Have a Plan in Place for Finance Care Costs Later in Life
Jill Rosner, Geriatric Care Manager, Rosner Healthcare Navigation, columnist of this article from February 1, 2015 for Carroll County Times discusses the need to have a plan in place to cover custodial care with Melissa Barnickel, CPA, CLTC of Baygroup Insurance. Excerpts include:
- "Medicare is not the payment source for in-home companion or aide care, assisted livingcare or nursing home care (with the exception of limited time rehabilitation services after a 3 day hospital admission). So where does the money come from for care when one can no longer perform all of their activities of daily living or remain safely in their current home without assistance or supervision?
- "There are all kinds of stipulations and criteria that one must meet before qualifying for Medical Assistance"
- "...some seniors feel that the nest egg they have saved shouldn't have to be used for their medical care, that someone else (like medical assistance) should foot the bill."
- "Care is expensive: In-home companion or aide care can cost $18 to $25 per hour, averaging $14,000 a month for 24/7 hourly agency care, $5,500 to $6,000 a month for live-in non-shift care, $2,800 to $11,000 a month for assisted living care and about $7,000 to $12,000-plus a month for nursing home care."
- "How do you plan for that?! You can live in denial... Or you can start to plan now. One option is to consider long-term care insurance."
- "I will tell you when I'm meeting with a client who has needs or a family whose loved one has overwhelming needs and I ask "Do you have long-term care insurance?" and the answer is yes, I breathe a sigh of relief. Actually I would go further than that and say I'm doing a little dance in my head!" Can't just visualize Jill doing a dance?
- "Melissa Barnickel from Baygroup Insurance has been assisting customers for more than 20 years. As a broker, she has long discussions with her clients — whether face to face or via phone or computer — and offers her guidance while gathering an understanding of their needs. Melissa also makes sure they know what they are buying and makes suggestions for wise choices. The difference between a broker and an agent is a broker represents the clients and can shop many carriers; an agent represents one carrier. Essentially the broker works for the client and an agent works for the insurance company."
- "LTC insurance might not be for everyone, but it can give your loved ones peace of mind that there is a plan in place to at least take the edge off expenses. When I was in underwriting, I was sweating it. When I received my policy, I did the dance!"