA when the spouse dies, the funds can be transferred to his or her account. Another alternative is to retitle the IRA. That involves having the account retitled as “Bill Smith IRA (deceased Aug. 1, 2012) for the benefit of Lisa Smith, beneficiary.” Only then, can Lisa start taking money, penalty-free. Yet, once Lisa turns 59½ , she has to retitle the account in her name. Doing that allows her to defer withdrawals until she turns 70½.