X-post: Long term care planning

jkom51May 30, 2014

Cross-post from Caregivers Forum: as family members age, the financial impact can affect everyone. I ran across this, and it's one of the better planning guides I've seen. It's a free download, non-denominational, in .pdf format.

Here is a link that might be useful: X-post: Long term care planning guide

Thank you for reporting this comment. Undo
graywings123

Thanks! Here is a clickable link that takes you directly to the guide.

Here is a link that might be useful: long term care planning

    Bookmark   June 1, 2014 at 9:37AM
Thank you for reporting this comment. Undo
jewelisfabulous

Marilyn Capelli Dimitroff wrote a great article about long term care insurance that appeared in the June issue of Ladies Home Journal. Can't seem to find a link to share, but it goes hand-in-hand with the topic of this thread.

    Bookmark   June 5, 2014 at 6:18PM
Thank you for reporting this comment. Undo
SnidelyWhiplash

Articles espousing any type of insurance are usually written by people who sell such insurance. That's not a good source of objective information.

Long-term care planning is a part of estate planning, and what the best moves are can differ from state to state. Anyone so concerned should see a lawyer and perhaps also an objective advisor (one who doesn't personally profit from a client taking one approach vs another).

    Bookmark   June 6, 2014 at 12:44PM
Thank you for reporting this comment. Undo
jkom51

>>Articles espousing any type of insurance are usually written by people who sell such insurance. That's not a good source of objective information.>>

Snidely, please refrain from commenting unless you know for sure what is being discussed.

First: the guide, as stated, is non-denominational, published by a Jewish seniors non-profit organization.

Second, if you think that LTC planning is bad, then I strongly suggest you read Roz Chast's funny but very poignant "Can't We Talk About Something More Pleasant?", just published this year by Bloomsbury Press. It is her memoir of taking care of her parents in their 90's, trying to get them to accept help, and then having to deal with the usual issues of wills and most importantly, finances.

She speaks plainly of her worries about how fast her parents' savings dwindle as they enter the twilight stage of full-time care.

$14,000 month = $168,000 year. EVERYONE needs to plan properly for eldercare expenses. And that's what this guide is designed to assist people with - thinking about what the issues are, and how to deal with them. It is not, had you looked at the link, a "shill" for insurance.

My spouse and I started planning for eldercare in our late 40's. But most people aren't so forward thinking. All they think of is retirement income and what they're going to do with their time.

This is why 43+% of Medicaid's budget is spent on LTC, because seniors and their families have not planned for such long lives, filled with critical care needs. But that safety net is fraying fast. We investigated 8 full-care, highly-rated senior facilities for my MIL during 2013. NONE OF THEM take Medicaid-only patients.

    Bookmark   June 6, 2014 at 10:54PM
Thank you for reporting this comment. Undo
sushipup1

Medicaid never pays for assisted living, only for long term nursing care.

    Bookmark   June 6, 2014 at 11:09PM
Thank you for reporting this comment. Undo
SnidelyWhiplash

jkom, my comment was directed to jewel's post, not yours.

But since you've (indirectly) asked for my opinion, I'll offer it.

Long term care planning is not unlike retirement planning or even financial planning. Those who have enough assets, income and alternatives with which to "plan", aren't the ones that have problems. It's more often people and families who DON'T have much and have to figure out how to address the needs of family members, who wind up with problems.

Let's compare qualifications - I'm a CPA. How about you?

Please try to avoid commenting on my posts unless you haven't misunderstood me.

    Bookmark   June 7, 2014 at 11:34PM
Thank you for reporting this comment. Undo
emma

The most important thing to do is to learn about Division of Assets. I saved my home, car and half our savings by doing that when my husband had to go to a care home.

    Bookmark   June 8, 2014 at 10:09AM
Thank you for reporting this comment. Undo
jewelisfabulous

Snidely -- You haven't actually read the article I suggested. If you had, you wouldn't have posted any negativity about it as it doesn't push a product(s). Instead gives exceptional advice on planning for the possibility/probability of managing long-term care needs.

Because you don't recognize the author, you might be interested to know that she is a certified financial planner who has been named one of the country's top advisors by Money magazine, Bloomberg News, and Worth.

    Bookmark   June 11, 2014 at 5:40PM
Thank you for reporting this comment. Undo
emma

My husband and I never planned for long term care at that time only 15% of the population ended up in one.

In my state it doesn't matter if a spouse has to go to a care home without a lot of money. If the couple has less than $19,000 and under a certain amount of income the spouse goes directly to medicaid. The one that stays home doesn't lose any thing financially.

For this to happen you have to do a division of assets. My husband had AZ and my lawyer told me what to do when the time came, told me exactly how much I would get to keep of the savings and income, home and car. When I finally had to put my husband in a care home the attorney was on the mark for what I would get to keep.

    Bookmark   June 11, 2014 at 9:37PM
Thank you for reporting this comment. Undo
SnidelyWhiplash

I do read several well regarded pubs in the financial press, let's just say the Ladies Home Journal doesn't fit that description. Even in the top pubs, it's not unusual to find articles written by people who really don't know what they're talking about.

The CFP designation is not something that impresses me, does it mean something to you? The test is reputed to be easy and their standards are not too high. The required classes can be completed in something less than a semester and for a long while a college degree was not one of the requirements.

If you're impressed with what you read, fine. My comment was based on your description and I did jump to a conclusion because I've seen so very many instances of what I suggested, "experts" recommending something that they receive a commission for selling. That was really my point. Are you saying that that isn't so?

    Bookmark   June 12, 2014 at 2:03AM
Thank you for reporting this comment. Undo
jewelisfabulous

It's almost too easy, Snidely. Thanks for showing everyone what you're all about.

    Bookmark   June 12, 2014 at 8:23AM
Thank you for reporting this comment. Undo
isabelleking

Longevity is one of the reasons why people should plan ahead and increase their retirement income. Since people are living much longer, they are more vulnerable to diseases or conditions that will require long-term care. This type of care comes with a hefty price tag, which is enough to persuade people to plan for retirement.

Most people are left in the dark and have no idea on how to proceed with planning for retirement. So it's good that there are peole who are kind enough to share these guides here. Long-term care is a pressing issue that should be addressed right away. Putting this off will most like jeopardize your nest egg or you'll be forced to ask for help from family members.

Experts say that purchasing long-term care insurance is a good option. Well, it is but consumers should make sure that they are buying from a reputable carrier and the premiums are affordable. Comparing long term care insurance companies before buying is highly recommended by freeltcquotes.com/long-term-care-insurance/companies-ratings/ since it helps consumers in finding a company that is stable, provides excellent service and pays for claims.

In addition to this type of insurance, consumers can also resort to making aggressive investments in stocks, bonds, mutual funds or anything that can increase their retirement income and help them support their current lifestyle.

I just hope people will get the guidance they need whether it is a free e-book, blog post or seminar, in order to prevent financial hiccups in the future.

    Bookmark   July 10, 2014 at 5:36AM
Thank you for reporting this comment. Undo
emma

Sorry, I had forgotten I had already posted about the division on assets.

This post was edited by EmmaR on Thu, Jul 10, 14 at 15:47

    Bookmark   July 10, 2014 at 3:46PM
Thank you for reporting this comment. Undo
jkom51

>>The CFP designation is not something that impresses me, does it mean something to you? The test is reputed to be easy and their standards are not too high. >>

Just curious - you know this...how? I worked for an independent CFP and people sweated bullets to pass the exam. On average 50% or more fail every year. Even if you pass it, you can't call yourself a CFP until you have three years of approved financial industry experience.

>>I did jump to a conclusion because I've seen so very many instances of what I suggested, "experts" recommending something that they receive a commission for selling. That was really my point. Are you saying that that isn't so?>>

Yes, and you were wrong. It's clear to all you jumped the gun and didn't bother to look at the link. I am perfectly willing to applaud you for being a CPA, but no one should be discouraging others who may desperately need this kind of basic planning info. I'm sure you'd agree with that premise, at least.

Many people are at a loss when faced with the issue of LTC for elderly relatives. They have no idea where to turn, who to turn to, or what kinds of questions they should be asking.

As sushipup points out Medicaid never pays for Asst. Living, only for full-service nursing care. So many people - here and on other forums - don't even know the difference between Medicaid and Medicare.

Planning for LTC means being aware of all the scenarios possible and mitigating personal/financial risk by whatever combination of resources available to you. Everyone's situation is individual, so there is no one-size-fits-all solution, especially with the US hodge-podge of eldercare services, mostly unregulated.

Knowledge is not just everyone's friend, it's also our responsibility. We're lucky, we only have to worry about one elder parent as the other three have passed away already. As I stated above, we've already done our eldercare planning: not easy or cheap, but as necessary as having our legal docs done.

    Bookmark   July 15, 2014 at 2:14AM
Thank you for reporting this comment. Undo
SnidelyWhiplash

"Just curious - you know this...how?"
From working with dozens, on mutual client work. They're a very unimpressive group, most "financial planners" are nothing more than a broader equivalent of life insurance salesmen. Many in fact are or were insurance salesmen. CFP is an industry derived, self-designated credential as is the insurance version CLU. To make the holders sound to the general public as if they were more capable and trained than they are. It's not a license issued by the states or the feds, there's no governmental regulation, nada.

It's too frequent that they recommend what's in their best interest, not necessarily the client's best interest.

Most people needing estate and or elder planning are better served by starting with a lawyer or CPA. (As for these two professions, again unfortunately too many are not worthy of your trust and faith. Get one from a recommendation)

"I worked for an independent CFP and people sweated bullets to pass the exam."
Sure, and if you'd worked for a plumber, the apprentices (who also need a few years working in the industry before getting licensed) would have been sweating the plumbing contractor exam.

My comment stands about "articles" written by people who benefit from their own recommendations in the article. There's no objectivity with such comments, don't be naive.

I do agree with the remainder of your comment.

    Bookmark   July 16, 2014 at 2:21PM
Thank you for reporting this comment. Undo
joyfulguy

While CFP courses are industry-developed, when I was taking those six courses, twenty years ago, just after a revamping, they were not snap courses, by any stretch of the imagination.

As to what the people who have qualified for them may do with the knowledge ... and the level of their integrity ... or how forthcoming some may be regarding their method of compensation, that depends somewhat of the individuals involved.

Caveat emptor, anyone?

ole joyful

    Bookmark   September 11, 2014 at 7:38PM
Thank you for reporting this comment. Undo
joyfulguy

What troubles me is that many approach retirement with too little assets to see them through the average retirement even if they are able to stay in their own home throughout, and care in a residential home would be out of the question.

Many are living paycheque to paycheque ...

... and many aren't even able, or willing, to do that, but carry heavy credit card debt through many of their working years.

And ... don't get me going on the payday loan guys/scoundrels!

ole joyful

    Bookmark   October 16, 2014 at 4:23PM
Sign Up to comment
More Discussions
Here's a question for those who pay with cash
It happens occasionally, I'll be in a checkout line...
SnidelyWhiplash
help!!! advice needed asap for 2nd mortgage
I need to take out $30,000 in equity for desperately...
gigigirl1
Just because you pay your bills on time.....
doesn't guarantee you have good credit The "Paying...
myfask
Programmable Thermostat proof
Does anyone have hard copy proof of the savings that...
rjexit5
Do I need to give a 1099-misc to the lady who cleans for me?
For the first time ever, I began having a lady clean...
sogofan
Sponsored Products
Column Radiator White Floor Mounting Kit Legs For Traditional Style
Hudson Reed
X Track Connector by Juno
$40.38 | Lumens
LumenArt | AWL.51.1 Step Light
$210.00 | YLighting
17" Teak Lattice Pattern Planter
Signature Hardware
Lippa 42" Coffee Table in Walnut Veneer
$369.00 | LexMod
9'x11' Signed Persian Bakhtiari Garden Design Oriental Rug Hand Knotted Sh18895
1800 Get A Rug
Pemberly Area Rug - 5' x 8'
Grandin Road
A & E Montecito Two Tone Hand Painted Bookcase - 36W x 36H in. - MONT3636
$610.99 | Hayneedle
People viewed this after searching for:
© 2015 Houzz Inc. Houzz® The new way to design your home™