Long Term Care Insurance

Long Term Care Insurance

Long Term Care is generally defined as care that is expected to last for more than 90 days and from which one is not expected to, but may, recover to a former state or near former state of health (as opposed to Acute Care, which is care that is expected to last for under 90 days and from which one has a good chance of returning to a former state, or near former state of health). Long-Term Care includes a wide range of medical or support services for people with a degenerative condition (say Parkinson's; or those that occur after a stroke), a prolonged illness (cancer), a cognitive disorder (Alzheimer's) or a continuing disability due to an accident. Long-Term Care is not necessarily medical care but rather 'custodial care.' Custodial care involves providing individual assistance with activities of daily living or the supervision of someone who is cognitively impaired and is not generally covered by health insurance.

Recent Answers

Senior Advisor

I would only recommend going through an home care agency.  There are agencies throughout the state of California.  When you are searching for the right agency, keep in mind that the agencies that use W-2 employees are more likely to provide you with everything in their price.  Using those type of... (more)

I would only recommend going through an home care agency.  There are agencies throughout the state of California.  When you are searching for the right agency, keep in mind that the agencies that use W-2 employees are more likely to provide you with everything in their price.  Using those type of agencies, you shouldn't have to worry about required licenses, background checks, workers comp insurance, and paying their taxes.  Not to mention the laws on payroll.  There is a lot involved when you hire the caregiver direct.  Going through an agency cost a little more, but in the long run will be much better for your peace of mind.  Some of the larger franchised agencies are: Home Instead, Senior Helpers, Comfort Care, Right at Home.  

We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and... (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.

Private Fiduciary, Trustee,Conservator, Financial Advisor

In some states, you can be paid by Medicaid to provide home care services.  Also, you can be paid by Long Term Care insurance as long as you qualify as a Home Health Aide.  Check with your area agency on aging on Medicaid home care waiver programs.

We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and... (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.

Senior Advisor

The answer is not so much a yes or no.  It might be a strong maybe.  There are several ways to get paid as a caregiver. Let me list a few and go into some of them for you... State run programs  Long term care insurance VA Benefits (Aid and Attendance) Drawing up a personal care agreement (Caregiver... (more)

The answer is not so much a yes or no.  It might be a strong maybe.  There are several ways to get paid as a caregiver. Let me list a few and go into some of them for you...

State run programs 

Long term care insurance

VA Benefits (Aid and Attendance)

Drawing up a personal care agreement (Caregiver contracts)

Life settlements

Reverse mortgage

Dependent tax exemptions

State Run Programs - In some states, they have programs that help financially crunched people pay for a caregiver.  In certain circumstances that could even be a family member.  Sometimes these programs have restrictions, waiting lists and remember that this is the government, so funding comes and goes.  To see availability and to see if you might qualify, visit your local Medicaid or aging services department.  In Las Vegas your aging services department can be found at   http://adsd.nv.gov/

LTC Insurance - If your parents a have a policy, contact the company and see how to initiate the policy.

VA Benefits - Please visit one of my articles that I previously wrote about this.   http://caregivinganswers.com/questions/how-do-i-qualify-my-dad-for-va-benefits-and-what-are-those-criterias

Drawing up a personal care agreement (Caregiver contracts) - If your parents have some savings or other assets set aside, they may be willing to work out a caregiver contract to help pay for things.  Please consult with a lawyer to make sure that the contract meets all the right conditions.  You don't want that to come back and haunt you.

Life Settlements - If your parents have a life insurance policy, a portion of it could be used to pay for care.   For more information on items like this visit    http://www.lifecarefunding.com/

Reverse Mortgage - Self explanatory?  If not, visit our icon to better understand.  http://caregivinganswers.com/topics/reverse-mortgage

Dependent tax exemptions - If all fails... and this isn't going to help with money coming in, but look to add your parents on as dependents.

As you can see there are options out there.  Whether or not you qualify for them... is another thing.  

Hope this helps!  

We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and... (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.

Senior Advisor

Good Question!  A lot of folks have the same question.  I reached out to a good friend of mine, Seth Walsh, to help better explain this.   They both cover you in case of an incapacity, but in very different ways. Long-Term Disability Income Insurance is designed to replace a large portion of your... (more)

Good Question!  A lot of folks have the same question.  I reached out to a good friend of mine, Seth Walsh, to help better explain this.  

They both cover you in case of an incapacity, but in very different ways. Long-Term Disability Income Insurance is designed to replace a large portion of your income if you become disabled and can't work on a full or part-time basis. It is triggered by a disabling injury or disease like an automobile accident or heart attack. The money you receive will help pay your bills, put food on your table and make sure your kids have clothes to go to school in.
 
Long-Term Care Insurance will pay to have someone care for you if you can no longer perform the Activities of Daily Living "ADL's". In general it doesn't matter how you have gotten to that point (expect in cases of self-inflicted injury and a few other instances). It is triggered by your inability to perform the ADL's. It provides money to pay for someone to care for you at home or for you to go to a care-giving facility like an Assisted Living Facility or a Nursing home.
 
So in reality someone of working age could receive benefits from both policies! They give you the ABILITY to maintain your lifestyle. One to take care of paying the bills and the other to pay the high cost of having someone care for you.

Seth C. Walsh provides Long Term Care, Medicare Supplements, Health, Life and Disability Income and Lifetime Guaranteed Income Solutions.  He is Multi-State Licensed and Partnership Certified, NAIFA, AALTCI.  

We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and... (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.

Private Fiduciary, Trustee,Conservator, Financial Advisor

Long Term Disability Income insurance is to replace your income to would lose if you cannot work , where as Long Term Care insurance pays only if you cannot perform certain basic activities of daily living or have cognitive impairment, and is not to replace income, but to provide money to pay for... (more)

Long Term Disability Income insurance is to replace your income to would lose if you cannot work , where as Long Term Care insurance pays only if you cannot perform certain basic activities of daily living or have cognitive impairment, and is not to replace income, but to provide money to pay for long term care services at home, in assisted living or a nursing home.

We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and... (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.

Private Fiduciary, Trustee,Conservator, Financial Advisor

Assisted Living is not covered by Medicare, nor MediCal, so the only level available to them is a nursing home, or limited home care services under a waiver program. 

We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and... (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.

Senior Specialist

Just to clarify, I'm assuming you are interested in long term care and determining whether it is worth getting the insurance. The answer is it depends. You need to factor the age of your parents and their current health condition, which determines the monthly premiums. It is best to speak with a... (more)

Just to clarify, I'm assuming you are interested in long term care and determining whether it is worth getting the insurance. The answer is it depends. You need to factor the age of your parents and their current health condition, which determines the monthly premiums. It is best to speak with a long term care insurance broker about your options.

However if you are stating that you may not be able to afford long term care insurance, then there could be other options out there. Since you are in Los Angeles, you can look into the Assisted Living Waiver program which assists those seniors with disabilities and provides them with a subsidy to help defer some of the monthly costs. Please be aware that the assisted living facility also needs be an accepted participant of the program. You can read more about the program here:
http://www.dhcs.ca.gov/services/ltc/Pages/AssistedLivingWaiver.aspx 

I hope this helps.

Admond

We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and... (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.