Archive for category Long Term Care Resources

Long-Term Care Insurance Is An Emotional Decision

 

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When it comes to money, most people get emotional. Making financial decisions is tough for many people.

 

When you buy a house, it is usually fun and exciting! When you purchase an auto or homeowners insurance, it may be frustrating, as you feel it is way too expensive.

One of the hardest financial decisions to make in your life is whether to purchase Long-Term Care (LTC) insurance. LTC insurance pays for a nursing home or home health care aid when you need additional medical care.

The reason that it is difficult to make this type of buying decision is because there are a lot of feelings and emotions involved related to aging and illness. In addition, it is emotional because of the amount of money that might be needed for this type of medical care.

Do you know someone who is currently in a nursing home or receiving care at home? Have you had to clean up after a parent that didn’t make it to the bathroom on time? How will your family feel about taking care of you when you are sick and need help? Do you think LTC insurance is too expensive and don’t want to part with the money?

Recently a friend whose mom is 80 years old and has had numerous illnesses over the years contracted a bacterial infection. The infection started with a trip to the emergency room and a four-day hospital stay. Mom was then sent home to recuperate, even though she was still in pretty bad shape. The illness was so bad that my friend had to stay home from work for several days to take care of her mother.

While she loves her mother, my friend quickly realized that taking care of mom was a lot harder than expected. It was uncomfortable to help her with bathing. It was aggravating to have to do all of the things that mom did for herself before she was sick. Watching her mom in pain was very difficult and she did not feel equipped to take on this responsibility.

While staying at home, new considerations came into play. How much vacation and sick time would she have to use up that she had earmarked for a family vacation? Would mom be better off in a nursing home with closer supervision? Would a home health care aid be sufficient? How much would a person that specializes in senior care cost? What is mom going to think about all of this?

When it comes to caring for a loved one who needs additional medical care, it’s not easy. The cost of care has skyrocketed, and the average cost of a nursing home is more than $200 per day nationally. Rates for a home health caregiver are over $20 per hour. These fees add up quickly.

If you are over the age of 50 in good health and haven’t considered buying LTC insurance, then you should put yourself in the shoes of my friend. Ask these questions and determine what you would want to happen if you should become ill and aren’t capable of taking care of yourself?

While paying for insurance that you may never use feels like a waste of money, what if you eventually have to pay for a nursing home? If you do get sick, how will everyone feel knowing that the finances are mostly covered? Conversely, how will you feel if you didn’t purchase LTC insurance when you had the money to pay for the insurance?

When considering purchasing LTC insurance, be aware that it will be emotional. However, having to pay for a nursing home is both emotionally and financially painful. Sometimes spending the money up front for long-term care is well worth not having to go through the emotional and financial drain of paying for this care out of your pocket. Think about it now so that your loved ones won’t have to deal with it later!

 

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Long Term Care Insurance Video Interview – What Is It and Why You Need It

 

In this video, Grace Herrington explains what long term care insurance is, and why you should have it. If you have assets you want to protect and want to provide for you and/or your family in the future, then long term care insurance might be a wise investment.

Watch the original video here.

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Genworth CEO Talks About The Long Term Care ‘Crisis’ In America

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There is a price to most things including aging. America is getting older and a new study from Genworth Financial finds most Americans are not financially prepared, especially with rising health care costs for the elderly. The new study finds more than 90 percent of American Adults do not have long term care insurance. Other findings includes 70 percent surveyed believe than the Affordable Care Act will cover their Long Term Care. Department of Health and Human Services projects the population older than 85 will more than double by 2040. Thomas McInerney is the president and CEO of Genworth Financial and spoke to TheStreet’s Susannah Lee on what he calls a ‘Long Term Care Crisis.’

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Worrying Medicare Long Term Care – Common Misconception

Long term care insurance is not generally included under Medicare. Long term care is the care you need when you are no longer able to look after yourself due to age or illness. This video answers that question, which is that without long term care insurance, even if you are in Medicare, you would still need to pay for your custodial care and without sufficient money/ when your savings run out, you will need to apply for Medicaid. Under Medicaid there is little choice where you will be placed, and it will be in a care home most likely. You would not be allowed to stay at home, normally under Medicaid.

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Genworth Launches National Advisory Center for Long Term Care Information

website-hostingToday, Genworth Financial, Inc announced the launch of its new website www.longtermcareinsurance.org , designed to help fill the information gap for consumers about the reality of long term care and the importance of planning for the future.  The website, named the National Advisory Center for Long Term Care Information (NACLTCI), sponsored by Genworth, is focused on providing clear, concise and unbiased information to consumers faced with making decisions related to long term care.

To view the multimedia assets associated with this release, please click:http://www.multivu.com/players/English/7206251-genworth-launches-national-advisory-center-for-long-term-care-information-website

The new website, part of Genworth’s over-arching consumer campaign to educate and advance change in the long term care industry, presents a holistic view of the long term care issue and allows consumers to compare the cost of care, determine care needs and develop a long term care strategy to best suit their circumstances.  From frequently asked questions about long term care and caregiving, to specific checklists that can help families initiate conversations and create a plan, longtermcareinsurance.org guides consumers along every step of the process.  After evaluating their options, if desired, consumers can request a consultation and quote for long term care insurance. The website will not present or discuss Genworth long term care insurance products.

“There isn’t a one-size-fits-all mold when it comes to long term care planning.  We’re dedicated to providing consumers with resources so that they can make the right decisions for their families and loved ones,” said Tom McInerney, CEO of Genworth. “Longtermcareinsurance.org future plans include featuring real stories about the importance of long term care planning that consumers can relate to, as well as expert third-party insight and guidance to allow consumers to make the right financial planning choices.  This is just another way we’re trying to drive change in the long term care space.”

Surprisingly, despite well-known demographic shifts of people working and living longer, many Americans do not recognize the need for a long term care plan.  Seventy percent of Americans turning 65 can expect to need some form of long-term care during their lives.1 However, according to research conducted by the Associated Press-NORC Center for Public Affairs Research2, 65 percent of those 40 years or older report having done little or no planning.  Additionally, many Americans 40 or older overestimate the amount that Medicare and Medicaid will help, with 39 percent believing that Medicare should share a large or very large amount of the financial responsibility, and 37 percent believing Medicaid should do the same.

“As a leader in the long term care industry, Genworth embraces its obligation to educate, innovate and bring new solutions to market that meet the long term care needs of Americans,” added John Whitcomb,  senior vice president of thought leadership for the U.S. Life insurance division.  “The National Advisory Center for Long Term Care Information is part of our multi-pronged approach to ensure we are living up to our responsibility to prepare consumers for their future long term care needs.”

Ongoing news, industry updates and guidance on navigating long term care will be available at Longtermcareinsurance.org.  Genworth also provides a host of tools and other resources to help close the financial literacy gap and help Americans properly plan for their financial futures, including:

  • Genworth’s Let’s Talk resources offer tips for initiating conversations about retirement and planning for the future with loved ones

  • Join Genworth on Facebook for tips, polls and discussions to help you keep all types of financial promises

 

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Nursing Homes: Getting Good Care There (Kindle E-book)

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Nursing Homes Getting Good Care There is considered as a widely acclaimed classic consumer guide by The Consumer’s Voice. This e-book is teeming with standards of care, specific advocacy strategies and checklists. It is a must-read for family members, residents and advocates who are looking for the best possible care inside a nursing home. If you’re a volunteer or paid ombudsman, this e-book can also serve as a great training tool for you. Click here to download the e-book for kindle users only. If you want the hard copy of this book, visit this website.

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Do LGBT Seniors Have Unique Issues?

Older adults are often faced with issues like who will take care of them in the latter part of their lives or who will pay for their care expenses. What more if you’re a member of the LGBT community, right? Find out what are the issues surrounding lgbt seniors today and the things you can do in order to improve their quality of life.

For more videos concerning lgbt seniors and other valuable information about aging, visit GracefulAging.

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