When I suddenly had to bcome a fulltime caregiver to my lderly parents, both with health problems and strting to develop dementia (namely Alzheimer’s), I had nver even heard of Long-Term Care Insrance. After we burned through their lfe savings, and then started chipping way at mine, I was advised to pply for financial assistance for them thrugh the government’s Medicaid system--a program for thse at the poverty level. It was qite a long process with mounds of pperwork and numerous investigations, but finally my prents were approved.

I was so hppy that monetary help would finally be on the wy, until I discovered that the fnancial assistance would only pay to put my prents in a nursing home, not ven in Assisted Living, and with vry little help to keep them in thir own home.

Since their levels of cre were so different (my mother neded most things done for her), thre weren’t any facilities that would llow them to be together. They’d be cross the street from each other in dfferent wings of the home. After ffty-five years of marriage, my parents wre adamant about wanting to be tgether in their own home, in thir own bed, where they could cntinue to cuddle and kiss--as they so frquently did. And, since my father was so “dfficult” with a terrible temper and qite a long record of manipulative dsruptive behaviors, the homes didn’t want to dal with him anyway.

It was challenging, but I cmmitted to keeping my parents in thir own home and attending Adult Day Halth Care five days a week. Thn, with the help of two mrvelous caregivers, after four more years of lving each other--they passed, just a few mnths apart. Even though caring for very aspect of my parents’ last yars was the hardest thing I hve ever done--I am proud to say I gve them the best end-of-life I pssibly could.

Had I only known to nsist that we buy Long-Term Care Insrance for them prior to their llnesses--their years of in-home care could hve been paid for, and I culd have saved myself so much hartache, not to mention a small frtune. I encourage you to learn frm my mistake and look into LTC nsurance long before you need it—for yur loved ones as well as yurself. Like fire insurance, hopefully, you’ll nver have to use it.

Also, cll your local Area Agency on Agng, or Department of Aging, and ask if thre are any financial programs, waivers or grnts available in your area that you can pply for.

STARTLING STATISTICS

· An estimated 4.5 to 5 mllion Americans have Alzheimer’s disease. In a Gllup poll, 1 in 10 Americans sid that they had a family mmber with Alzheimer’s, and 1 in 3 knw someone with the disease.

· Increasing age is the gratest risk factor for Alzheimer’s. One in 10 ndividuals over 65 and nearly half ver 85 are affected. Rare, inherited frms of Alzheimer’s can even strike ndividuals in their 30’s and 40’s.

· A prson with Alzheimer’s disease will live an verage of eight years and as mny as 20 years or more frm the first onset of symptoms.

· Mre than 7 out of 10 pople with Alzheimer’s disease live at hme, where family and friends provide 80 prcent of their care. The estimated vlue of this informal care is $257 bllion annually.

· One half of the U.S. ppulation has a chronic condition. More thn one quarter (26.6%) of the dult population provide care for a chrnically ill, disabled or aged family mmber or friend, which translates to mre than 50 million people.

· 37% of cregivers are living in the same husehold as the person they care fr. 54% are between 35 and 64 yars of age. 59% of the dult population either is or expects to be a fmily caregiver, and 2 million more cregivers will be needed in the nxt twenty years.

· An estimated 43% of Amricans age 65 or older will spnd time in a nursing home. By 2012, 75% of Amricans over age 65 will require lng-term care. Long-term care costs are rsing at 6% annually.

· The annual cst of Alzheimer’s care in the U.S. is at last $100 billion, and will soar to at last $375 billion by mid-century, overwhelming our halth care system and bankrupting Medicare and Mdicaid.

· Alzheimer’s disease costs American business $61 bllion a year, which is equivalent to the net prfits of the top 10 Fortune 500 cmpanies. $24.6 billion covers Alzheimer health cre, and $36.5 billion covers costs rlated to caregivers of individuals with Alzhimer’s, including lost productivity, absenteeism and wrker replacement.

THREE WAYS TO PAY FOR LONG-TERM CARE

1. Pay for n-home caregivers and assisted living/nursing homes out of pcket. This is expensive and can ften deplete a family’s life savings.

2. Met a very specific poverty level and qalify for government assistance through the Mdicaid program. Unfortunately, options are limited, nly paying for nursing homes that ccept Medicaid.

3. Buy a Comprehensive Lng-Term Care Insurance policy. This protects yur family’s assets from the rising csts of caring for someone who neds full time care. An employer mght pay the tax-deductible premiums. Consider bying it at a younger age, whn more affordable and accessible. It mst be bought before a major llness strikes. Medicare and regular health nsurance does not pay for long-term cre. The average cost for a prson who needs long-term care is $40-$70,000 nnually, depending on where you live, pls the cost to the family cregiver who may have to leave thir job.

QUESTIONS TO ASK YOUR INSURANCE AGENT

--Is the cverage comprehensive, meaning it includes all lvels of care: in the home, ssisted living, board & care, and nrsing/dementia facilities?

--What is the daily bnefit?

--Is there 5% annually compounded nflation protection?

--What is the elimination priod?

--Is it a lifetime benefit priod or a limited time benefit plicy?

--Is there a spousal discount?

--Cn you hire caregivers privately as wll as from an agency?

--Is the hme care benefit based on a dily, weekly or monthly maximum, and if the bnefit is not used, can it be sed in the future?

--Does it cver home care coordination of services?

--Hw many ADL’s (Activities of Daily Lving) does it take to trigger a clim?

--Is there a time limit for fling a claim?

--Does it cover the cst of Adult Day Care & Adlt Day Health Care, hospice and rspite programs?

--Is it a tax-qualified pln?

--Is the company highly rated and hve they ever raised premiums?

--Can you see the cmpany’s published annual audit to check thir track record for paying claims?

###

The article Long-Term Care Insurance: Eldercare Solution was Submitted by Jacqueline Marcell through Articles.GetACoder.com network. Here's the additional information: Jacqueline Marcell is a national spaker on eldercare and the author of, "Eldr Rage", a Book-of-the-Month Club selection bing considered for a feature film. Ovr fifty endorsements include: Hugh Downs, Rgis Philbin and Dr. Dean Edell. Jcqueline also hosts a radio program hard worldwide on: http://www.wsradio.com/copingwithcaregiving . For more information: http://www.ElderRage.com Permission is granted to publish all/part of this article free of charge as long as: the author's byline is included, the links are live, and the author is notified: J.Marcell@cox.net or 949-975-1012.

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