Generous to a Fault
Today’s grandparents provide financial assistance for grandchildren – sometimes to the detriment of their own financial security. Many grandparents help to fund things like mortgage and rent payments, health care, day care, education and everyday living expenses.
A 2011 AARP survey indicates that grandparents would rather make sacrifices themselves than let their own financial situation affect their grandchildren. Grandparents must… More
Generous to a Fault
What is the Assurance Benefit?
The Assurance Benefit is the exchange of a life insurance policy for a long-term care benefit plan at the time that long-term care needs to be paid. The Assurance Benefit is a unique financial option for seniors:
No wait periods
No care limitations
No costs to apply
No requirement to be terminally ill
No premium payments.
Policy owners use their legal right to convert an in-force life insurance policy to enroll in the benefit plan and are able to… More
John Hancock Financial (John Hancock) recently announced the results of its 2011 cost of care study, which found that long-term care (LTC) costs have continued to increase. The study surveyed more than 11,000 providers, including nursing homes, assisted living facilities, and home health care agencies, in key cities across the country.
Annual cost of care in the U.S. is $85,775 for a private room in a nursing home
Annual cost of care in the U.S. is $75,555 for a semi-private… More
Two previous posts covered the Medicaid Five-Year Look-Back Period as a high-level description and with the details everyone needs to know. This post covers some of the options that may provide an alternative.
While most transfers are penalized with a period of Medicaid ineligibility of up to five years, certain transfers are exempt from this penalty. Even after entering a nursing home, you may transfer any asset to the following individuals without… More
MID-LEVEL CARE, COST, INDEPENDENCE
There is no national definition of assisted living. States regulate and license assisted living facilities, but each state uses its own definition. In some states assisted living is a marketing term for both licensed and unlicensed senior living communities.
Assisted living is a choice for people who can no longer manage without some help, but they are not ready for the 24/7 care of a nursing home. If you need help with any of the Activities… More
WHAT KIND OF HOUSING?
Adults usually need a certain set of skills in order to be able function independently. The senior care professions calls them the Activities of Daily Living and use them to develop a functional assessment. A functional assessment helps identify medical issues and diagnose cognitive abilities in addition to helping evaluate a person’s ability to manage every day tasks.
You can use the ADLs informally to help narrow down the kind of housing… More
Like most seniors, gay, lesbian, bisexual and transgendered (GLBT) senior citizens are concerned about living situations when they are no longer able to care for themselves. But the GLBT community has additional worries not shared by their straight friends and family.
All are aware of the potential for discrimination, verbal or even physical abuse their lifestyle choices may lead to when transitioning into assisted living as they age. Their options may… More
This video clearly shows the universal dilemma of whether to move an elder to assisted living. It is clear and even-handed.
None of us expect to move our parents or move ourselves into an assisted living facility. We look at every option before we choose that one. Issues that can influence choosing an assisted living facility or not include the following:
Mental capabilities of resident
Safety of resident
Activities of Daily Living (ADL’s) such as grooming,… More
Long Term Care (LTC) is expensive. It includes a range of health and support services that you may need as you age or become disabled. Include it into your retirement planning process. You cannot know if you will need it in the future, but if it is required you can run out of money quickly.
COSTS OF LONG TERM CARE
Most LTC services are for personal care such as bathing and dressing. You may need paid care in addition to what your family members provide, or to give them respite.