Having a conversation with your parents and spouse about long term care in advance of a need will help to follow their wishes without second-guessing yourself. Long Term Care Insurance may be part of the funding solution.
Melissa, Thank you for getting me through this process. It's not a pleasant subject to think about, but I feel better knowing that, unlike my mom, I have this option to fall back on if I need it.
Thanks, M.R., Ellicott City, Howard County, Maryland
Melissa Barnickel was interviewed by I95 Business for Women of Influence.
Read more to learn about Melissa's personal and professional background and how she helps clients and their trusted advisors to preserve their hard-earned assets by incorporating insurance with their financial plan.
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.
When we recently received the premium increase notices concerning our long term healthcare policies, we were a little concerned. After we set up an online meeting with Melissa Barnickel and went through the particulars of the policies and the increased (doubled and increasing) coverage, we realized what a great thing we did by going with you 11 years ago. You worked with us to help defray the increased premium by paying annually instead of quarterly and helped us realize what comprehensive coverage we have. In spite of any future health concerns, our investments and home are safe, thanks to Melissa.
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.
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.
