Senior Assisted Living Coverage Information
Seniors or retirees can elect to live by themselves, but individuals orcouples who elect to do so must be active and able to care for themselves. Home health aids are available to assist those in need of their services and hospice workers can come into the home when a senior is in the last stage of life. Many seniors also arrange for live-in help which, although expensive, is often far less in cost than most other choices.
Sunrise Senior Living based in McClean, VA is one of the largest assisted living companies in the U.S (380 communities) and has a home-care division which provides in-home care for the elderly and infirm.
Silverado Senior Living based in San Juan Capistrano operates home-care in CA, TX & UT
Some Jewish Homes for the Elderly like the one in Fairfield, CN offer home-care. Check out your local home to see if they offer this service. www.longtermcare.gov/LTC/Main_Site/index.aspx
National Association of Insurance Commissioners www.naic.org.
Sunrise Senior Living based in McClean, VA is one of the largest assisted living companies in the U.S (380 communities) and has a home-care division which provides in-home care for the elderly and infirm.
Silverado Senior Living based in San Juan Capistrano operates home-care in CA, TX & UT
Some Jewish Homes for the Elderly like the one in Fairfield, CN offer home-care. Check out your local home to see if they offer this service. www.longtermcare.gov/LTC/Main_Site/index.aspx
National Association of Insurance Commissioners www.naic.org.
Costs Vary Depending on...
- daily benefit
- duration of benefit
- when benefits kick in
John Hancock, MetLife, Prudential, MassMutual, New York Life
Can a family member be paid as a caregiver?
Yes if a written contract/agreement outlining the complete duties and responsibilities including schedules (must include time off) and payment amounts. This contract must be signed and dated.
A family caregiver is usually paid as a self-employed worker via a 1099 and should declare all the income and depending on the amount, pay estimated quarterly taxes.
If there is a long-term care insurance policy in force which covers home care, caregiver costs may be used. Check with your insurance agent and review the policy.
Assisted living communities are designed for seniors who are having difficulty managing on their own, but who can provide a basic level of personal care including eating, taking their medication and bathing without assistance.
Continuing care communities usually have facilities for seniors in various stages of the aging process. Many of these communities include independent housing, assisted living facilities and nursing homes as well as rehabilitation care/facilities.
Nursing homes offer a higher level of medical care usually under the supervision of a physician and are designed for seniors who can't care for themselves, suffer from dementia or Alzheimer's or are at the last stages of their lives.
Costs of nursing homes
Check the MetLife Market Survey of Nursing home and Home Care costs www.metlife.com/assets/cao/mmi/publications/studies/mmi-market-survey-nursing-home-assisted-living.pdf
For help in choosing a nursing home, negotiate fees, resolve billing questions or find assisted living quarters, look at www.theseniorcareguide.com/
Home Health Care and Long Term Care Insurance can pay for nursing home or health-aids at home. The costs of these policies have risen substantially in the past few years. Check out several insurance companies prior to purchasing this kind of insurance and make sure to see if these carriers have raised their rates for existing customers over the past few years.
The cost of the insurance depends on several factors.
Stand Alone Home Health Care policies are generally much less expensive than Nursing Home/Home Health Care Policies. They are designed to pay for care at home, not in a nursing home. There are two advantages.
For help in choosing a nursing home, negotiate fees, resolve billing questions or find assisted living quarters, look at www.theseniorcareguide.com/
Home Health Care and Long Term Care Insurance can pay for nursing home or health-aids at home. The costs of these policies have risen substantially in the past few years. Check out several insurance companies prior to purchasing this kind of insurance and make sure to see if these carriers have raised their rates for existing customers over the past few years.
The cost of the insurance depends on several factors.
- What is the maximum daily benefit? $100, $150, $200?
- How long will this benefit be paid 1 year, 2 years 5 years?
- How long after you are judged in need of nursing home or home health care benefits before the daily benefits kicks in. 30 days, 60 days 90 days? It may take 30 to 90 days before receiving the first benefit payment after submitting a claim. Take this into consideration when choosing an "elimination period".
- Is the coverage the same if you stay at home as opposed to being admitted to a nursing home?
- You can also consider depositing a single sum or making deposits over ten years into a special type of annuity that will pay out a percentage of the total value for your care either at home or a nursing home. If the entire fund is not used during your lifetime the balance of the benefits will go to your heirs. Of course it is also important to understand the parameters of what constitutes your need for these benefits and who makes this determination. Your physician? The insurance company? An insurance company approved retirement provider or caregiver?
Stand Alone Home Health Care policies are generally much less expensive than Nursing Home/Home Health Care Policies. They are designed to pay for care at home, not in a nursing home. There are two advantages.
- The patient can be kept in his/her own comfortable surroundings.
- The cost of the protection is a great deal less.
Long Term Care Insurance Costs
If you are interested in checking the cost of various long term care policies go to the Federal Long Term Care Insurance Program: www.ltcfeds.com/ltcWeb/do/assessing_your_needs/ratecalcOut Here you can enter your age, the daily benefit amount you wish to receive, the length of time you will continue to receive benefits and the waiting time before the benefits will start and your premium will be shown.
For example if you are 60 years old and want insurance that will pay you $200 a day for up to 5 years with a waiting period of 90 days before payments start, the cost is estimated at $243.64 per month with a maximum total lifetime payment of $365,000. This quote includes a 4% inflation option.
The Medicare Web site http://www.medicare.gov/is a good resource to help you find nursing homes convenient to the location you are looking for.http://myhealthcareadvisor.com/ can assist you choose a hospital and make health care decisions but there is a small charge (at publication time it was $12 for a 6 month subscription) to subscribe and get answers to your questions. Powered by
Subimo hospitals are ranked from 1 to 100 based on a number of factors including use of technology and cost. The information provided on the site says "The Healthcare Advisor is a powerful personal health management tool, integrating cost and quality information to help you make better health care decisions. Whether you’re looking for information on a common medical condition or procedure or, where to go for treatment, the Healthcare Advisor empowers you to make the right choice by presenting what you need to know clearly and simply."
There are many different kinds of insurance scams that target seniors. The National Association of Insurance Commissioners http://www.naic.org/ provides information and links to help you avoid being scammed.
Top five myths and misconceptions of family caregiving
From Market Watch and a study sponsored by Genworth Financial
Americans underestimate the impact that a family member’s long-term care needs could have on their own lives, marriages, work commitments, financial stability and future financial security, According to a new study sponsored by Genworth Financial and released by Age Wave and Harris Interactive. Some 66 million Americans – or roughly 20% of the U.S. population -are serving as unpaid family caregivers. According to the research, the actual impact of caregiving on this group is often significantly greater than expected. Consider the following five caregiving myths and misconceptions:
As seen in an article by Anya Martin in the Wall Street Journal 1/4/2011
For example if you are 60 years old and want insurance that will pay you $200 a day for up to 5 years with a waiting period of 90 days before payments start, the cost is estimated at $243.64 per month with a maximum total lifetime payment of $365,000. This quote includes a 4% inflation option.
The Medicare Web site http://www.medicare.gov/is a good resource to help you find nursing homes convenient to the location you are looking for.http://myhealthcareadvisor.com/ can assist you choose a hospital and make health care decisions but there is a small charge (at publication time it was $12 for a 6 month subscription) to subscribe and get answers to your questions. Powered by
Subimo hospitals are ranked from 1 to 100 based on a number of factors including use of technology and cost. The information provided on the site says "The Healthcare Advisor is a powerful personal health management tool, integrating cost and quality information to help you make better health care decisions. Whether you’re looking for information on a common medical condition or procedure or, where to go for treatment, the Healthcare Advisor empowers you to make the right choice by presenting what you need to know clearly and simply."
There are many different kinds of insurance scams that target seniors. The National Association of Insurance Commissioners http://www.naic.org/ provides information and links to help you avoid being scammed.
Top five myths and misconceptions of family caregiving
From Market Watch and a study sponsored by Genworth Financial
Americans underestimate the impact that a family member’s long-term care needs could have on their own lives, marriages, work commitments, financial stability and future financial security, According to a new study sponsored by Genworth Financial and released by Age Wave and Harris Interactive. Some 66 million Americans – or roughly 20% of the U.S. population -are serving as unpaid family caregivers. According to the research, the actual impact of caregiving on this group is often significantly greater than expected. Consider the following five caregiving myths and misconceptions:
- Financial contributions: While only 40% of caregivers expect they will contribute financially to the care of a family member, the reality is that 83 % actually do.
- Income hit: In actuality, 63 % of caregivers experience a reduction in income. This compares to 38 % of caregivers that expect to experience such a reduction.
- Reduction in savings:37 % of caregivers expect their savings to decline as a result of their caregiving responsibilities. The study found that, in fact, 61 % of caregivers have used some of their savings to care for a loved one.
- Retirement funds tapped: Of caregivers surveyed, 57 % actually tapped their retirement funds to care for a loved one, compared to 34 % that expected to do so.
- Career impact: Nearly half (48 %) of caregivers lost a job, changed shifts or missed out on career opportunities as a result of their caregiving responsibilities, compared to 29 % that expected such impact.
As seen in an article by Anya Martin in the Wall Street Journal 1/4/2011
Apps to Help Track Seniors' Medical Needs
Taking care of an aging or ailing relative with health-care issues can be stressful and confusing, but a growing number of free or cheap smartphone apps aim to help caregivers keep track of medication dosages, nutritional requirements and other daily health-care needs.
Baby boomers are the largest demographic taking care of elderly parents, and they're also big owners of smartphones, said Gregg Malkary, managing director of Spyglass Consulting Group, which specializes in health care and information technology.
More than 8,700 health-related applications are available across the three main platforms—Apple Inc.'s iPhone, Google Inc.'s Android and Research In Motion Ltd.'s BlackBerry—according to a September 2010 study by MobiHealthNews. The iPhone leads the pack in terms of quantity of health-related apps, with 7,136 in September, up 67% from February.
One serious caveat: Don't assume a health app is safe. "Anyone can develop an app and it's not just based on U.S. standards or those of the FDA or any real governing regulatory body," said Joseph Kim, a physician and founder of MedicalSmartphones.com and other websites.
That said, there are some common-sense strategies to assess health apps, Dr. Kim said. Ask your doctor or health provider for advice, and read app reviews on the websites of reputable medical facilities, such as the Mayo Clinic, Harvard Medical School and Johns Hopkins School of Medicine.
The following are four useful apps caregivers may want to consider, according to some health and technology experts.
Baby boomers are the largest demographic taking care of elderly parents, and they're also big owners of smartphones, said Gregg Malkary, managing director of Spyglass Consulting Group, which specializes in health care and information technology.
More than 8,700 health-related applications are available across the three main platforms—Apple Inc.'s iPhone, Google Inc.'s Android and Research In Motion Ltd.'s BlackBerry—according to a September 2010 study by MobiHealthNews. The iPhone leads the pack in terms of quantity of health-related apps, with 7,136 in September, up 67% from February.
One serious caveat: Don't assume a health app is safe. "Anyone can develop an app and it's not just based on U.S. standards or those of the FDA or any real governing regulatory body," said Joseph Kim, a physician and founder of MedicalSmartphones.com and other websites.
That said, there are some common-sense strategies to assess health apps, Dr. Kim said. Ask your doctor or health provider for advice, and read app reviews on the websites of reputable medical facilities, such as the Mayo Clinic, Harvard Medical School and Johns Hopkins School of Medicine.
The following are four useful apps caregivers may want to consider, according to some health and technology experts.
- Tell My Geo (Android, $9.95 per month per phone) A personal-health-record app allows any health provider including emergency responders to access your medical history via your smartphone. Tell My Geo combines that function with a GPS locator that enables caregivers who also have the app loaded onto their smartphone to track a lost loved one. Wayne Irving, chief executive of Iconosys Inc. and co-inventor of Tell My Geo, said he originally conceived the app for seniors exhibiting signs of early-stage Alzheimer's disease. But the app could help people with autism, mental illness or other ailments that can cause confusion, such as diabetics with low-blood-sugar levels, Mr. Irving said. Another safety feature allows a person to call a loved one by touching a photo icon, rather than remembering a name.
- Personal Caregiver (iPhone, free) One of a growing subcategory of medical apps that track medications, Personal Caregiver has the added benefit of allowing you to schedule and track the medications of up to three people, including your own medications. It also allows you to receive recall alerts from the Food and Drug Administration and more detailed medication information with a $9.99 premium edition.
- Pain Care (iPhone/Android/soon available on BlackBerry, free) Pain Care, which won a Project HealthDesign award from the Robert Wood Johnson Foundation and the California HealthCare Foundation, translates the pain scale into an electronic journal where a patient can indicate pain levels by touching frowning or smiling faces, as well as location, duration, characteristics, mood and triggers. That data can then be shared instantly with a physician who can adjust medications and treatments accordingly.
- iBiomed (iPhone/iPod Touch, free) Kwame and Florence Iwegbue, a South Carolina doctor and his wife, developed this app to help them juggle the huge quantity of information and tasks involved in caring for their own special-needs children with autism, seizure disorder, asthma and allergies. Features include a mobile treatment log book for prescriptions, supplements, therapies, diets, allergies and tests; a portable medical record; a searchable journal for such items as foods, side effects and reactions; treatment and prescription refill reminders; customizable graphs; and the ability to ask advice and share stories with other caregivers through an online forum.