1 / 13

Long-Term Care

Long-Term Care. Prepared by Eileen St. Pierre, Ph.D., CFA Personal Finance Extension Specialist Oklahoma State University OHCE Leader Lesson July 2009. Questions. What is long-term care? Where is long-term care provided? How much does long-term care cost and how will I pay for it?

von
Download Presentation

Long-Term Care

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Long-Term Care Prepared by Eileen St. Pierre, Ph.D., CFA Personal Finance Extension Specialist Oklahoma State University OHCE Leader Lesson July 2009

  2. Questions • What is long-term care? • Where is long-term care provided? • How much does long-term care cost and how will I pay for it? • How do I choose a long-term care insurance policy?

  3. What is Long-Term Care? Long-term care includes different kinds of assistance you may need if you ever have difficulty caring for yourself for an extended period of time. There are different levels of long-term care.

  4. Level 1: Inability to Perform Instrumental Activities of Daily Living (IADLs) • We need help doing “little things” around the house that keep us independent. • Need for assistance may start with death of spouse or a health problem. • Help from family and friends. • Make home modifications. • Take a course to learn to do these things yourself. • Need to pay for these costs yourself! Taking care of the yard Making household repairs Paying bills Taking a shower without falling or slipping Opening a jar of pickles Walking up the stairs

  5. Level 2: Inability to Perform Activities of Daily Living (ADLs) • What insurance and health care industries refer to as long-term care (LTC). • Also called custodial care. • To qualify for LTC insurance and some govt. programs, must need substantial assistance performing 2 or more ADLs. • Expenses not covered by Medicare or private health insurance (only cover skilled care). • What’s the difference? • Skilled care: temporary, expected to recover • Custodial or long-term care: condition is permanent, not expected to recover Eating Bathing Dressing Toileting Incontinence Hygiene Transferring - getting out of a chair or bed

  6. Where is Long-Term Care Provided? • Majority is provided at home by unpaid caregivers The typical caregiver is a 46-year old woman who is married and employed and is caring for her widowed mother who does not live with her. • Other home and community-based services: Adult Day Care Centers Home Care Services Ge Geriatric Care Managers Meals-on-Wheels Respite Care Senior Community Centers

  7. Where is Long-Term Care Provided? • If you can no longer safely live at home, there are other housing options available to you: Adult Companion Services Board and Care Homes Assisted Living Facilities Continuing Care Retirement Communities Independent Skilled Nursing Facility (Nursing Home or Convalescent Care Facility) • Long-Term Care Community Provider Information Sheet.

  8. How much does Long-Term Care Cost? • Cost depends on 3 factors: • General level of charges in your area • Specific expense rate or the services you need • How long you need the care • Genworth Financial 2009 Cost of Care Survey Oklahoma one of the least expensive states for nursing home care and assistant living facilities • To keep costs low, stay in your home and receive care there as long as possible!

  9. How do I pay for Long-Term Care? • Retirement income and personal assets • Medicaid for nursing home costs if you qualify. • Medicaid has also started to cover other long-term care expenses. • In Oklahoma, there are two programs to help individuals remain at home and pay for long-term care services: the Medicaid ADvantage Program and the State Plan Personal Care program. • Long-term care insurance • Talk to your financial advisor about other options

  10. How do I choose a Long-Term Care Insurance Policy? • Three ways to purchase LTC insurance • Individual policy • Group policy (through work) • Oklahoma Long-Term Care Partnership Plan • Handout Long-Term Care Insurance Policy Features • Insurance premium should not be more than 5% of your income

  11. Ways to save money onLong-Term Care Insurance • Don’t procrastinate! The younger you are, the lower your premiums (and the less likely you will be turned down for coverage) • Buy a policy with the longest elimination period you can afford • Consider buying a policy that will pay most, but not all, of the average nursing home costs in your area. • Look for LTC Riders on life insurance policies • If you are married, consider a joint policy • Shop around! Look for companies with A++ andA+ ratings

  12. Wrapping Up Don’t forget the evaluation form! List of Resources American Association of Retired Persons: http://www.aarp.org Genworth Financial 2009 Cost of Care Survey: http://www.genworth.com/content/genworth/us/en/products/long_term_care/long_term_care/cost_of_care.htm/ Insurance Information Institute: http://www.iii.org National Association of Insurance Commissioners: http://www.naic.org Oklahoma Area Agencies on Aging: http://www.o4aging.org Oklahoma Department of Human Services, Aging Services Division: http://www.okdhs.org/divisionsoffices/visd/asd Oklahoma Health Care Authority: http://www.okhca.org Oklahoma Insurance Department: http://www.ok.gov/oid Oklahoma Long-Term Partnership: http://www.okltcpartnership.org U.S. Department of Health and Human Services National Clearinghouse for Long-Term Care Information: http://www.longtermcare.gov

  13. Thank you!

More Related