Baygroup Insurance

Maryland's premier Long-Term Care insurance agency

Baygroup Blog

Welcome to our blog! Here you will find posts and comments from our experts. You can filter the posts by the related insurance products or author.

Although this is geared to federal employees who are evalating what to do about Federal Long Term Care rate increase, the process of evaluating what to do are the same for those with other policies.  

Aging at home is increasingly the preferred method of care for seniors these days. In fact, a recent study by the Associated Press and the independent research organization NORC at the University of Chicago, found that 77% of adults ages 40 and over surveyed preferred aging at home. 

According to a 2014 study completed by the American Association of Retired People (AARP), 80% of respondents wanted to age in their homes instead of moving to an assisted living or continued care facility. Considering there will be an estimated 73 million seniors ages 65 and older in America by 2030, this represents a very large number of the national population. Luckily, now more than ever, senior care trends are moving towards supporting the elderly in this endeavor. 

Home

Between an ever-shifting investment market and a plethora of recent changes to the long-term care insurance industry, a continuing care retirement community (“CCRC”) may seem like a beneficial way to plan for your long-term care. After all, the annual median cost of an assisted living facility for 2015 in the US rang in at $43,200, while the annual median cost of private room nursing home care in the US reached $91,250. A continuing care community therefore allows you to purchase independent living housing with the promise of being able to move into an assisted living or nursing home if the need arises. 

According to AARP and the National Alliance for Caregiving (NAC), approximately 7.5 million Americans care for loved ones age 49 or over for an average of 41 hours a week. What many of these caregivers are unaware of is that respite care exists that would allow them time off from the often around-the-clock services they are providing for their care recipients.

The true financial cost of long term care for caregivers can be a huge burden. No one wants to be dependent on someone else for everyday tasks, however, the truth is that almost 70% of Americans 65 years of age and older will need long term care at some point in their lives. Here is what you need to know about the real cost of long term care if you are a caregiver.

It is estimated that 44 million people eighteen years of age and older in the United States provide unpaid assistance to adults who are aging or have disabilities. The value of this unpaid group is almost double that of both the nursing home ($115 billion) and home health care industries ($43 billion), coming in at $306 billion annually. While this shows a remarkable amount of care for one’s family and community, evidence shows that most caregivers do not have the necessary support they need and are not prepared for what is required of them.

Dementia is a blanket term for memory loss and intellectual disabilities that interfere with daily tasks. However, according to the Alzheimer’s Association, Alzheimer’s Disease makes up 60-80% of all types of dementia cases. Alzheimer’s is not a normal part of aging though. While it is documented that those older in years may experience slower thinking and the occasional difficulty with remembering something in particular, Alzheimer’s is much more severe and needs careful monitoring. 

You may have heard that Medicare premiums were due for a drastic increase in 2016. However, thanks to the Bipartisan Budget Act of 2015 that was signed into effect on November 2, 2015, those costs are not going to be as high as originally thought for Medicare Part A and Part B participants.

When people imagine long term care they often envision the elderly being cared for in nursing homes. However, research indicates that more often than not the reality of long term care does not actually reflect this image. In fact, there are several trends that are currently changing the face of long term care in America.

Pages