Author Archives: Amy Walker

Saving for Retirement Means Prioritizing

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The retirement crisis in the United States is all over the news, but most people still haven’t saved enough to support themselves throughout retirement.

Key to a Secure Retirement

We all want a happy, stress-free retirement, but how do we go about attaining that? Many people, especially in current economic times, believe that limited income dissolves the ability to adequately save for retirement. However, with careful planning, anyone can put money towards their retirement and end up with a lump sum over time. One man from Georgia told his story to the Daily Finance and is helping bring a new perspective to retirement planning.

Danny is a 38-year-old teacher who, with his wife and two daughters, lives on a teacher’s salary of approximately $41,000 annually. The couple has already managed to save $60,000 for retirement, no small feat on such a small income. His number one tip is simple: prioritize.

In Danny’s words, “most people don’t have an income problem — it’s an outgo problem”. It’s easy to get wrapped up in products and services that you think you absolutely need now while ignoring the bigger costs that are waiting down the road. Avoiding this trap is the key to saving successfully for retirement and having enough assets to your name to live comfortably when the time comes to stop working.

Health Care Costs 

Unfortunately, despite your best efforts, your retirement nest egg might not be quite ready for unexpected medical expenses. No matter how much you plan, there is always a chance that a catastrophic event could empty your savings in a matter of months.

A recent study estimated that the average 65-year-old couple retiring in 2013 will need $220,000 for out of pocket health care expenses during retirement. That’s not the end of it either: that estimate doesn’t include the skyrocketing cost of long-term care, something that affects 1 in 2 Americans. As we get older, insurance coverage for this type of medical emergency becomes even more important.

Insure Against the Risk

Long-term care is care that someone needs when they are either injured, ill, or unable to perform activities of daily living on their own. The cost of care varies greatly, but in-home care, the least expensive option, still averages nearly $30,000 a year. Assisted living facilities are pricier at more than $40,000. A private room in a nursing home will run you a shocking $94,000, on average, in the United States.

This is more than just some petty cash – these costs amount to a massive chunk of money, which most people aren’t prepared to dish out during retirement when they are already living on a fixed income.

Long-term care insurance provides coverage for this type of care should you ever need it, and eases the worry that you will be flooded with medical bills. Though a small percentage of Americans have this kind of insurance, more are beginning to recognize the benefits and understand the massive amounts of money that a policy can save you at a time when you are most vulnerable.

Interested in learning more? Read more about long term care insurance.

Need a quote? Request a personalized comparison of the top policies now.

Long Term Care Insurance Helps Texans Remain in Their Homes

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A recent report ranked Texas as the state with the worst nursing homes in the country, causing people all across the state to rally in support of improving the many long term care facilities in the Lone Star State.

As many people fight to find quality nursing homes and improve the standard of care statewide, others are turning to different solutions to receive their long term care.

Home Sweet Home 

Long term care brings about a lot of changes, physically and emotionally. Whether you need care from a recent surgery, a fall, stroke, or Alzheimer’s or another form of dementia, transitioning into long term care can be stressful. Moving into a facility can add to this stress if the patient is reluctant to leave the comfort of the home they have lived in for years.

Fortunately, nursing homes and assisted living facilities aren’t the only care setting available for long term care patients. In-home care has become increasingly popular over the years, for obvious reasons. Receiving care in your own home retains a sense of normalcy that moving into a facility typically can disrupt. Rather than completely changing your life, you can stay where you are happiest and feel most at ease.

There’s no denying the cost of long term care in Texas is exceedingly expensive, and the majority of people can’t afford to pay out-of-pocket. According to Genworth, one of the top long term care insurance providers, the median cost of in-home care in Texas is $41,184 annually. Even 1 year of care can substantially impact your retirement savings and leave you in financial disarray. Long term care insurance provides a way to safeguard against this risk by protecting your assets from the cost of care and providing the option of in-home care.

Facing the Cost of Care

While none of us really know if we will ever need long term care or not, the fact is, the risk of financial fallout associated with the cost of care is too severe to ignore. This fact has become more apparent to the Baby Boomer population, many of whom are currently dealing with the care of their aging parents.

An important key to purchasing this type of insurance is buying the right amount of coverage at the right time. Applying for a policy when you are in your 40s or 50s will help you save a substantial amount of money compared to if you wait to apply until your 60s. This is because age and health both play a large role in what premium rate you are assigned. Texans in good health are likely to qualify for a discount from the top companies.

Long term care insurance policies from the top companies typically offer the option of in-home health care, instead of facility care. This care, which is substantially cheaper than facility care, can help you avoid exhausting your policy as quickly and keep you happier during your time of care. Some companies even offer home modifications and installation of emergency response systems to keep you as safe as possible in your home environment.

Be sure to work with an independent agent who has experience with the top providers and can help you determine whether or not your chosen policy offers in-home care. If you are interested in learning more about a policy, request a quote and we will contact you shortly.

Medicare Won’t Pay for Long Term Care

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Most of us know someone who has needed long-term care services at one point or another. Whether it was a grandparent, friend, or simply an acquaintance, it isn’t hard to recognize that long-term care often has emotionally and financially devastating effects on families.

Too often, people assume that Medicare will pay for their long term care if something ever happens. When a real medical emergency arises, they find themselves scrambling to find a new plan after being told the truth: Medicare won’t pay for long-term care.

Preparing for the Cost

Americans are living longer and healthier lives, so more of us need care in our old age than in past generations, when life expectancy was much shorter and the standard of care was much lower. These days, people want and expect high-quality care, so creating a long-term care plan is essential to ensuring you receive the type of care you prefer.

The cost of long term care in Texas just about aligns with the national average, if not a bit lower, but it’s still far from affordable. In Texas, the median cost of a private room in a nursing home is more than $5,200 a month. Assisted living facilities in Texas are less expensive, but can still add up quickly, at a median monthly cost of more than $3,300.

Even just a few months of care in a facility can substantially reduce your retirement savings, which is why establishing a plan ahead of time is such a smart move.

Long Term Care Insurance Can Help 

Many people think that long term care won’t ever happen to them, but something as simple as a fall can lead to the need for long term care, even if just for a few weeks or months. Preparing a method to pay for any such care helps reduce the stress and confusion that arises from trying to coordinate delivery of services.

Long term care insurance has provided millions of Americans with protection from the high cost of care, helping them shield their assets and have peace of mind that they will receive high quality care.

Long term care insurance policies help pay for the cost of care in a nursing home, assisted living facility, or even at home if the policy allows it. Though some companies have raised rates lately to align with the increasing health care costs, the price of premiums is still extremely low when compared to the cost of care.

If you are in good health, you can get a substantial discount on your rates. There are several top-rated companies that insure Texans and have excellent reputations in terms of claim payments. Read more about long term care in Texas or request a quote today.

UT Dallas Study Shows Brain Training Can Improve Cognitive Health

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New research from the University of Texas at Dallas shows that brain training can improve cognitive health and even reverse cognitive decline.

Enhanced Brain Functions

In a recent study, scientists put patients in complex “directed brain training” for 1 hour a week for 12 weeks. What they saw was significant changes in three specific brain functions:

– an increase in global and regional cerebral blood flow

– greater synchrony in important brain networks

– increased white matter integrity (wiring in brain that helps information travel)

As we age, our brain function declines and we lose specific skills, such as memory, attention span, and the ability to reason. Patients in the study displayed improvements in two cognitive domains after the mental activity: strategic reasoning and the ability to abstract concepts.

“Greater levels of brain blood flow are associated with higher cognitive performance,” Dr. Sandra Bond Chapman, founder and chief director of the Center for BrainHealth, said in a University press release. “With upwards of 8 percent increase in brain blood flow, this research shows that participants are regaining measurable brain health.”

Lasting Effects 

A follow-up test conducted 1 year later confirmed that the enhanced cognitive abilities remained, proof that the results were not merely a short term effect of the training. Because dementia ranks as the number one cause of long-term care in the United States, affecting more than 5 million Americans, research continues to surge in nearly every related area. Studies on brain health have slightly shifted focus in recent years, from searching for a cure towards identifying preventative measures, like this complex targeted training.

The research was funded by several different groups: the National Institute on Aging at the National Institutes of Health, the T. Boone Pickens Foundation, the Lyda Hill Foundation and the Dee Wyly Distinguished University Endowment. The researchers attributed the ability to conduct this type of study to advancements in imaging technology.

Dr. Chapman and Dee Wyly, Distinguished University Chair, explained the implications of the study: “Until recently, cognitive decline in healthy adults was viewed as an inevitable consequence of aging. This research shows that neuroplasticity can be harnessed to enhance brain performance and provides hope for individuals to improve their own mental capacity and cognitive brain health by habitually exercising higher-order thinking strategies no matter their age.”

Risk of Dementia

Alzheimer’s and other forms of dementia pose a large risk to many, especially those with a family history. A recent report found that the number of Alzheimer’s cases in Texas is expected to triple by 2050, so planning for this potentially devastating situation can help save you from financial stress in the future, which can help reduce the associated emotional toll.

Remaining mentally and socially engaged are key to helping your brain stay active and healthy. Exercise and proper nutrition can also help prevent dementia, according to research. Read more about how to protect yourself from‘ the risk that long-term care poses.

Texas Ranks Worst in Nation for Nursing Home Quality of Care

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Families for Better Care, a Florida-based nursing home resident advocacy group, recently released a report detailing the quality of nursing homes across the nation.

The report found that nursing homes in the US aren’t up to the standards they should be, and for a lot of states like Texas, it’s much worse than that.

Texas Receives Failing Grade

The group touted the study as the first of its kind, a state-by-state nursing home report card. The study was based on eight federal measures, including facility deficiencies, staffing hours, health inspections, and verified ombudsman complaints. Texas received an F and was the only state to receive a failing grade in 6 of the 8 measures.

Brian Lee, the group’s executive director said “Texas epitomizes what’s dreadfully wrong with nursing home care and oversight in America.”

“It seems skeleton crews are working the hallways of Texas nursing homes,” said Lee.  “With so few staff to care for residents, it’s not surprising that less than 20 percent of Texas nursing homes scored above average inspection ratings and almost 95 percent were cited one or more deficiencies.”

Ombusman Complaints Verified

Ombudsmen are volunteers who act as advocates and representatives for residents in long term care facilities. Ombudsmen work to ensure the patients and residents at these facilities receive quality care and respect in a dignified, appropriate setting. When a complaint is made, ombudsmen are tasked with identifying, investigating, and helping to resolve the complaint.

According to the recent report, Texas ombudsmen verified 92.19% of the registered complaints, ranking 44th in the nation.

Nationwide Problem

To gather the data for the report, Families for Better Care utilized staffing data compiled by the Kaiser Health Foundation, performance measures from the Center for Medicare and Medicaid Services’ Nursing Home Compare, and the Office of State Long-Term Care Ombudsman complaint data.

Texas was far from the only state with obvious issues: close to 90% of all nursing homes were cited as having a deficiency. Another disturbing statistic is that 96% of states offered residents fewer than three hours of direct resident care per day. Given that lack of social interaction has a profound effect on the rapidness of mental decline, these numbers highlight yet again the massive need for caregivers that our country is experiencing.

Unfortunately, a number of these nursing homes lack substantial funding. Texas, especially, suffers in the area of long term care due to the fact that the state has the lowest Medicaid reimbursement rate in the nation.

Preparing for a long term care situation far in advance can give you the time to research facilities and know your options. Long term care insurance can help you hedge your financial risk from the cost of long term care and provide a safeguard for your nest egg, should you ever need care. Even minimal coverage can help save significant money down the road, and if you work with an independent agent, you can get a plan from a solid company for an affordable rate.

Fill out the quote request form if you are interested in learning more about long term care insurance and we will be in touch with you shortly.

Ombudsman Programs Help Long Term Care Residents

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When the time comes for someone to need long term care, it is typically because they are unable to perform some daily tasks on their own. Bathing, dressing, cooking, food preparation, and getting around with ease are some of the activities that people are likely to need help with when they are in a long term care setting.

Nursing Homes

For those individuals who need more supervised care, nursing homes are often the choice. Medical assistance is provided more readily at nursing homes, so the patients tend to be more incapacitated, either mentally or physically, than those living at assisted living facilities or receiving long term care at home.

This unique situation of need leads to a great deal of vulnerability for these seniors receiving care. Many whom do not have family or whose family lives across the country spend their days without someone checking in on them to be sure everything is alright. Unfortunately, this leaves many opportunities open for neglect and sometimes even elder abuse.

In order to reduce elder abuse and nursing home neglect as much as possible, programs have been created that designate advocates for nursing home residents who might otherwise be unable to speak up for themselves.

Ombudsman

The Long Term Care Ombudsman program was started in 1978 and provide advocates for nursing home residents. These ombudsman volunteers spend time in long term care facilities working with patients to best understand their situations and needs.

The volunteers understand what works best for nursing home patients and help advocate for quality care and life in long term care settings.

Ombudsmans are responsible for identifying, investigating, and resolving any complaints made in nursing homes. This means they are often the people that nursing home residents rely on in a time of need, when they feel they have no one else. This program is invaluable to those elderly residents who might otherwise be without a voice in the situation.

Texas Program

The Texas long term care ombudsman program is part of the Texas Department of Aging and Disability Services.

The Texas Long Term Care Partnership Plan helps provide Texans with long term care insurance that is tax-deductible and qualifies for a Medicaid spend down waiver should you ever exhaust your long term care policy.

Plan ahead for the future and the possibility that you might need care at home or in a nursing home one day. Read more about long term care in Texas.

Shopping for Long Term Care Insurance Made Easy

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We speak with consumers every day, most of them interested in buying a Long Term Care Insurance policy. What we find is that many of them are overwhelmed or confused by their various options and therefore less willing to make a decision. That’s why we put so much time and effort into helping educate consumers about the different options and why it’s so important to plan ahead.

Shopping for Long Term Care Insurance is one thing that seems to be intimidating to people. Not only do they have to think about themselves as old and fragile, but it also involves some financial decisions that require some consideration. This often ends up in people shying away from planning for long term care, often until it is too late.

Navigating the Buying Process

Shopping for Long Term Care Insurance doesn’t have to be hard; in fact, it shouldn’t be hard. After beginning the buying process, many people often end up kicking the can down the road. We want to provide information that helps consumers stop procrastinating and instead start taking action and preparing for their future. If you are looking into a Long Term Care Insurance policy, consider these ways to make shopping easier.

1)    Work with an independent agent – The importance of this cannot be emphasized enough. Some agents are what are called “captive” agents, meaning they are paid by companies to promote specific products. Even if one company’s policy fit your needs better, that agent might push you to buy another one because that would mean commission for them. It’s vital to work with an independent agent who can provide you with information from multiple companies and isn’t biased towards one or another.

2)    Compare multiple companies – This goes along with #1, but is so important it deserves another mention. Premium rates can vary as much as and sometimes more than 50% between carriers, so never go with the first policy option you see. Make sure you look at several different companies before you make a decision to buy, and make sure they are top rated blue chip companies.

3)    Start early – Don’t wait until you are in your 60s to start looking at policies. By then, it may be too late to qualify. Even if you can qualify, your premium rates will be much higher than if you’d applied at a younger age, say 50 or 55. Age has a big impact on the cost of a policy, so don’t overlook the importance of applying when you are young. Buying younger can also help you achieve the preferred health discount. Qualification criteria varies from company to company for the health discount, so again, look at several companies to see if you qualify for any before choosing a product.

Plan for the Future

For some reason, Americans are planning for retirement but leaving out the huge issue of long term care in their plans. Doing so can put your nest egg in jeopardy and put you at risk of turning to a family or friend to provide care later down the road. Long Term Care Insurance can help protect your assets and provide you with peace of mind during retirement, so don’t let the process of looking into policies scare you away.

Shopping for Long Term Care Insurance, if done with the right people, can be simple and easy to understand. Work with an agent who has experience in the industry to ensure you are getting the most accurate information.

We provide unbiased information on the top Long Term Care Insurance companies including their financial rating, rate increase history, and policy details. If you would like a free quote comparison, fill out this form and we will be in touch with you shortly.

Recent Texas Study Analyzes Falls in the Elderly

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Year after year, falls remain the top cause of injury and death in the elderly and a leading cause for long term care. Scientists at the University of Texas at Austin set out to understand the exact science behind a fall in an attempt to further research that can identify ways to prevent such an occurrence from happening.

Study Procedures

The study, mentioned in a recent article in the Wall Street Journal, involved tracking healthy people as they walked and ran on a treadmill in order to understand the variability in their steps. What they found was a significant but subtle difference in body movement.

Reflective markers were placed on different parts of test subjects’ bodies to measure various physical changes. Infra-red reflections of the markers were captured by cameras and digitally re-created to mirror the activity occurring and measure the body movements precisely. When participants’ results compared, researchers found that older people were more at risk of slight variations in their step that have the potential to lead to a fall.

Dr. Jonathan Dingwell, a university professor of kinesiology and health education, supervised  the study, which was conducted by graduate school student Kelly Frank as part of her Master of Science in Kinesiology. He intends to coordinate a related study that will track the relationship between step variation and the risk of falling. In the study, he plans to deliberately trip the elderly while they are walking on a split-belt treadmill in a full-body harness that will prevent a real fall or any injury.

Important Questions

The concepts being explored by these researchers hold real significance in the future of long term care. As more and more people begin to “age-in-place”, it becomes crucial that we do our best to identify and rectify any injury risks that pose a threat to elderly adults. Falling is one of the most important.

According to the CDC, 1 in 3 older adults suffer a fall every year. That huge risk looms over all aged adults, especially those living alone. Many people who experience a fall subsequently develop a fear of falling in the future, whether they were injured or not. Identifying risks and providing assistance can help alleviate these fears and allow people to live at home longer and more comfortably.

Preparing for the risk of a fall is important, as it can have serious physical, emotional, and financial effects. If you still need care after you leave the hospital, that care is considered long term care, and it tends to be quite expensive. Just 1 month of long term care can run you anywhere from $1,000 to $8,000 a month, depending on your location whether you receive care at home or in a facility.

Protect Yourself from the Risk

Many older adults take steps to help reduce the risk of a fall, like installing different home modifications to help ease the stress of living at home. Long term care insurance provides a way for people to protect their assets and their health from the high cost of long term care.

Policies are very affordable, especially when compared to the actual cost of care, and they provide you with the peace of mind that you need as you age. Should you ever suffer a fall, or any other debilitating injury or illness, long term care insurance will help you cover the expensive cost of care and protect your assets from financial depletion.

Government studies estimate 7 in 10 Americans over the age of 65 will need long term care at some point, so considering the risk, especially the risk it poses to your retirement savings, is a step that should not be overlooked. Read more about the risk of long term care or request free information today.

Early Signs of Alzheimer’s Go Unreported in Texas

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The Center for Disease Control recently published results of a survey they conducted across 21 states in the United States. The goal was to determine the span of memory loss and cognitive decline across the senior population, those aged 60 years old and up. The findings, especially for Texans, were bleak.

Increased Memory Loss

According to the survey, 13% of all Texas respondents reported memory issues. 40% of those with memory issues also reported that it interfered with their daily lives. Alzheimer’s and other forms of dementia can often impair someone’s ability to perform tasks that were once second nature, like dressing, bathing, or eating.

Alzheimer’s and dementia can be difficult to identify at first, because it usually progresses slowly, and presents itself as mere confusion or forgetfulness. However, with Alzheimer’s cases expected to increase by one-third in the next 12 days, it is important to know the indicators because early detection can often help people ward off the disease for much longer.

Despite this, nearly 80% of the Texans who experienced memory problems and cognitive decline had not discussed their symptoms with a doctor.

Early Stage Alzheimer’s 

Researchers have found an increasingly present connection between Depression and Alzheimer’s, which lends the need for greater attention paid to one’s own mental state. Those who have felt more forgetful than usual or recognize their confusion as a possible indicator of Alzheimer’s should speak to their doctor immediately.

Unfortunately, once you have been diagnosed with Alzheimer’s, it is too late to buy a Long Term Care Insurance policy to help you cover the cost of your health services. That is why it is crucial to research Long Term Care Insurance when you are young and healthy. An LTCI policy will help safeguard your assets from depletion and cover the cost of the quality care services you deserve. Long term care is affecting more Americans every day, and it is time to start planning for the

Texas Alzheimer’s Cases to Increase One-Third By 2025

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The number of Alzheimer’s cases in Texas is estimated to increase by one-third by the year 2025, according to the 2013 Alzheimer’s Disease Facts & Figures report.

Alzheimer’s and Seniors in Texas

There are currently 2.6 million seniors living in Texas and that number is expected to double by 2030.

Alzheimer’s is the most common form of dementia in the United States, with more than 5 million people currently afflicted by the disease. The average cost of Alzheimer’s in the United States is between $157 and $215 billion annually. In the past year, it has surpassed cancer and cardiovascular disease as the most expensive illness in the nation.

Alzheimer’s Research in Texas and Beyond

While there is no cure to Alzheimer’s, many studies are being done throughout Texas in an attempt to decode the mysterious disease. One Dallas couple participated in one of many Alzheimer’s research studies at UT Southwestern in an attempt to slow cognitive decline.

The Texas Alzheimer’s Research and Care Consortium (TARCC) is an organization with physical sites around Texas that works to “improve early diagnosis, treatment, and prevention of Alzheimer’s disease.”

Caring for Loved Ones with Alzheimer’s

In Texas alone, 1.3 million caregivers provided 1.5 billion hours of unpaid care in 2012, valued at $18.2 billion, according to the recent report. While many family members volunteer to care for their loved one, it can quickly become overwhelming. According to a recent study, Americans who have been caregivers for loved ones called it both worthwhile and stressful.

If in-home care from loved ones isn’t an option, nursing homes are usually the next choice. The Texas Long Term Care Partnership program estimates the average cost of a private room in a nursing home is over $61,000 a year. Most people cannot afford to pay these costs of out pocket, and may end up exhausting their assets and eventually, relying on Medicaid.

Is There a Solution?

Long Term Care Insurance can’t help you avoid Alzheimer’s, but it can help you pay for treatment and care. A government study estimates 7 in 10 seniors will need Long Term Care at some point.

Investing in Long Term Care Insurance and planning for your future ensures that you do not burden loved ones with the task of your care. It will also help you protect your hard earned assets by avoiding the high cost of nursing homes or paid in-home care.

Texas provides many great Long Term Care Insurance policies through their Partnership program. Read more here.