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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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Nov
14
When you get right down to it, after doing all the research on ways around financing long term care costs, there are really three choices available to you:
- Retain the Risk. This is a viable alternative, but one that should be made with caution. Choosing this method of financing long term care can lead to significant erosion of your estate, and “soft” costs associated with having care provided to you by family members and friends. Depletion of assests in your estate can be quick and expensive when you consider today’s costs for services, and the tax implications of liquidating assets to pay for care.
- Transfer Part of the Risk. Transferring part of the risk to an insurance company accomplishes two things. It is likely to efficiently preserve a significant amount of your income and assets that would otherwise be spent on your care. And secondly, it allows you to lean on the resources of an insurance company that can provide the support services that take the financial, physical and emotional toll on the family off the table. If you don’t think that has a value, I suggest talking to someone who has lived through this kind of experience.
- Transfer the Entire Risk. If your financial situation allows, you can transfer the entire financial risk of long term care to an insurance company. This can be expensive, but there are ways to conclusively determine if this approach makes sense.
Your choices are fairly simple. You can pay for care yourself, you can spend everything you have and let the government pay, or you can use insurance to transfer the risk.
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