Most of us think about retirement, and make some planning. But fewer than half of Americans plan for long term care! Yet 70% of people over 65 need some type of long term care. Unfortunately, this often leaves adult children and other relatives struggling with “What do I do? Where do I turn?” when their loved one is hospitalized with a serious illness or injury.
Well, the quickest answer is to call Concierge Care Advisors. We can take care of the immediate care and senior living challenges. But we can also help seniors and their adult children face their fears and the plans that should be made long before everyone faces a crisis.
All too many people think that Medicare covers long term care – it does NOT! However, there are many ways to ensure that seniors will be properly cared for, including living a healthy and secure lifestyle that best fits their physical, emotional, mental, cultural and geographical needs.
Financial Planning Steps
Do you know what your insurance covers? Unless you have a specific insurance policy, you may have little coverage for long-term care. Review the policies you have with your insurance advisor or benefits counselor to learn what is covered and what is not.
Can you, or do you want to, pay for long-term care on your own? Do you know if you would be able to cover all the costs for services you might need? Assess your income and financial resources, and consider how you feel about using them to pay for long-term care. Your financial resources could include any of the following sources:
- Social Security
- Pension
- Savings and the interest income from any savings you have
- Stocks and bonds
- Dividends from stock you may own
- Payments from a retirement savings account like an IRA or 401(k)
- Your home
Perhaps the most important thing for seniors and their adult children to remember is that the seniors “nest egg” is an asset for retirement and long term care, not someone else’s inheritance. This can be an extremely touchy subject to talk about for families. But adult children need to know that the federal government has cracked down on the practice of shifting, or hiding, assets in order to qualify for the senior to qualify Medicaid.
Because the Medicaid reimbursement to medical and long term care providers is so low, many providers will not accept Medicaid clients. Adult children should be aware of the difference in private-pay and Medicaid long term care communities. And in some states, providers are using the courts – and winning – in seeking unpaid health and long term care costs from adult children!
Concierge Care Advisors can help seniors and their families avoid future problems by connecting with their appropriate needs. All it takes is a call to us at (866) 992-9257.
