Gregory D. Roberts, CFP, CLU, ChFC, CLTC, EA
Life Solutions
Aiken, South Carolina 39803
803-617-9805
Member of the South Carolina chapter, national ElderCare Matters Alliance
Asset-Based Solutions for Long Term Care Coverage are Gaining Favor
Long-Term Care Insurance
Ben A. Neiburger, JD, CPA
Neiburger Law, Ltd.
Elmhurst, Illinois 60126
630-782-1766
Member of the national ElderCare Matters Alliance, Illinois chapter
In my elder law practice, a frequent topic of conversation with my clients is how to pay for long-term care. This is an understandable concern given that many long-term care facilities in Northern Illinois charge between $6000 and $8000 per month for care – that’s $72,000 to $96,000 per year!). A typical married couple in their 70’s may have only $50,000 to $200,000 in life savings plus their home. This means that if one spouse needs to spend some time in a long-term care facility, he or she could burn through the couple’s life savings in a year or two – a very scary thought.
Read more on Article of the Week: Paying for Long-Term Care – Can it be done?…
Wayne Abraham
Personal Care, Inc.
Greensboro, North Carolina
336-274-9200
Member of the national ElderCare Matters Alliance,
North Carolina chapter
If you or a family member reach a point when you believe it is time to use that long term care insurance policy that was purchased, what do you do? All too often people don’t read the fine print on their policies and aren’t sure how to go about accessing them when they need them.
There are some basic things to keep in mind when you have reached this point. First of all, do you qualify? Different policies have different requirements for what constitutes eligibility. The industry standard is that you must need help with at least two activities of daily living or ADLs. These include tasks such as bathing, dressing, toileting, and others.
When you contact your long term care insurance company about activating your policy and receiving benefits they will send an RN out to do an assessment as well as contacting your doctor. Below is a list of items that insurance companies use in order to determine whether or not you are eligible to receive those benefits. Read more on How to Access Your Long Term Care Insurance Benefits…
Allen Kampf, RFC, CLTC
Wealth Advocacy Partners
Sparks, Maryland 21152
410-527-1171
Member of the national ElderCare Matters Alliance, Maryland chapter
As the number of elderly Americans increases, long-term care (LTC) needs and costs are likely to grow. Many believe that private long-term care insurance can and should play a more significant role in the financing of home care and nursing home services. Wider use of such insurance could shift the burden from individuals, who are often ill-prepared to pay for such care out-of-pocket, as well as from state Medicaid programs, which often serve as a default financier of long-term-care services. Read more on Long Term Care Partnership Programs…
Allen Kampf, RFC
Wealth Advocacy Partners
Sparks, Maryland
410-527-1171
Member of the national ElderCare Matters Alliance, Maryland chapter
As a result of medical technology, we are definitely living longer. When we continue living, we age; when we age, we need care. It isn't a question of who will care for you. The question is, "What impact will that care have on your family – physically, emotionally and financially?" Read more on Who Pays for Long-Term Care?…
Read more on Who Pays for Long-Term Care?…
By Philip C. Benedict, CFP
Benedict Financial Advisors
Atlanta, Georgia
770-671-8228
Member of the national ElderCare Matters Alliance, Georgia chapter
Over the years, I have brought up the topic of long-term care insurance with my clients and friends. Some got coverage, but many did nothing. So, I asked a few of the "do nothings" why they took no action.
Read more on Long-term care insurance is not only for nursing homes…
By Phillip G. Sanders, MBA, MSHA, CPA
Georgia ElderCare Advisors, LLC
Atlanta, Georgia
770-379-4500
Member of the national ElderCare Matters Alliance,
Georgia chapter
During the last several years, I have had the honor to address my colleagues at the AICPA's (American Institute of Certified Public Accountants) National ElderCare conference in Phoenix, and to serve as a panelist at the day-long nationally televised symposium for ElderCare professionals in Dallas. The overriding message I heard from fellow CPAs and attorneys was the importance of setting into place NOW a long-term care plan — a plan that details how you will finance your and your family's future ElderCare needs.
Read more on Experts Agree: Plan Now for Future ElderCare Needs…