Archive for January, 2013

Not Having A Plan Is Planning For Faliure

Not Having A Plan Is Planning For Failure

1. Planning for Long Term Care Is Important  Most people will tell you they plan to live a long life. But with aging comes the need for help with some of the things they always did for themselves. According to the U.S. Department of Health and Human Services, 70% of people who reach age 65 will need Long Term care services at some point in their lives.
2. Long Term Care Services Are Expensive  Mutual of Omaha’s cost-of-care survey revealed that just one year in a nursing home can cost more than $96,000 (based on national averages). Home Health Care is less expensive, but people still can expect to pay as much as $56,000-$70,000 per year for care they received in their own home.
3. You Can’t Rely On Health Insurance or Medicare  Many people mistakenly believe their Long Term care needs are already covered. In reality, health insurance doesn’t cover Long Term Care services. And Medicare only covers services for a short time – typically just long enough to help people get back on their feet after an illness or injury.
4. Medicaid Isn’t For Everyone  It’s true. Medicaid doesn’t cover Long Term care services. But it’s important to remember that Medicaid is a program for people with low incomes and limited resources. That may mean you would have to spend down your assets just to qualify. Not an attractive option for people who want to protect the assets they have worked a lifetime to accumulate and leave a legacy for their children.
5. There’s A Hidden Cost To Family Caregivers  It’s easy to say, “My family will take care of me.” But a spouse may not be physically able to provide all the care that’s needed. And children have their own family and career obligations. The fact is family caregivers frequently suffer from stress and illness themselves. Not to mention lost wages if they have to give up a job or reduce their work hours.
6. The Best Time To Start Planning Is Now  How will you pay for the care you need? Where will you live? Who will take care of you? These are questions people need to ask themselves now while they’re young and in good health. The need for Long Term care services can arise at any time. Having a plan in place when that day comes can help alleviate the emotional strain many families face. It also can help ensure you get to make the important decisions about the care you receive and the setting you prefer.
7. The Cost Of Waiting Can Be High  The ability to obtain a Long Term Care Insurance policy is based on age and good health. So it’s important for you to understand that if something happens to cause a change in health status, you may not be able to purchase Long Term care Insurance at any price.
8. Some Coverage Is Better Than None  Many people who think they can’t afford a Long Term care Insurance policy neglect to consider what would happen if they didn’t have one. Without a policy to help pay the bills for Long Term Care services, you may have to liquidate assets, sell stocks, dip into savings or retirement accounts or sell property to come up with the cash you need. Even a modest Long Term care Insurance policy offers some protection for your important assets.

Abe Glickman, LTCA, LTCP
Abe Glickman Insurance Group
Toll-Free Phone: 877-298-5824

“It is better to create a plan 10 years too soon than one day too late.”

Questions or Comments? Give me a call!