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Long Term Care Insurance - The Myth and the Reality
In general, long-term care refers to help with basic activities of daily living (ADL's in industry parlance) such as bathing, dressing, eating and using the toilet. This help can be provided in the home, in middle-ground setting such as assisted-living facilities, or in nursing homes.
Technically, long-term care insurance provides ongoing income to cover the costs of such assistance. Practically speaking, however, long-term care insurance creates a false sense of security and rarely covers all of the needs.
If you have sufficient wealth, you will be able to pay long-term care costs from the nest egg and earnings on the nest egg. Another option is to purchase a long-term insurance package that you think will pay for your care, but is almost always untrue. Paying privately for nursing home costs can eat up even a large estate quickly. The reality, however, is that most of long-term insurance plans available have a limit on how much they pay and for how long. The use of a long-term care insurance policy has likelihood to leave you paying for nursing care out of your own pocket until you are broke.
Additionally, people with existing health problems will not qualify!
Consumer Reports, documents that: "The high price of long-term care insurance explains much of why so few people have policies and why only 20 percent of the elderly can afford private long-term care insurance".
Thus, "Long-Term Care for the Elderly and State Health Policy", Issues and Options concur "only about 10 to 20 percent of the elderly can afford long-term care insurance". Consumer Reports "How will You Pay Your Old Age?". Even if you are one of the few that could qualify and could afford long-term insurance, should you? And would it really help? We believe not?
Care Management Corner
Summer Time, and the living is easy, or not!
Summertime brings with it a full basket of not only fresh fruit and vegetables but problems as well for seniors. Hot weather causes not only higher electric bills, but dehydration, heat exhaustion, decreased appetite and generally an increase in lethargy. Many seniors find their appetite decreases. They exercise less - and experience respiratory distress as smog levels rise. All of these summer changes cause many unexpected problems such as fluid retention, variable blood sugars & blood pressures, and skin problems.
Seniors need to be mindful that exercise should not be stopped - but should be done early, before the heat or later in the evening.
More seniors are finding themselves or their mates needing more assistance. Some, to the point of nursing home care.
Medicare & private insurance won't pay these bills. NHS can help!
Call us for assistance - (800) 773-6467.
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