I found an article on the Nebraska Health Care Association website on the LIFE Plan. This is my first time hearing of the plan. The plan states how it would make the individual more responsible for their long term care. The government wants to start a public education program on the subject and I think that would be a great idea. Each individual should be held liable for their future and most importantly planning for their future. I don't think many people are aware of or even care to think about getting older. Some people just take things day by day, which in some instances is a good thing, but maybe not when it comes to long term care. An education program would be just the thing to get people thinking and moving. One can never plan too early for health care.
The LIFE Plan has some great incentives. Including what I stated above, individuals can purchase insurance plans that best fit them. They can also choose where and how they want to receive their care. This plan seems more flexible than other plans I have looked at. It gives the individual more freedom in their health care choices. Participation in the LIFE plan is strictly voluntary, however there are some penalities for those not enrolled. Anyone over the age of 65 and has done quite well for themselves, but are not in the program have to "spend down". This is a horrible concept and I think it really sucks to have to do this. The individuals income and assets are not protected if they are not enrolled in the LIFE plan.
The "spend down" concept is some what confusing for me. To save, and save over many years and then when the time comes and you may need Medicaid they tell you that you pretty much have too much money and wont qualify. I can understand that Medicaid has guidelines that they must follow and certain standards that each individual must meet, but it is still crazy.
Through my grandmother and taking this class I am learning how important it is to save up and plan for the future. Yes, it is scary to think about. I definitely don't want to think about getting older, but it is imperative and will make things easier down the road. My grandmother was a nurse and always had the know how on saving money. I am getting better at managing my money. I really have to save up now because I plan on going to graduate school within the year. I take what my parents and grandparents have taught me and make it happen.
Saturday, November 19, 2011
Tuesday, September 6, 2011
LTC Insurance
I was able to read about LTC insurance from www.longtermcare.gov and it gave me a lot of in cite as to how the system works. From the website and through reading the assigned text book I learned that if you are already ailing then you may qualify for a higher premium or may not qualify at all. That is a sad thing to me. What if that person has nothing else to fall back on. I believe the idea behind this is that they will need to most care and may suck up all the resources from everyone else. I can somewhat see the point in this, but not entirely. Is our nation aware of the fact that you need to apply as early as possible for LTC insurance? I would think not. Otherwise more people would be doing it if they were already aware.
In Chapter 2 of the textbook, the author made it a point to say that the LTC system needs to do a better job of educating the community on how it works. I would completely agree with that. LTC is still being developed and the health care system is very complex so people need help understanding it. You cannot buy LTC insurance if you have the following: Parkinson's, AIDS, or Alzheimer's. The later one upsets me because my grandmother has Alzheimer's and she really does require a lot of care. Luckily my grandmother has planned well for her future and does not need any extra help such as LTC insurance. My concern is the families who have not planned so well and have an elderly relative with this condition. In my opinion Alzheimer's has to be one of the worst diseases you can get. It can really get ugly down the road and help is important.
There are a couple points I would like to point out. Once you are accepted for coverage under a LTC insurance policy you cannot be denied. Even if you develop one of the previous illnesses I mentioned you will still not be denied. That's wonderful! That supports the statement of getting the coverage at an early age instead of later in life. Dementia usually doesn't develop until you are older. AIDS (HIV) can be acquired at any age so that wouldn't really fall in the same category.
I also like how they have in place where some policies will help with any home equipment needed, transportation to appointments, and training of a family care giver so that they will know exactly what they are doing. I think these are great options to have available because I am sure the home equipment is costly. Families taking care of loved ones need to be able to save where ever possible. The health care system is not getting any cheaper.
In Chapter 2 of the textbook, the author made it a point to say that the LTC system needs to do a better job of educating the community on how it works. I would completely agree with that. LTC is still being developed and the health care system is very complex so people need help understanding it. You cannot buy LTC insurance if you have the following: Parkinson's, AIDS, or Alzheimer's. The later one upsets me because my grandmother has Alzheimer's and she really does require a lot of care. Luckily my grandmother has planned well for her future and does not need any extra help such as LTC insurance. My concern is the families who have not planned so well and have an elderly relative with this condition. In my opinion Alzheimer's has to be one of the worst diseases you can get. It can really get ugly down the road and help is important.
There are a couple points I would like to point out. Once you are accepted for coverage under a LTC insurance policy you cannot be denied. Even if you develop one of the previous illnesses I mentioned you will still not be denied. That's wonderful! That supports the statement of getting the coverage at an early age instead of later in life. Dementia usually doesn't develop until you are older. AIDS (HIV) can be acquired at any age so that wouldn't really fall in the same category.
I also like how they have in place where some policies will help with any home equipment needed, transportation to appointments, and training of a family care giver so that they will know exactly what they are doing. I think these are great options to have available because I am sure the home equipment is costly. Families taking care of loved ones need to be able to save where ever possible. The health care system is not getting any cheaper.
Thursday, August 25, 2011
What Does LTC Mean to Me?
When I think of long term care I picture the elderly who may be very sick and need on the clock assistance down to the man or woman who just needs occasional assistance with daily activties. I think long term care is a wide spectrum of things, people, and facilities. Long term care insurance has been a hot topic recently and for a number of reasons. Just as the cost of food, housing, and everything else you can think of is rising so is the cost of long term care. Currently the yearly cost is approximately $55,000. That is so crazy to me! $55,000 is someone's salary and to think that in retirement people are having to pay this ridiculous amount just blows me. Now granted some people have done very well for themselves and have saved up enough money, but that is only said for a small part of the population.
The second reason long term care insurance is a big thing is because of the baby boomers. At the year 2030 the youngest of the boomers will be 65 years old. It is projected that they will live well into their 90's. Since there has been advances in technology and topics in the health field the elderly have been able to live longer than they have in the past. With that being said costs are going to rise with such a large pool of the elderly. Financial advisors are now telling people that they should think about long term care insurance for their future. Lastly, the LTC system has been able to introduce new types of care. One of the things people look for (as far as care when they are older) is comfort. LTC offers services where you can stay at home or go to assisted living facilities.
I think that the LTC system has come a long way and with anything there is always the good and the bad. Since the Great Depression we have had important acts such as Social Security Act and Amendments of 1935, 1965 (respectively). Before these were introduced much of the elderly had poverty to look forward to in their retirement. I believe there are still elders now who live in or below poverty levels, but there are families available to take care of them and facilities.
Long term care is a very important part of our lives. The elderly should be the treasures of our society because they are our grandmothers and grandfathers. They took care of us and guided up when we were little so I believe that it is out duty as a country to take care of them. For example in the Asian culture they look up and highly respect their elderly. I think the the U.S. should adopt some of their values (in that perspective) and learn to really care about people again.
The second reason long term care insurance is a big thing is because of the baby boomers. At the year 2030 the youngest of the boomers will be 65 years old. It is projected that they will live well into their 90's. Since there has been advances in technology and topics in the health field the elderly have been able to live longer than they have in the past. With that being said costs are going to rise with such a large pool of the elderly. Financial advisors are now telling people that they should think about long term care insurance for their future. Lastly, the LTC system has been able to introduce new types of care. One of the things people look for (as far as care when they are older) is comfort. LTC offers services where you can stay at home or go to assisted living facilities.
I think that the LTC system has come a long way and with anything there is always the good and the bad. Since the Great Depression we have had important acts such as Social Security Act and Amendments of 1935, 1965 (respectively). Before these were introduced much of the elderly had poverty to look forward to in their retirement. I believe there are still elders now who live in or below poverty levels, but there are families available to take care of them and facilities.
Long term care is a very important part of our lives. The elderly should be the treasures of our society because they are our grandmothers and grandfathers. They took care of us and guided up when we were little so I believe that it is out duty as a country to take care of them. For example in the Asian culture they look up and highly respect their elderly. I think the the U.S. should adopt some of their values (in that perspective) and learn to really care about people again.
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