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Long Term Care Insurance is important! Caregiving isn’t Free
My wife and I have a friend who is dying of cancer, and we visited him in August and in November of last year. Six years ago, he received diagnosed with prostate cancer. And had experienced many medical procedures along with various scheduled doctor appointments.
I have encouraged them to own a caregiving plan, whether it is a regular long-term care plan or a True Freedom plan. So that whether at home or in a care center, there will be funds to pay for care. I encouraged that if they did not have the funds, to ask her son to pay for benefits, which would help them if either needed care. People believe that not owning an LTC plan is less expensive than owning a plan. What they do not realize is no cautious self-investment can do what an LTC plan can accomplish along with tax saving. I don’t know of anyone who complains because they have a benefit with ‘no tax consequences.’
When a family member is a caregiver, they should have long term care insurance
Now that he needs massive care, his wonderful wife is now the full-time caregiver and has been for almost a year. It has become overwhelmed with how much physical and emotional efforts it takes to care for her husband.
They are both retired. What would your life be like if you needed to care for your spouse or partner, and you have a thriving career? What is your plan? How will you coordinate care? How will you check what care and equipment to use? Where will you seek advice with care support services?
Hiring an expert to help
Look at Tena’s web site! You will view links with services and products that can help to keep people at home or when it is suitable to transition to a care center. Overseeing this can cause you to stress because you can’t be in 2 places at one time, taking care of your business and taking care of your loved one. Look into hiring some help. This will give you the opportunity to get some rest and also make sure your loved one is properly cared for. Or maybe you want to spend more time with your loved one while taking a break from some of the redundant business tasks. Let Tena help you so you can take care of your business and your loved one.
You need money to rent equipment or hire help
The home of our friend had to accommodate the new material. His bathroom has the equipment to help him go to the toilet and to take a shower. He has a bed so that he can more easily transfer himself to and from the bed. There is a wheelchair and a board to help him transfer from chair to bed and bed to chair.
Medicare pays for some of the equipment. It would have been easier for them financially if they had owned a long- term care plan. This would be available to pay for home modifications and equipment.
Do not forget about in-home therapy and care
People think that you have to go to a facility to receive home therapy. If you own a long-term care plan or you are on Medicare, home therapy is available. Also, if you use Medicare, you are dependent on their rules. If you own a long-term care plan, you have choices with licensed caregivers who will visit your home.
A few months ago, he transitioned to Hospice, which has its rules and procedures. If they owned a long-term care plan, they wouldn’t have to worry about the cost of physical therapy.
Another fact I didn’t know
When you are in Hospice, you cannot leave your location. This means if you travel to another state for any reason, they can deny hospice services. If they had owned a long-term care plan, hospice services would pay for care services. And it wouldn’t be a problem traveling somewhere for a few days.
- No matter your health or frailty, going to another location
- Visiting friends
- Going for a meal
- Attending some activity is helpful for everyone’s mental health.
Tena and others will provide caregiving support advice and services. She will help companies, families, friends, and caregivers cope with how to provide care and recommend equipment, and home modifications. She will provide helpful services for companies and employees to coordinate care services.
Have a plan for caregiving
Caregiving isn’t free, and when you read about caregiving services, there needs to be the recommendation to own a long-term care plan. You don’t buy a home or an automobile without insurance. Also, many own roadside services plan when your car isn’t working.
Why wouldn’t you want to do the same for your care? People want to make their own decisions whom they hire. Or you can have Medicare or your Insurance Plan decide who will help you.
It is beneficial for companies to offer Long-Term Care Benefits to their employees. Beyond the plan, there are tax benefits available for the company and those who own long-term care plans.
Having who you want with a plan
Some people are comfortable with strangers coming to their home to provide caregiving and medical services. Others are more cautious or afraid to have people sent by an agency they don’t know. If you don’t have the money, you can only rely on who the Hospice or Medicare agency allows. OR if you own an LTC plan, you can hire the people you ‘choose’ and you feel comfortable. You can have both, but when it comes to your care, do you want to rely on who chooses you. OR do you want to have your spouse or family hire people you want care services personally?
People who are not well or frail feel vulnerable and afraid. Feeling apprehensive will question whether you need caregiving. And for your family who is providing the care services and must interact with paid caregivers.
Most successful People have plans
Businesses have various contingencies in their career and business endeavors. Having a plan in place for an event for caregiving also needs a funded program (call it a reserve as you would be for your business).
If you think that taking care of a child is challenging. What would it be like if you have never had the caregiving experience to care for an adult who has daily activity needs but is still an adult?
When does a long-term care plan become active?
The LTC plan becomes active when ‘activities of daily living’ come into play. Things like:
- Eating
- Bathing
- Dressing
- Transferring
- Toileting, and continence
- And cognitive impairment
It is not the frailty or illness; it is what happens to people because of illness, weakness, or accident.
Most long-term care plans offer comprehensive care services. Whether at home or in a care or cognitive center. The programs pay for care services who have chronic, accident, or frailty where they can not do activities of daily living.
Different plans
There are plans available for people to own where activities of daily living benefits are available without having to have activities of daily living. True Freedom offers benefits without having to have activities of daily living.
It is essential to own a long-term care plan and to have a short-term plan. Which will provide support services if there is a long-term care plan waiting period.
If you believe that caregiving plans are beneficial within a financial range, my mother is 99 and will be 100 in April. She owns an LTC plan and has used her plan for over ten years. Her income is over $1 million, and she has told me that the benefits have been helpful to her to receive income from her plan with ‘no tax consequences.’
There are Caregiving plans available for every person to fit your budget.
Based on your health, your age, and based on family history and your personal preferences. Those who are or will be caregivers will enjoy owning a plan. This will provide funds to pay for your services along with caregiving services.
For those who are beyond owning a plan, view the video, and recommend they contact me. This plan pays for home care, and you can be any age, and there are no health or waiting to schedule paid caregivers. For more information, check out this post on paying for caregiving.
About the author
Raymond Lavine Lavine LTC Benefits www.lavineltcins.com advises families on how to avoid using their income and assets for extended care by owning a plan that provides a predictable stream of income and maintains the family’s lifestyle and estate planning.
Emotional Well Being: Raymond Lavine’s father needed extended care assistance three times, but had no care plan to pay for the services. His 98-year-old mother owns a long term care plan and has benefitted from home care services for 10 years.
Knowledge: Lavine has a BA in International Relations from the University of Southern California; an MBA and MA from Drucker-Ito Graduate School of Management, Claremont Graduate University; and the CLTC designation.
Financial Gain: Lavine provides common-sense advice about how to pay for care with a predictable stream of income. This planning avoids the need to spend personal assets to pay for care and there are no income tax consequences when a benefits plan pays for care.