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long term care insurance

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

By:  Melissa Barnickle of Baygroup Insurance 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 […]

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Simplifying Long Term Care Planning

By:  Melissa Barnickle of Baygroup Insurance Simplifying Long Term Care Planning When it comes to long term care planning, there are 3 major questions to answer: 1) Who will provide your long term care? 2) How will they be paid? 3) Is the plan funded? Let’s examine each question: Who will provide your long term care? It may seem like a funny question to some, but do you know the name of the person who will provide your care when the need arises? Is it your spouse, your child, or perhaps a trained nurse’s aide? The issue at hand is the […]

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Home Alone?

By: Melissa Barnickel at Baygroup Insurance 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 […]

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Transparency Regarding Long Term Care Financing

By:  Melissa Barnickle of Baygroup Insurance In terms of valuable life skills, it’s good to know how important (read: expensive) decisions are financed. We’re all familiar with the need to buy, or rent, a place to live. We know the responsibilities of purchasing or leasing a new car. And for those with children, we are taught to help save for their college education since their birth. But what about long term care? Most people are unfamiliar with the answer to this one. Even if they do have an answer, they may not realize that it can be different depending on the […]

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A New Twist on Filial Laws

By:  Melissa Barnickle of Baygroup Insurance Parents are used to financially supporting their minor-age children. However, most adults don’t give a second thought to the possibility of being legally obligated to support their parents. Welcome to the topic of filial support laws. These laws impose a duty upon a third party, often adult children, to support their impoverished parents or other relatives. About half the states have filial support laws on the books. What if your state doesn’t have filial laws currently? Well, that’s no guarantee that it won’t pass them sometime soon. It doesn’t matter what the law is today, […]

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