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long term care insurance

Not Just Asset Protection: How Private Long Term Care Can Protect Against Abuse

It’s horrible in the abstract. Yet it’s even worse when it’s reported at a facility you know. The topic: elder abuse at the hands of professional caregivers. Elder abuse is far from a new issue. So it wasn’t a surprise to hear that the Senate Finance Committee recently held a hearing, “Not Forgotten: Preventing Americans from Abuse and Neglect in Nursing Homes.” Let that sink in. Why would the Senate finance committee be taking a look at this topic? It’s actually logical, once you remind yourself that the government is the source of the majority of nursing home revenue.   The […]

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Wage Inflation and Long Term Care Planning

By:  Melissa Barnickle of Baygroup Insurance Today’s long term care insurance buyers have enjoyed a sustained multi-year period of low inflation. I say “enjoyed” because today’s buyers are normally pre-retirement, and therefore value low mortgage and interest rates more than their retired counterparts. Working consumers especially value low-interest rates, while retired investors relying on a fixed income from investments tend to value high-interest rates.   So, the topic of inflation is definitely a case of a two-edged sword, long term care being no exception. In fact, one of the reasons for rate increases on older long term care insurance policies is […]

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New Long Term Care Insurance Policies: The Specs

By:  Melissa Barnickle of Baygroup Insurance Have you ever wondered about what the policies look like for all the people who bought traditional, standalone long term care insurance (LTCI) in 2017— the latest year for which there are statistics available? That’s what I’m sharing with you this month, together with all the specifications on the policies. When I previously wrote about the article I read in Broker World, I mentioned it encompassed 12 dense pages and included 28 tables of statistics! These statistics are from the 2018 Milliman LTCI Survey, printed in Broker World magazine. Like any statistics surrounding a highly-customizable […]

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Psssst: How Does an Extra $100,000 – $1,000,000 sound?

By:  Melissa Barnickle of Baygroup Insurance One of the cruelest realities of professional long term care is not only the high cost (not covered by Medicare or other health insurance), but the fact that, when we need care, we are in no place physically or mentally to rally and easily meet the expense. It’s also likely that our family isn’t either. In many cases, we (or our family) end up making next-to-impossible, painful decisions: Should we raid IRAs, pensions and CDs to pay for private care, paying taxes and applicable penalties, leaving less for our spouse in their retirement? Should […]

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Checking in on New Year’s Resolutions (and a Bit on Gift Cards)

Written by Melissa Barnickle of Baygroup Insurance Here’s something that’s a bit crazy to think about— we’re a quarter of the way through 2019 already! Which makes it a great time to check in on those New Year’s resolutions we made way back when and see which we kept and which we might want to start working on again. Yes, most of us probably said we want to get into better shape, which is why to exercise more or lose weight were the top resolutions for 38% of us. However, I’d like to talk about a resolution that might not […]

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The Expense of It: What Long Term Care Costs

By:  Melissa Barnickle of Baygroup Insurance When considering the purchase of long term care insurance, it’s only natural to focus on the cost of the coverage. But let’s redirect our gaze to the cost that is truly important: the possible cost of not being insured. So, what is the cost when professional long term care is actually needed?  Those of you who have personal experience in this know the answer, and it’s probably why you’re looking into coverage! When it comes to extended unskilled** care needs, the bill is not paid by Medicare, but it’s normally paid by one of three […]

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Blurring Lines: Medicare Advantage and Long Term Care

By:  Melissa Barnickle of Baygroup Insurance Medicare has always been very clear about the fact that it does not cover the vast majority of long term care. What it does cover is qualified intermittent, not daily, skilled home care following a qualifying hospital stay that is limited in duration. However, last year, a shift in policy was signaled that gave Medicare Advantage plans the ability to cover a variety of services that were previously not allowed. They include adult day care and in-home help with activities such as dressing, bathing, and medication management.   In discussing the new interpretation of Medicare […]

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Predictable Surprises

By: Melissa Barnickle of Baygroup Insurance Benjamin Franklin famously penned, “…in this world nothing can be said to be certain, except death and taxes”. That was back in 1789. Relative to the topic of inevitability, I’d like to add one more item to death and taxes: change. Plans change. Our interests and preferences change. Situations change, too. Where children live can change. Even the terms of the taxes change regularly, too! Human beings are pretty much hard-wired to resist change. We become comfortable with what we know. From the infant who responds well to a schedule, to the adult who […]

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A Different Kind of Bucket List: Long Term Care Goals

Have you ever sat down and compiled a bucket list? You know, your ultimate compilation of lifelong goals to accomplish? In addition to the typical mountain climbing and continent-visiting, painting lessons and dancing at grandchildren’s weddings, the items listed below are quite worthy of being included as well. They may not be found on the typical bucket list, but I’m betting all the other items rely upon these: Don’t outlive my assets Take care of myself to avoid long term care needs and expenses These two things often cause a lot of worry.   That’s why I enjoyed the concept […]

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Home Alone?

When you imagine needing long term care, what do you imagine? Is the location a larger building, perhaps an assisted living facility, where responsibilities such as yard care and cooking are someone else’s concern? Or are you in your own home, tended to by paid caregivers, with visits from family and friends? Perhaps you will you be home alone, with a little (or a lot of) help from technology? An article in the June 2018 issue of “The Elderly Report,” a newsletter for lawyers, actually had me thinking about how technology may help with caregiving. “Technological Innovations Can Help Seniors” […]

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