Dementia is a blanket term for memory loss and intellectual disabilities that interfere with daily tasks. However, according to the Alzheimer’s Association, Alzheimer’s Disease makes up 60-80% of all types of dementia cases. Alzheimer’s is not a normal part of aging though. While it is documented that those older in years may experience slower thinking and the occasional difficulty with remembering something in particular, Alzheimer’s is much more severe and needs careful monitoring. Alzheimer’s symptoms include: Difficulty remembering newly acquired information Behavior and mood changes Disorientation Confusion Deep suspicion of those close to the patient Difficulty speaking, walking, or swallowing […]

Here are the 2016 tax deductible limits for eligible long-term care insurance premiums. Attained Age as of 12/31/2016 40 or less                                                             $  390 More than 40 but not more than 50              $  730 More than 50 but not more than 60              $1,460 More than 60 but not more than 70              $3,900 More […]

The true financial cost of long term care for caregivers can be a huge burden. No one wants to be dependent on someone else for everyday tasks, however, the truth is that almost 70% of Americans 65 years of age and older will need long term care at some point in their lives. Here is what you need to know about the real cost of long term care if you are a caregiver. According to the Genworth study “Beyond Dollars”, caregivers miss an average of seven hours of work a week to fulfill their caregiving duties. This is almost 18% […]

According to AARP and the National Alliance for Caregiving (NAC), approximately 7.5 million Americans care for loved ones age 49 or over for an average of 41 hours a week. What many of these caregivers are unaware of is that respite care exists that would allow them time off from the often around-the-clock services they are providing for their care recipients. Respite care is a service where emergency or planned care is provided to someone with special needs providing temporary relief to family caregivers who are caring for that person. This break can help caregivers avoid caregiver burnout, therefore making […]

Read more to learn about Melissa’s personal and professional background and how she helps clients and their Trusted Advisors to preserve their hard-earned assets by incorporating insurance with their financial plan. As an independent broker, Barnickel compares carriers, doing the necessary “legwork” to shop for the best rates for clients. She is licensed in 12 states, including Maryland, Florida, Colorado, Pennsylvania, and Virginia, as well as Washington, D.C., and adds additional state licenses as needed for clients all over the country. She works directly with other brokers, financial planners, CPAs, attorneys and other trusted advisors to meet the needs of […]

It is estimated that 44 million people eighteen years of age and older in the United States provide unpaid assistance to adults who are aging or have disabilities. The value of this unpaid group is almost double that of both the nursing home ($115 billion) and home health care industries ($43 billion), coming in at $306 billion annually. While this shows a remarkable amount of care for one’s family and community, evidence shows that most caregivers do not have the necessary support they need and are not prepared for what is required of them. This has created an entire group […]

You may have heard that Medicare premiums were due for a drastic increase in 2016. However, thanks to the Bipartisan Budget Act of 2015 that was signed into effect on November 2, 2015, those costs are not going to be as high as originally thought for Medicare Part A and Part B participants. There are 52 million Americans that are expected to be enrolled in Medicare Part B in 2016. The premiums are broken up into two categories: 1) Those that are considered to be “held harmless” from a premium increase, which constitute about 70% of Part B users. 2) […]

Whatever your decision it is important to understand the full physical, financial, and emotional impact on yourself and your loved ones. A long term care insurance broker can help you evaluate the options available to you such as: long term care insurance, life insurance with a long term care insurance rider, an annuity with a long term care rider, life insurance with a chronic illness rider, private pay, or a blended approach using some of these. Long-term care planning is an extremely personal decision and there is no one correct answer for how to go about preparing, it is just essential that you do so.

Have you been a caregiver for a loved one who did not have insurance to pay for long term care and they relied solely on you for help? Did it impact your health, your lifestyle, or income? Would you have preferred that you could supervise the care instead?   Throughout their working years most people look forward to a long life, dream of what they want to do when they retire, and save with hopes that it will be a worry-free time for finances. However, while budgeting for retirement many people forget to account for one of the most important […]

Here are the 2015 Tax deductible limits for eligible long-term care insurance premiums. Attained Age Before The Close of the Tax Year        Limitation on Premiums 40 or Less                                                                           $   380 More than 40 but not more than 50                               $   710 More than 50 but not more […]