Where to Find the Best Long Term Care Resources

Nowadays, people have to know where to turn to for long term care resources because the cost of care is continuously soaring. Choosing not to know anything about this subject will eventually take its toll on you afterward when it's your turn to need long term care (LTC).

In spite of the prediction of the Department of Health and Human Services that 78 million of the elderly population over the age of 65 will need personal care and medical assistance at some point in their lives, only 10 million of them have actually taken the necessary steps to secure their future health care with a well planned long term care insurance (LTCI) policy.

In relation to the growing number of the elderly population that will require care anytime soon, LTC experts have also foreboded 10 million of the 78 million will succumb to Alzheimer's over the next 10 years.

Alzheimer's remains cureless and the cost of caring for a loved one who has acquired such illness is way too high that you'll eventually run out of funds in no time. Only an LTCI policy with a good coverage designed for Alzheimer's can spare your family from going impoverished.

Getting people to come up with a concrete LTC plan is basically the reason which triggered leading LTCI providers to come together at the 3 in 4 Need More LTC Campaign kickoff. According to LTC experts, the complacent attitude of many people towards LTC can be attributed to the fact that they are many years away from requiring care.

Looking Into Helpful Long Term Care Resources

We are abounded with many resources for LTC, the cost, facilities and people who are most likely to need it.

The government serves as a good source of information. As a matter of fact it has been constantly egging the public on buying an LTCI policy to minimize the cost of federal health programs such as Medicaid, which covered 49% of the overall long term care expenses of the nation in 2010.

People can't rely solely on Medicaid especially if their health condition requires intensive care and medical attention, as the health program's funds are gradually dwindling down. As a matter of fact, if you qualify for Medicaid assistance you should stop hoping for top of the line nursing homes or home health aide services.

Aside from the government, your insurance agent who is affiliated with top LTCI providers is also a good source for complete LTC information. They can even provide you with LTCI quotes and help you identify which one will work for you.

Insurance agents would normally advise their clients to identify their future health care needs, cost of care in their state of residence, budget for the annual premium, and total amount of assets which they intend to protect before purchasing an LTCI policy.

Then there's the media. It would be best to monitor the LTC write ups of a journalist or columnist who is assigned to the business beat. There's no doubt that they constantly keep abreast of the new happenings in the industry. Opinions and comments of radio commentators only tend to swerve people's minds away from the facts that are presented by legitimate long term care resources.

Resorting to Long Term Care Class Act

Seen as a better alternative to a private insurance policy for long term care CLASS Act is starting to garner its own followers among Americans who wish to secure their future health care, but could not afford the annual premiums of private long term care insurance (LTCI).

Most of these individuals who dread the high insurance premiums either applied for LTCI policies after they've turned 65 years old, or whose health had manifested signs of a possible illness that will trigger them to seek care anytime in the next 10 years or even earlier.

With the Community Living Assistance Services and Supports Act (CLASS Act), anybody from 18 or older can qualify for full long term care (LTC) coverage should they require it in the future. All they need to do is satisfy the five-year premium which will be announced by the Secretary of the Department of Health and Human Services in October of 2012.

Reports have it that the annual premiums of the CLASS Act will be much higher than that of a private LTCI. That, however, remains to be seen so those looking for an affordable way to plan their future health care are definitely considering the Act which was authored by the late Sen. Ted Kennedy.

Paying for Long Term Care CLASS Act Style
Private insurance companies offer LTCI policyholders various premium payment modes. Those who are financially equipped can opt for the single-premium payment so they will have nothing to worry about anymore after retirement.

Through the one time premium payment, retirees can enjoy their life immediately after retirement doing activities which they did not have the freedom to do before.

Other LTCI policyholders, on the other hand, have gone for the limited payment wherein one is required to pay annual premiums for a certain period only. Most insurance companies oblige the 10-year limited payment. Oftentimes than not, within this period you are guaranteed to be protected from possible premium hikes.

The majority of LTCI policy buyers, however, still prefer the continuous-premium payment as this happens to be more affordable. After all, only a few citizens of the country can afford to set aside a fund exclusively intended for the premiums of their LTCI policies.

Meanwhile, an eligible member of the CLASS Act has to only satisfy the five-year premium to qualify for the cash benefits of this federally supported health program. Cash benefits have a minimum amount of $50 but this can go higher depending on the gravity of one's disability or cognitive impairment.

Before the Secretary of Health and Human Services can determine how much should be allotted to a member of the Act who claims cash benefits, a health care professional should have observed the individual first.

To determine if one is qualified to claim cash benefits for long term care CLASS Act will ascertain he is incapable of performing two or more of the six activities of daily living which are eating, bathing, dressing, continence, toileting, and transferring from one point of the house to another.

More Women Spending On Long Term Care

Women can't help but take care of the ones they love - their parents, siblings, husbands, children, friends, and even their pets. Although this special trait is worthy of praise, it's also the very reason more women tend to require long term care (LTC) than men.

In a recent study conducted by the Society of Actuaries, it turns out that more women have purchased long term care insurance policies that amount to $124,000. Men, on the other hand, spend an average of $44,000 on this type of insurance product.

Perhaps, it's true that men in general are more dependent on women who are stronger emotionally wise. Men need to have that feeling of security and unconditional love, which only their better halves and mothers are capable of providing them.

As soon as an event or say sickness triggers a man's disability, he can choose to stay home and receive care here because he knows too well that his wife will shoulder all the responsibilities of a caregiver so she can ensure his welfare instead of hiring a home health aide.

In reference to the records of the American Association for Long-Term Care Insurance, there are about 980,000 women over the age of 65 who are currently providing care to family members at home while only 337,000 men of the same age are performing the same task.

Unfortunately, as soon as a woman's husband or parents pass away there will be nobody to take care of her. This explains why a big percentage of women over the age of 65 have secured LTC insurance policies.

Although there are women who opt to stay home, and many of them have in fact already arranged reciprocity of care giving among friends and trusted neighbors, a bigger percentage of them opt to be placed in a nursing home.

Studies show that 52% of the population of women over the age of 65 will spend some time in a nursing home. According to a nursing home staff, the average stay of a resident is two and a half years but since women are living longer nowadays, many of them prolong their stay till five years.

Although women are caring by nature, they also happen to be thinkers. This is why in spite of being wrapped up in their responsibilities towards their families many of them have not forgotten their responsibilities to themselves. This explains why long term care insurance for women is important.

According to top insurance firms the sales of their life insurance policies integrated with long term care benefits increased up to 79% last year and their data shows that 60% of the new buyers are women. Majority of them range from 65 years old to 74, while a thin slice of the population of new buyers were comprised of 55 to 64-year-olds.

Although the older buyers will no doubt be spending more on premiums in the coming years, they are very fortunate to have secured a long term care insurance policy than not having one at all. Other members of the elderly population who remain skeptical about the importance of this insurance product can just hope that cost of LTC services will drop by the time they would need it.

Why Everybody Should Have Long Term Care Plans

Leading insurance companies offering long term care plans are urging the growing elderly population to secure insurance policies that will cover their future health care and medical needs.

Although it won't be till 2026 before costs of long term care (LTC) double as predicted by long term care experts, financial advisers say that's only like a year from now considering the unpredictable increase in rates of LTC facilities.

LTC facilities are exerting so much effort and spending a chunk of their funds to keep pace with the growing number of elderly folks who are expected to require care 15 to 20 years down the road. A big number of nursing homes need to bring in more beds and nursing staff so that they can accommodate new residents.

Many ugly things have been written about various nursing homes around the country and thus explaining why the management of every existing nursing facility would like to change the negative image that was painted of the industry.

According to health care data, nursing homes are spending approximately three to 20 million for new beds and skilled nursing staff to provide personal care.

With the massive expenditures for nursing homes equipment, it's natural for a rate hike to take place but here's the question at hand: Is the growing population of elderly individuals aged 65 and beyond capable of affording the new LTC rates out-of-pocket?

Experts on the field of LTC say the truth may hurt but the answer is no. Not even if they have assets that amount to a million because nowadays the gauge of one's wealth is based on billions.

Those with a significant amount of assets are advised to secure long term care plans that will not only guarantee full or partial coverage of their health care needs, as these will also ensure the protection of your assets from estate recovery.

Making a move today to secure your future is very important because in 2030 your millions will no longer matter. Rates of LTC facilities are expected to increase fourfold as foreboded by the experts. If you're planning to set aside half a million for LTC, that will only be enough for a year.

Nursing homes by then will cost $319,740 annually as these currently cost between $77,745 and $79,735 depending on your state of residence. If you're thinking about hiring a home health aide, expect to pay $76 an hour 20 years down the road.

Just thinking about the future cost of care is torturous already so what more if you get to the point of actually having to pay for it. Nobody stays young forever no matter how conscious and cautious you are with your diet and figure.

There will come a time when your bones will no longer be as strong as they are right now, your vision not as clear, and your mind not as sharp as it used to be.

If you've been taking good care of yourself for the past 50 years, you will consider coming up with effective long term care plans to preserve your self-worth.

Reviewing Long Term Care Costs By State

It is understandable why 89% of Americans over the age of 55 prefer to stay home should the time come that they would need long time care. Members of close-knit families find it hard to imagine being separated from their loved ones and admitted to a nursing home. Besides, with the continuous uproar on long term care costs by state, they think staying home and having their relatives to look after them is the best resort.

This would be the ideal setup had the cost of care been more affordable. Unfortunately, this remains a far fetched dream that is probably never going to be realized in this lifetime.

Although anybody can choose to receive care at home, the idea of relying solely on family members to assist you in the activities of daily living and household chores for say a good three-year or five-year period is nothing but selfishness.

It is normal for families to care for each other but not to the extent of requiring anybody to quit his or her job, or perhaps, to surrender their future plans just so they can be at your beck and call 24 hours a day.

What's more, nobody stays healthy and strong forever. So when your time is over, have you ever wondered how the person who took care of you for a lengthy period would go on with his life considering the fact that he has stopped planning it since he started providing you care?

Everybody has to plan his future health care needs. Even those professional nurses, caregivers and home health aides that we rely on for personal care will one day need somebody to take care of them. So, what more the wife, mother, husband, son, or sister who is currently feeding, bathing and dressing up a disabled elderly loved one at home?

There is no denying that people are currently comparing long term care costs by state, either for their own benefit or for their parents. Not all baby boomers over the age of 65 years old are conscious about the soaring cost of care in their place that is why it is often the children who are taking the initiative to plan their parents' future health care.

Since majority of today's elderly population prefer to receive home care than be placed in a community-based long term care (LTC) facility, their children are scouting for the most affordable home health aide.

Reports have it that Alaska, Rhode Island, Hawaii, Massachusetts, and Minnesota offer the most expensive home health care services. If you're living in any of these states, you should plan your retirement while you are in your 40s.

Do the math before deciding which type of LTC service to settle for. For instance, an elderly woman residing in Juneau, Alaska currently spends $60,632 a year for a home health aide, which is significantly bigger than $48,048 which a senior citizen in Los Angeles, CA is forking out annually for the same service.

If you're determined to stay at home even though you feel that you will require nursing care at some point in your life, you might end up spending more than what you planned. After all, when you were told to review long term care costs by state it does not follow that you should discount your personal health care needs.

More Than Anyone Else, Who Needs The CLASS Act?

I'll be the first to raise my hand in response to this question. Prior to considering the Community Living Assistance Services and Supports Act (CLASS Act), the first of many health reforms which the government is working on and which was signed into law just last year by the President, I thought about purchasing a private long term care insurance policy.

At 69 and showing symptoms of hypertension and obesity, I was unfortunately told that I'll be paying a much higher annual premium. Why? Well, it appears I'll be requiring long term care (LTC) anytime soon.

Good thing I have not thought about retiring yet and I have only one reason for still working like a dog - I'm still without a long term care plan.

I've been reading a lot about the cost of long term care as of late and mind you, the value of LTC facilities here in my area is definitely much more than the much coveted Yamashita treasure which was buried in the Philippines.

There is a big percentage of us elders who wish to stay home even after an event subjects us to long term care. If I become disabled one day, I would personally prefer a home health aide to come into my home every day and assist me in my usual activities of daily living and, perhaps, I can also hire somebody to cook, clean the house, do my laundry and perform other household chores.

I learned that the CLASS Act covers both home care and community-based LTC plus it will also shoulder home modifications if deemed necessary for an individual's functional problems.

Thinking about my future and planning it seems so easy and doable until I stumbled upon the data of current long term care costs which was provided by leading LTC insurance providers. Looking at the huge figures made me wish that these are at stake in the lottery instead of being the current value of LTC services.

I can't believe that those who are currently receiving home care are spending approximately $155 a day for a home health aide's few hours of services. Those who require homemaker services are forking out $139 a day! These numbers do not include their daily expenses on food and other basic necessities yet.

I wonder how much I'll need when it's my turn to receive care 20 years from now, as LTC experts predicted cost of care will be four times more than what the public is enduring at present. I'll be 89 by then and I can only pray that I'll be able to manage my future health care expenses.

Hopefully, by the time I'm 76 I would be done paying the five-year annual premium of the Act as it won't be until 2013 before the public can apply for membership and start paying the premium. Even if I retire from my present job which I've been dedicated to for the past 30 years, I can secure a home-based job to avoid being disqualified from this health program. It is, after all, stipulated in the Act's guidelines that anybody aged 18 and older who is employed or self-employed is eligible to apply for membership.