Showing posts with label long term care for veterans. Show all posts
Showing posts with label long term care for veterans. Show all posts

Wednesday, November 19, 2014

Long-Term Care Insurance -- Should You Buy It?

It may be hard to imagine today, but the time may come when you will have difficulty bathing yourself, getting dressed, preparing meals, eating, moving from the bed to a wheelchair or walker, using the bathroom, remembering to take your medication, or with incontinence.  This situation may come on slowly as we age, or it could happen suddenly as the result of a stroke or accident.  No matter the cause, it is important that you have a plan for dealing with these issues when the time comes.

Cost of Getting Long-Term Care

If you have not properly prepared, obtaining the care you need can be extremely expensive.  Although the exact amount varies across the nation, the Orange County Council on Aging estimates that it can range from $50,000 to $80,000. 

The least expensive type of care is when a family member provides the care you need.  However, this is not always a possibility.  Personally, I know of several widowed, childless men and women.  They have no near relatives who can care for them if they should become incapacitated.

Another option is to apply for MediCal.  This is a government program that covers long-term care expenses for many people.  A company called Nursing Home Solutions provides professional financial planners who can help you see if you qualify for MediCal.  In their ads they say that you do not have to spend down all your assets in order to qualify for MediCal assistance in paying for a nursing home. I am sure there are also other companies that can help you apply for this program.  You can contact Nursing Home Solutions at http://www.nhscare.com/.

The next least expensive type of care is the use of a part-time caregiver in your own home.  The cost becomes more expensive if you need full time care in a nursing home or assisted living facility.

The most expensive care is for those people who choose to have 24-hour caregivers in their own home, since this requires three shifts of caregivers, seven days a week.

What Does Long-Term Care Insurance Cover?

Fortunately, there is a type of insurance that will pay for your care when you are no longer able to take care of yourself.   In California, where I live, these insurance policies must include coverage for in-home caregivers, as well as the cost of residing in an assisted living facility or a nursing home.  This gives you the option to receive your care in the setting that is most appropriate for you and your family.  For example, if your spouse needs long-term care, having this insurance may make it possible for them to stay in your home with you, without forcing you to put them in a nursing home.

Purchasing Long-Term Care Insurance

This type of insurance gives you a variety of options, so different people can choose the amount of insurance they can afford.  You can select a policy that covers your care for a few years, or you can choose one that would cover you for as long as necessary, even if that is the rest of your life.   The shorter the term of care, the lower the premiums will be.

Why Would You Buy a Short Term Policy?

You may be wondering why everyone wouldn't just buy a policy that would cover them indefinitely, rather than have a time limit on it.  Of course, that would be ideal, but it could be too expensive for many people.  When my husband and I purchased our policies, we bought a long-term policy for me, and one that would last a maximum of 4 years for my husband.

Our insurance agent said that you have to look at things practically.  I am more likely to outlive my husband.  If he were to become debilitated, I would probably care for him by myself as long as possible before bringing in a caregiver.  Once we reached that point, four years of long-term care would probably be adequate.

On the other other hand, when I am elderly and losing my ability to care for myself, I probably would not have a spouse to take care of me.  I would need to hire a caregiver sooner and would most likely need the care for the rest of my life.

Based on our conversations with our insurance broker, we purchased the policies that seemed to be affordable and would meet our projected needs the best.  The right policy for you will vary depending on your personal circumstances, such as whether you are single or married, whether or not you have adult children who are capable of providing the care you might need, the health and life expectancy of you and your spouse, and how much insurance you can afford.  Even a short-term policy is better than no long-term care insurance at all.

Whatever you decide, you want to make sure you select a policy that you can afford now, as well as in the future.

What If You Do Not Qualify for Long-Term Care Insurance?

The younger you are when you buy the policy, the better off you will be.  It will be less expensive in your 50's or early 60's and you are more likely to qualify for it.  However, if you do wait until you have a chronic condition and you have trouble qualifying, there are alternatives.  If you or your spouse is a Veteran, you may qualify for $2000 a month in long-term care aid from the Veteran's Administration.  There are also special life insurance policies that include long-term care riders.  You can talk to your insurance agent about those choices.  You may also be able to qualify for MediCal.

Whatever you decide, you need to give this issue some thought and let your loved ones know about any policies you own or money that has been set aside for your long-term care.  You do not want to wait until you are injured and cannot speak for yourself.

If you are retired or planning to retire soon, you will find links to more information about long-term care in the Medical Concerns tab at the top of this page.  You may also be interested in the article links you will find under the other tabs, which cover issues such as financial planning, where to retire, and family isues.

Source:

http://www.nhscare.com/

You are reading from the blog:  http://www.baby-boomer.retirement.com

Photo credit:  www.morguefile.com

Thursday, November 7, 2013

Are You Eligible for VA Long Term Care Benefits?

A few months ago, I wrote an article on "Alternatives to Long Term Care Insurance."  Because many people do not think about purchasing this insurance until they are already in their 60's or they have a serious illness, they are frequently turned down or faced with unreasonably expensive premiums. That is why several readers requested that I write an article on some of the alternatives that may be available to them.

When I wrote that article, I was unaware of another possible alternative (although I have gone back and added a link to this article.)  Recently, I was watching a program on the in-house television station for our retirement community and discovered that one in three Americans are eligible to receive veterans long-term care benefits through the Veteran's Administration, but only about one in ten of the eligible people are aware of it!  I thought this was shocking and disappointing.

Qualifications for VA Long Term Care

The VA will provide financial assistance that can be used towards the cost of either a nursing home or an at-home caregiver for either a war veteran or their spouse.  While the money does not fully cover the cost of a nursing home, it can make a significant difference to a family that is struggling to afford necessary nursing care.  It can also go a long way towards covering the cost of a home healthcare aide.

In order to qualify, the former member of the military must be an honorably discharged war veteran or be the surviving spouse of one.  The veteran could have served during WWII, Vietnam, Korea or the Gulf War.  Here's the good part.  The veteran does not have to have actually served in the war zone!  It is also not necessary that the war was going on the entire time they served.

The veteran needs only to have served for one day during a war and had ninety days or more of total military service during the war era.

The veteran could even have served stateside during the war and never actually seen any military action at all.

In order for the spouse to qualify to receive long-term care benefits, they must have been married to the veteran at the time of the veteran's death.

Long Term Care Benefits

If you are eligible, the VA may provide up to $24,000 a year tax-free for a married couple towards their in-home care, personal care, assisted living care, or whatever assistance they need in order to live.  There is no cut-off.  The benefit can last the lifetime of the the veteran and the surviving spouse.

These benefits will not affect your Social Security or Medicare benefits.  In other words, your Social Security and Medicare benefits will not be decreased because you are receiving this VA benefit.

This supplemental $2000 a month can be life-changing for a family struggling to provide care for their elderly parents.

More Facts You Should Know

First, the eligible persons do not have to initiate the request for this program.  This is important because dementia or other health problems may make it difficult for them to apply.  A spouse or adult children can initiate the request for care.  

You do not need to be poor to get this benefit.  You can have assets and income and it will not matter in most cases, especially if you have high medical expenses that are offsetting your income.

Many people have been told, incorrectly, that they do not qualify for this benefit.  In fact, the man who was providing this information for my local television station said that his own mother was initially denied.  If this happens to you, you should appeal the initial decision.  You may wish to contact a specialist to get help.

The application forms are extremely complicated, which is another reason why you may want to get assistance from an accredited VA attorney.

In addition to long-term care, there are also other programs which could help you.  For example, you may be eligible for the VA disability benefits that are due to people who were injured during war time.  You may even be eligible if the injury does not appear until later ... such as in the case of Vietnam veterans who were exposed to Agent Orange.

For more information, you may also want to contact the U.S. Department of Veterans Affairs directly at:

http://benefits.va.gov/benefits/
http://www.va.gov/GERIATRICS/Guide/LongTermCare/index.asp

If you are retired or preparing to retire, use the tabs at the top of this page to access links to hundreds of other articles that may be of interest to you, including information about where to retire, your changing family relationships, medical issues, and handling your retirement assets.


Source:

William Jordan Associates in Orange County, California is a Southern California wealth management company that assists people in handling their assets.  This company also provides free assistance to people to help them apply for some government benefits, specifically their VA long-term care benefits.  (However, be aware that they also sell retirement and investment services.)

WilliamJordanAssociates.com
(949) 380-8600

"This Day" television program, Channel 6, Laguna Woods television station, 9/25/2013

You are reading from the blog:  http://www.baby-boomer-retirement.com

(Public domain photo of a veteran is courtesy of www.morguefile.com