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.
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.
Many baby boomers find themselves caring for an aging parent or parents. If you have a large family, the responsibility can be shared among your siblings and other family members. Unfortunately, some family members do not make themselves available to assist nor do they have concern for the aging adult, so often the elder care falls on only one or two children. These individuals then shoulder the entire responsibility for the care of the aging parent(s) – often at great personal sacrifice – including loss or decrease in income, additional financial burden, and loss of many hours of personal time.
If you are currently juggling your own home and family care and are now adding the care of an aging parent or relative, there may be some financial help available to you. Monetary compensation may be available in certain circumstances.
Before contacting any of these organizations or departments it is best to have the individuals’ financial records and also their medical records and history.
As the population gets older, it seems that more companies are offering long term care insurance for seniors. Yet, is it really necessary? There are many assumptions around long term care insurance, specifically that you or a loved one will one day become sick enough to need the kind of care, such as assisted living or nursing home, that long term care insurance provides.
Yet, many experts agree that unless you have substantial assets, long-term care insurance is a must. After all, Medicare and health insurance do not cover the long term custodial care (i.e. assistance with activities of daily living) that most seniors need after a serious illness. According to an article on Forbes.com, there are things to consider before signing up for long-term care insurance, since not all companies offering long-term care insurance are created equal.