Alzheimers
Family Care Givers are Struggling
Family care givers are struggling and feel undervalued, according to an article published on the website The Street. It reports on a study conducted in September 2023 by Wakefield Research and sponsored by Otuska, a pharmaceutical company. It outlines the toll that caretaking can take on family members. To read the article, click here .
Have you thought about how you will arrange for assistance when you need it? Contact Romeo Raabe, the Long-Term Care Guy to discuss alternatives. There are solutions for almost every situation. Call 920-362-7663 or email [email protected] .
Americans are focused on the wrong retirement risks
Center for Retirement Research at Boston College
A study from the Center for Retirement Research at Boston College found that Americans cite market volatility as the top retirement risk, while longevity and health care costs actually present bigger risks. The study concluded that Americans need more education about retirement risks, as well as a source of secure income and long-term care planning. To view the article, click on the link below and then on “take me to the story”.
Research: Americans focused on wrong retirement risks
Has your planner addressed the risk of spending an extra $50,000 to $90,000 every year for 3-5 years when your health changes? If not, or even if your planner did, remember that they specialize in investing money. I am an expert in planning for and dealing with Long-Term Care. Investigate with an expert and get the best advice and solutions available. Visit my website at www.TheLongTermCareGuy.com or call (920) 884-3030 to schedule your time to investigate
Financial Planning for Alzheimer’s Disease
Photo by Cheron James on Unsplash
This article is posted with the permission of the author, Lydia Chan.
After her Mother was diagnosed with Alzheimer’s, Ms. Chan struggled to balance the responsibilities of caregiving and her own life. She founded AlzheimersCaregiver.net as an online resource for fellow caregivers and seniors. In her spare time, Lydia writes articles about a range of caregiving topics.
Financial Planning for Alzheimer’s Disease
Alzheimer’s disease is a debilitating illness that largely affects seniors. The cause of the disease is unknown; what we do know is it is a degenerative neurological disorder in which the death of brain cells causes cognitive issues including memory loss and mental decline. Alzheimer’s is the most common type of dementia making up 60 to 80 percent of all cases in the United States. Five million Americans had Alzheimer’s disease in 2013 and that number is expected to double by 2050.
At first, Alzheimer’s symptoms are mild and a patient can continue living on their own with minimal supervision and care. However, symptoms of Alzheimer’s become more severe with time. These symptoms include:
- Language difficulties
- Memory loss
- Problems with attention
- Loss of orientation
- Mood swings
- Personality changes
- Impaired movement
- Depression, anxiety, irritability, or apathy
- Low energy
- Inability to recognize others
- Loss of bodily control
Covering the Costs of Alzheimer’s
Because the symptoms of Alzheimer’s get worse with time, patients eventually need long-term health care in addition to their normal medical routines. While the federal insurance program Medicare covers many medical expenses for seniors, it is not a comprehensive plan. Even Medicare Advantage plans, like those offered by insurance companies such as Humana, do not cover many costs associated with Alzheimer’s. While Advantage plans offer additional benefits including coverage for prescriptions, dental, vision, fitness services, caregiver support and a 24/7 nursing advice line, they do not cover long-term or custodial care costs.
Because of this, those with Alzheimer’s and those who are at risk must establish alternative funding plans for their long-term care needs.
Selling a Home
For some people, selling their home is the best option for covering the cost of long-term care. This can be a complicated process, one that requires the help of a real estate professional to ensure the home sells for what it’s worth. There are also many important documents that are required to sell a home, which the seller will need to assemble before closing. However, selling the home can help cover the cost of long-term care, so it’s worth the time and effort it takes to put a home on the market.
Life Settlement
Seniors with life insurance policies can sell them for a cash payout that can be used to cover health care costs associated with Alzheimer’s disease. Selling this kind of insurance policy is a transaction called a life settlement and can be done through a trustworthy broker. Many seniors choose to sell their life insurance policies once they no longer have to worry about protecting their loved ones against income loss. Life settlements are also convenient for those who can no longer afford — or simply no longer wish to pay — for monthly or annual premiums. It’s also a popular option for people who want to supplement their retirement savings with term life settlement policies that are about to expire.
Long-Term Care Insurance
Long-term care insurance policies are specifically developed to cover the high costs of custodial care. However, these policies are pricey, especially if you wait until later in life to invest in one. Furthermore, once an individual is diagnosed with Alzheimer’s, they are no longer able to apply for long-term care insurance coverage. So those who already have a diagnosis must find alternative means of funding for care.
Health Savings Account
A Health Savings Account (HSA) allows individuals and families with high-deductible insurance plans to squirrel away cash for health care costs tax-free. Health savings accounts earn interest and funds can be withdrawn for various uses as long as they are healthcare-related. A big advantage of HSAs is that funds remain accessible to account holders at all times and can even be used for non-health care related purposes — they simply have to pay taxes on the amount if done.
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Alzheimer’s disease has many difficult symptoms that make it impossible for the patient to live on their own in the later stages. Because Medicare and Medicare Advantage plans lack coverage for long-term care, those at risk for Alzheimer’s must plan to cover these steep costs. If undiagnosed, long-term care insurance is an option — though not a cheap one. Seniors with life insurance can sell a policy for a cash settlement that can be used to pad retirement funds and pay for long-term care needs. Finally, a health savings account is a great option for those with high-deductible insurance plans who want to save for long-term care needs while still having access to their money.
For more information on what you need to know about long-term care, make sure you read the other articles provided by The Long Term Care Guy.
Family-Provided Care Can Work–Sometimes
Family-Provided Care Can Work–Sometimes
The September, 2021 issue of the journal Health Affairs features a study that family-provided care (spouse or adult children) for dementia greatly diminishes the chances that the individual will need to enter a nursing home. However, full time caregiving will burn out the support team. Family simply cannot be expected to provide 24-7 care without help.
That is why I offer several home care policies that will pay for caregivers to come into the home to provide that care, while giving family members some relief. These home care policies are much less expensive and far more easily obtained – despite health problems already on record – than traditional long term care insurance policies. However, they must still be obtained before the care becomes necessary.
You can easily burn out your loved ones with family Family-Provided Care
Don’t burn out your family or other loved ones by becoming a total burden on them. They will surely help, but give them a break and provide a helping hand. Investigate now, while this help is available.
Contact Romeo Raabe www.TheLongTermCareGuy.com at 920-884-3030 to investigate options.
How was your Easter?
How Was Your Easter? How were the seniors in your family doing?
It may have been as long as a year or more since family members were with the seniors in their lives. Now that some families are cautiously getting together again, Easter might have been one of first times they have been together in person.
How were the seniors in your family doing? Have things changed since the last time you saw them in person? Did what was supposed to be a joyous occasion leave you feeling concerned? For example, have you noticed that some things they used to do have been neglected, like cleaning or cooking? Maybe self-care has slipped? Are there some memory lapses that are more pronounced now than before? The need for long term care often sneaks up on us until it can’t be ignored any longer.
After seeing loved ones this Easter, you may start to worry about the cost of Long Term Care?
You may start to worry that, because long term care is expensive, paying the care facility bankrupt Mom or Dad. Will they quickly spend down their assets to impoverishment in order to qualify for Medicaid?
There are a number of solutions that can help. To find out if any of them will help in your situation, contact www.TheLongTermCareGuy.com and schedule a meeting to investigate.
Help, ideas, and advice are available. Visit with an expert in how to best help. Call now, (920) 884-3030 and schedule a meeting to investigate the alternatives.
Alzheimer’s May Strike Women and Men in Different Ways
At the end of February, the website HealthDay published an article entitled “Alzheimer’s May Strike Women and Men in Different Ways”. (https://consumer.healthday.com/2-25-alzheimers-may-strike-women-men-in-different-ways-2650728831.html )
Here is a quote from that article: “The ravages of Alzheimer’s may strike later in women than men, but once it takes hold women tend to deteriorate far faster than men, according to a new study. Something known as cognitive reserve helps the aging brain function better for longer, and researchers report that women appear to have more of it than men. But once the reserve runs out, mental decline in women speeds up.”
As you read this, it would be good to ask yourself if you have your Long-Term Care (LTC) insurance yet. Once health problems are on your medical record, it may no longer be available to you.
LTC insurance is a little like car insurance – you have to have the insurance BEFORE the accident.
Is your plan to move in with your children when you need care? Have you discussed this with them? Can they care for you full time and still work to earn a living, and to raise your grandchildren?
Look at some ideas, www.TheLongTermCareGuy.com has a number of short videos. Watch them, then start planning for your care. I’m here to help.
It’s the Holidays, Let’s Talk
How long has it been since you have seen all of the family? How are they doing? Perhaps not as well as last year? Perhaps it’s time to talk.
It’s the holidays, this is the time of year when many families realize a family member is not doing as well as s(he) has in the past, and may need some help. Perhaps s(he) just need help with lawn care or snow removal. It might be the house is not as neat as it always was, or perhaps bills and paperwork are being neglected. Maybe it’s time to talk.
It’s the Holidays, many families realize a family member may need some help
This is not something we look forward to, and it seems the job more often than not falls to the women in the family. Women seem to be overwhelmingly tasked with caregiving. Employers know that the holidays are when female employees often request leave to deal with family issues, making caregiving a workplace issue as well. Wages are sacrificed and productivity falls; seasonal demands may exacerbate the problem. An article in the AARP publication estimated that in 2009, there were 66 million unpaid caregivers in the US, and the number is growing. Unpaid caregivers average 20 hours of caregiving a week.
This caregiving is not without cost. Caregiving takes a toll on the health of caregivers which lingers long after the death of the family member cared for. It also costs real money. In addition to the career and income sacrifices, many caregivers contribute significant dollars while assisting loved ones.
By having a Long-Term Care (LTC) discussion, plans can be made to share the responsibilities. Other family members may discover they can contribute time and resources to help. Perhaps professional caregiving either at home or in a facility is required and planning – even at the last minute – can provide solutions, rather than simply spending available money and hoping to qualify for government assistance. Once financing strategies are discovered, more planning options may become available.
It is the Holidays, family time, perhaps it’s time to talk
The holidays can be an appropriate time to discuss these issues because the family member’s needs might be more apparent. Any time of year can be a good time to consider how the care you may someday need will impact your family as well. Are you prepared to handle your long-term care needs? If you might pay for care, where will the money come from? What will be left for family after your care needs are over? Perhaps you might investigate LTC insurance while you are still healthy so that funding is not an issue when you need care. LTC insurance pays for care in your home, day care facilities, assisted living facilities commonly called CBRF’s or RCAC’s, and traditional nursing homes. Pennies on the dollar now can save hundreds of thousands of dollars later.
Have you ever wondered….
Do you have questions about the cost of long term care?
Do you have questions about the cost of long term care?
Are your clients confused about the many options, how to choose coverage, or if it’s necessary for them?
I’m Romeo Raabe LUTCF, LTCP and I’m known as The Long Term Care Guy–in fact, my website is www.TheLongTermCareGuy.com and I work exclusively on Long Term Care (LTC) issues. Some examples include how to get the most from LTC insurance, how to start a claim, what to do if care is needed and there is no insurance—and much more!
I also offer insurance for LTC and have options most financial professionals are not even aware of. For example, this week I put coverage in place for a couple ages 87 and 84 for less than $90/month a piece.
Even if someone is in care – even if already on Medicaid – I may still be able to help. If you or your clients have questions, feel free to call me at (920) 884-3030. I am here to help anyone dealing with or concerned about LTC.
Contact ROMEO RAABE about the cost of long term care!
PS: There can be huge differences in LTC insurance policies—I can help you understand the differences, and probably even set you up with other strategies most other advisors don’t know about!
Why Can’t I Spend my Money on Fun?
Often, retired people are afraid to spend money on fun or travel because they fear the catastrophic costs!
A recent Wall Street Journal cartoon featured a gentleman visiting his financial planner. In the cartoon, he asks the planner, “Why can’t I spend some of my money on fun now?”
Often, retired people are afraid to spend money on fun or travel because they fear the catastrophic costs they would face if one of them needs long term care (LTC). This can be a real concern, because the U.S. Department of Health and Human Services says that 70% of people who reach age 65 will need some long-term care. The great majority of us cannot afford it for long if we’re paying out of pocket.
Many people assume the insurance for LTC is prohibitively expensive. This is because they never investigated what the costs actually would be for them. I can tell you with near certainty that you need less of it than you imagine. When you finally need care, your lifestyle will change considerably. If you cannot drive there will be fewer vehicles, boats, toys, and less travel, golf, dining out, and so on. The money spent on fun (which you SHOULD do while healthy) can be redirected towards the costs of LTC.
Most people have some savings. Without touching the principle, you can spend the interest or yield it generates. Add this to the savings from your lifestyle changes, and you may find you can cover a significant portion of the costs of LTC yourself. You will only need to cover the shortfall from some other sources, like insurance, so you do not spend down all your savings and end up on Medicaid.
People investigate LTC insurance for two reasons.
- First, they do not want to go broke.
- Second, many long-term care service providers will not accept Medicaid. Nursing homes generally have to because of federal laws–but a nursing home is usually the last place you want to be. If you have the ability to pay from your cash flow and insurance, it will let you choose where and how you will be cared for. The providers will welcome you with open arms!
If you have not investigated LTC insurance, now is the time, while you are still healthy enough to get it.
It is a logical discussion and it is not appropriate for everyone. But please investigate with someone knowledgeable in planning for LTC. At The Long Term Care Guy, we have been doing only LTC planning for over 25 years. Since nearly all of our business comes to us by referral, we may even may be working with your financial planner or attorney!
Call TheLongTermCareGuy.com at (920) 884-3030 or email us for a time to investigate your situation.
Happy Holidays – How is Grandma?
How is Grandma? Are bills piling up unpaid? Is hygiene slipping? Are they not eating as well as they should, or is the house unkempt?
While your family was together at Thanksgiving, was there evidence that older family members are not taking care of themselves as well as they could be or used to?
Perhaps your loved one is not driving as much as before, or perhaps should not be driving at all. Are bills piling up unpaid? Is hygiene slipping? Are they not eating as well as they should, or is the house unkempt?
It is never easy to meet with siblings and parents to talk about how and where they will be helped with future living arrangements. Then you check into costs at senior living facilities and wonder how can this possibly work.
Hello! My name is Romeo Raabe, and I am a long-term care (LTC) planner at www.TheLongTermCareGuy.com. I help families learn how to convert homes into income to pay for LTC facilities.
I help families navigate the federal Medicaid programs that can pay for LTC. I even have ways to help protect the money for family, rather than all going toward LTC costs.
If this discussion has started, or is about to, call me at (920) 884-3030 and let’s schedule a time to visit and see if I can help you and yours. It’s never too late and you don’t know what you don’t know.