Category Archives: NEWS

Long Term Care Is a Women’s Issue

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Long term care is a tough subject that many people are afraid to discuss or look into because thinking about ourselves as old and frail isn’t fun. It is necessary, though. When we begin to look at long term care and the risk that is poses to us in the future, it becomes clear that long term care is overwhelmingly a women’s issue.

Life Expectancy in Texas

The life expectancy of a male in Texas is currently 75.7 years of age. Women in Texas, on the other hand, live on average to 80.5 years of age. This disparity of about 5 years makes a big difference when talking long term care and retirement plans.

Because women live longer than men, they are likely to be the caregiver if their husband ever needs care for any reason. Unpaid family care is the most common type of long term care in this country, with unpaid caregivers making up 9 in every 10 long term caregivers. It’s inexpensive and it makes things easier than moving into a facility, which is why most people turn to that option.

So, when a man needs care, the chances that his wife will care for him are quite high. When a woman needs care, though, things are different.

Women and Long Term Care

Women are more likely to be divorced or widowed than men and therefore, when they need care, they are less likely to have someone there to provide it for them. This is where the problem lies. Women currently make up about 80% of all nursing home residents across the nation, and they account for around 70% of all long term care insurance claims.

Though the need for long term care can happen to any one, women are at a much higher risk of needing care and having no one around to provide it cost-free. It’s for this reason that purchasing long term care insurance is an extremely wise move for women.

Though prices have increased recently for some products that have transitioned into gender-based pricing, which is pricing that accurately reflects the higher risk of women, it is still more than possible to find an affordable long term care insurance policy.

Learn more about long term care here or if you are interested in getting a free personalized quote to find out just how much long term care insurance would cost you, fill out this form.

5 Long Term Care Myths You Need to Know

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Planning for retirement takes time and understanding of the various factors that may affect your ability to avoid outliving your savings. There are several myths that abound regarding retirement, specifically health care in retirement, which often hinder people from making the best decisions people when it comes to their finances.

It’s important to be aware of these myths and recognize the reasoning behind them and the truth of the situation, instead. When it comes to long term care, there are five main myths that you need to know.

5 Long Term Care Myths

1) “Medicare will foot the bill for long term care”

This is easily the most prevalent myth that surrounds long term care planning. Nearly half of all Americans over the age of 40 believe that their long term care costs will be covered by their Medicare benefits as they age. The recent AP-NORC long term care survey found that 42% thinks Medicare pays for nursing home care and 38% thinks it pays for home care. Unfortunately, that’s just not true. Medicare might pay for some of your long term care, but only if you have a qualifying hospital inpatient stay. Even then, the government program will cover the cost of care only in a nursing home and only for an extremely brief period of time, usually no more than a month. Medicare was not designed to cover long term care and despite the common misconception, relying on it for your retirement care is a huge mistake.

2) “If I ever need care, I will just enroll in Medicaid.”

Yet another example of how people think the government will take care of them, the plan to enroll in Medicaid is not as simple as it sounds. If you have substantial assets saved for retirement, you will have to spend them down to basically nothing just to qualify for Medicaid. Don’t think you can just transfer them to a family member, either, because there are rules to prevent people from simply transferring their assets right before they need care. Unless you are prepared to deplete your savings, don’t expect Medicaid to pick up the tab for your long term care, either.

3) “My family will take care of me for free.”

If you are counting on your family to provide your long term care, have you thought it through completely? Most adult children are spread out across the country, making it hard to care for their aging parents who live states away. If they do live close by, caregivers often have to sacrifice their job, free time, and even their own money to care for a family member. It’s certainly not “free” in any aspect. What will you do if it gets to the point where you need medical care and other care that your family can’t provide? Last year’s AP poll found that most people expect their family to take care of them should they ever need help, but 6 in 10 haven’t even discussed it with those family members. The financial and emotional toll of family care giving is huge, but if that’s part of your plan, you need to at least talk about it first.

4) “I can afford to self-insure.”

This myth can be extremely damaging to your retirement portfolio. There are few people who can truly self-insure for long term care and those who can have several million in cash assets to spend in retirement. Unless you have upwards of $5 million free to use for your health care in retirement, self-insuring is not a wise move. Because inflation is so unpredictable and the cost of long term care continues to rise, saving for the cost of care now may mean you actually have very little 20 or 30 years down the road when you will actually need long term care. That’s why the Inflation Protection rider for Long Term Care Insurance is so vital; it helps grow the value of your benefits to keep pace with inflation, ensuring your policy is still worth the same amount (more, actually) when the need for care arises.

5) “I’ll buy Long Term Care Insurance in a few years.”

Thinking this way can be another big mistake. It’s not a pleasant thought, but illness or injury can strike at any time. If you are in your 50s and you don’t think you need to buy Long Term Care Insurance now, think again. A bad fall, a stroke, or a diagnosis of Parkinson’s, Alzheimer’s can quickly rule you out of qualifying for a policy. Your health is a huge factor of whether or not you are eligible for Long Term Care Insurance, so the longer you wait to buy, the higher the chances are your health will decline. The best time to buy a policy is when you are in your early 50s, so you can get the lowest rates and be sure you will medically qualify. Waiting will only cost you.

Take Initiative

Planning for long term care doesn’t have to be an overwhelmingly complicated task, but it does take some true consideration of your risk and your finances. If you’ve found yourself saying any of these 5 sayings, it might be time to re-think your strategy and look into buying Long Term Care Insurance now.

We can help you shop the market for the best companies in the industry. We will send you information that includes comparisons of the top-rated companies to review on your own time, all without a sales appointment. To request a quote, fill out this form and we will be in touch with you shortly.

Foster Home Program Allows Texans to Remain in Community

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The likelihood that we will need some form of long-term care services only increases as we age. For most people, nursing homes and long term care facilities are a last resort.

The majority of people would rather receive care at home than move into a facility, away from their families and other loved ones. Fortunately, a relatively new program in Texas allows veterans to receive long term care at medical foster homes throughout their community.

Long Term Care Foster Homes

The Veterans Affairs Medical Foster Home program is made possible by supplemental funding to Veterans Affairs centers throughout the United States. According to a September press release, the program began in Tarrant County just a few months ago.

Beginning in 2008, the foster home program provides veterans with an option other than living at home alone or moving into a long-term care facility. Though many older individuals would prefer to live at home as opposed to moving into a nursing home, families and loved ones often fear for their safety and wellbeing when they live alone, especially if they have mobility problems.

Moving into a nursing home, however, is often the last thing that people want to do because it takes them away from their community and often increases feelings of isolation. This new program allows them to remain in their community among their loved ones, receiving care from a local caregiver.

Caregivers

The North Texas Health Care System is seeking caregivers interested in joining the program and helping local veterans receive the care that they need. Caregivers must agree to provide constant supervision, as well as accept and partake in the veteran’s medical care plan.

Veterans might need care for the rest of their lives, so caregivers are expected to be prepared for a long term stay and provide any personal assistance that might be needed.

The Veterans Affairs press release encourages anyone interested in becoming a foster home caregiver to contact Joyce Sanders-King at 817-730-0335 or Czarvitto Rogers at 817-730-0268.

Planning for Care

Long term care can be an intimidating change for many, but this new program eases the transition and helps people feel comfortable and happy in their new care setting. Read more about the use of family caregivers for long term care or how to best plan for long term care.

Pneumonia Poses Risk In Long Term Care Facilities

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Nursing home residents are often in close quarters, and despite how healthy they are when they enter, they are at a higher risk of developing infections when they are in the facility. Pneumonia is one of the most common, and is one of the highest causes of disease and mortality in nursing homes across the country.

Infectious Disease

Pneumonia is an infection  within the lungs that is caused by either bacteria or a virus, and results in a number of different health problems. The infection is inhaled through the lungs, and research suggests people are even more vulnerable to pneumonia after recently having had the flu.

Symptoms of pneumonia include a cough, fever, fast breathing, chills, chest pain that worsens with breathing or coughing, weakness, and nausea.

The elderly are especially susceptible to pneumonia because their immune system is already weakened. The infection might manifest itself in different ways in the elderly, however, including cognitive problems like memory loss and confusion, which may make it harder to discern.

Vaccinate

The CDC recommends that all adults over the age of 65 receive the pneumococcal vaccine. They also suggest the influenza shot for all seniors, because the flu can often morph into pneumonia if not treated in a timely manner.

A patient in Texas is currently recovering from Legionnaire’s disease, which is a dangerous viral form of pneumonia. He was diagnosed last Tuesday at Waco VA Medical Center. Pneumonia cannot be spread by human contact, but only through the inhalation of air that contains the virus or bacteria. The staff at the facility is testing other residents who exhibit any symptoms of pneumonia, but so far no one else has been diagnosed.

Testing for pneumonia often involves questioning regarding symptoms, a physical exam, and possibly a blood test or chest x-ray. Because pneumonia is passed through aspiration, oral care is extremely important in avoiding pneumonia in nursing home residents.

Boost Protection

In addition to monitoring oral health, general health will help reduce your susceptibility to pneumonia. More than 300,000 people are affected by pneumonia every year and between 40,000 and 70,000 of those cases are fatal. Proper nutrition, regular exercise, and a good night’s sleep help keep your immune system strong.

If you put effort into maintaining your health as you age, you can seriously reduce your risk of an infection like pneumonia and increase the chances of living retirement healthily and happily.

How Genworth Handles Policyholder Services

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In a recent short video about Genworth’s Long Term Care Insurance division, President and CEO Tom McInerney addressed the company’s approach to policyholder services.

Consumer Needs

McInerney expressed what a fantastic job Genworth does of meeting the needs of consumers looking to get coverage for long term care. They also perform well when the consumer is in the most need, which is when they are actually making a claim.

Genworth has a great reputation in the industry, according to McInerney, of paying claims reliably and helping guide claimants through the entire process. Whether that means explaining the benefits, helping initiate the claim, or choosing the right care setting, Genworth strives to help customers in a quick, efficient, and friendly manner.

Planning for Long Term Care

Long Term Care Insurance is something that more Americans need to be thinking about, as our life spans continue to get longer and the chances of needing care continue to go up. According to government estimates, 7 in 10 American seniors will need long term care at some point, so this isn’t a tiny risk we are talking about.

Planning for long term care can make all the difference in retirement, when spending anywhere from $40,000 to $80,000 a year for care simply isn’t feasible. Transferring that huge financial risk to the insurance company is a wise decision for anyone with a nest egg to protect.

Find Out More

Read more about planning for long term care or if you are interested in a quote, request one now. We will be in touch with you shortly to help you navigate the many different options for long term care and provide you with all the information necessary for you to make the most informed decision possible.

How to Protect Against the Risk of Long Term Care

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As long term care makes its way to the forefront of the mainstream news, largely in part because of the Congressional Commission on Long Term Care, more Americans are finally beginning to understand the implications of this type of care.

Too Big to Ignore

Long term care is something that the majority of people simply don’t want to think about, so they simply don’t. Instead of trying to plan for the risk of long term care, too many people ignore the risk of long care and wrongly assume someone else will pay for their care should they ever need any assistance. Unfortunately, that assumption is incorrect.

Though many still believe Medicare or health insurance cover the cost of long term care, neither are structured to do so. Medicare may cover care for a brief amount of time, but only if you meet a number of requirements, including a 3 day hospital inpatient stay, which is not the case for most people who end up needing care.

Because 7 in 10 American seniors will need long term care at some point, it is important to consider your chances when you are mapping out your retirement plans. Have you allotted money for health expenses in retirement? A long term care situation can set you back hundreds of thousands of dollars if you haven’t established a plan in advance, so now is the time to do so.

Coverage and Peace of Mind

Whether you want to acknowledge your own risk of long term care or not, the truth is, it exists. Ensuring that you are ready when the time comes will help in a number of different ways by alleviating stress that most people experience when hit with a large medical bill.

Long term care coverage helps you avoid this stressful experience by helping you pay for the cost of care at a much lower rate than it would be out-of-pocket. This type of insurance helps protect your hard earned retirement nest egg from the risk of depletion. The last thing you want after spending years accumulating assets is to lose it all because you need medical attention or day to day assistance with tasks.

Factoring long term care into your retirement plans will put you ahead of the curve and give you peace of mind that you won’t be thrown into financial chaos should you ever need care.

Retirement Plan

Americans are delaying retirement at a higher pace than ever, many pushing it back to 70 and sometimes even later. Working into retirement has become more common in an age where life expectancies and day to day costs both continue to increase.

A recent Northwestern Mutual study identified some of the issues people are facing when planning for retirement and found that the average expected age of retirement is now 78.

Read more about planning for long term care or if you are interested in long term care coverage, request a personalized quote today with a comparison of all the top companies.

New Long Term Acute Care Facility Opens in Round Rock

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A new long term acute care facility opened in Round Rock this week. Cornerstone Healthcare’s newest facility began operations a Monday, less than 1 year after breaking ground.

Growing Need

Ranked the 2nd fastest growing city of more than 100,000+ nationwide, the city of Round Rock has still been without its own long term acute care facility. The closest are in downtown Austin and Temple.

Recognizing a need for this type of care in the area and supported by the city Chamber, Cornerstone began working late last year on construction. The 60,000-square-foot facility holds 54 beds and caters to those who are too sick to enter a regular long-term care facility but need acute care for longer than the average hospital stay.

Most hospital stays last no more than 1 week, but at a long term acute care facility, the average stay is closer to 1 month.

The Process

“Cornerstone has a long-term commitment to the Central Texas market. Our new hospital in Round Rock, together with our existing hospital in Austin, is a critical element in our strategy to be the leading provider of complex acute care services in Austin, Round Rock and surrounding communities,” stated David Smith, President of Cornerstone in a press release.

Plans are in place to expand the facility to 72 beds when the need arises, and room has been left for those new spaces. During construction, the facility was built using local materials. It provides a warm, open setting replete with natural light, something often missing in many hospitals and long term care homes.

The new hospital is located on College Park Drive, adjacent to Texas State University and the Texas A&M Health Sciences Center. It is expected to create 85 new jobs in the community within the first year, increasing to 110 the second year.

Rapid Changes

As the state of Texas ages rapidly, the number of seniors continues to increase at a greater number than most other generations. Preparing for the huge influx of both acute care and traditional long term care patients is important to both the state’s economy and ability to care for its older citizens.

Read more about long term care development in Texas or find out more about the rapidly aging population within the state.

Austin Home to Fastest Growing “Pre-Senior” Population

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A study released by the Metropolitan Policy Program at Bookings Institute in Washington, DC highlights the extreme growth that is happening in the aging senior population across the United States, specifically in Texas.

The report compiled by the Bookings Institute drew from data released in the 1990, 2000, and 2010 US censuses. The age classifications according to the study are as follows: “younger population” (under age 45), “older population” (age 45 and above), “pre-senior population” (age 55-64), and “senior population” (age 65 and above).

According to the data released, Austin, Texas is home to the fastest growing “pre-senior” population and the 2nd fastest growing “senior” population in the country.

“Pre-Seniors” and Seniors

Between 2000 and 2010, the metropolitan area of Austin experienced a 63% increase in the “older population”, anyone 45 years and above, the second highest growth rate of any area behind Raleigh, North Carolina.

Similarly, Austin saw a 53% increase in the number of seniors, those ages 65 and up, in the area over the 10 year period.

Lastly and most importantly, Austin ranked #1 with the fastest growing “pre-senior” population of any area in the nation. The number of “pre-seniors”, those aged 55-64, in the Austin-Round Rock area grew 110% between 2000 and 2010, a massive explosion in the city’s aging population of Boomers.

Addressing the Growth

In order to address the growing population of aging Texans, the state needs to begin addressing the so-called “Silver Wave”. This June, Texas state legislature passed a bill, signed by Governor Rick Perry, that would allow Texans to use their life insurance settlements to help  pay for Medicaid long term care expenses.

The bill is a step in the right direction of helping people plan for their long term care needs. Unfortunately, it does not address the entire issue. The life settlements used may not cover the entire cost of care, leaving the claimants stuck again with no way to pay for care, other than forfeit all of their assets, enroll in Medicaid, and move into a nursing facility.

Fortunately, Long Term Care Insurance offers a way for people to safeguard their assets from this potentially devastating situation and receive substantial assistance when paying for care. Despite the hype about rate increases, policies can still be affordable. Even a small amount of coverage will help you tremendously in the future.

Is There Room?

Finding a good facility that provides care can often be as taxing as paying for the care itself. Not to mention the fact that with the number of Texans with Alzheimer’s or dementia expected to triple in the next 35 years, a lack of beds is a major concern for seniors across Texas. Fortunately, the state is leading the way in senior housing construction and assisted living facilities continue to be built in various cities.

US Memory Care is one of the major players opening up a number of facilities across the state over the next several years. They recently opened a memory care center in Colleyville and are currently in the process of building 2 more, one in Cedar Park outside of Austin and one in Houston.

The growing population necessitates a shift in industry and Texas has quickly caught onto the need for more assisted living facilities and memory care centers. Although these facilities provide seniors with a place to live, that isn’t the only thing needed in the age of the Baby Boomers.

Texas communities need to begin brainstorming different ways to provide resources to seniors who live at home, as the trend of “aging in place” continues to grow. A long road of long term care issues lie ahead, and to face them successfully, education and preparation are key.

Texas Announces Plans to Combine Medicare and Medicaid Benefits

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For people who receive both Medicare and Medicaid benefits from the state of Texas, things might be getting a whole lot easier. The state of Texas just received approval from the federal government to test an idea that would combine the delivery of Medicare and Medicaid benefits to individuals enrolled in both programs.

Why the Change?

Officials say that the combination of the two services could help make it simpler for enrollees to receive their benefits while also potentially reducing costs for both the state and federal governments.

“Combining a person’s Medicaid and Medicare services into one plan makes sense for the consumer and for the taxpayer,” said Chris Traylor, chief deputy commissioner of the Texas Health and Human Services Commission. “We’ll be able to improve the coordination of care, helping people get the right care in the right setting, and we can save money for both the state and federal governments.”

Right now, Medicare pays for the covered services and then Medicaid picks up the rest of the tab afterwards. By merging the benefit services, it could help coordinate communication between the different programs and encourage better management of care that serves both programs, instead of only financially benefitting one. The new idea could help save money because combining the two services would increase the incentive to support policies that reduce the need for hospitalization, thereby cutting back on inpatient hospital stays and institutional care.

Who is Eligible?

400,000 people living in Texas are currently receiving benefits from both Medicare and Medicaid. Those people are eligible for Medicare based on either their age or disability and simultaneously eligible for Medicaid because of their income status. People enrolled in both programs are referred to as “dual eligibles”.

The program will be piloted in 6 Texas counties that include 168,000 of the dual eligible Texans. In order to enroll in the pilot program, you must be at least 21 years of age. The pilot will begin on March 1, 2015 and information will be sent out to eligible residents in January of next year.

For those who are dual eligible, the long term care expenses that Medicare doesn’t cover are picked up by Medicaid. For those who only qualify for Medicare (and therefore will not be included in this new program), it’s important to remember that despite your age, Medicare does not cover all of your health care expenses. There are many different kinds of out of pocket expenses that Medicare will not pay for, including long term care, which can be extremely expensive. Read more details about the upcoming program here.

To learn more about the cost of long term care in Texas, click here.

Harvard Report Addresses Caregiver Burden Amidst Rise in Long Term Care

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Unpaid care is the main source of long term care in the United States and with an increasing need for care comes an increasing burden on caregivers. A recent Harvard report tackles the issue of caregiver burden and its potential effects.

Long Term Caregivers

According to the report, an estimated 43.5 million friends and family are currently acting as unpaid caregivers for their loved ones. Although the majority of Americans aren’t prepared for the risk of becoming or needing a caregiver, an estimated 7 in 10 seniors will need long term care at some point. 9 in 10 of those that receive long term care receive it from a friend or family member and most long term care takes place at home.

When it comes to unpaid care giving, there is often some sort of burden involved. The objectives of the report, which was published in the Journal of the American Medical Association last month, were to outline the epidemiology of caregiver burden and provide strategies for physicians to help those with caregiver burden.

Statistics

The study published in JAMA found that most caregivers are women who spend between 20 and 40 hours every week providing care. Women are more likely to be caregivers because they have longer life expectancies, meaning they are more likely to be around to provide care when their spouse or partner needs it. 20% of all caregivers spend more than 40 hours each week providing care to a friend or family member. Though this time spent providing care takes some physical and emotional tolls on the caregiver, the report noted caregiver burden is often overlooked by clinicians.

When providing long term care to a loved one, many different effects occur in the caregiver’s life. Common ones include physical or emotional exhaustion, financial troubles, missing work, and becoming socially isolated. The Harvard study found that 32% of caregivers have high caregiver burden, which can often manifest itself by way of depression, social isolation, illness, and financial problems. The authors of the study recommend that in addition to checking the health of the patient during a clinic visit, physicians should also check the caregiver’s health.

“Most physicians haven’t been trained to ask patients about it, and it’s a new clinical habit that you have to consciously adopt and work on,” says geriatrician Dr. Anne Fabiny, medical editor of Caregiver’s Handbook, a Special Health Report from Harvard Medical School.

Assessing Caregiver Burden

Ways to assess the health of the caregiver is asking how they are coping with the responsibility of being a caregiver, how they would describe their quality of life, how often they get out and engage in social activity, and other similar questions. The answers clinicians receive can help them direct the caregiver to resources that can provide help or temporary respite when necessary.

The average dementia patient receives unpaid care valued at $56,290  from friends and family members each year. As the need for long term care grows across the nation, the number of available caregivers continues to shrink.

An AARP report found that the ratio of available caregivers to long term care recipient is estimated to drop to 4:1 in 2030, down from 7:1 in 2010. This coupled with the fact that the number of Americans aged 85 and older will double between 2000 and 2030 means planning for long term care must become a priority before it becomes an overwhelming financial problem for the nation.

Long Term Care Insurance can help those with assets hedge their risk of needing care and protect their nest egg from the growing cost of care. Long Term Care Insurance isn’t right for every one, but it is often right for those with retirement savings not meant to be spent on health care.

Read more about planning for long term care or if you are interested in learning more about the cost of a policy, request a free quote today.