Paying For Long Term Care

In-home Memory Care

Fri, 26 Mar 2021 06:00:00 GMT

Getting the in-home care you need for Alzheimer’s or dementia.

As people age, a decline in their cognitive abilities is often evident. Alzheimer’s and dementia are two such conditions associated with aging.

Today, several specialized care options are available for these conditions when you wish to help your loved one age at home.

In-home memory care is an option that allows seniors to stay in the comfort of their own homes and have the safety, assistance, and supervision they may need.

While caring for seniors, you are likely to hear about Alzheimer’s and dementia a lot. These terms are often used synonymously and are associated with cognitive degeneration like memory issues. They have many symptoms in common. In fact, one may cause the other. Dementia is basically a broader term, and Alzheimer’s is a disease that can cause it.

As these are both interrelated and relative, you can arrange a common setup of management for them. In-home care is one such setup, details of which you’ll find in this article. So you can consider it for your elderly loved one in the time of need.

What exactly is in-home Alzheimer’s care and dementia care?

In-home memory care is the trending way to look after the needs of elderly loved ones who are suffering from dementia and doing so within the comfort of their own homes. It includes providing services ranging from simple personal care to skilled medical care and even companionship.

It is appropriate for people who want to age in place but require care most of the time. Providing such care can be hard on the family.

In-home Alzheimer’s care and dementia care have the same concept, and these in-home memory caregivers provide services related to these conditions.

What are some types of in-home memory care?

In-home memory care does not consist of one simple set of tasks. In fact, it comprises multiple services to assist a person according to their needs.

Here are some services a memory care provider might perform:

These services include help with activities of daily living (ADLs) such as bathing, dressing, toileting, eating, exercising, or any other personal care.

These services include help with supervision in any simple task or recreational activities. It might include visiting and spending time with the individual to ensure the person is safe and supported.

Such services comprise helping the person with housekeeping chores, shopping, errands, or meal preparation.

It is to help the person with wound care, injections, physical therapy, and other medical needs by a licensed health professional. Often, a home health care agency coordinates these types of skilled care on the recommendation of a physician.

What are the services included in in-home memory care?

In-home care for seniors with Alzheimer’s and dementia includes a mixture of medical and non-medical services. These are:

When is in-home Alzheimer’s care and dementia care required?

As dementia and Alzheimer’s are neurocognitive disorders and progress over time, there will come a time when you will need assistance in caring for your senior loved one.

What is the difference between in-home care and assisted living (facility care) and which one to choose?

An alternative to in-home care is assisted living, which is also commonly known as facility care.

The fundamental difference between the two approaches is:

Keeping in view these pros and cons of both care systems, you can choose which one fits with your and your elderly loved one’s needs.

Where to find in-home memory care services?

To find the right in-home care services you can utilize the following resources:

The physician treating the person with Alzheimer’s could recommend home health service providers who have expertise in caring for people with dementia.

Searching for Medicare-certified Home Health agencies in your area can be helpful in the long run. You can do so through Medicare’s online tool Home Health Compare .

Search for home care services near you by using the online Community Resource Finder .

The Alzheimer’s Association chapter is another great way of finding referrals. You can find your local Alzheimer’s Association chapter here .

You can search for services by zip code, city, or state by calling 800.677.1116 or using the Eldercare Locator Online Tool .

It is always helpful to get a first-hand opinion from someone who has used in-home care services. So don’t hesitate to consult people around you.

Choosing the right in-home care for your elderly loved one with dementia or Alzheimer’s.

Following are some steps that can be helpful in finding the right service:

What are the costs of in-home memory care?

Costs of in-home care services vary depending on many factors like:

Medicare covers certain in-home health care services when the person needing the care meets the eligibility criteria (which includes being homebound and requiring the services of a skilled professional), and if they consider the services necessary for treatment.

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Senior home health care.

Fri, 19 Mar 2021 06:00:00 GMT

Home care services for seniors.

You don’t need to leave your home to receive good elder care. Learn more about home care services for seniors.

As you begin to age, it’s essential to start thinking about what you may not be able to do during your older years. Seniors have a variety of options when it comes to the type of assistance they can receive. One of the more popular choices for elderly help is home care or aging in place, which offers a wide range of benefits.

If you’re not sure what kind of senior care you need, then continue reading to learn if home care is right for you.

What is home care for seniors?

Instead of opting for assisted living facilities, nursing homes, or retirement homes, it’s possible to have your needs met from the comfort of your own home. Home care services can range from simple household upkeep to medical care.

Depending on your needs, there are many variations to home care. Whether you just need someone to fetch groceries or perform daily tasks, or if you require more complicated health care services, there are solutions with home care.

More examples of home care services include:

Other forms of elder care, such as assisted living facilities, can offer high-quality services and may be preferable to some people, but there are several great reasons to choose home care instead.

Why choose home care services?

You may be wondering why anyone would choose home care services over professional elder care facilities. Here are just a few reasons why many people prefer to age in place.

Arguably the most crucial benefit that home care offers is the familiarity of being in your own environment. Especially as cognitive abilities begin to fade and independence is lessened, it’s comforting to be surrounded by a space curated just for you.

Having pictures of loved ones on the wall can help with memory. And knowing where everything is in the house will make life easier.

Likewise, home care is an excellent option for seniors that have family members nearby. Aging in place can allow family members to be more involved in the caregiving process. Nobody knows you better than your family, which adds to the comfort and familiarity of home care.

Aging in place can significantly reduce costs, especially if your needs are minor. Assisted living facilities offer amenities that may not be needed but would still be included in the overall price. With home care, you have the flexibility to create a service plan that fits your needs perfectly.

Maybe you only require someone to do housekeeping and gardening. Perhaps you just need a health care professional to visit the house a few times a week. Moreover, family members are usually willing to take on these tasks for free.

Virtual home care for senior citizens.

Another variation of home care that is rising in popularity is virtual home care. This particular type of home care has become increasingly accessible due to the risks of COVID-19. To better protect the elderly and their healthcare assistants, many service providers include virtual home care in their plans.

Virtual home care involves the use of digital devices to facilitate senior care services. Using smartphones or tablets with video call features, health care professionals can interact with patients in new and convenient ways.

You can be reminded to take medication at specific hours of the day, or you can just use your digital device to socialize with family or trained professionals. All-in-all, virtual home care is a great way to supplement or replace traditional care. The convenience of it is also another way to reduce overall health care costs.

How to pay for home care services.

Paying for home care services can be done in many ways. Thanks to the flexibility of home care services, you can choose a plan that works best for you. Some ways to pay for home care include:

LTC is a type of insurance catered specifically toward elder care. Premiums can be expensive depending on your age, and there’s always the possibility you may never need to use it, but LTC can be a beneficial way to pay for home care.

If you decide you don’t want to bankroll LTC insurance, there are government-backed options such as Medicaid. However, there is less flexibility in how you can spend your government-provided funds compared to LTC or private insurance.

Some people prefer to pay for home care services out-of-pocket or by selling investments. For example, if you own extra real-estate, you can sell that property to pay for in-home care.

Additionally, if you responsibly contribute to your retirement fund, then around age 65, you should be able to withdraw those funds to help pay for home care.

Again, home care services can be flexible, which can save costs. So paying for home care out-of-pocket doesn’t have to be a substantial financial burden. But suppose you’d like to hedge against the risk of complicated health issues. In that case, LTC or private insurance are the better options.

Senior care from the comfort of your home.

Confronting old age can be frightening, but fortunately, there are ways to make the Golden Years more comfortable and cost-effective. Seniors who prefer not to go to assisted living facilities, nursing homes, or retirement homes can age in place with flexible services.

No matter your current physical or mental state, now is the time to discuss elder care options with family. Consider aging in place if you already live in a good home with family nearby. Read the information above for ways to pay for your home care.

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Hiring A Long-Term Caregiver

Fri, 12 Mar 2021 06:00:00 GMT

How do I hire a long-term caregiver for my elderly parent? Frequently asked questions about hiring elder carers.

With declining health and difficulty in performing activities of daily living ( ADLs ) , elder care may become a necessity for your aging parents. One popular type of senior care is in-home care. This involves hiring a long-term in-home caregiver for your elderly loved ones, a process that may be unfamiliar to you.

In-home carers can be helpful in providing round-the-clock care, and can also help seniors maintain some independence.

How to hire a long-term in-home caregiver for your aging parents.

When looking to hire a long-term caregiver for your senior loved one, there are a few things to keep in mind:

Assessing the required level of care needed for your elderly parent

This step is crucial, as you cannot hire a suitable long-term caregiver if you don’t know what level of care is required. You may want to talk to your family doctor, as well as your parent or loved one to determine what is needed. It’s best to make a list to work with. The things on your list may include:

Types of in-home carer services available

There are essentially two types of in-home care services that you can choose for your elderly loved-one and the skill-level of your caregiver depends on how healthy and agile your loved-one is.

Home care services

In-home care, sometimes simply referred to as” home care” services help the elderly with ADLs. The caregiver assists with activities like dressing, bathing, meal preparation, household chores, and housekeeping.

They also provide a sense of companionship for seniors.

The caregivers aim to provide just the essential amount of assistance to the elderly without compromising their independence, giving medications or providing medical services of any kind.

Home health care services

The focus of home health is on the medical services that the seniors require. This type is suitable for the elderly who require regular help with their healthcare needs.

If your elderly parent needs physical therapy, nursing, medication management, and other such services, home health care is the way to go.

Home caregiver hiring options.

Now that you know which type of care your loved one needs, it is time to discuss the options.

Hire an independent caregiver yourself

You can choose to find the in-home caregiver directly. You can do so through personal recommendations or through some online matching services. In any case, you should consider the following pros and cons.

Pros:

Cons:

Hire a caregiver through an agency

There are numerous benefits to hiring your caregiver through an agency.

While the benefits of a caregiver agency are great, there can be some negative points to consider too.

The process of hiring a long-term caregiver on your own

Whether you decide to hire an individual caregiver or an agency, it is important to carve out a plan for hiring. Following are some practical steps you can take:

Write out a job description

Use the information collected in the first step and carve out a job description. For example, if your aging parent struggles with bathing, you should mention it in the job description.

You can also mention the qualification and level of the required caregiver. A job description is fairly subjective and you should write a personalized one according to your needs.

Do the legal paperwork

Create a contract or have a lawyer draw one up for you and gather the necessary paperwork for hiring a caregiver. Again, use the information compiled in the first two steps. A job contract may include:

Beginning your search

Once you’ve settled all the logistics of what kind of carer you need and outlined the work agreement, you’ll need to start looking for someone. Here are a few ideas on where to start:

Screening and Interviewing applicants

Now that you have a few candidates for the job, it is time to screen and interview them. The ideal thing to do is to prepare questions for the interview in advance. Asking the same questions from all the applicants will help you compare them.

Before inviting someone to come to your home for an in-person interview, you may want to screen your applicants first. There are a few ways to do this:

During the interview, you may want the applicant to perform a demo. In this way, you can observe their skill and temperament.

Have a checklist ready:

A Background check is essential

After the interview, you may have found someone you feel is just right. The next step before offering them the job is to perform a criminal background check. This will ensure the safety and security of your loved one.

Safety for your senior

Once you have hired a caregiver, it’s best to monitor them randomly to make sure everything is going as planned. This step is vital for numerous reasons:

There a number of ways to monitor your caregiver’s presence in the home and performance. You can place security cameras (sometimes referred to as “nanny cams”) around the home, you can pop in unexpectedly from time to time, you can make sure your loved one has a smart device and can contact you quickly and easily, and you can recruit other family members to check in now and then to make sure all is fine and well.

Hiring a home caregiver can go a long way toward your senior’s comfort and sense of independence. Home care is often far preferable to placing them in an assisted living or nursing care facility.

Aging and dependence can cause depression and feelings of loss; helping your loved one age in place or age in your home can be one of the most loving things you can do for them.

Likewise, hiring a caregiver may be essential to your own mental health, peace of mind, and well-being. With these tips, you’ll be able to go about hiring a caregiver in a safe and manageable way.

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Protect Your Assets From Nursing Home Costs

Fri, 05 Mar 2021 06:00:00 GMT

How to protect your assets from nursing home costs- a few financial tips and tricks.

Knowing how to protect your assets from nursing home costs is crucial if you wish to pass on your hard-earned wealth to your loved ones. Long-term care can consume all your valuable savings if you don’t plan your finances properly and well ahead of time.

Medical expenses, including long-term care, can even cause bankruptcy in the worst-case scenario.

Many people spend their lives thinking they’ll never need eldercare. When senior care becomes a necessity, they are caught off guard and end up spending more – or losing everything- due to lack of planning.

Protecting your assets from nursing home costs.

Fortunately, there are numerous ways to ensure that you save your assets from nursing home costs. Some of the most useful strategies are:

Settle debts and pending expenses with your liquid assets.

One way to protect your at-risk assets is to get help from Medicaid to pay for nursing care. But Medicaid has eligibility criteria for recipients. A common reason for ineligibility is that your assets and savings are too valuable.

Before applying for Medicaid, it is a good idea to spend your excess savings to settle any debts and clear pending expenses like credit card bills, prepayments of the real estate tax, or even advance funeral costs. Moreover, your spouse can reduce demand over the assets that Medicaid spousal impoverishment rules allow him or her to keep.

It is important to understand that clearing debts and pending expenses won’t reduce your wealth overall- and using Medicaid may actually help preserve it.

Gift your money away to your loved ones.

If you are debt-free and plenty of savings, one way to protect it from nursing home costs is to gift it to your loved ones.

In the case of Medicaid, anything you gift five years prior to entering long-term care will be safe, and they won’t seize it. Some examples of the assets that you can gift are funds, household items, property, and retirement accounts.

Buy assets that Medicaid doesn’t count.

While planning your finances, it is essential to know which assets Medicaid counts and which ones they don’t. Some examples of non-countable assets are home, household furnishings, funeral and burial funds, cars, and personal effects like clothing and jewelry.

Once you know the categories of the assets, Medicaid allows you to spend the countable assets on non-countable ones. For instance, you can spend your savings on improving or repairing your home, buying a bigger house, new furniture, a new car, or personal effects. So in this way, you will protect your assets in the form of non-countable assets.

One particularly useful thing to do is to get ‘ life estate ’ for your home. This allows you to live in your house for the rest of your life and to transfer it to your loved one after death. A life estate can help avoid the seizure of your house by the state.

Apply for annuity against your assets.

Transferring your assets into an annuity is another viable way to protect them. In exchange for the agreed payment, you can enter an annuity contract with insurance companies to start receiving a regular series of payments that are made over a specified time period.

Medicaid has different takes on annuity in different states. In some states, their eligibility criteria don’t count annuities, but in some states, they do. If your state doesn’t count annuity, it can certainly protect your assets from nursing home costs. Even if they do, an annuity can help pay for nursing home costs.

Convert your excess assets into income.

This strategy is a combination of the previous two points. Annuities are a useful way to convert countable assets into income. You can also generate income by renting a property.

Creating income sources from your countable assets can help protect them by balancing out the expenses. And like an annuity, the income you generate from the countable asset might not have any effect in terms of eligibility for Medicaid.

Use a trust to protect your money.

There are trusts that can help protect your assets from nursing home costs. Two such trusts are:

If you place your assets in an irrevocable trust , you don’t legally own them anymore. You can still use your assets and can plan to transfer those assets to your spouse or loved ones after your death.

The good thing about an irrevocable trust is that the interest and dividends which you receive are exempt from nursing home costs.

This type of trust involves testamentary trust that takes care of the welfare of the surviving spouse. The testamentary trust protects your assets from nursing home costs and provides financial security to you and your spouse, regardless of who passes away first.

Get asset protection using insurance.

You can protect your assets with either long-term care insurance or life insurance . There are many variations of these insurances available. So, it is best to study the details before buying one.

Long-term care insurance is specifically designed for dealing with nursing home expenses. You can get a certain amount of reimbursements depending on the specifics of your insurance. The ideal time to get this insurance is in your middle age.

By knowing how to protect your assets from nursing home costs with these seven strategies, you can rest assured that your assets and savings will pass on to your children and grandchildren.

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What to Look For in a Senior Care Community

Fri, 26 Feb 2021 06:00:00 GMT

What should you look for when selecting a long-term senior care community for yourself or your elderly loved one?

Deciding on long-term care is never easy, and it’s essential to scrutinize each senior care community with the utmost attention to detail. You can make the process easier by listing down what to look for in a long-term care community and matching that list with your needs.

Once you know that long-term care or an assisted living space is the best option for you or your loved one, you’ll have to do your homework to choose the right senior care community. This article will guide you in selecting a suitable eldercare facility to suit your needs.

The following are a few tips to go by when making such a critical decision.

What Should I Look for in a Long-Term Care Community?

Knowing what to look for will empower you to make a reliable choice to rest assured that you – your loved one – will be safe and in the best care.

The following criteria – in no particular order – will help you make the best senior care decision possible.

Safety and Cleanliness in the Senior Care Facility

Safety and cleanliness in a senior care community are two essential things you should consider.

Here are a few things to check:

Determine Your Long Term Care Needs

Knowing your needs is crucial to deciding what kind of care is best. Various levels of care apply to different settings and range from skilled nursing care to memory care or assisted living, which can allow for a certain amount of independence.

Every senior care facility should have licensed nurses and staff available during the designated hours every day. The team must be friendly, caring, and supportive while providing the required medical care or help with activities of daily living (ADLs) such as bathing, dressing, toileting, eating, exercising, or any other personal care.

Choices and Independence for Seniors

Freedom to make choices is something that everyone wants, and you should consider this point while deciding. The ability to choose their activities independently can boost the mental and physical health of the senior resident significantly.

Visitation Rules in the Care Community

The facility should welcome families and friends at any given time. Visitation may seem basic, but it could be a red flag if a facility has strict visiting hours. It’s best to study the policy beforehand. If they have visiting-hour restrictions, ask why and question whether or not the reasons make sense to you.

Comfortable Surroundings in the Eldercare Facility

When your loved one leaves the comfort of their home, you can make the transition easier for them by looking for a home-like environment.

Location and Size of the Care Community

Senior Care Community Services

Food Services and Quality

Activities and Recreation Seniors

Respect for the Community Residents

Respect can make the seniors feel like a part of the community.

Affordability

Money plays a significant role in deciding which senior living community to choose.There are many options for paying for long term care, including selling the family home, long term care insurance, social security benefits, pensions, and retirement savings.

Medical Concerns

You’ll need to check to see if the facility can meet your medical care needs. Some examples include licensed staff who can help with medication, IVs , and other treatments. When choosing a long term care community for those with medical concerns, compromise isn’t an option. It is essential to be clear about your requirements and make sure the faculty and facility can meet those needs adequately.

Trust Your Gut

This simple step may seem obvious, but it can make an enormous difference. What does your gut tell you about the place? Visit the facility a few times before making a decision and consider your intuition about the vibes you get from the facility, its environment, and its staff.

Finding the Right Senior Care Community Is Easier When You Know What to Look for

By understanding your needs and following the list above you can easily find the right long-term senior care community for yourself or your loved one. There are dozens of resources available to help you figure out which community will best suit your needs, how to pay for it, and how to make the transition as easy and painless as possible.

Transitioning to long-term care is never easy for seniors since it usually means leaving a lifetime of memories behind with a home that’s been occupied for decades. Still, choosing the right senior care community can make it less stressful and perhaps introduce a better and safer quality of life, thereby offering peace of mind for all those involved.

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How A Reverse Mortgage Can Pay For Eldercare Home Renovations

Fri, 19 Feb 2021 06:00:00 GMT

How can you use a reverse mortgage to help pay for senior care home modifications?

In order to know how a reverse mortgage can help pay for home modifications that will accommodate your eldercare needs, it is important to understand what a reverse mortgage is and how it works.

Moreover, it is also essential to determine if aging in place is the right option for you or your loved one.

Reverse mortgages are a viable financial source for seniors and their families to generate funds for home modifications and in-home elder care, which are required to make aging in place possible. There are different types of reverse mortgages, so to determine the suitable one, it is best to do your research before opting for one.

In this article, we’ll discuss how to use a reverse mortgage to meet those senior aging in place needs.

What is aging in place?

Aging in place means living in your home and community during your senior years. This allows the elderly to live comfortably in a familiar environment and also somewhat independently.

What are aging-in-place home modifications and why are they necessary?

The renovations you make to your home in order to make it suitable and safe for seniors to live in are called aging-in-place home modifications.

The goal of these modifications is to make it easier for the elderly to move around and to eradicate any potential dangers for them. The modifications are planned while keeping in mind the convenience and independence of the elderly.

The following are examples of home modifications that may be made to accommodate eldercare:

What is a reverse mortgage?

A reverse mortgage is a cash loan that seniors can get against the equity of their home. Home equity is the difference between the estimated value of your property and any mortgage that you might owe. The loan doesn’t exceed the home equity.

Among other uses of reverse mortgages, paying for home modifications is a great option.

How does a reverse mortgage work?

Unlike a regular mortgage, you don’t have to pay the lender on a monthly basis. In fact, it is the other way around; the lender pays you in a single aggregate amount, in monthly installments, or as a line of credit. The lenders get part of your home’s equity and make a form of “advance payments” against that value.

You don’t have to repay the loan while you live in the home. The repayments are made in case of the owner’s death or if they move out or sell the house. If you, the borrower, die, your spouse or estate repays the loan. The repayment includes the loan amount and the interest. If there is any remaining money left, it goes to the owner or the beneficiary.

The good thing about reverse mortgages is that you maintain the title and ownership of your home throughout the loan period. The lender cannot force you to forfeit your property or repay the loan if you keep maintaining your house and paying your property taxes. This is to ensure that the value of the property doesn’t go down.

What are the different types of reverse mortgages?

There are three main types of reverse mortgages:

1. Single-purpose reverse mortgage:

Some states, government agencies, and non-profit organizations offer reverse mortgages that the seniors can use for the specified purpose. This type of reverse mortgage is the least expensive one, but it is not available everywhere.

Depending on your state, if single-purpose reverse mortgages are available in your region, you can specify home modifications as the sole purpose of the loan. It can be quite a cost-effective solution for you.

2. Proprietary reverse mortgage:

These are private loans that some companies offer that formulate them. This type of reverse mortgage is particularly suitable for owners of high-value houses. For this reason, these are sometimes called jumbo reverse mortgages .

The amount of loan you get depends on the appraised value of your home and the mortgage you owe.

3. Home equity conversion mortgage (HECM):

This is the most common type of reverse mortgage. The U. S. Department of Housing and Urban Development ( HUD ) backs it and the Federal Housing Administration (FHA) insures it.

People most widely use this type of reverse mortgage because it has no income or medical requirements. Though, HECM is likely to be more expensive than a regular home loan.

What are the eligibility criteria for reverse mortgages?

The eligibility criteria for reverse mortgages are generally divided into two parts:

1. Requirements related to the individual:

2. Requirements related to the property:

This information should guide you on how a reverse mortgage can help pay for home modifications. With the right information and research, you can use the reverse mortgage to your advantage by paying for aging in place home modifications and even for in-home senior care.

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How To Pay For Long-Term Care

Fri, 12 Feb 2021 06:00:00 GMT

Paying for long-term care may seem like an overwhelming feat. There are a number of ways to do it.

The realization that you or your loved one needs long-term care can be overwhelming, especially when you consider the logistics and the cost. The cost of long-term care can be staggering and many wonder how they will ever be able to pay for it.

The cost of senior care varies depending on the type, the location, and the required services. In the United States, the average cost of eldercare is around $3,500 per month. Adult day health care may cost just under $2000 per month, and nursing home facilities can get radically more expensive, costing on average close to $9000 a month.

Fortunately, there are many options for you and your family to manage the costs of the care that is needed.

How can you pay for long-term care?

You can get financial assistance from many resources. Here are some of the most useful ones in no particular order:

This is specialized insurance that can help pay for long-term care and services. This kind of insurance can protect your savings and monthly earnings or those of your loved ones.

There are many different variations of long-term care insurance out there. So, it is best to conduct thorough research, keeping in mind the type of care and services needed, before buying the insurance.

When it comes time to file a claim, it is often helpful to hire an agency to assist you, as the documents can be difficult to understand and there are sometimes hidden obstacles that can prevent you from getting your settlement.

Medicaid is a program run by states and is mainly funded by the federal government. This program provides services related to healthcare to individuals with low-income.

In order to benefit from this program, you have to be eligible for it. The eligibility criteria and the services provided usually vary from state to state. So, knowing the specific state-related details is important.

You can visit the official website of Medicaid for their contact details and general information.

Medicare is a program run by the federal government. It provides medical care to seniors over 65 years of age, individuals under 65 who have disabilities, and people of any age who have late-stage renal failure.

It is important to mention Medicare on this list because people often confuse it with Medicaid. The important thing to know is that Medicare does not generally cover the costs of long-term care. But it can be a great help for a short-term stay at medical-related centers like rehabilitation centers and skilled nursing homes.

You can find more information about Medicare on their official website .

If you are a United States military veteran, the U.S. Department of Veterans Affairs (VA) may provide you or your spouse with long-term care in case you are eligible.

The eligibility process is not so simple, and there could be a waiting list to go through. You can find further information on their official website .

Amidst other options, there is always an option to pay for long-term care with your personal funds. It is one of the simplest ways involving little to no complications as compared to other options on this list.

Personal funds may include savings, monthly income, or support from the family. Many seniors work even while getting long-term care and can afford to pay for the care with their own income.

If you or your loved one owns a home, you can opt for a reverse mortgage. This is a special type of home loan that allows you to convert the value of your home into cash.

The unique thing about reverse mortgages is that you don’t have to make repayments until you sell the property, stop living there or pass away.

There are usually no special eligibility criteria for reverse mortgages, except that you have to be 62 or older. And you can use this tax-free loan to pay for your long-term care expenses without any restriction.

Life insurance is a viable option to get cash to pay for your long-term care. While choosing the life insurance policy, make sure it has the option for ‘accelerated death benefit’ or ‘life settlement option’.

You can receive tax-free cash withdrawals through ‘accelerated death benefit’. The cash that you withdraw will be deducted from the amount that your beneficiaries receive when you pass away.

‘Life settlement option’ is to sell your life insurance policy at the current value. This money can be helpful in paying for your long-term care.

You can pay for your long-term care by entering an annuity contract with an insurance company. The insurance company may send you an annuity if you make the agreed payment to them.

An annuity is a regular series of payments that are made over a specified time period. Furthermore, there are two types of annuities known as immediate annuities and deferred long-term care annuities .

Using a trust to pay for your or your loved one’s long-term care is another useful option. You can transfer the assets to a trustee and that trustee will in turn manage your assets.

After transferring the assets to a trustee, you will not have control over the money, but you can submit bills to them to get money for your expenses.

The federal government runs a program called Social Security that can provide you with retirement income if you have paid into the program. If you have worked legally throughout your life, you have most probably paid into Social Security already.

There are some eligibility criteria for this program which you can find here .

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Assisted Living Vs Nursing Home

Fri, 05 Feb 2021 06:00:00 GMT

Assisted living and nursing home care- what’s the difference?

Knowing the difference between assisted living and a nursing home can be crucial when choosing the best senior care facilility for yourself or your loved one.

Considering your options for elderly care can be daunting. But, with the right information, the choice becomes much easier.

Assisted living and nursing homes are two common kinds of eldercare.

In order to understand the difference between these two options, it is ideal to compare them using the same units of measure.

In this article, we’ll explore frequently asked questions about the differences between a nursing home and an assisted living facility.

What is assisted living?

Assisted living is a residential setting for the elderly where they get personalized care. Seniors may choose this option because they cannot live independently or choose not to – but, they still want to feel some semblance of independence. This option provides opportunities for living in a socially active environment.

Who should choose assisted living?

It can be suitable for the older people who find themselves in the following situations:

What services does an assisted living facility provide?

The services provided in assisted living are unique as compared to those of the nursing homes. Some distinctive services are:

What are the living arrangements like in assisted living?

The living arrangements in assisted living differ greatly from those of nursing homes.

What is the usual duration of stay in assisted living?

Compared to nursing homes, the elderly stay for a longer period of time in assisted living- oftentimes until the end of life.

What is the goal of assisted living?

The goal is to assist the seniors in leading as much of an independent life as possible. This is achieved by providing minimal, personalized care in only the hampered ADLs.

How much independence does it offer?

Independence is an important theme of assisted living. So, naturally, the level of independence is great for the seniors.

What are the costs of assisted living?

Compared to nursing homes, assisted living is much more economical.

What is a nursing home?

Nursing homes are a type of senior living that provides round-the-clock medical monitoring and support. Unlike assisted living, the focus is on nursing care rather than socializing and recreation. The decision to live in a nursing home is usually not made by choice, but by necessity.

Who should choose a nursing home?

Nursing homes may be the right choice if the elderly:

What services does it provide?

There is a notable contrast between the services of nursing homes and assisted living.

What is the living arrangement like?

The living arrangement of a nursing home is a lot different from assisted living.

What is the usual duration of stay in a nursing home?

The duration of stay in a nursing home is usually shorter compared to assisted living. This is because nursing homes are often used as rehabilitation centers. Injuries are quite common among seniors. So, they need constant care during the recovery period. Once they recover, they either move back to their homes or perhaps to an assisted living home.

What is the goal of a nursing home?

The goal of nursing homes is entirely different from that of assisted living. Here, the focus is on medical aid and rehabilitation. The elderly do not experience independence while living in nursing homes. But the goal is to help them reach a point where they can live independently again.

How much independence does a nursing home offer?

In comparison to assisted living, nursing homes offer little to no independence. But the reason for this dependence is usually the injury or disability of the senior.

How much does a nursing home cost?

The costs of nursing homes are much higher compared to those of assisted living. This is because of the constant care its residents require and also because of the medical treatments.

This comparison will help you figure out what is the difference between assisted living and a nursing home. You can now easily choose between the two options with this information.

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What is Eldercare?

Fri, 29 Jan 2021 06:00:00 GMT

What is eldercare and how do I decide what I need?

Eldercare has become an integral part of our society that ensures the wellbeing of senior citizens. The form of care provided for older adults varies greatly among countries and is changing rapidly.

For most of history, the children and the extended family have taken care of the elderly. This is still the general practice in many societies. However, in the 21st century, life expectancy, decreasing family size, and the geographical dispersion of families have changed this societal norm considerably.

Today, the elderly are increasingly dependant upon government entities, charitable institutions, and private care facilities for their safety and well-being as they age.

What exactly is eldercare?

Eldercare is a broad term for older people’s specialized services that help them live safely and sometimes independently. The benefits are intended to meet their needs and requirements at different stages of their lives.

Eldercare is a broad term because it encompasses many similar terms. Some examples are:

Why is eldercare needed?

Although eldercare is extremely useful, many senior citizens never require it. They live independently throughout their lives.

The need for eldercare arises when the elderly cannot perform the activities of daily living or ADLs .

ADLs include cooking, bathing, toileting, taking medication, cleaning, driving, and other such activities.

The reasons for the hampering of ADLs may be:

What kind of eldercare is available?

Eldercare has come a long way in recent years. Moreover, through research and development, many different types of senior care have emerged over the years.

Some more popular models of eldercare are:

Home care options for the elderly.

Home care is where the senior citizen gets supportive care at their home. The provider can be his family or a professional caregiver.

Other names for these services are:

Adult daycare may be the perfect solution.

Adult daycare centers provide care and help to the elderly during the daytime hours. The operation takes place in an organized setting under the supervision of professional staff. Senior citizens get time for social activities while getting supervised medical attention.

This kind of eldercare is suitable for seniors who are mostly independent and require little supervision.

Independent living facilities allow for more privacy and independence.

Independent living facilities are living arrangements for the elderly. These facilities offer recreational, social activities along with transportation services.

These housing arrangements are particularly good for the mental health of senior residents.

Assisted living facilities provide supervision and care.

Assisted living provides housing arrangements for seniors. These seniors either cannot live independently or prefer not to do so. These facilities come with dedicated supervision and support.

Retirement homes, adult foster care, and personal care are some other names for assisted living facilities.

In these facilities, seniors get help with the ADLs while still maintaining a somewhat independent lifestyle.

Nursing homes are for those who need more intensive assistance and health care.

Nursing homes are facilities that provide constant care to dependent seniors. These facilities hire licensed professionals for the job. Nursing homes are like assisted living facilities, but the seniors do not arrive here by choice.

Nursing homes handle the complete care of their residents from medical to psychological needs.

Continuum of Care Facilities

Continuum of care facilities will provide all the services included in assisted living and nursing homes. They take eldercare a step further by making it private for each senior living in the facility. This is the most thorough care a senior can get as compared to other facilities on this list.

Dementia or Memory Care Facilities

As the name suggests, these facilities offer care and medical help to patients with dementia and Alzheimer’s .

The elderly patients usually get private or semi-private housing arrangements in these facilities. And professional staff with specialized knowledge of these disorders care for them.

How to determine suitable eldercare?

Knowing what kind of eldercare is available is one thing; determining what is suitable for your situation is another.

You might be making this decision for yourself or for your loved one. It isn’t easy in either case.

Initially, the realization that an individual needs eldercare can be overwhelming. Once you come to terms with this, the next step is to check out the options.

While making a choice, taking the following points into account can be helpful:

Compare the pros and cons of the current living arrangement with those of varying modalities of eldercare to decide what’s right for you.

The goal should be to provide enough care to the seniors to streamline their ADLs and other healthcare and safety needs. The best-case scenario is to choose a setting that helps maintain their independence as much as possible.

When looking at senior care, we tend to focus too much on the physical aspects of things; s a result, this can lead to overlooking the psychological effects.

It may be helpful to get a professional opinion while deciding.

Knowing what eldercare is and all of its aspects is helpful in making the right choice for yourself or a loved one when the time comes.

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Planning For Your Golden Years

Fri, 22 Jan 2021 06:00:00 GMT

The golden years: Planning for your long-term care needs as you age.

Ah, the sweet “golden years.” By the age of 65, many people are ready for retirement and everything that comes after that; golf, travel, gardening, time with the grandkids, leisurely days, and aging (hopefully) gracefully and in-place.

But, it’s also in these senior years that folks tend to develop age-related health issues. For this reason, planning for the “Golden Years” is crucial for overall life satisfaction.

It’s not wise to assume that you will be able to age in place and have plenty in your retirement account to live a comfortable, assistance-free life as you age; things come up, the unexpected can happen, and it’s essential to be prepared.

Make a plan for the Golden Years to increase life satisfaction.

What are the Golden Years?

The last phase of a person’s life is what many refer to as the Golden Years. It’s a time when you are no longer able or willing to work and instead have the ability to live more comfortably with your retirement funds.

As the average life expectancy gradually increases, the elderly are starting to realize that retirement funds are often not sufficient to carry out a long, comfortable post-retirement life, especially when health issues arise. Additional planning is required to make sure retirement money goes as far as possible.

This is why retirement and making a good plan for eldercare (should it be needed) are vital things to do, years in advance.

Elderly care is essentially a range of services that ensure the health and safety of aging individuals. Preparing for elder care is a financial task that will benefit the whole family.

So how can you prepare for the Golden Years?

Address retirement finances early.

Don’t wait until there’s a problem before getting your finances sorted out. Managing finances is a life-long endeavor, but by the time you reach age 60, you should already have a serious plan for your senior years. If family members will act as caregivers, it’s crucial to minimize the financial burden by planning ahead.

Start preparing for retirement by reducing debt and putting money into retirement savings. Pay down credit cards, make sure bank accounts are in order and put at least 15% of earnings into a retirement fund.

Furthermore, start tailoring wills and trusts for the family while you still have the means to do so. These will help to transfer wealth and assets to them appropriately.

Understand your needs beyond retirement and into old age.

While the Golden Years should be a time of relaxation, health issues may arise. If financing elder care or long-term care needs is addressed too late, these health issues could potentially wipe out your retirement funds, leaving too little to last your lifetime.

When it comes to elder care, there are several options, depending on physical needs. Options range from home care to senior care facilities. It’s a good idea to understand what these options entail.

Home care could look like light housekeeping; or, it could be more intensive, such as the need to hire an assistant who specializes in memory care or home health care. Home care is a popular choice among the elderly because they can spend their time somewhere familiar- aging in a place they’ve called home for years.

In addition to the possible need to hire in-home care workers, you may need to consider elder proofing the home, making it safer to guard against dangerous falls, fires, and other hazardous situations for the elderly who may be having memory or mobility issues.

You may plan to live with your children as you grow older. In that case, there could be a need for home modifications of their home, such as building a “mother-in-law cottage” or an additional downstairs bedroom; or, creating wheelchair access for entryways to the house.

If you’re not able to age at home, a senior care community may be a consideration. These might include adult day-care, nursing homes, or assisted living. Retirement homes are similar to assisted living communities, except with an emphasis on community rather than healthcare services.

Thinking about these options is a core aspect of planning for the Golden Years. Each of these will incur a different set of costs. Which one is chosen will depend on an elderly person’s physical state.

Paying for long-term care.

Elderly care and all the things that come with it are commonly referred to as long-term care (LTC). Planning for the Golden Years means having a financial plan for possible long-term care.

LTC insurance is a reasonable choice for people willing to bankroll a plan early on. Although it can be costly, and there’s a chance you’ll never need to use it, LTC insurance can tremendously decrease the burden of elderly care costs.

Another option for those who cannot afford LTC insurance is Medicaid or government-backed assistance. Still, those services are often subpar in comparison.

Regardless, receiving a payout when health issues arise will help hedge against rapidly decreasing retirement funds and make the Golden Years less stressful for the whole family.

Enjoying the Golden Years after planning

With all of the financial and administrative things in order, your family will have an easier time during the Golden Years. Elderly loved ones can relax knowing that their health needs and family inheritance are taken care of. Family members will take on less of the logistical and financial burden.

The first step in planning for the Golden Years is to get finances in order as retirement nears. This includes trusts, wills, and paying down debt. Next is to understand what sort of elder care services you may need in the future.

Don’t hesitate to open up discussions around elder care with loved ones. Missing out on these conversations can be costly. Consider long-term care insurance to help pay for potential healthcare costs. Start planning your Golden Years now.

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