Steps in Choosing Long Term Care

With the continuous rise in long term care insurance costs, people should plan this accordingly and choose the kind of long term care they think will be appropriate for their situation in the future. Most people have no idea how to go about this and that's why Medicare provides interested parties with all the information they need in order to have a comfortable and secured future. Here are the steps in choosing long term care:

1. Assessing your Needs

Will You Need Help with These Daily Living Activities?

• Bathing
• Dressing
• Eating 
• Toileting
• Getting in and out of bed, chair or wheelchair

Will You Need Additional Help in These Activities?

• Shopping
• Preparing Meals
• Going to Medical Appointments
• Household Chores
• Using the Telephone

Will You Need The Following Care?

• Medication Management
• Monitoring your Diabetes
• Getting Oxygen
• Taking Care of Catheters

2. Researching Facilities

There are many types of long term care and living choices for older people. Check out your options first. Find out more about assisted living facilities, nursing homes and other senior care communities before you make a choice.

3. Finding What is Right for You

You can ask recommendations from friends who have already tried this certain facility or you can simply ask your local long term care ombudsman to give you information regarding the facilities you are interested in.

4. Visiting Facilities

It is important to visit facilities first before you make a decision. Don't be shy in asking questions or if you have things you need to clarify. In order to help you, these are some of the questions you can answer after visiting a facility:

• Did they listen to me and make me feel comfortable?
• Did I ask all my questions?
• Did they give me answers that satisfied me?
• Are the employees helpful and respectful?
• Does the facility meet my needs?
• Is the facility clean?
• Can I afford the facility?

Long Term Care Coverage for Employees Becomes Limited

Long-term care as an employer-provided benefit continues to be a dwindling part of an employee's overall health care benefits package, according to the results of a Long-Term Care (LTC) Benefits Program Pulse Survey announced today by HighRoads , the industry leader in employer health care compliance and benefits management. Key findings show that 51% of survey respondents provide long term care while 49% do not. About half of those who have dropped LTC say they did so because the insurance carrier offering the coverage has exited the market. On a positive note: 96% of companies who are offering LTC coverage say they will continue to do so. This is just right because of the high long term care insurance costs. 

In other key findings, the survey found that, of those who do not offer the coverage, some 40% plan to do so again in the future, on a voluntary arrangement, as opposed to a group basis.

HighRoads conducted the survey to assess current employer practices and future plans for offering long-term care (LTC) benefits programs to their employees. Respondents ranged in size from fewer than 5,000 employees to more than 50,000 employees. The majority of respondents have more than 10,000 employees.

"HighRoads' survey indicates that long-term care coverage is continuing to be an endangered item for employees. The country has a growing number of retirees and no longer interested in comparing long term care quote – many of whom will need some type of long-term medical care services in the future. It is a serious issue when insurers no longer are willing to provide this as part of an employee's health benefits plan," said Michael Byers, CEO, HighRoads. "With the elimination of the CLASS provisions from the ACA, which would have enabled working Americans to purchase coverage to supplement LTC and Medicare and pay for non-medical expenses to allow a disabled person to remain independent, millions of Americans will be left without a safety net should they become disabled," added Byers.

According to data from the 2005 National Interview Survey and the 2004 National Nursing Home Survey conducted by the Health Policy Institute at Georgetown University found that over 10 million Americans need long-term services and support to assist them in life's daily activities and that number is expected to grow with the aging of the population and growing number of people with disabilities.

The HighRoads survey found that more than 90% of the employers who offer LTC do so as an additional benefit to their employees. The remainder is equally divided between offering LTC as part of their overall health care strategy and being required by union contracts to offer this benefit.

Of the employers who responded 71% offer coverage on a group basis. The remainder offer it on an individual basis.

Long Term Care Home Care Remains Unchanged According to Genworth's Annual Survey

According to Genworth’s (NYSE: GNW) 2012 Cost of Care Survey, the cost to receive care in the home remained unchanged from 2011 to 2012 and home care costs have also risen less dramatically over the past five years than for other types of long term care  services.

“Overwhelmingly, Americans prefer to receive long term care in the home and the relatively muted increase in home care costs over the past few years can be viewed as a positive for consumers,” said Steve Zabel, senior vice president of Long Term Care at Genworth. “Consumer demand for home care services has led to a proliferation of home care services providers and more choice for consumers. This competition has kept home care costs relatively stable, especially when compared to the cost of care in a nursing home or assisted living facility.”

Nationally, the median hourly cost for homemaker services and home health aide services is $18 and $19, respectively. While these costs remain flat from the previous year, costs for homemaker services have risen just 1.2 percent annually over the past five years, while home health aide services have risen 1.1 percent a year over the same period of time.

By comparison, the median annual cost for care in an assisted living facility is $39,600 nationally. This represents an increase of 1.2 percent since 2011 and a 5.7 percent annual increase over the past five years. The comparable cost for a private nursing home room rose 4.2 percent from 2011 to 2012 to $81,030, or 4.3 percent annualized over the past five years.

There may be a slight increase but it doesn't mean that people should be confident that the price will remain the same for the next year. They should still do the necessary preparations by comparing long term care quote and researching about long term care insurance costs early. In this way, they will be ready to face the future and they will have full in-home coverage. 

Why Women Need Long Term Care Insurance

Most women, especially wives and mothers, are so busy attending to the needs of their loved ones that they don’t seem to have time to look at their own needs particularly in the aspect of health care.  This is the reason long term care insurance for women is constantly being pushed by the government and long term care (LTC) specialists. They encourage women to prepare for their future by comparing long term care quote and then purchase a policy perfect for their needs.

Only a fraction of the female population has managed to secure long term care insurance (LTCI) policies because the rest of them think that their Social Security and Medicare contributions will be enough to cover their LTC expenses.  Unfortunately, Social Security only gives a meager monthly allowance while Medicare does not provide LTC coverage except to senior folks 65 and older that require medical care in a nursing home. 

Experts on the field of LTC say nursing homes, assisted living facilities, continuing-care retirement communities, and in-home care among other LTC settings will be highly in demand among elderly women beginning 2030 when the youngest of the baby boomer generation turns 65.  There shall be male recipients of LTC, too, but women are predicted to outnumber them.  Given this fact, every woman who is currently engrossed in her profession and numerous responsibilities at home should take time to sit down and assess her personal needs. 

Today’s cost of care is not going to be the same 20 years from now so women who are currently active in the corporate world and bringing home an annual income of $80,000 should not be too confident of the future.  According to a study which was performed by financial advisers, the cost of care will increase fourfold 18 years from now.  When that time comes, a home health care agency in your place that provides a home health aide for an hourly rate of $19 will raise this double digit to $76 per hour which translates to $173,888 annually.

Without a definite plan for their future health care, anyone’s mother, daughter, sister, and wife will be at risk of mediocre to low quality LTC services.  Spare them from this fate by encouraging them to plan their future.   

Help Them Acquire Long Term Care Insurance for Women

Women are nurturers by nature because they want to ensure that the ones they love remain safe, healthy and happy.  However, it is not logical to satisfy the needs of others in exchange of neglecting their own.

It is never wrong to express love, concern and compassion to family members and friends but every woman should bear in mind that no one stays young and strong forever.  Soon her hair will turn gray and her body will be too weak to perform the most basic activities of daily living like eating, bathing, dressing, and toileting among others. 

While she can still take care of herself and be superwoman, encourage the woman in your life to look into long term care insurance for women as this product will protect her from poor quality LTC and financial losses.  You’ll do this if she is important in your life.     

Differentiating Long Term Care Insurance From Your Health Insurance

When you’re out shopping for a long term care quote there are actually for major components that you need to look into as these would play a vital role in your coverage.

One of them is the maximum daily benefit amount which pertains to how much your policy is going to pay out to you should you qualify for LTC.  To determine the amount of benefits that would need you have to be familiar with the cost of care in your area.  For example, the average daily cost of LTC in your place is $185 so it is just logical to consider a policy which would pay out a daily benefit amount of $200.  Meanwhile, if you plan to retire in another state where the cost of care is higher you should go for a higher benefit amount to avoid being underinsured.

Another factor to consider when buying a policy is the maximum benefit period.  This is the length of period that you will receive benefits from your LTCI policy.  According to LTC experts, most elderly folks in a nursing home would require three years of care, on average, before they are moved to home-based care.  Others with serious health conditions, however, would stay up to 10 years.  It is necessary to identify the level of care that you will likely need in the future before you can determine your policy’s benefit period.     

The elimination period is another element which should be studied carefully.  This refers to the length of time that you will pay for care using your personal resources.  Take note that you need to satisfy this otherwise you won’t be able to receive your benefits. 

Lastly, there’s the inflation protection which you should not take for granted as this rider ensures that your benefits keep pace with inflation. 

For further information on long term care insurance policy options, contact a licensed broker in your area who represents top LTCI carriers.  

Should You Avoid Long Term Care Insurance in New York?

Long term care insurance is undeniably an important investment as it is the only product in the market which offers individuals access to high quality care and asset protection.  With premiums of New York long term care insurance (LTCI) policies increasing rapidly, though, one cannot be blamed for having second thoughts before buying. 

In the past, individuals who shop for long term care quote and buy LTCI policies at a young age are applaudable as they manage to save a chunk of money on their premium.  Young buyers of LTCI policies are usually blessed with annual premiums that range from $450 to $999 but nowadays a 54-year-old buyer is forced to pay close to $2,000 for his coverage.

Reports have it that insurance companies had to increase the LTCI premium of existing policyholders to ensure that they remain in business.  Most of these firms have miscalculated the amount of claims that they will receive, while others have deliberately offered policies at a very low premium rate.  In other words, these insurance companies are not earning as the premiums that are paid to them only go to the benefits. 

There have been big insurance firms that raised the premium rates of their existing policyholders up to 10% while others went as high as 17%.  If one is not financially sound it would be impossible for him to maintain the premium of his LTCI coverage especially if his insurer keeps increasing the rates.

If you feel suspicious about the premium hike which your insurer has imposed on your coverage, contact New York’s insurance department as every insurance firm should obtain approval for premium increases before it can implement new rates.

New York Long Term Care Insurance

Even if  the annual premium rates of most LTCI policies in New York have exceeded $1,500 those in the know will tell you that this amount is still reasonable as compared to the five figures that you have to fork out once you actually begin to receive care. 

New York’s cost of care is among the highest in the whole world.  Oftentimes, a spectator would look at the numbers and wonder how the residents still manage to breathe. 

Residents of a New York nursing home are paying $324 annually, on average, for a private room while those who are staying in semi-private rooms are forking out $309 daily.  New York happens to have a roster of nursing homes that provide topnotch care.  To find out what these are you can get in touch with its local Area Agencies on Aging. 

If you need additional information about New York’s  best nursing homes the New York State Office of Long Term Care Ombudsman also serves as a reliable source.  This government agency oversees the health and safety of elderly people in nursing homes.  Since it religiously inspects all operating nursing homes in New York it has a complete list of legit nursing facilities and the ranking of each. 

Aside from nursing homes, New York also boasts reliable home health care agencies and community-based LTC facilities.  However, taking into account the high price tags of these LTC facilities you seriously need to consider a New York long term care insurance policy. 

Don’t let hearsays affect your future, speak to a licensed LTCI agent personally. 

Knowing Your Source of Long Term Care Insurance

If you acknowledge the importance of having a long term care insurance policy then you have taken the first step in planning your long term care (LTC).  You can now proceed to requesting long term care insurance quotes but don’t do it in haste lest you fall victim to frauds.

In case you meet somebody who claims to be an expert on the field of long term care insurance (LTCI) but charges a fee for the LTCI quotes that he will provide you, about face immediately.  Authorized LTCI agents or companies provide LTCI quotes at no cost at all.  For validity of this statement,  check with your state’s department of insurance.

While you’re at the department of insurance you can request a list of insurance companies and agents who are authorized to market and sell LTCI policies.  Now if you are after a policy which complies with the Partnership LTCI Program you have to say so because not all LTCI companies are allowed to sell this type of policy.  Only those who have complied with the initial eight-hour training designed for Partnership LTCI have the right to sell policies under this category.

Suppose you have acquired a list of legit LTCI companies from the department of insurance.  Do not contact anyone just yet.  Make an effort to conduct a background check on each.  Be particular with the tenure of each company and its affiliation.  Those that have been in the industry longer and have been working with the country’s leading LTCI carriers for decades now are more capable of getting you a good deal than newbies who are still in the process of learning the ropes.

Why Long Term Care Quote Matter

LTCI quotes keep people from clinching the wrong coverage.  Oh yes, such thing exists in the industry.  As a matter of fact, there have been countless LTCI policyholders who failed to receive their benefits because they did not study the various factors that comprise their policies.  They just went ahead and purchased a policy without knowing what goes into one. 

There are many factors that you have to consider before buying a policy otherwise you could end up like the rest.  Most consumers think that as long as they are able to compute their maximum benefit amount and benefit period accurately, they have nothing else to worry about. 

Oftentimes, the problem stems from the benefit triggers which are almost always taken for granted.  Some people think that if they cannot walk they would instantly qualify for their LTCI benefits thinking walking and transferring are one and the same.  Most policies stipulate transferring from a chair to a bed and vice versa, and not simply walking from one room of the house to another. 

Aside from being able to understand the various components of a policy, LTCI quotes will guarantee you huge savings as you will eventually learn about premium discounts which you can avail.

There is no better time than today to request your long term care quote.  You can do it online or you might want to contact a trustworthy LTCI broker in your area to help you out.