"Aging in place" is an oft-quoted ideal for seniors of all ages and stages. But it takes a lot of personal, professional, and community resources to do so. The Villages movement seeks to expand the idea by helping people "age in community".
NPR looked at the "village" movement for seniors last month in a four part series. Villages are groups of seniors living in the community who come together to offer support and companionship to each other as they "age in place".
For an annual fee, Villages provide volunteers and vetted professional services like handymen, as well as sponsoring events, arranging assistance for members, and other services suited to each unique "village".
CLICK HERE to read - or listen to the stories!
"I know people who refuse to visit a family member in the nursing home. They say it’s too difficult to see Grandpa that way. They’d prefer to remember him the way he was, not the way he is now. They mention the sights and smells and it disturbs them. I understand those sentiments. But I believe it’s a mistake not to go."
Here is a beautiful, personal essay on living with and loving someone with dementia.
The "new thinking" on caring for people with dementia is a shift from exclusively a "tragedy" narrative to one that honors, respects, and continues to celebrate the life that the person is still living. Life's different with dementia, but it's still a life and it can still be a good life.
This essay not only illustrates that this is possible, but it also shows us with personal examples how to do it.
Greg Lhamon is a friend and a client and one of the best radio and media executives I know ... He's also a wonderful writer and a die-hard Cardinals baseball fan.
CLICK HERE or on the link or photo below to read Greg's story...
“Long-term care, for most people, is a home care problem,” said Bill Comfort, who owns Comfort Long Term Care, a brokerage based in St. Louis and Durham, N.C."
Check out this excellent article on using Partnership LTC insurance to design meaningful and affordable LTC insurance coverage - especially for care at home. CLICK HERE to read the full article.
A recent column in the National Law Review on long-term care planning and the importance of LTC insurance states unequivocally:
"An advisor experienced in long-term care is an important part of every advisory team."
"The Sooner the Better: Planning With Long-Term Care Insurance", makes a simple case for buying LTC insurance as soon as possible. And that all comprehensive estate plans should include a detailed discussion of LTC insurance.
CLICK HERE to read the full article:
Want to know how to identify an experienced LTC specialist? Read our 5-Tips by clicking the button below:
Penn Treaty Network America LTC insurance company will now go into liquidation. A Pennsylvania court gave the PA Department of Insurance final approval to liquidate the LTCI company on March 1st. Benefits will still be payable if premiums continue to be paid on-time, but according to the PA DOI about 50% of policyholders may have their benefits limited.
Liquidation means that the claims liabilities now fall to individual states' insurance "guarantee funds" which most commonly limit total benefits to $300,000. A few states are slightly higher and a couple - including Missouri - have a cap of only $100,000 for LTC insurance. Note that in most cases you would be covered by your state of residence at the time of liquidation (March 1, 2017), NOT the state where you bought the policy.
While this insurance company failure is being reported as the largest financially in US history, it's important to note that Penn Treaty's policyholders account for only one-percent (1%) of all LTC insurance policyholders in-force, and that along with grossly under-pricing its overly-liberal policy benefits, Penn Treaty accepted people with health risks that no other insurance company would consider.
My general advice to Penn Treaty policyholders: Keep your coverage, especially if you are older or uninsurable and cannot replace your coverage. Even if you could qualify for a replacement, you may be better off keeping Penn Treaty on a limited basis.
Contact us for a policy/coverage review.
According to the PA DOI, Policyholders with questions about policies, claims, or related to liquidation should call Policyholder Services at: 1-800-362-0700.
If an insurance agent tells you to replace your long-term care (LTC) insurance, be careful! Take your time. Get a second opinion. It's probably a mistake, and the agent pushing a replacement may be breaking the law.
It is almost NEVER a good idea to replace an in-force LTC insurance policy.
We are hearing stories almost daily of unscrupulous agents urgently telling their clients to immediately replace their in-force long-term care (LTC) insurance for a variety of reasons, all bad:
This is a fun ... and serious read about the importance of planning ahead for extended care (long-term care) needs! The five points:
Here is the link to the full article:
And remember, a little chocolate always helps!
A huge mistake that many people make when considering LTC insurance is "over-quoting".
Most people do not need to buy coverage for 100% of the cost of the highest-possible cost of care (skilled nursing home), and even shorter benefit periods (3-4 years) will cover the vast majority of care needs. It's kind of like thinking, "If I can't afford a Mercedes, then I'll just wait for the bus." It shouldn't be a zero-sum, all-or-nothing decision - that's a HUGE mistake. A Malibu with cloth seats and a 4-cylinder is great transportation ...
$3000 a month of LTC insurance benefits will pay for five hours of home care seven days a week, or 10 hours every-other day. It will cover more than 1/2 of a good Assisted Living Facility in most of the country, and provides a 33% "discount" to a $9000/month bill in a nursing home.
LTC insurance claims data show that 60%+ of claims start at home. Guess what, about 60% of claims also END at home. Only about 20% of LTC insurance claims end in a nursing home.
The average LTC insurance claim is less than four years, even less than three years for men. Cover that first before you worry about Alzheimer's care for 6+ years. If you only buy a 3-year policy (couples can "share" up to a total of 6 years for the price of 3 each), and if you do get Alzheimer's, you will still have much more private-pay flexibility than having nothing.
We need to stop worrying about the cost of care in a facility where most of us are NOT likely to end up (especially with reasonable - and affordable - planning). We do need to worry about where we will get an extra $3000-$4000 a month to pay for part-time home care so our spouse can have a life, get a good night's sleep, stay healthy, etc., and so our adult kids can be care managers not caregivers. Home care comes first. Always. And this is also where families are personally and financially most at risk when someone they love needs care.
Solve the part-time home care problem first.
What does this have to do with LTC? Nothing ... but it's sports history and so much fun for true baseballs fans (excluding Indians'). A fantastic 7-game World Series, and an epic game 7. I'm a St. Louis boy, born and raised, and therefore a dyed-in-the-red Cardinals fan ... BUT I couldn't be happier for Chicago Cubs fans everywhere!!!
China Oceanwide will buy Genworth in a $2.7-billion deal which includes a $1.1-billion capital commitment to pay off debt and invest in the US life insurance business.
“China Oceanwide is also aligned with Genworth’s long-term goals of serving the aging population in the U.S., and providing financial capabilities to those seeking home ownership.”
I believe this is good news for Genworth policyholders and the LTC insurance marketplace overall. Readers should note that two other active LTC insurers are also now foreign-owned. John Hancock is owned by the Canadian insurance company Manulife, and Transamerica is owned by Dutch insurer AEGON.
The US life & LTC biz must and will remain a US-based subsidiary of China Oceanwide, subject to US federal and state regulators. In-force policies must all be honored by law.
Click here for a link to the company's full press release:
for older posts