Does Health Insurance Help with Long-Term Care?‏

Does Health Insurance Help with Long-Term Care?  by ElderCarelink It's 2014 and that means, thanks to the health reform law, almost everyone in the nation should have medical insurance. However, having medical insurance is no guarantee you'll be able to use it for mom and dad's long-term care. According to an analysis of health insurance plans by website HealthPocket, 99 percent of policies exclude coverage for long-term care. That's likely because long-term services often fall under the category of custodial care. In other words, many seniors need help with daily living activities, but they don't have specific medical needs that require skilled care. While medical insurance may not pay for ongoing long-term care, you may be able to get some short-term help for your parents as you determine how best to pay for their ongoing needs. Health insurance, including Medicare, may pay for the following services: Short term nursing home placement: Health plans may pay for a limited amount of nursing home care - 100 days under Medicare - for those who have been recently hospitalized. Coverage may only be available if skilled care, such as rehabilitation, is required. Medically necessary in-home care: Health insurance plans may also pay for in-home care that is medically required, such as wound care or the administration of medication. In some cases, a hospitalization may be required for an individual to become eligible for these in-home benefits. Hospice: Medicare, Medicaid and most private health insurance plans will pay for hospice care. Some private plans may pay for home hospice only and exclude coverage of services provided in a residential hospice facility. Although health insurance isn't a solution to long-term care needs, it may provide families time to investigate other payment options, particularly in cases in which a loved one is unexpectedly hospitalized with an injury or illness. This ends our email series on funding options for long-term care. We hope you found the information useful and were able to use it as a starting point for more in-depth research on ways to fund long-term care for your loved ones.

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The Pros and Cons of a Reverse Mortgage

The Pros and Cons of a Reverse Mortgage  by ElderCarelink Reverse mortgages are often cited as one way to pay for long-term care costs. The government's long term care website even has a whole section devoted to them. Unfortunately, while a reverse mortgage can provide cash to your senior parents, they may not necessarily be a good option for long-term care in every situation. Basics of reverse mortgages  A reverse mortgage works exactly how it sounds. Rather than sending monthly payments to a mortgage company, the company sends payment to you. Most reverse mortgages are offered through three types of loans Home Equity Conversion Mortgage (regulated by the federal government), Fannie Mae Home Keeper Loan and the Financial Freedom Cash Account Loan. All three work similarly, and borrowers must be 62 and live in the home. In addition, a reverse mortgage can only be taken out on a primary residence. The money can be used for any purpose, including long-term care, and reverse mortgages come with many advantages. No credit or income requirements Funds available as a lump sum, monthly payment or line of credit Proceeds do not count as taxable income so long as money is spent in the month received Danger of using a reverse mortgage for long-term care However, there is a caveat to reverse mortgages that may make you think twice before using one to fund your parent's long-term care. A reverse mortgage only works so long as an individual is living in the home. Should they require placement in nursing home or assisted living facility, the mortgage must be paid back once they move. That may mean selling the house or raiding savings and investments that were intended for other purposes. While a reverse mortgage may be an option for those planning to use in-home care exclusively, it might not be the right choice for someone whose condition is worsening. In those situations, you may want to consider other options, to help pay for care. Of course, this is just a brief introduction to reverse mortgages and is meant only to provide some preliminary information to ponder. You'll naturally want to do more in-depth research on any funding option you choose to use.

Have you noticed any changes in your loved one's health or behavior? Update your Needs Survey now so we can keep you connected to the resources that are most relevant and helpful to you. Update Your Needs Survey Now.

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In Class Activity, October 2014

Taking stock: 6 things to think about for senior housing

Taking Stock: 6 Things to Think about for Senior Housing  by ElderCarelink Any talk that you can see coming is going to be a difficult one, and thesenior housing talk with your aging parent or loved one is certainly no exception. Fortunately, some the pressure can be taken off of both parties by starting the conversation early (i.e., before the decision must be made) and coming to it prepared with a few speaking points. Here's a list of six things to think about and talk about with your loved one before the eleventh hour: Care needs. Does your parent or loved one have a worsening medical condition? What level of care does s/he need now? How about down the line? Accessibility. Your loved one will need access to things around the house and around the community. From getting to the store to making it to the hospital, pulling weeds to climbing out of the bath, location and access are major issues to consider. Socializing. Very few people actually enjoy being alone. Consider what kind of social activities your loved one needs to stay sane, whether it's organized activities or the ability to walk over to a neighbor's house. Caregiving. Don't go for homes or communities that only barely meet your loved one's needs today; go for housing options that meet tomorrow's possibilities. Finances. What's your budget? Your loved one's? How can everyone live comfortably on that amount of money? Professional assessment. If you're getting push-back to these questions or neither you nor your loved one really know what to do with the answers, consider talking to an elder-care professionalabout what housing options would work. Have this conversation early, even if only to get your loved one thinking about the issue. When you're ready, visit ElderCarelink.com to find senior housing facilities in your area.

Have you noticed any changes in your loved one's health or behavior? Update your Needs Survey now so we can keep you connected to the resources that are most relevant and helpful to you. Update Your Needs Survey Now.

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