What is Adult Day Care?

Adult Day Care Center is also called as adult day care services. It is considered as non-residential facility that provides social, health and nutritional support and daily living needs of older adults. It is considered as an excellent provider of short-term after discharge from hospitals. 

This type of long term care facility is designed to help older adults receive nutritional, health and social support in a comfortable and familiar environment. Moreover, adult day care enhances physical and mental health of residents since they take part to educational and fun activities regularly.

Source: https://www.ltcoptions.com/elder-care-services/adult-day-care/

Long Term Care Costs Cause Problems to Insurers

Long term care insurance companies had the answer to skyrocketing cost of long term care thirty years ago. But this time around, insurers think that long-term care insurance is not that affordable anymore. They pitched long-term care insurance as a prudent way for Americans to pay for long term care services likes adult day care, assisted living facilities, nursing homes and CCRCs.  But carriers discovered today that this type of policy is squeezing their earnings. 

Companies have higher payout nowadays since people are living much longer and thus more people will file for claims and will stay in long term care facilities.  In order to cope up with their losses, carriers impose higher premiums. People are expected to turn to Medicaid, a government program that helps cover the cost of long-term care.  

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How to Prepare for Long Term Care Costs

Many of us dream of having a comfortable life after retirement and living independently in our own home. However, most people will not have that kind of retirement since 70% of Americans 65 and above will require any form of long term care services, according to the U.S Department of Health and Human Services. 

Most Americans don’t anticipate this pressing need, which results into relying on loved ones, government programs like Medicaid and self-funding. In order to avoid these, here are some things you can consider when preparing for possible long-term care expenses:

1. Know the options
2. Consider costs
3. Understand Medicare & Medicaid
4. Decide how to pay
5. Don't put it off

Source: http://www.thedailymeal.com/ways-prepare-possible-long-term-care-costs

3 Money Mistakes in Retirement

Saving for retirement can be daunting and all it takes is a couple of mistakes that can bring financial woes in your life once you retire. So it’s recommended to be on your guard all the time in order to have a financially stable life after retirement.  According to Motley Fool contributors, there are three ways to go broke in retirement and they are the following:

1. Living beyond your means
2. Long term care or medical expenses
3. Debt

Source: http://www.fool.com/retirement/general/2015/03/16/3-easy-ways-to-go-broke-in-retirement.aspx

Spend Your Money Wisely

A lot of people commit this mistake nowadays. They don’t slow down spending their money since they can now afford to spend more. An increase in income should persuade you to increase your contributions in Social Security or savings plans and purchase insurance products so that you can protect your assets and as well as your loved ones when you start receiving long-term care. Around 70% of Americans 65 and above will require this type of care and thus the need to increase your retirement income or purchase coverage. Getting covered is significant today since it helps pay for the soaring cost of nursing homes, assisted living facilities, CCRCs and other long-term care facilities. To help you spend your money wisely, visit https://www.ltcoptions.com/learn-the-basics/how-can-you-pay-for-long-term-care/long-term-care-insurance/ to learn more information on insurance on long term care.

Does Medicaid Cover Long Term Care?

The oldest baby boomers today are already turning 70. The possibility of requiring long term care is looming even if medical treatments are more advanced now. They are at risk of needing assistance when carrying out their daily living activities like eating, bathing and toileting.  

The cost of long term care is soaring these days, so how can baby boomers cover this? Medicare doesn’t cover the core of long term care. The Veteran’s Administration on the other hand provides some coverage but restricted to VA nursing homes. Long-term care insurance is the most efficient solution but sad to say only a few Americans have bothered to purchase.  Most Americans rely on Medicaid and if you’re of one of those people, here are important things you need to know about Medicaid:

1. Medicaid care takes away choice.
2. Medical and financial qualification is necessary.
3. Exemptions for spouses remaining in community.
4. Avoid Medicaid planning and transfers.
5. Consider Long Term Care Insurance.

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