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- Contact the Haas Agency with your questions about long term care planning in Connecticut
- Glossary of unfamiliar and often misunderstood terms associated with long term care
- Haas Agency recommended reading about long term care issues
- How the Haas Agency helps Connecticut families address their long term care concerns
- Step 1: Acknowledge the challenges associated with long term care in Connecticut
- Step 2: Explore the various long-term care options and funding sources available to Connecticut residents
- Step 3: Evaluate the pros and cons of the various long term care options in Connecticut
- Step 4: Take action providing for possible long term care needs
- Step 5: Review your family circumstances and changes in long term care each year
- AARP Online Groups on Caregiving and Aging - Resources for concerned children and spouses
- Alzheimer’s Association - Information and resources for families coping with Alzheimer’s and dimentia
- Caring For Your Parents Handbook - Handbook published by the Public Broadcasting System
- Conn. Partnership for Long Term Care - News and resources from joint state government and private industry program.
- Family Caregiver Alliance - Information, Advice and Support for Caregiving
- National Alliance for Caregiving - Provides support for family caregivers
- National Council on Aging - Case studies, news, and resources from a national perspective.
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Jan
4
Long Term Care CT begins posting again
Filed Under News
Thank you all for being patient. Our blog has undergone some behind the scenes technology updates and will begin posting relevant information; helping you to plan for your family’s long term care needs.
Information on long term care can be confusing and abundant. Here at Long Term Care CT we strive to break down the confusion and create a place where you can obtain the education you need to make the best possible decisions for your family. Now, we’ll be reaching even more people as we have upgraded our technology to make us more recognizable in cyberspace.
Thank you for your patience and we look forward to you comments and suggestions.
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Sep
20
We are in the process of improving our technology which will allow us to reach more people and deliver information about the importance of long term care planning.
Please stayed tuned and check back often to see updates on our blog.
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Jul
21
Senator Kennedy has receive approval from President Obama for his long term care proposal that may be included in the health care reform bill that is being debated on Capitol Hill.
As part of the plan taxpayers would pay into the newly created program that would be set up as a mechanism to pay for some long term care expenses. The premium for the program, according to Kennedy, would be approximately $55 per month. Some estimates say the premium may be more in the neighborhood fo $110 per month. Once a taxpayer pays into the system for 5 years they would be eligible for a modest benefit of up to $50.00 per day to cover some eligible long term care expenses.
This innovative idea would be a great step forward in accomplishing the overriding goal of keeping people in their homes longer. In addition the new program would save Medicaid dollars by delaying access to benefits that normally would be used sooner without this type of program.
You can read more about the program at ElderLawAnswers.
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Jul
14
In a recent Smart Money article on the web, the task of evaluating the cost/benefit of purchasing long term care insurance just got easier.
Two online calculators can now be used to determine if long term care is the right choice for you. The first calculator allows you to input information that will caluculate whether or not you currently have enough money being set aside for the potential costs of long term care.
The second calculator will allow you to determine if the value of insurance benefits received from a policy outweigh what may already be being invested to cover long term care expenses.
These two tools are easy to use and will provide you with some insight as to the overwhelming need to plan ahead. It is a great starting point that may encourage you to become more educated about the issue and take proactive steps to ensure you are prepared for the future.
Click here for the link to the online tool.
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May
20
Perhaps those in the know were not surprised with the 2009 Social Security Trustees report issued this week. Bottom line is that the recession and recent weak market performance means the trust fund will be depleted by 2037, four years earlier than previous estimates. Worse, Medicare will be out of money by 2017, two years earlier than previously thought.
Some reports and commentary touted the relative strength of the Social Security system, as compared to the overall market and the ever-shrinking values of 401(k)s and IRA’s. Here’s one from the director of the Center for Retirement Research at Boston College, where she suggests an easy fix for Social Security is to simply increase the payroll tax 2%. Raising taxes these days seems inevitable, but 2% here, 2% there and pretty soon Americans will realize we’re talking about real money here.
We don’t know what the solution is to the Social Security and Medicare financial mess, but we do agree with the American Academy of Actuaries in that it is a demographic problem requiring a demographic solution:
According to Social Security Administration (SSA) actuaries, 65-year-old males in 1940 lived on average 11.9 additional years and 65-year-old females lived 13.4 additional years. By 2008 those figures had increased to an estimated 16.9 and 19.3 years, respectively. The SSA actuaries’ intermediate projections show that life expectancy at age 65 could increase even further– with males living on average 19 additional years by 2040, and females 21.1 more years.
“Demographic problems require demographic solutions,” Bruce Schobel, the president-elect of the Academy said. “You just cannot have people living longer and longer with a frozen retirement age. At some point, the system cannot afford it. There are many options available to policymakers, and as actuaries, we believe that increasing the retirement age should be a part of any solution.”
There is no doubt actuaries and policymakers will address these problems now sooner instead of later. But in the meantime, your role as a financial advisor is to make sure your clients are prepared for a future where the government isn’t able to meet its obligations.
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Apr
27
Connecticut has received approval from the federal government to join the National Reciprocity Compact for granting Medicaid Asset Protection.
What this means in layman’s terms is that if you purchase a long term care insurance policy that participates in the Connecticut Partnership for Long Term Care you will enjoy the benefits of Medicaid Asset Protection in the other 28 States that have opted into the Compact.
Medicaid Asset Protection is a extremely valuable tool used in the planning process. It allows people who would otherwise need to spend their assets down to meet Medicaid eligibility rules, to protect those assets in an amount equal to the amount of benefits paid out from a long term care insurance policy.
For example, if you have $500,000 in assets, and you own a long term care insurance policy that is designed to pay out $500,000 in benefits, you would be able to protect your assets dollar for dollar from the medicaid spend down rules.
The benefit for Connecticut residents is that now they do not necearrily need to live in the state in order to be eligible for asset protection. To see a listing of the state that are in the National Reciprocity Compact click here.
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Apr
21
Two Senators introduce legislation to help save Medicaid and make it easier to afford long term care insurance
Filed Under News
Senator Klobuchar and Senator Grassley introduced legislation that will save Medicaid billions of dollars on nursing home expenses and help American families afford long term care insurance.
This is a welcome move on the legislative front to help encourage families to recognize and prepare for the consequences of long term care. As Americans age it is critically important to provide incentives that balance the responsibility of government and the responsibility of individuals to plan for long term care.
The proposed plan would change the tax code to give employers the option of allowing tax-deferred long term care insurance premiums and provide protections for consumers who buy long term care insurance.
“Millions of families are coping with the challenges and costs of caring for the long-term health of their loved ones,” said Klobuchar. “With the skyrocketing costs of long-term care, we now need policies to help families with their elder care responsibilities.”
The American Council of Life Insurers has endorsed the plan. The savings could total $30.6 billion annually on Medicaid nursing home expenses and the out-of-pocket expenses associated with long-term care if 75% of the population between 40 and 65 purchase long term care insurance.
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Apr
17
Long Distance Care Givers Receive Help
Filed Under 2. Explore
Living in a different city or state — miles from aging parents — can be very difficult. Keeping in touch by telephone and making long trips to help parents or aging relatives with their needs can be time consuming and not nearly as effective as being available full time in person.
Mark Sessions spent two years juggling his restaurant business with multiple daily phone calls to his elderly parents, checking on their needs and answering their questions. Family vacations were spent traveling the 500 miles to his parent’s home to personally take care of home maintenance and provide health care visits to their doctor. During his last visit, Mark noticed his father had difficulty walking and his mother was confused as to which medications she was to take and at what time. This alarming change in his parent’s condition concerned Mark that his parents’ care needs required more than frequent phone calls and vacation visits. Running his business and handling his parent’s long distance care was now becoming very challenging.
According to a report by the Alzheimer’s Association of Los Angeles & Riverside, California, there are approximately 3.3 million long distance caregivers in this country with an average distance of 480 miles from the people they care for. The report also states that 15 million days are missed from work each year because of long distance care giving. Seven million Americans provide 80% of the care to ailing family members and the number of long distance caregivers will DOUBLE over the next 15 years.
The long distance caregiver is a new role that is thrust upon children and younger family members. Families used to live closer together, with children residing and working near their parents. But nowadays family members are more distant from each other. Society, today, is recognizing this. Some caregiver services have tweaked their programs to work as liaisons between long distance caregivers, senior loved ones and local medical professionals.
Professional care managers — a lso known as Geriatric Care Managers, Elder Care Managers or Aging Care Managers — represent a growing trend to help full time, employed family caregivers provide care for loved ones. Care managers are expert in assisting caregivers, friends or family members find government-paid and private resources to help with long term care decisions.
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Apr
9
American Association for Long-Term Care Insurance details misperception by consumers on costs for long term care
Filed Under Uncategorized
A new report published by the American Association for Long Term Care Insurance suggests some strong misperceptions by consumers as to the costs for long term care insurance.
The perception is that the costs for insurance coverage are nearly twice the actual cost of a policy. They conclude that it is the number one reason that consumers fail to investigate the possibility of an insurance policy, which may be the right solution for their family.
For individuals in New York, a person between the ages of 50-54 pay as little as $989 per year for a policy. People between the ages of 60-64, a likely age to consider the purchase of long term care insurance, the premium is $1,125 annually.
It is important to note that long term care certainly is expensive, but long term care insurance isn’t.
The report also concludes that consumers associate long term care insurance with a nursing home stay. Although a policy does cover the costs associated with facility care, the majority of costs paid by long term care insurance are paid out as custodial care in the home.
It is vitally important to investigate all the alternatives in planning for long term care regardless of any preconceived notions about cost or affordability.
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Mar
30
Retiree medical expense costs increase 50% from 2002, Fidelity Investments study shows
Filed Under News
Fidelity Investments this week released their annual estimate of retiree medical expenses for those people who will retire in 2009.
Not surprisingly, the numbers have gone up significantly from last year. A couple retiring this year will likely spend upwards of $240,000 to cover medical expenses throughout their retirement. This figure is up from $225,000 just one year ago. Since 2002 the figure is 50% higher.
There are some assumptions in the estimate that include life expectancy and the fact that there may not be employer-provided health insurance. It does include out-of-pocket costs like deductibles and some services excluded by Medicare.
NOT included in this staggering figure is the expenses associated with long term care. And remember, the only three ways to pay for these expenses is with your own assets, qualifying for Medicaid, or using long term care insurance.
If you find yourself planning for retirement you’ll need to begin to think about a plan for long term care.
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