Americans In Denial About The Need For Long Term Care
BY: Cindy Stancil - President , Liberty Senior Living Management Services, LLC
In an article I recently found on SeniorCare.com pertaining to Americans facing the prospect of long-term care, more than 75 percent of people admitted they had not discussed long-term care options with their family. For most, it’s a topic that is quickly pushed under the rug. After all, the costs and the circumstances that go along with long-term care make it an uncomfortable subject.
As a result, many folks embrace an attitude of denial instead of a viewpoint that is more grounded in reality. A study referenced in the article notes that only a third of Americans believe they will need long-term care at some point in their lives, compared to the nearly 70 percent that will actually need it. This is an alarming statistic because not having a plan in place can bring about a variety of consequences, from the dire and dangerous to the expensive and inconvenient.
Without a plan in place, the options for care are driven by crisis management instead of a proactive thought process and preventative care. A decision that has to be made on the fly is typically not the best one to support a person’s well-being over the long-term.
Having a plan in place supports a healthy, methodical and effective transition. The situation that occurs when a person without a plan is affected by a serious illness is chaotic and stressful. If a person becomes incapacitated, this could force his or her friends and family to make a decision about the level and type of care the person receives.
Another side effect of being ill-prepared could be financial devastation and severe emotional stress. The financial impact of long-term care can be significant, and people who believe that Medicare will cover the costs are mistaken. In fact, more than 72 percent of people who need long-term care end up paying for it out of pocket.
Few have the resources for long-term care, yet their assets, income levels or both make them ineligible for Medicaid. Proper planning provides consumers with more time to identify a means of acquiring the care they need and more control over their options, plus it reduces the stress that family members experience. It may seem overwhelming, but when a carefully mapped out plan is in place that considers everyone’s best interests, the result will be a sense of relief and added peace of mind.
For information about the options for care provided by Brightmore of Wilmington or Carolina Bay at Autumn Hall, contact me, Cindy Stancil, at 910-332-1783, or by email at firstname.lastname@example.org. You can visit the communities on the web at www.BrightmoreofWilmington.com, or www.CarolinaBayatAutumnHall.com.
Cindy Stancil is President of Liberty Senior Living Management Services, LLC.
IN A COMMENT on this article:
BY: McCann Insurance Services
Planning for the physical, emotional and financial burdens Long Term Health Care is an important part of retirement planning. Planning needs to be done when you are younger and healthy as you will have many more affordable options. Premiums for Long Term Care Insurance are based on AGE and HEALTH at the time of application and are very affordable. As you see in this article, the risk of needing care is high with the advances in medical science allowing us to live longer and survive health events and accidents more than ever before.
Most states, including North Carolina, have partnership programs available which provide dollar for dollar asset protection if you have a traditional qualified long term care policy. The Long-Term Care Partnership Program is a collaboration between state government and insurance companies. Under this partnership, applicants who purchase qualifying long-term care insurance policies can access Medicaid coverage while retaining assets they would normally be required to spend on their long-term care. This is referred to as dollar for dollar asset protection.
Premiums are very affordable if designed appropriately by a specialist who understand how these plans work. The American Association for Long Term Care Insurance suggests consumers only work with specialists who represent all the top insurance companies and have at least 500 active clients in Long Term Care Insurance. Few insurance agents or financial advisors have this level of experience.
This is why planning now, as part of your retirement planning with a qualified Partnership Long Term Care policy is an affordable way to address this issue, protect your assets and make sure you are never a burden on your family.
Policies can be used to pay for outstanding assisted living facilities, home care, adult daycare, memory care as well as nursing homes.
You can learn more about planning from my website http://mccannltc.net/ or from the American Association for Long Term Care Insurance, www.aaltci.org.