Posts Tagged ‘how to pay for senior care’

What Will It Cost To Place a Loved One in an Assisted Living Facility?

Wednesday, January 5th, 2011

Author:

Shawna Ruppert

Of course there is no set answer to this question, as assisted living cost can vary depending on the location of the facility, what they offer, whether it\’s connected with a religious affiliation and of course whether it is privately owned, or is run by a large assisted living company.  It may also depend on how much assistance the person needs of course.

There is a tremendous amount of difference in assisted living cost if the assisted living care is very limited. For example assisted living in a private home may comprise solely of meals, bathing and dressing. In assisted living facilities where the residents have their own rooms or apartments, there may be sumptuous meals offered off of a menu, special diets may be available, all manner of activities may be offered, as well as entertainment and even heated swimming pools with instructors provided. Many of the assisted living facilities are closer to an opulent cruise ship, complete with full service dining rooms with tablecloths and a huge crystal chandelier.

As you may have surmised, the assisted living cost of each of these will actually be miles apart. Keep in mind too that assisted living is used to fill in the gap between receiving home care and then a nursing home. Nursing homes typically have a nurse\’s desk, rails up and down corridors and in general look much like a hospital setting because the residents there need constant medical supervision.

The assisted living cost is generally thought to be approximately half of the cost of a nursing home. This may or may not prove true if the assisted living facility is in a luxurious apartment style facility. Some assisted living facilities also have a concomitant nursing home offering, which would prove very important when it is time to graduate to such.  In this manner, the resident is not moved out of the facility into brand new surroundings that may not please them at all, but rather they remain on the same grounds that they are familiar with, but with more care.

Put another way, an assisted living cost will vary too based on the physical aspect of the care needed. Assisted living is in no way a nursing home, and whereas one person may only need to be helped with taking their medicine each day, another may need help with going to the bathroom. Be sure and ask about such things when you are considering assisted living for your own loved one so that they do receive the care they need.

 

Article Source: http://www.articlesbase.com/elderly-care-articles/what-will-it-cost-to-place-a-loved-one-in-an-assisted-living-facility-2535674.html

About the Author

If you are interested in accessing additional information about assisted living facilities in California or across the country, check out www.800Seniors.com. After discussing your needs or the needs of your loved one, the individuals at 800Seniors will provide you with a full range of options and information to ease the decision making process.

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Medicare and Long Term Care for Seniors

Wednesday, January 5th, 2011

Author:

Senior Advocates

Most people do not realize the need for Medicare until they actually need it. The realization comes to them when they find themselves ailing and unable to afford to pay doctor and consultation fees as well as treatment fees and prescriptions. Just because one has always had good health throughout their 20s and 30s, they shouldn\’t think that automatically their health will remain that way. Lifestyle changes across the world, even for seniors, have deteriorated. Senior health services are available for many, especially from the age of 40 onwards. One may think that the age of 40 is too young to start thinking of senior health, but indeed it is not. It is important to know that Medicare enrollment can also be made available for people with disabilities and even veterans. It is important though to ensure that the senior services which are being offered are of quality. This is the reason why at age 40 one should start looking out for the best senior health program that they can enroll into. Senior advocates of this age have the advantage of being able to take the time out to plan their future health well, while giving considerations such as senior housing options. One would not want to end up in a housing scheme that has any complaints of elder abuse, for example. This is one of the things that Medicare tries to ensure doesn\’t happen in any senior health services.

Senior care is very sensitive and getting the right people who know how to do their job is important to having a happy stay at senior care. There are numerous ways to find out about Medicare services and availability for seniors, and some of the resources are readily accessible online. The nature of services available is also growing with time, and some of these are not just Long Term Care Insurance, but also medical supplements which have prescription coverage. There are other options available that are for employer groups and retiree health groups. Most importantly is guidance on how one can protect one self from Insurance fraud, which is a growing concern in the industry. Arming yourself with the information on senior health care is the first step to securing a well prepared future, not just financially but also having that psychological peace of mind without worry. Medicare enrollment is always a beneficial tool to have for your future because senior care needs come rushing one by one. It starts off with one small thing which when improper care is given, results in causing something else. It\’s almost like a down hill slide from there. Waiting until one is 50 or 60 is a bad idea; this is because by that age, most insurers prefer not to put the risk in covering you. It is advisable that at 40 one should look for an insurer that can cover long term senior health needs. Senior health services when purchased under a good long term health care insurance policy become more affordable.

Article Source: http://www.articlesbase.com/alternative-medicine-articles/medicare-and-long-term-care-for-seniors-3756408.html

About the Author

Senior Health Services is the author of this article on Medicare Enrollment. Find more information about Senior Housing here.

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How Veterans Can Earn an Additional $800,000 Before Retiring

Wednesday, January 5th, 2011

Author:

Kelli Smith

The U.S. Bureau of Labor Statistics\’ latest wage data survey shows that the median weekly salary for an average worker with a four year college degree is $1,145. The same survey shows that the median weekly salary for an average worker with a high school diploma and no college education is $621. That is a difference of $524 a week which over a 30 year career results in an additional $817,440 for the worker with a college degree.

The same survey found that from 1978 to 2006 the wages of an average worker with a high school diploma increased by an average of 2.5 percent per year after being adjusted for yearly inflation. Workers with a college degree had their yearly earnings increase by 5.2 percent over the same period after being adjusted for inflation. This survey, and just about any other that you review, proves that a college degree is a very worthwhile investment of time and money.

Only 30 Percent of Recent Veterans Use their GI Bill
The U.S. Military and the Federal Government reward those who serve their Country, and one of the ways they do it is by providing military educational benefits for active duty military personnel, veterans, and their families. The largest benefit is known as the GI Bill. You have earned these benefits, yet the Department of Veterans Affairs (VA) has found that over recent years only about 30 percent of eligible veterans have used their GI Bill benefits to attend college, and an even smaller percentage have used those benefits to earn a degree.

Today\’s job market is tough, and all indications are that it will remain tough for awhile. Having a college degree can give you an advantage, and as a veteran there is no excuse not to earn one; there are programs in place to assist you financially, and many colleges offer online classes to make it easier for those with a busy schedule.

Learn How to Use Your GI Bill to Earn a College Degree
Understanding the GI Bill and what benefits you are eligible for can be difficult. The three variations that are used most often now are:

• Veterans Educational Assistance Program (VEAP)
• Montgomery GI Bill (MGIB)
• Post 9/11 GI Bill

If your active duty service occurred during the last 20 years, but prior to 9/11/2001 then the MGIB is the Bill which will provide your benefits. Veterans who had over 90 days of active duty after 9/11/2001 may be eligible for the Post 9/11 GI Bill. Veterans who are eligible for the MGIB may receive up to $49,248 in educational assistance through the VA, and in some cases even more. This maximum benefit amount is adjusted each year for inflation. Veterans eligible for the Post 9/11 GI Bill may receive substantially more than the MGIB provides depending on their circumstances.

You Earned Your GI Bill Benefits, Use Them
The GI Bill was put in place to reward you for your hard work, service, and sacrifice. Don\’t be one of the 70 percent who never use their benefits, if you don\’t understand what benefits you are eligible for, contact someone who can help you out. College and university financial aid offices usually will have someone who understands GI Bill benefits, and there are VA offices throughout the country that can assist you in reaching your education goals.

All of the GI Bill programs have a time period after separation during which the benefits must be used or they are lost. Take action now to take advantage of these great programs to boost your earning potential.

Article Source: http://www.articlesbase.com/education-articles/how-veterans-can-earn-an-additional-800000-before-retiring-3747951.html

About the Author

Kelli Smith writes about colleges and universities, community colleges, online schools, and career development. She is the senior editor at www.CollegesandUniversities.org.

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Posted in Senior Living, Veterans Aid and Attendance, senior issues, tax relief for seniors | No Comments »

Paying for Assisted Living

Wednesday, January 5th, 2011

Author:

Angela Stringfellow

As more Baby Boomers – 77 million strong – begin to slide into retirement, the term ‘assisted living’ is going to be on the lips of everyone from financial planners to family physicians.

Assisted living gives older adults a safe, sanitary and supervised living space to spend their sunset years. The number of Americans with an assisted living facility in their future is on the rise – the U.S. Census Bureau estimates that the population of Americans 85-years-and-older will grow by 33by 2010.

In addition, the U.S. Census Bureau estimates that approximately 6.5 million older people currently need assistance with daily living activities. The Bureau reports that number is expected to double by 2020.

With great numbers, however, comes great financial responsibility. How, after all, are people going to pay for assisted living services? Let\’s take a look:

What does assisted living cost?

The Census Bureau estimates that, on average, the per-diem rate for assisted living in a private room is about 60to-70of the cost of a similar-sized room in a nursing home. That could mean a bill of between $50 and $120 per day- and a good-sized case of sticker shock for potentially millions of Americans.

How can you pay for assisted living?

There are several sources of funds commonly used for paying for assisted living: Private funds, long-term care insurance, or sometimes veterans benefits. Private funds can come from personal investment portfolios, like 401k plans or Individual Retirement Accounts. Many people sell their homes, using equity that has built up over their lifetime, to pay for assisted living.

Seniors who do not want to sell their home may consider paying for services through a reverse mortgage, where long-time homeowners essentially borrow against the value of their home. The U.S. Department of Housing and Urban Development has a good analysis of reverse mortgages.

Long-term care insurance – an umbrella term for insurance that covers nursing home care, home-based health care, assisted living health care (in addition to other medical services) – can help shoulder the cost of assisted living for those who have a policy with a few restrictions:

  • For example, most long-term care insurance policies won\’t cover the costs unless you are unable to perform two or more ‘activities of daily living’ (ADLs). Some examples of ADLs include bathing, dressing, eating, getting from a bed to a chair, using a toilet, and walking. Some insurers may evaluate with a physician of their choice – not yours – to see if your condition qualifies for coverage.
  • The type of long-term care policy is critical, too. For instance, a ‘facility-only’ policy covers care received in a licensed Assisted Living Facility or Skilled Nursing Facility, but not care in an unlicensed facility or in your home. Better to get an Integrated Home Care policy with 100protection for care received either in a licensed Assisted Living Facility or Skilled Nursing Facility, or in an unlicensed setting, like your home.

In some cases, veteran\’s benefits can cover the costs of assisted living programs. To qualify, you\’ll need your military discharge papers (copies are fine); a valid medical condition (like blindness – but the condition need not be life threatening) that comes with a doctor\’s letter of validation, certain minimum financial asset conditions, and the filing of a formal application, called the Veteran\’s Application for Compensation and/or Pension, VA FORM 21-526, Parts A, B, C, and D.

Does Medicaid cover assisted living?

While Medicare won\’t pay for assisted living care, in some cases, Medicaid will. Specifically, Medicaid may pay for an assisted living stay of limited duration (mostly 90 days or less). But there are factors that could reduce or stop Medicaid from paying during that time period (for example, your physical condition hasn\’t improved during your assisted care facility stay). Payment statutes vary from state to state, and with Medicaid, financial help with assisted living costs is highly needs-based, i.e. the less money you have, the better chance you have.

Article Source: http://www.articlesbase.com/elderly-care-articles/paying-for-assisted-living-2740629.html

About the Author

SeniorHomes.com is a free resource for people looking for senior housing or senior care for a loved one or themselves. Browse valuable articles to help you through or search or find assisted living, independent living, Alzheimer\’s care, or a retirement community with our nationwide directory.

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Paying For Elder Care Just Got Easier

Friday, July 23rd, 2010

By: Chuck Bongiovanni

Published: June 22, 2007

It’s not a surprise that thousands of families across the nation are facing the challlenges of an aging population. The “sandwich” generation, those who are caring for their children as well as their parents, have been feeling the financial pinch of caring for loved ones. Paying the high cost of Elder Care can cost a family thousands of dollars a month. Too many families are unaware of how utilizing a loved one’s life insurance policy can not only pay for Assisted Living and Nursing Home care, but can maintain the standards of living for the remaining spouse.

Not too many financial specialist inform their clients who have purchased life insurance policies with a death benefit over $250,000 that they can utilize a somewhat unknown option on their life insurance to pay for the high cost of Elder Care. It is called a Life Settlement and it can fully take the financial burden off of families who struggle to keep their loved one in a quality facility.

A policy owner has the right to sell his or her life insurance policy to an institution for signifantly more than the cash value of the policy. For example, a life insurance policy with a $500,000 death benefit and a $75,000 cash value can be purchased for $250,000 and up. This money can be used now to pay for assisted living, nursing homes as well as in home services also. The procedure is relatively quick with minimal paperwork. It is senseless to struggle financially to pay for the needs of elderly loved ones when they can utilize their life insurance policy to pay for care. Many, many times life insurance policies lapse when a loved one goes into assisted living or a nursing home just out of financial neccessity as well as through medicaid planning.

Instead of letting a policy lapse or into surrendership, smart families are looking into life settlements as a funding source for the high expense of Elder Care.

Chuck Bongiovanni, M.S.W. has been helping seniors and their fanmilies for over 20 years in the assisted living industry. Chuck can help your family investigate your options for paying for Elder Care through a Life Settlement. You can go to his website at http://www.LifeTransitionsOnline.com or call him directly at 480-703-7005.

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Making Senior Health Insurance Options Understandable

Tuesday, March 2nd, 2010

With the rising cost of healthcare and the current economic crisis, choosing the right senior health insurance plan is more important now than ever.  Picking an affordable senior health plan that fits your unique needs can help you enjoy your golden years by providing financial stability and peace-of-mind.  However, the array of choices for senior health insurance plans – such as Medi-gap, Medicare Advantage and Prescription Drug Plans, just to name a few – can be overwhelming.   The amount of information is vast, and even finding that information can be a daunting task.  Fortunately, there are steps you can take to choose the right senior health plan with confidence.

Tips for Choosing the Right Senior Health Insurance Plan

 

If you follow a few simple steps, understanding your senior health insurance options – and selecting the best one for your needs – can be relatively uncomplicated.

  1. Understand the basics.

 

Know what your options are.  There are numerous insurance choices for seniors, including original Medicare, Medicare Supplement, Medicare Part D (for prescriptions) Medicare Advantage plans and Special Needs Plans for persons with disabilities and low income.  Each option has its own benefits and drawbacks, so being aware of all your alternatives allows you to select the best one.  Also, keep in mind that you can combine multiple plans to provide the coverage you need.

  1. Keep the big picture in mind.

 

Instead of feeling overwhelmed in the decision-making process, keep in mind what your ultimate goals are in purchasing a senior health insurance plan.  For example, know your

deadlines and when you would be able to switch from the plan in the future.  Keeping your big-picture goals in mind will keep you from becoming bogged down in irrelevant options and leave you feeling good about having made a decision on a health insurance plan.

  1. Enlist the help of a qualified expert.

 

Finding an experienced senior health insurance specialist is one of the best ways to obtain comprehensive information on your senior health plan choices.  Having an expert that will guide you through the process of choosing a plan is essential. They provide you with easy-to-understand information and clarify any confusion you may have.  Moreover, some brokers offer in-person or on-the-phone consultations, which save clients the hassle of navigating the Internet. 

Selecting senior health insurance doesn’t have to be an exhausting task.  Just keep the basics in mind, get help if you need it, and prioritize your long-term goals.  When you select the best senior health plan for your unique needs, you can rest assured that your health care is covered.

http://www.articlesbase.com/insurance-articles/simplifying-the-complicated-making-senior-health-insurance-options-understandable-670943.html

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Is Medicaid Planning Ethical?

Monday, July 20th, 2009

As in any area of consumer spending, knowing what to look for and what strategies to use in arranging for paid care services can often result in saving money.

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