Is Long Term Care Insurance in Del Mar CA a good choice for you?
A big goal of most families is to help their loved ones stay in their own home in a safe and comfortable surrounding as long as possible. No one’s preferred choice is to go to a facility or an institution no matter how appealing the building or the décor. For a senior to keep in their own household in safety they many desire just a few hours of assistance or they may need around the clock care. An evaluation by a home care professional is needed to figure out what is best.

UNDERSTANDING THE COST OF ELDER CARE SERVICES:

According to the MetLife Mature Market Annual Survey on the Cost of Care in the United States, the findings look like this:
• The national average daily rate for a private room in a nursing home rose 4.4% from $229 in 2010 to $239 in 2011.
• The national average monthly base rate in an assisted living community rose 5.6% from $3,293 in 2010 to $3,477 in 2011.
• The national average daily rate for adult day services rose 4.5% from $67 in 2010 to $70 in 2011.
• The national average hourly rates for home health aides ($21) and homemakers ($19) were unchanged from 2010.

HOW MUCH WILL IT COST YOUR FAMILY?

The most effective way to know specifically the amount home care services will price is to speak to a professional. Together you can come up with a plan of care and a number of hours that is not only economical, but keeps your aging loved one safe and in their own home.

Ask about options like The VA AID and ATTENDANCE PENSION BENEFIT, Reverse Mortgages, Life Settlements, and Long-Term Care Insurance. Chances are that one of those programs may be able to help with the cost.

HOW SOON CAN HOME CARE SERVICES START?

As soon as today in most cases.

For more information about long term care insurance in Carlsbad CA, contact Capstone LTC Insurance Services. We specialize in helping families with the security they need for the future. Call 858-350-3161.

According to AARP, being incapacitated can get very expensive. The Washington, DC-based organization reports a private room in a nursing home costs about $74,000 a year, and a home health aide an average of $18 an hour.

You say you could not begin to afford those costs? If you’re in your 50s today, imagine how high those expenses may be 25 years in the future. Little wonder that older Americans are investing in long-term care insurance.

Nursing home costs are often cited when arguing in favor of long-term care insurance. “What long-term care insurance really does is give you choice and options,” says Jesse Slome, executive director of the American Association for Long-Term Care Insurance (AALTCI).

The AALTCI conducts a yearly study of newly opened long-term care insurance claims, and has reported that 49 percent of them are paying for home health care. Another 24 percent of claims start when the insured is in an assisted living facility and just 27 percent when he or she is in a nursing home.

When to buy

The ideal time to buy long-term care insurance is when you are healthy, and in your early to mid-50s, says Amy Danise, editorial director for Foster City, Cal.-based Insure.com. “The coverage price really starts going up in your late 50s,” she adds. “By your early 60s, you’re looking at the price being quoted for long-term care, and it starts to look pretty unaffordable.”

Sally Hurme, senior project manager in AARP’s Department of Public Education and Outreach, citing statistics from the National Association of Insurance Commissioners, reports the average age at which consumers buy long-term care insurance is 57. “That 50 to 60 age range is the decade in which people are buying long-term care insurance, and that’s sort of the target age to be thinking of this,” she says.

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For more information about long term care insurance in Carlsbad CA, contact Capstone LTC Insurance Services. We specialize in helping families with the security they need for the future. Call 858-350-3161.

Unless you have a large investment account and don’t mind spending it
on skilled nursing care, owning long-term care insurance can be an excellent
decision. The U.S. Department of Health reports that 70 percent of us
who reach age 65 will need long-term care at some point in our lives. 

Although you may qualify for Medicare, it doesn’t cover the cost of long-term
care except under specific circumstances. And then, for only a short period of time. 

Long-term care insurance generally covers in-home care, assisted living, adult
daycare, respite care, hospice care, skilled nursing home and Alzheimer’s facilities.
Long-term care insurance can provide the resources to pay those costs and allow you to
participate in making choices that impact your care. 

In 2000, nine million Americans needed longterm care at an average cost of $5,750 per year.
By 2030, nearly 23 million will need long-term care at an average cost of $300,000 annually.
Apply for the insurance while you are insurable, not after you need care, when the insurance
company will likely reject you. Most insurance companies offer a discount if you are healthy
and/or apply with your spouse or domestic partner.

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For more information about long term care insurance in San Diego CA, contact Capstone LTC Insurance Services. We specialize in helping families with the security they need for the future. Call 858-350-3161.

Are you prepared for the services you may need in La Jolla CA?

One big purpose of a many families is to help their aging loved ones stay in their own home in a healthy and well-known surrounding for as long as possible. No one’s favorite option is to go to a facility or an institution regardless of how lovely the building or the decorations. For a senior to remain in their own household securely they many need just a a small number of hours of help or they might need around the clock care. A review by a home care professional is needed to establish what is best.

UNDERSTANDING THE COST OF ELDER CARE SERVICES:

According to the MetLife Mature Market Annual Survey on the Cost of Care in the United States, the findings look like this:
• The national average daily rate for a private room in a nursing home rose 4.4% from $229 in 2010 to $239 in 2011.
• The national average monthly base rate in an assisted living community rose 5.6% from $3,293 in 2010 to $3,477 in 2011.
• The national average daily rate for adult day services rose 4.5% from $67 in 2010 to $70 in 2011.
• The national average hourly rates for home health aides ($21) and homemakers ($19) were unchanged from 2010.

HOW MUCH WILL IT COST YOUR FAMILY?

The best way to know specifically just how much home care services will cost is to talk to one of our professionals. All together you can come up with a plan of care and a number of hours that is not only economical, but keeps your aging loved one safe and in their own home.

Ask about options like The VA AID and ATTENDANCE PENSION BENEFIT, Reverse Mortgages, Life Settlements, and Long-Term Care Insurance. Chances are that one of those programs may be able to help with the cost.

HOW SOON CAN HOME CARE SERVICES START?

As soon as today in most cases. The start date is up to you, but our team is dedicated to getting a caregiver in your home as soon as you need them.

Contact us today:

For more information about long term care insurance in La Jolla CA, contact Capstone LTC Insurance Services. We specialize in helping families with the security they need for the future. Call 858-350-3161.

Long term care insurance premiums are now tax deductible for individuals in a growing number of states. A new online guide reports on state-level tax deductions and tax credits for long term care insurance.

When my mother turned 65, all she wanted was a shiny, new long-term care insurance policy. As an obliging daughter, I found the perfect fit!

Mom was on to something. According to the U.S. Department of Health and Human Services, about 70 percent of people over age 65 will require some type of long-term care (LTC) during their lifetime, and more than 40 percent will need care in a nursing home. In 2008, 21 million people had a condition that required personal care assistance, and that number is expected to rise as the population ages.

If those odds don’t scare you, maybe the dollars will. In 2010, the approximate cost of nursing home care was over $83,000 per year for a private room, $75,000 for a semiprivate room and $40,000 per year for care in an assisted living facility (for a one-bedroom unit), while home health aides charged $21 per hour. Prices vary depending on the state, but you get the idea – this is big money.

And let’s be clear: This kind of care is largely NOT covered by Medicare, which only addresses short-term skilled services or rehabilitative care. The government will step in (via Medicaid) only if you deplete most of your assets — not something I advocate. Unfortunately, the stories of people blowing through their hard-earned retirement accounts are not fiction — one of the swiftest ways to deplete an asset base is to get sick at the wrong time. That’s probably why Medicaid currently accounts for 40 percent of all spending on long-term care.

Ideally, everyone would be able to find affordable LTC coverage, but it’s just not an option for many. The Affordable Care Act of 2010 originally had a component for LTC, which would have provided basic coverage (about $27,000 per year) for an annual premium of only $1,500. Sadly, the plan was suspended because a bean counter realized that it might cost a lot more than originally anticipated.

That leaves most people who own a house and have saved a chunk of money (let’s say a total net worthof over $300,000) with a rotten dilemma: either pay for private long-term care insurance, which is mighty expensive, or roll the dice and hope that you don’t need care.

If you are single, maybe you don’t mind assuming the risk. You could spend down your money, leave the kids zilch and qualify for Medicaid under the worst-case scenario. If you have more than $1.5 million, you could choose to “self-insure,” or pay for care yourself.

If you are married, with assets between $300,000 and $1 million, you might be risking your healthy spouse’s quality of life. For example: Joan and Mike are 70 years old with a house and retirement accounts totaling $800,000. Mike has a stroke, which he survives, but he needs more care than Joan can provide. Mike enters a nursing home, which costs $80,000 per year, lives three years and then dies. Joan is left with a greatly reduced nest egg and now must sell her home and make some tough decisions.

There is a middle road. On average, women need care for 3.7 years and men 2.2 years. One way to reduce the cost of an LTC policy is to choose a three- or five-year benefit period. Yes, there are some who will need care beyond five years (about 20 percent), but the cost of an unlimited benefit period could outweigh the risk.

Another way to reduce the cost of LTC insurance is to insure a portion of your daily need, rather than the whole thing. As you shop for LTC providers, stick with the highly rated companies with a proven record of not hiking premiums.

The bottom line is that there’s no sure-fire way to eradicate long-term care risk, but at the very least, you can reduce it.
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For more information about long term care insurance in La Jolla CA, contact Capstone LTC Insurance Services. We specialize in helping families with the security they need for the future. Call 858-350-3161.

Half of individuals who are 45 years or older have not started strategizing about retirement and other needs as they age. The actions among this age group show that the volatility of the economy, stock market, and prospects of Social Security dwindling is causing them to put off planning rather than confronting the challenges head on.

Financial advisers and elder care attorneys say these events should jolt future retirees to plan for their future. Merrill Lynch notes that couples close to retirement should dedicate half as much time on retirement planning as they do about future vacation plans. Talking honestly and strategizing about health care needs and financial investments pays off when done early and with the right experts to guide retirement plans.

Retirees must consider whether their assets can last for a lifetime. Investments should start to be mixed so that some are conservative while others still have the opportunity for growth as one ages. Even in this volatile market, it is not wise to hold all cash or low-earning certificates of deposit. Being averse to growth investments can oftentimes cause assets to be burned through earlier in retirement. With little prospects for getting a full time job after the age of 70, it is far wiser to have an expert review asset allocations so one’s nest egg can last longer.

Proactive retirement planning also includes reviewing health care needs and the prospect of long-term care. The U.S. Department of Health and Human Services estimates that 70 percent of people will need this type of care, which can be quite expensive when nursing home or in-home care costs are calculated. Long-term care insurance, inflation concerns, and government benefits should all be discussed with an experienced elder care lawyer to ensure a couple has the right plans in place.

Elder care and estate planning lawyers can also help strategize about Social Security income and retirement accounts, and what is the best time to start drawing from each resource as a retiree ages. Planning ahead is advised to stretch out assets and enjoy a more comfortable retirement.

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