Cost and Duration of Long-Term Care at Home
By Dr. David Edward Marcinko; FACFAS, M.B.A., CPHQ™, CMP™
By Thomas A. Muldowney; M.S.F.S., CLU, ChFC, CFP® CMP™
By Hope Rachel Hetico; R.N., M.H.A., CPHQ™, CMP
This is the second post, in an exclusive four part series for the ME-P titled: “At-Home or Nursing Home Care for Long-Term.”
Nursing Homes Less Desirable
Most agree that nursing homes are regarded as the least desirable LTC choice. Some people enter a nursing home after a hospital stay with a need for skilled care or for short-term respite care. Many people who are admitted to a nursing home remain there for the rest of their lives.
The Only Answer for Some
Nursing home care may be the only answer for single people requiring LTC or people with Alzheimer’s disease. However, nursing home care is not always available when needed. Many of the better nursing homes have substantial financial requirements, and have long waiting lists, some lasting months or years.
Assessment
Unfortunately, some people will have difficulty being admitted to these nursing homes without a reservation. Many nursing homes will not accept Medicaid at the outset from a prospective resident; therefore, having funds available (which may be spent down) or LTCI may make a difference in getting into a nursing home.
Conclusion
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Filed under: Estate Planning, Ethics, Financial Planning, Funding Basics, Health Economics, Health Insurance, Healthcare Finance, Insurance Matters, Research & Development, Risk Management | Tagged: david marcinko, hope hetico, hospice care, long term care insurance, LTCI, nursing homes, thomas muldowney |
Long Term Care Assistance
Did you know that 36% of Generation-X intends to rely on government assistance to finance Long-Term Care? When asked how they plan to finance their long-term care, Gen-Xers responded:
* 36% would rely on government assistance, such as Medicaid
* 26% would use their retirement savings
* 24% would sell their assets
* 22% would rely on other insurance products
* 13% would rely on family and friends
Note: December 2008 telephone survey of Generation-Xers, born between 1960 and 1980, conducted by StrategyOne on behalf of AHIP.
Source: AHIP Press Release, February 11, 2009. http://www.ahip.org. For additional information about the survey, please visit: http://www.MyLifeMyFamily.com
Stewart
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Elderly, At Risk, and Haphazardly Protected
http://www.propublica.org/article/elderly-at-risk-and-haphazardly-protected?utm_source=et&utm_medium=email&utm_campaign=dailynewsletter
Here is a ProPublica and “Frontline” examination of the multibillion-dollar assisted living industry reveals a mishmash of minimal state regulation and no involvement by federal officials.
Dr. Glenda
[Gerontologist]
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Top 25 Most Expensive Markets for Long-Term Care Coverage
Market Nursing Home Private Room Annual Rate
Bridgeport-Stamford-Norwalk, CT $159,359
Anchorage, AK $156,950
New York-Northern New Jersey-Long Island, NY-NJ $155,180
Poughkeepsie-Newburgh-Middletown, NY $155,180
Hartford, CT $154,118
Boston-Worcester-Lawrence, MA $146,372
Rochester, NY $141,244
San Diego, CA $135,554
Seattle-Tacoma-Bremerton, WA $131,750
San Francisco-Oakland-San Jose, CA $130,283
Philadelphia-Wilmington-Atlantic City, PA-NJ-DE $129,239
San Jose-Sunnyvale-Santa Clara, CA $127,130
Albany-Schenectady-Troy, NY $126,932
Portland, ME $121,910
Honolulu, HI $121,154
Washington-Baltimore, DC-MD $120,709
Sacramento-Yolo, CA $120,322
Boise, ID $118,475
Milwaukee-Racine, WI $118,005
Manchester-Nashua, NH $117,264
Miami-Fort Lauderdale, FL $116,931
Buffalo-Niagara Falls, NY $116,577
Los Angeles-Riverside-Orange County, CA $115,165
Detroit-Ann Arbor-Flint, MI $114,716
Portland-Salem, OR $111,909
Source: New York Life Insurance Company
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DRUGS
New report details misuse of antipsychotics in nursing homes.
https://www.msn.com/en-us/news/us/new-report-details-misuse-of-antipsychotics-in-nursing-homes/ar-BBII6Ga?li=BBmkt5R&ocid=spartandhp
Nancy
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