What You Need Too Know About Planning For Long-Term Health Care
April 15, 2011 by Brenda Clifton
Filed under Health Fitness
The future is doubtful and anything can happen. You may live a long and healthy life, only to die at the age of 102 while you are out on your daily jog, or you may suffer a stroke at the age of 62 and require long term care to help you do your daily activities. As a consequence, you must start planning for long-term medicare to ensure thay you do not be afflicted by a surprising event that would leave you as a fiscal burden on your family.
Planning for long term health care comes down to two factors : savings and insurance. If you have a enormous savings, you will be able to use it as a cushion while you get long-term care insurance to help pay your costs, without dipping into your savings too much. When you get long term care insurance, you may be paying the premiums for several years before you start to think about picking up benefits on it, but when you do you will have an excellent monthly earnings that may leave your savings untouched.
You could have $50,000 saved up in the bank, or even more, but when you factor in all of your expenses, particularly the fact it can costs $5,000 a month to stay in a retirement home, your $50,000 vanishes after only 10 months. If you have $500,000 saved up, then your savings will cover you for about eight years, but if you are 62 when you suffer a stroke that leaves you in need of daily care for 10 years, you are 2 years too short. However, if you have a plan that pays you $2,000 a month, you’re able to extend your ability to pay for your nursing home and your house care by an another five years. That comes from only paying $40 a month or more into your premium!
It is incredibly important to start planning for long term medicare because when you are young, your premiums will be far less than when you are older. As well, almost half of all people who collect on long-term care insurance plans are people below retirement age. Accidents can happen and you do not need to be a burden on your family when you were an asset before. Planning your long-term medical care through long-term care insurance programs means that won’t happen and you may receive the care you need, while your family does not have to lose out financially.
Conclusion long-term health care needs can happen to anyone, from the earliest age to the oldest. To ensure that you can afford the high costs of nursing and home care, you’ll need to start planning your long-term medical care. This can be done thru getting long term care insurance programmes that may give you the cushion you need to enjoy life in a retirement home, without needing to worry about your finances. Savings will run out at last, so you need to lengthen them so long as you can by planning your long term health care with a long term care insurance plan.
You should ask for help from an insurance representative who specializes in long term care insurance to respond to any questions.
Before you go out and buy a policy go to Long Term Care Insurance, ask questions and request a long term care insurance quote. We represent 20 of the top LTCi providers. This gives you tremendous options.
Paying For Long Term Care Insurance
April 15, 2011 by Marjorie Bennett
Filed under Health Fitness
We all know that ill health can happen anytime but certainly more often in the later years of life. Since that is the case it is important to view your retirement and to finance any obstacles. Having a long term care insurance policy is one way to do this.
Hopefully one has been responsible and has set aside a large amount of money to take care of any issues that might arise in later years, however, if not there are ways that you can find the dollars you need to take care of yourself.
Of course the first place you would want to look is to your own savings. Yet if that is not available then most individuals look to their family or support system to help them pay for the medical attention they need. If your family does not have the funds to take care of this then you need to find alternative means.
The first thought would be to purchase a long term care insurance policy. This can be purchase at any time but doing so early on means that you will have a lot more value in the policy when you need to use it.
There is also the type of policy where you can pay for a certain number of years of even up to certain ages. This can be paid all at one time with your finances or there can be payment plans created that suit your needs. Having this policy for a longer period of time without using it gives you much more money at your disposal when you really need it. This type of policy also gives a death benefit to your family or heir.
Another tactic is to use your life insurance policy to pay for the duration of your care. This is usually used when the reason for having the life insurance is not longer valid such as in the case of divorce. The life insurance settlement will be taxed and you must be at least seventy years old to do this.
If your illness is terminal or chronic then you can choose to sell your life insurance to someone else. This will give you an amount to work with and gives the person who purchases the policy the benefits when you pass. The full amount of the policy will not be available but you will have the fund available to make your time comfortable.
Whatever means you use to finance the long term care insurance you need it is important to make sure that you are protected and cared for when you need it most. Being proactive is a smart choice to ensure that you need not worry at the end.
Before you go out and buy a policy go to Long Term Care Insurance, ask questions and request a long term care insurance quote. We represent 20 of the top LTCi providers. This gives you tremendous options.
Whats The Difference Between A Secondhand Stairlift And A Reconditioned Stairlift
July 31, 2010 by Andrew Lloyd
Filed under Health Fitness
Whats the difference between a second hand stairlift and a reconditioned stairlift. Well a second hand unit is exactly what you get. Sold as seen so to speak. It’s very unlikely you will get a guarantee or warranty etc.
When purchasing a reconditioned unit then the company you purchased it from should have done a complete overhaul of the stair lift. The stair lift should have been stripped down and serviceable parts renewed.
Stairlift rollers bearings should be replaced. If the stair lift is AC electrical driven the T-Flex (Trailing Cable) should be replaced even if there is no signs of damage. If the unit is DC battery driven then a new set of batteries should be installed.
All moving parts should be lubricated to the manufacturers specification. The motor-gearbox should be checked and gearbox oil renewed. All electrical safety switches should be checked and renewed if there are signs of flash arcing on the contacts.
The Overspeed Governor (OSG) should be checked for correct operation and re-calibrated if required. On completion of the overhaul the chairlift will be rebuilt and the carriage is given a thourer cleaning or even re-sprayed to make it look like brand new.
It’s highly unlikely you will be able to buy a reconditioned stairlift of the shelf so to speak! Most companies will only offer supply and install. All reconditioned stair lifts should come with some type of guarantee warranty depending on the company this could be between 6-12 months. If you are contemplating buying a reconditioned unit ensure the unit is less than five years of age.
Older units could present a problem! Sourcing spare parts etc. Ensure you ask the supplier that they supply you with a stairlift less than five years of age. If they cannot guarantee this then find another company who can. Do some market research and find a model you like the look of or a brand name someone has recommended and ask the company if they can supply that model reconditioned
Just don’t accept anything they offer you! There is a huge choice of models and suppliers to choose from so be fussy. At the end of the day you are a paying customer and should receive the same quality service and respect if you were buying a brand new chairlift
Buying or sell unwanted Stairlifts try our free UK stairlift classifieds Also published at Whats The Difference Between A Secondhand Stairlift And A Reconditioned Stairlift.
Five Frequent Mistakes Made By Those With Elderly Parents
April 11, 2010 by Theanna Zika
Filed under Health Fitness
1. Avoiding talking about alternative living arrangements for your parents.
It is important to be proactive concerning this! It is so much easier and less confrontational to start this process early and often. If you start early having discussions about options and choices, you can be much more low key about it.
If you wait and start talking about it after your Dad has fallen and broken his hip, there is no time to be low key-you are now “under the gun” to find answers quickly!
2. Not having a clear picture of your parents’ finances.
Do they have a long term care policy? It should be kept where it can be easily accessed. You should also read through it to understand what it does and does not cover.
If they do not have insurance, what other financial resources do they have? Perhaps it would make sense for you and your parents to talk with an attorney about Medicaid eligibility and spend down rules. Also, if you have a parent who is a Veteran, it’s possible they’re eligible to receive coverage for some services.
3. When your parents’ health starts to fail, thinking that a nursing home is the only option.
There are no shortage of options around these days. If your parent is resolute about staying in their own home, it is very possible to arrange for care there.
There are also ways to be very creative about combining several modalities of care. For instance, a family might have their father go to adult day care several times a week during the day, then have a caregiver stay over nights and family members supplement the other times if needed. The possibilities are endless to customize a plan that is just right for your situation.
4. Not getting help until the last minute.
This is a big one. If you wait until Mom is schedule to come home tomorrow from a hospital stay, it will be extremely difficult to make good, rational decisions in such a short time. Trying to develop a good plan of care under such stress will be overwhelming.
Start early doing your homework. Begin to form a relationship with a couple of agencies or facilities you feel comfortable with by having them come out and do an Assessment or you and your parents visiting a facility. When and if an emergency strikes, you will be calling up people who know you and is familiar with your loved one’s situation.
5. Looking at cost alone when deciding on care.
This can be a tricky one. If you are looking at nursing homes, understand that there are very expensive ones that have poor track records when it comes to care. Fancy brochures, videos or tours don’t count for much. Try your best to talk with residents and their loved ones to get a better feeling about the quality of care the nursing home offers.
As for home care, be very careful about choosing the “cheapest” hourly rate. Remember that good caregivers demand to be paid more. Good homecare agencies cannot offer the best caregivers AND be the cheapest. Also ask to meet and approve of any caregiver before they start care.
Theanna Zika founded Saint Louis senior home care company, Heavenly Helpers, in 2004. She shares tips, strategies and advice about caring for seniors that she has learned over the years on the blog at her company’s website. The site also features a helpful list of Saint Louis senior resources for seniors and their families in the Saint Louis Metro area.
Looking After The Aging Is A Top Health Care Concern
March 12, 2010 by Carol Stan
Filed under Health Fitness
Are you currently in place where it has become important to arrange for aging care? It does not matter if the place is for yourself or someone you love, discovering the right aging care facility is critical. Here are a look at some of the different aging care options and how to select the right facility for your needs.
You need to comprehend that if someone suffers from certain medical ailments they can need very specialised care that will actually make some health care choices unsatisfactory. They can include Alzheimer’s or other types of dementia, care following a massive stroke or heart attack, or even something such as arthritis, where mobility is going to be profoundly affected.
Do you feel that you’re in good health but need assistance with daily chores and tasks? Should you be still mentally aware, have good balance and mobility, and are not within a altered mental state, you could possibly remain in your home and simply hire a nurse to come in. This can be great for some health conditions such as diabetes, where some specialised foot care may be needed but overall health is still fairly good.
You may look at a retirement residence as a good transition from your home. You want to make sure that the facility you choose has activities you will enjoy and enough privacy and independence that you will feel at home there. Look at this place as somewhere you will want to live for a long time. Health care methods and advances in medical care can keep you around for many years to come.
Nursing care facilities may be the next step that you will consider. Normally, a person is admitted into a nursing home when they have significant physical or mental impairments that make any level of self-care impossible. They usually have less segregated living arrangements and activities which are less varied or active. People who are suffering from altered mental states due to disease or the after effects of a stroke may require a room in a nursing facility.
Once aging has reached a very advanced stage, you may need to use palliative care to provide you with personal care until you pass on. This can be a hard decision to make especially since it is normally being made on behalf of a loved one, instead of by the loved one themselves.
Senior care is quickly becoming a growth industry. People requiring more care for longer periods of time and the different levels of physical needs has caused people to need specialized aging care. Knowing what stage you or a family member has reached is the key to getting the care you, or they, need.
For more information on how to protect your assets with LTC insurance and about long term care insurance visit us today. We represent 20 from the top LTCi providers.
Preparing For Long Term Care Must Start Now
Long term care is used by both the elderly and those who are disabled in some way that prevents them from taking care of themselves. It\’s not an eventuality people expect and ever so many don\’t include it in their existing insurance policies. But knowing that you could relieve the burden on friends and family, wouldn\’t you take that opportunity if you could?
Becoming dependent on others can happen suddenly or gradually. Many healthy people take for granted the simple ability to dress one\’s self, to bathe alone, to go to the bathroom on their own. However, these are the sorts of things that one relies on long term care for, along with medical procedures and other forms of care.
Even in the best countries, the government is not prepared to handle the growing population of people who require long-term care. Even in areas of the world considered more progressive when it comes to health care, like Europe, the burden of caring for the elderly or disabled is shouldered by younger family members or dear friends.
Different medical programs in the United States cover long-term care in different ways. Medicaid requires eligibility, meaning that a person\’s finances and other resources are taken into consideration before their long term care will be covered. Medicare itself does not cover what is called custodial care, nor does it cover care provided by non-medical skilled personnel. However, at least in this respect several Nordic countries are ahead of the U. S. By providing long-term care givers with some sort of financial recompense as well as pension plans where appropriate. Family and friends in these countries can expect compensation for their noble efforts in caring for others.
Of the twelve million Americans who are in the long term care system, five million are work-aged adults no longer able to care for themselves. Not everyone experiencing long-term care is elderly, though that is obviously the vast majority. Most people are caught unprepared by a worst case scenario, and long term care is the furthest thing from their minds. But while insuring your house, your car, your life, why not consider insurance to cover future long term care, should it become relevant?
Three things should be kept in mind when considering long term care insurance. One is that the sooner you start planning for it, the better. Older adults are healthy enough to pass any required medical exams, and yearly premiums will be lower than if they start planning later. A second thing to consider is that the annual premiums will not rise should a later health condition arise. They will be locked in. The third thing to keep in mind when considering this type of insurance is that there is an elimination period just before your policy starts to cover your long term care. For sixty to ninety days, depending on the policy, you will not be covered and someone will need to pay for the stay, which can be up to or more than $150 a day.
The number of elderly people is growing. This is natural, given how many different ways there are of prolonging someone\’s life. However, the population of people in long term care is also growing. Consider planning for the future, for both the best possibilities and the worst. Putting the right amount of money into the right type of insurance will not bring about the worst case scenario any sooner, and it\’s so much better to be safe than sorry.
Before you go out and buy a policy go to Long Term Care Insurance, ask questions and request a long term care insurance quote. We represent 20 of the top LTCi providers. This gives you tremendous options. For more information on how to increase website traffic visit Clickadvantage.
