Do you have a plan for your long-term care when you become a senior? When the time comes and it finally becomes harder for you to perform daily activities on your own, it is important to know what you want to do. Will you move in with children or other relatives? Hire a caregiver to come to your home? Move to an assisted living facility? Go it alone for as long as possible? Whatever your decision it is important to understand the full physical, financial, and emotional impact on yourself and your loved ones.
Recently we had a series of meetings with our Estate Planning Attorney to review and update our pertinent documents. In the process, she suggested we have our LTC policies assessed, which we’ve had since 2002. She suggested Melissa Barnickel for the job as she is a specialist in these types of insurance. Since we had often wondered if our policies were still relevant and worthwhile today, we were delighted by the opportunity to have a trusted professional provide us with an independent review.
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.
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.
Commissioner Goldsmith clarified MD Law today. Insureds should evaluate their options carefully. Premium is not the only factor. The deductibles, co-pays, coinsurance, out-of-pocket maximums and covered services should be considered with what services you expect to use in 2014.
Tuesday, July 9, 2013 at 7:00 p.m. to 7:30 p.m. Melissa Barnickel, CPA, CLTC will educate consumers on the various options of paying for a long term care. Discussion will include: private pay, traditional long term care insurance,