Long Term Care Educational Series to be Held in Houston

As we age, we are constantly faced with change, but possibly none as overwhelming as the change that comes with waning health. Long term care is a common part of retirement and considering 7 in 10 American seniors will need long term care at one point, you’d think it would be a common part of retirement planning, too. Sadly, it is not.

Long Term Care Education

The decisions that come along with aging, retirement, and long term care can be overwhelming if you aren’t sure where to start looking for answers. Fortunately, more resources are popping up all over the place to help Boomers thinking about retirement plan for their future.

An educational series about caregiving, long term care, and aging is scheduled in Houston throughout the month of July, according to an article in the Houston Chronicle. Two organizations in Houston have joined together to present this lecture series, which will include input from area experts.

Free of charge and open to the public, the series is called the Houston ElderAge Lecture Series and it will include three separate lectures held on the last three Tuesdays in July. The lecture series is co-sponsored by Seven Acres Jewish Senior Care Services and the Alzheimer’s Association with the intent to help educate area seniors on the options they have for long term care. Each of the three lectures is themed and will discuss one major facet of long term care.

Lecture Topics

The first lecture focuses on choices associated with caregiving and helps people get a better grasp of when in the long term care process to make certain decisions. These include decisions like when is the right time to start looking at care options and how to choose between the many different types of care settings like nursing homes, assisted living facilities, community care, and home care.

The second lecture is based around the cost of long term care. Panel experts will discuss the many different financial programs in place that people associate with long term care, like Medicare, Medicaid, and Social Security, and how they actually fit into the equation. Covering the cost of long term care is often what people have the most trouble with, so this lecture will be especially beneficial to those people looking into the facts of long term care.

The third lecture is about staying fit and healthy for as long as possible as you age. On the panel of experts at the final lecture will be a dietician and a neuropsychologist to discuss the many different ways to achieve both physical and mental health and how to maintain it throughout your golden years.

Attend the Event

The lecture series will be held at the Evelyn Rubenstein Jewish Community Center at 5601 S. Braeswood Boulevard in Houston on Tuesday, July 15, 22, and 29. Each of the three lectures will begin at 7 pm. Though admission is free, seating is said to be limited, so if you would like to RSVP in advance, you can do so by calling this number: 713-314-1313.

Planning for long term care is much more than just setting aside from money. It involves cultivating your health and your financial wealth to best prepare yourself for the risk that lies ahead. We help Texans navigate their long term care options to prepare them for the financial risks that await in retirement. To learn more about planning for long term care, click here.

Plan Ahead for Long Term Care

Have you considered what you will do if you ever suffer a bad fall or are diagnosed with dementia? If you need long term care, how will you pay for it?

Many people don’t think about this type of scenario early enough and are not financially prepared to pay the costs out of pocket when the time comes. The risk that you will need long term care is fairly high, and the risk only increases as you age.

Addressing the Cost

Long term care isn’t just reserved for severe injuries of illnesses, either. Many elderly people simply need help with getting around, preparing meals, and other daily tasks. The cost of an in-home caregiver is quite expensive, and though there is insurance to cover the cost of this type of care, few people have it.

Long term care insurance helps cover the  cost of long term care so you don’t end up paying the whole bill. Studies have shown that many people are concerned about the increasing cost of care at home, in assisted living facilities, and at nursing homes, but many also mistakenly believe the government pays for this type of care. That is not the case.

Medicare doesn’t pay for long term care unless you have suffered a serious injury and been hospitalized as an inpatient for at least 3 days. Even then, they only pay for a short period of care. Medicaid is the social insurance program for the poor and will only pay for long term care if you have already exhausted all of your financial assets. For those who do not want to give up all of their hard earned money simply to be cared for in old age, long term care insurance provides a way to bridge the gap.

Should You Buy?

Premiums depend on your age, health, the amount of coverage you choose, and if you are eligible for any discounts. Couples receive a discount of up to 40% of many policies, and applicants who are in good health often receive a discount, as well.

If you are above the age of 45, in good health, and have assets and a retirement nest egg to protect, you should consider buying long term care coverage. A study earlier this year found that the cost of care is increasing across all provider options. An annual cost of care report placed the cost of long term care in Texas at $61,320 for a private room in a nursing home for a year.

It’s important to apply for coverage before you are too old, because any medical issues will count against you in terms of qualifying. Just like a car insurance wouldn’t accept an application from someone who already had a wreck, long term care companies do not want to accept someone who is already sick and needs care. Looking into your options in your 50s will help you know what type of coverage you want, even if you don’t want to buy it right away.

Many adult children even consider buying this type of insurance for their aging parents. The issue of family caregiving in modern society continues to cause stress and tension as adults are often forced to leave their job or work and provide care in order to help their parent in their time of need. The AARP estimates that family caregivers provide a staggering $450 billion in unpaid care to loved ones every year. Long term care coverage can help shift the burden from families and let them focus on providing emotional support while professionals provide the necessary care.

Request more information about long term care insurance today and we will send you a personalized quote with a comparison of the top policies and providers in Texas.

Discussing Retirement for Couples

Thinking about retirement isn’t the most pleasant of activities, but it’s a necessary one if you want to be adequately prepared for your golden years. Talking about retirement with your significant other is just as important, since often people are on different pages about how much and when to contribute to their nest egg.

Talking Retirement

A recent survey found that couples are discussing retirement often, at an average of 14 times per year. Though this number sounds encouraging, it might not be the case that each mention of retirement equates to a full fledged conversation about the issue. Rather, it could simply be something mentioned in passing or a discussion about finances in general. Still, at least couples are talking about it.

The survey, which was sponsored by Capital One Share Builder, interviewed 1,008 adults on the telephone about their contributions to retirement. 72% of employed adults say they are contributing a percentage of their annual income to retirement.

The average contribution was 6.4% of yearly income, though this is just over half their ideal contribution amount. Adults believe they should be saving an average of 12.1% of their income.

Gap in Savings 

Most Americans simply aren’t saving enough for retirement, especially during the current economic climate in which costs are higher and the interest rate environment is so low. Many people underestimate the cost of retirement as it is, which leads to a gap in savings and costs when the time comes to retire.

Despite the average contribution of 6.4%, the president of Capitol One Share Builder says that contributing anything less than 10% of annual income is too low. In your 40s and 50s especially, he explained, it becomes crucial to save more, ideally 15-20% of your yearly income for retirement. He acknowledges how difficult this can be amidst countless other financial demands, though, which is why so few Americans meet those targeted contribution rates.

According to the survey, employed men are saving an average of 7.2% of their annual income, compared with employed women who are saving an average of only 5.6%. Women tend to focus on the emotional and organizational aspects of retirement, while men are typically more focused on the financial aspect. Most studies find that women are less prepared financially for retirement than men, but are often more worried about the burdens entailed in their years after work.

Retirement Concerns

61% of female pre-retirees are concerned they will never save enough for retirement, and 52% of male pre-retirees worry the same thing. More than half, 58%, of pre-retirees plan to retire at 65, but 57% of all pre-retirees are concerned they won’t save enough in time.

With the rising cost of health care and increasing life spans in our country, saving for retirement becomes more difficult every year. Because of the huge expense that retirement has become, more and more adults are opting to work longer or only partially retire rather than move onto full retirement.

Too often, people think they will be able to pay for retirement with resources like their house, but these types of gambles aren’t the safest. With the rising cost of long term care, it’s crucial to put serious effort towards saving for retirement and doing your best to prioritize spending and increase your contribution rate as much as possible. Read more about talking retirement with your loved ones or learn more about how to protect your assets with Long Term Care Insurance.

Biological Clock Can Tell Your Body’s Age and Possibly Predict Timing of Disease

The ability to predict disease may sound unreal, but researchers believe they may have found a tool that can help them predict when in someone’s life disease is most likely to occur. This new biological clock was developed by scientists as UCLA looking to get a better idea of how our body ages and what that age indicates for the future.

Measuring Age with DNA 

Steve Horvath, the lead author of the study and bioinformatician at UCLA, worked with other researchers to develop a way to use DNA to determine the age of tissue within the body.

After scouring more than 8,000 DNA samples from 51 different tissues and cells, they came up with a way to measure DNA methylation, which is the process by which genes are controlled and changed by the body to serve a new purpose.

The researchers discovered how to use DNA methylation, or DNAm, to determine the age of tissue within the body. They found that despite the fact that different parts of our body are all the same age in years, some parts age much more rapidly than others.

Looking at Tissue

Breast tissue in women, for example, typically tests two to three years older than the woman’s chronological age. Researches suggested this might be the reason that breast cancer is the cancer that most commonly afflicts women.

In the same regard, embryonic stem cells have an age of essentially zero when measured. UCLA has applied for a provisional patent for the DNAm biological clock.

By using this technology and comparing the age of certain tissues to the individuals’ chronological age, scientists may one day be able to determine which organs are aging at a rapid rate and are therefore more likely to experience disease.

Biological Clock

According to the study, our bodies age at different rates throughout our life.

“The clock’s ticking rate isn’t constant,” Horvath said. “It ticks much faster when we’re born and growing from children into teenagers, then slows to a constant rate when we reach 20.”

Horvath and the other researchers involved in the study, which was published in the journal Genome Biologyare looking to see whether or not this knowledge of tissue age can determine the effect that supposed anti-aging medications and solutions are actually doing their job. For now, though, they are still working through the mechanisms of measuring tissue age and determining how it impacts our body’s health.

The State of Genworth in the Long Term Care Insurance Industry

Genworth Financial released some short videos featuring President and CEO Tom McInerney discussing some topics relevant to the Long Term Care Insurance industry and the changes Genworth is making in how they approach the business.

Future of Long Term Care Insurance

Speaking on the state
of Genworth, McInerney expressed his excitement about the next two to three years in the industry. He believes Genworth is well-positioned in all businesses, but especially in the Long Term Care Insurance market, and there is great potential for growth within that market.

Many Long Term Care Insurance providers experienced troubles in the last few years related to policies because they did not accurately predict many influencing factors like interest rates and lapse rates. Now that Genworth has figured out better ways to manage this type of insurance and intends to continue implementing strategies of better management, the future looks bright.

Genworth has long been recognized as a leader in the Long Term Care Insurance industry and they intend to expand their presence within the market and continue living up to expectations of the company as a high quality insurance provider. McInerney stressed the high claims payment rates that Genworth boasts and says the actual payment of claims is one of the things that matter most to clients, and in that area, Genworth has very high marks.

Planning Ahead

Long Term Care Insurance helps consumers protect their assets from the high cost of care by providing coverage for care received in the various long term care settings. Nursing homes, assisted living facilities, and home health aides are the most common types of long term care and as the aging population in the United States continues to grow rapidly, it’s important that individuals begin to plan for this type of care later in life.

To get more information on Long Term Care Insurance and how much a policy from a top rated company would cost you, find out the best providers in Texas and request a free quote comparison and we will be in touch with you shortly.