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X-post: Long term care planning

Posted by jkom51 (My Page) on
Fri, May 30, 14 at 13:34

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


Follow-Up Postings:

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RE: X-post: Long term care planning

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


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RE: X-post: Long term care planning

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.


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RE: X-post: Long term care planning

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).


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RE: X-post: Long term care planning

>>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.


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RE: X-post: Long term care planning

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


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RE: X-post: Long term care planning

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.


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RE: X-post: Long term care planning

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.


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RE: X-post: Long term care planning

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.


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RE: X-post: Long term care planning

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.


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RE: X-post: Long term care planning

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?


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RE: X-post: Long term care planning

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


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RE: X-post: Long term care planning

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.


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RE: X-post: Long term care planning

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


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RE: X-post: Long term care planning

>>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.


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RE: X-post: Long term care planning

"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.


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