Colleague, friend, and fellow younger Baby Boomer Chris G. emailed the other day that he and his wife “went with Genworth. We did through a broker, all by phone. It took a long time and a lot of back and forth. But we finally got it settled earlier this year. The big decision point was how many years coverage to buy into.” A few of my clients tapped into long-term care insurance policies-- all covered by Genworth -- and were able to really reduce monthly expenses. I thought about this as I reached out to my peers to explore this financial strategy for covering possible future costs of long-term care. I was inspired by Ron Lieber’s NY Times money column, ”Ignore Long-Term Care Planning at Your Own Peril.” Ron Lieber made me think about how I can use today’s current economic productivity, such as it is, to cover some future safety and security. Right now I have IRAs but no other type of long-term savings or life insurance. So I thought I would share a few of the resources I've discovered, such as this Nov. 2014 Forbes update on the status of long-term care as a business. Some people would do fine with just intelligent investment of retirement assets, PBS points out: "Insured for old age? An economist explains the dangers of long-term care insurance” LTC insurance links for Bay Area denizens California Partnership for Long-Term Care, comprehensive resource for people like us. California Department of Health Care Services offers a solid consumer overview. California's Health Care department also offers a list of insurance companies that offer long-term care insurance policies California Department of Insurance, consumers’ guide to Long-Term Care Insurance sample rates, and other reports Geared toward Bay Area residents, the esteemed Berkeley Parents Network offers a 2011 list of members' recommendations for long-term care insurance brokers. Before you contact a long-term care insurance broker Check out this slew of consumer tips and links from the New York Times’ June 2013 article, “Fine Print and Red Tape in Long-Term Care Policies,” by money expert Tara Siegel Bernard.
Beyond long-term care insurance While a long-term care policy can help cover the cost of care, it cannot ensure that you receive the TYPE of care that you would want and under the conditions that you would desire. SF Bay Times “Aging in Community” columnist Dr. Rachel Robaseciotti advises, write your own long-term care PLAN that describes your wishes. Her column suggests a number of topics for writing your own plan. The National Consumer Voice for Quality Long-Term Care offers a vital, thought-provoking form for considering and sharing your choices for HOW you want to receive long-term care. The organization encourages you to write down what you want your caregivers to know. For example, How you relax and prepare for sleep at night. Activities you enjoy. Things that you would like to have in your room. In other words, the stuff that helps us live out our own ways of aging with dignity and joy. Download PDF form “Personal Directions for Quality Living” addressed to “My future caregivers, paid and unpaid” Please call or email to talk about how long-term care insurance policies affect the search for assisted living.
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AuthorLinda Jacobson, Eldercare Consumer Advocate & Technologist • Guide to assisted living communities • tech educator • neuroscience enthusiast Archives
September 2019
CategoriesAll Alternate Therapies Consumer Concerns Culture & Lifestyle Dementia Care Diet & Nutrition Health & Wellness Technologies For Better Aging |
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