Tag Archives: long term care insurance

Choice & Dignity

long term care insurance can help you. Aides can come into your home, but these costs are not usually covered by ordinary health insurance policies and Medicare. These expenses can quickly deplete your nest egg, no matter how much you’ve saved. This is when long term care insurance can help.

Long term care insurance (LTCI) can help cover the cost of care you receive at home from nurses’ aides, home health aides and therapists. It can help cover services in an assisted living facility and, if you require skilled care, nursing home expenses can be covered.

It helps you maintain your dignity and financial freedom and gives you the flexibility to participate in making choices that impact your care — about the services you receive, where you receive them and who provides the care you need.

Someone who has a chronic condition or is returning from a stay in a hospital or rehabilitation facility may need these services, which can be covered by long term care insurance:

Nursing Home Care

Nursing homes give residents skilled nursing care 24 hours a day, along with medication monitoring, rehabilitation and physical therapy, room and board and personal care and supervision.

Skilled In-Home Nursing Care

In-home and live-in nurses provide skilled nursing services like clinical assessment and monitoring, intravenous therapy, ventilator and tracheotomy management and cardiac care.

Adult Day Care

Based in the community, adult day care centers provide daytime supervision, giving family caregivers much needed assistance. Along with social activities, they may provide health services and therapy.

Hospice Care

Hospice care furnishes medical services and emotional support for those in the last stages of terminal illnesses. Hospice helps patients manage their symptoms so they can continue an alert, pain-free life and spend their final days with dignity, surrounded by loved ones. It also helps their family members with the practical details and emotional challenges of caring for a dying loved one. These programs offer services 24 hours a day, 7 days a week, in homes, hospice centers, nursing homes, long-term care facilities and hospitals.

Personal and Home Health Aides

These aides help the elderly, disabled or ill with personal care like bathing, dressing, eating and taking medication. By receiving these services at home, people can remain in the comfort of their own homes longer

Homemaker Services

These aides help people complete those household tasks that they can’t manage alone, like housecleaning, cooking and running errands, making it possible for their clients to continue to live independently in their own homes.

Assisted Living Facilities

Assisted living facilities (or residential care facilities) can provide personal care and health services for people who may need assistance with activities of daily living, but not the level of care provided by a nursing home. Assisted living is an intermediate level of long term care, not an alternative to a nursing home.

Ready to learn more? Call us today at (800) 303-1527.

Long Term Care Insurance in California

If we had a magic wand, we’d waive it over the beautiful state of California and endow each resident with good health and long term care insurance in California.  California residents would stop worrying and start sleeping better at night, knowing their future care was guaranteed and they would never have to impoverish themselves or be a burden on their families. 

Our magic wand is still in development.  So, in the meantime, if you want to rest, assured that your bases are covered for the future, you’ll need to take action.

Your first step is to read on.

The 4 Ways to Pay for Long Term Care in California

There are 4 ways to pay for long term care in California and we’ll provide highlights of each:

  1. Private pay
  2. Long Term Care Insurance in California
  3. Medi-Cal
  4. Veterans’ Benefits

(Medicare isn’t listed because it’s health insurance, not long term care insurance.  You can’t count on it to pay for long term care.)

Private Pay for Long Term Care in California

If you have gobs of money, you could self-insure and private pay for your long term care; however,  

  • In 2013, California nursing home costs average about $214 for a shared room and $286 for a private room.
  • If you’re in an urban area such as San Diego, Los Angeles, or San Francisco, rates are much higher, up to $497 per day.
  • Let’s figure that out.  Average nursing home stays are about 2.5 years to 3 years, so we’ll use the 3-year cost factor.  Here goes:  Even if we took the lowest rate of $214 x 3 years x 365 days, that’s $231,045.
  • If your spouse or partner needs the same care, we’d have to double that fee to $462,090.
  • And, surprisingly, this doesn’t cover everything such as an attendant, medical co-payments, clothes, haircuts, toiletry supplies, and the hairdresser.

Is private paying for long term care in California a good option for you?

Long Term Care Insurance in California

Long term care insurance in California pays for care at home or in an assisted living facility or nursing home.  Policies are customized so that you can:

  • Include a deductible to reduce premiums
  • Purchase policies of different lengths such as a 3-year policy or a lifetime policy.
  • Get your insurance premiums back if you never use the policy.
  • Buy a life insurance rider to leave an inheritance for loved ones or pay last bills.
  • Include an inflation rider so that your coverage increases as California long-term care fees increase.
  • Consider a myriad of other features that are a good fit for you.
  • Fees for Long term care insurance in California vary depending on your age, health, and the features you choose.  It’s essential that you consult with a highly qualified long term care insurance professional, who knows her stuff.

Wouldn’t it make sense to find out more about long term care insurance in California?

Medi-Cal instead of Long Term Care Insurance in California

Medi-Cal is an important and valuable program.  It pays for health care and nursing home care for those who are impoverished.  To qualify for the program, you must have next to no assets and little income. 

  • This means you must spend down nearly all of your assets to qualify.
  • In addition, all of your income, such as your social security check or pension, will go to the nursing home, not to you.

If you’re truly impoverished, living below the poverty line or close to it, Medi-Cal is a fantastic safety net and you should further explore its benefits.  You are why Medi-Cal exists. 

However, if your income and assets are not at the poverty level, it likely makes sense to explore other ways to pay for long-term care.

Veterans’ Benefits to Pay for Long Term Care in California

In great appreciation of service to our country, the government does provide limited veteran’s benefits to pay for long term care in California.

  • These benefits are limited to veterans and their spouses, who have few assets and very low income.
  • The veteran must have served a minimum of 90 days, with at least one day during wartime.
  • This program is called Aid and Attendance.

The bottom line is that there are 4 ways to pay for long term care in California. Be sure to analyze your California long term care payment choices, before you need them.  If you would like our help, Contact us, we’ll be happy to assist in any way we can .  We look forward to hearing from you.

Life Insurance with Long Term Care Benefits

If traditional long term care insurance premiums and policies aren’t a good fit for you, but you still want to protect your assets and your family against the exorbitant costs of long term care, we have a solution for your consideration:  Life insurance with long term care benefits.

If You Don’t Use It, You Don’t Lose It

The biggest complaint about long term care insurance is that no one wants to pay all those premiums and end up not needing the insurance coverage – after all, none of us want to end up in a nursing home and if we can avoid it, we will.

To meet that very concern, long term care insurance professionals have come up with a solution.  It’s life insurance with a long term care rider.  This product is referred to as a “hybrid” because it’s a combination of life insurance and long term care insurance.

Here’s What Our Clients Love About Life Insurance with Long Term Care Benefits

You absolutely need to consult with a professional to make sure the hybrid is a good fit for you situation, but, in the meantime, here are the things our clients love about life insurance with long term care rider in California.

  • The best part of the hybrid is that if you don’t use the long term care benefits, your loved ones get a big payout.
  • Your premium payments don’t go to waste.
  • Your premiums are guaranteed; they will NEVER be raised.

Here’s What to Do Next

Your next step is to determine which kind of long term care insurance product is the best fit for you, if any.  

Life insurance with long term care benefits works for many folks.  To find out if it is right for you, we welcome your call , contact us.  During our conversation we’ll chat about the best way for you to pay for long term care.  There is no fee for this conversation, no obligation, and never any pressure to buy.  It’s okay to call right now.

 

NOVEMBER IS LONG TERM CARE AWARENESS MONTH

You were very wise if you already have purchased a long term care insurance policy. You were aware of the issues involved, protected your nest egg and obtained peace of mind.

However, unless a friend or family member has needed long term care, it is a subject many people know little about. You, who are informed, need to tell your friends that they had better consider a long term care plan while they are relatively young and healthy.

Because of our budget deficit, government benefits for long term care will surely be sharply reduced over the next ten years and will only cover the very poor. If people have not protected themselves, many horrible scenarios will ensue. Many will lack the ability to pay the half a million dollars or more of future care expenses.

These horrible scenarios can be avoided. We urge you to tell your friends and family members to seek professional guidance from specialists like us. If it is better for them to self-insure, we’ll tell them so, but let’s face it, no plan is a bad plan.

Stay healthy, and have a wonderful Thanksgiving.

For more information about Long Term Care plans, please request a quote here or call us at 1 (800) 303-1527.