Long Term Care Providers And Policy Holders Suffering

A woman standing at the back of the old man and posing

I was fortunate enough to be able to buy a Long Term Care or LTC Insurance Policy that only required payments for 15 years, something which I don’t even think exists anymore.  Actuaries underestimated how long people would live and, as a result, have been paying out more LTC claims than originally projected.  This has caused many LTC providers to pull out of the market completely, and others to raise rates dramatically.  AARP The Magazine (December 2022/January 2023 Issue, page 28) profiled Terry Koplan, a retired Los Angeles resident who bought a policy with an inflation-protected benefit, currently $270/day, for an unlimited time.  However, he was recently notified that his annual premium would triple in 2024 to $14,315.  The insurer offered him other options such as cancelling the policy and refunding one-quarter of past premiums.  “ I feel like I have been completely cheated,” Terry told AARP.

Long Term Care Providers And Policy Holders Suffering

A woman standing at the back of the old man and posing

I was fortunate enough to be able to buy a Long Term Care or LTC Insurance Policy that only required payments for 15 years, something which I don’t even think exists anymore.  Actuaries underestimated how long people would live and, as a result, have been paying out more LTC claims than originally projected.  This has caused many LTC providers to pull out of the market completely, and others to raise rates dramatically.  AARP The Magazine (December 2022/January 2023 Issue, page 28) profiled Terry Koplan, a retired Los Angeles resident who bought a policy with an inflation-protected benefit, currently $270/day, for an unlimited time.  However, he was recently notified that his annual premium would triple in 2024 to $14,315.  The insurer offered him other options such as cancelling the policy and refunding one-quarter of past premiums.  “ I feel like I have been completely cheated,” Terry told AARP.

New Federal Database Tracks Nursing Home Ownership

A woman standing at the back of the old man and posing

Officials at the Centers for Medicare and Medicaid Services finished up a new database which allows the public, state regulators and researchers to track common ownership, something which can be very important at looking out for poor management.  The data was required by President Joe Biden due to the large amount of federal funding that goes out to them.  Nursing homes were among the deadliest places to be during COVID-19, in large part due to lack of training and caregivers bringing in the virus, which spreads incredibly rapidly.

Inflation Hitting Caregivers Hard : Get Long Term Care Insurance (LTC) If You Can Afford It

An old couple sitting together and watching laptop

Inflation is at the highest level that we have seen in more than four decades, and it is taking a toll on family caregivers.  It’s so expensive, in fact, that Amy Goyer—AARP’s family and caregiving expert and an author of two books on the subject—had to file for bankruptcy after taking care of her parents.  Once she ran out of money, she started putting expenses on credit cards and things got out of control.  “I am a caregiving expert.  How did I end up in bankruptcy?” she told the Wall Street Journal.  People are living longer, which can be a blessing but also a curse.  After more than a decade of caring for her mother, who had a stroke, her father was diagnosed with Alzheimer’s so she had the burden of caring for two parents.  There are 53 million family caregivers in America who provide $470 billion per year in free care.  On average, caregivers spend 26% of their income on caregiving expenses, according to a 2021 AARP study.  The median average cost of care rose 18.5% from 2016 to 2020 and now stands at $55K per year, according to Long Term Care Insurance (LTC) Genworth.  Get LTC Insurance while you are still young and its more affordable.

Monterey, CA Family inHome Caregiver Blog : Elder Abuse Series Article 5 : Abandonment

An old woman with an injured face

As an owner of a Home Care Organization serving senior citizens, I hate to see them being taken advantage of and abused.  Unfortunately, on the Monterey Peninsula this is all too common. 

What You Should Know About Senior Abuse
There are, unfortunately, myriad ways that seniors can be abused.  It’s often at the hands of a trusted friend or family member, or even a professional or family caregiver.  I will be exploring all 7 types of abuse over several blogs, the first of which appeared here:

https://familyinhomecaregiving.com/monterey-ca-family-inhome-caregiver-blog-elder-abuse-series-article-6-0-financial-elder-abuse/

The 7 types of elder abuse are: Financial, Physical Abuse, Sexual Abuse, Emotional or Psychological Abuse, Neglect, Abandonment, and Self-neglect. In this second blog on Abuse we will discuss sexual abuse.

Why Elderly Abandonment Is an Issue and How to Avoid It
Elder abandonment is a serious problem in our society and many thousands of people every year suffer from the consequences of this issue. Whether it’s neglect, irresponsibility or malicious action, it’s an issue that has to be addressed, as it can threaten any family who has the responsibility of caring for a senior. Understand why elderly abandonment is an issue, how you can avoid it, and how a solid estate planning attorney can be of help in this area.

What Is Elderly Abandonment?
Elderly abandonment occurs when someone responsible for the care of an elderly person deserts or otherwise fails to provide the necessary care. In Ohio, neglect is essentially defined as failing to provide the goods and services necessary to avoid the risk of physical or mental harm or illness, and abuse refers to the act of inflicting or otherwise knowingly or recklessly causing harm, anguish or pain to another person.
Abandoning an elderly person would qualify as abuse by neglect under state statutes. Usually elderly abandonment can be defined as deliberate desertion of a senior in need of care, be it by dropping them off at a care facility or leaving them in a public place. Note that just because someone leaves an elderly relative at a care facility, that doesn’t mean they haven’t abandoned them, especially if they just drop them off and leave them there.

Effects of Abandoning a Senior Loved One
The effects of abandonment can be devastating. If the senior is afflicted with dementia, Alzheimer’s or another cognitive impairment, they could forget who they are, where they belong, or even what they need to do, to seek treatment for their condition. Even if they aren’t suffering from a cognitive issue, the effects of abandonment can lead them to depression, illness, and even death. It’s every bit as bad as any other form of neglect.

Causes of Elder Abandonment
There are a number of contributing factors to elder abandonment. The person in charge of providing care could feel overwhelmed or unable to cope with the responsibility. They might be unreasonably resentful to the point where they can’t deal with the situation anymore. In the worst cases, they are vindictive in their actions.
In some cases the abandonment occurs because the responsibility falls into someone’s lap because it hasn’t been properly defined or shared. These cases, unfortunately, are all too common and can result from poor estate or end of life planning. It’s important for loved ones of elderly people to understand how responsibilities will be split and shared among the family.

How an Estate Planning Attorney Can Help
Estate planning attorneys do far more than just help to file wills. They can work with the family to establish a clear delineation of responsibilities should a senior loved one fall under the need for care. Rather than placing all of the responsibility on one person, everyone can agree to take on a part, thus spreading the responsibility around and making it far easier to deal with.

Take Care and Stay Healthy
Richard

 

Ben Lomond, CA Home Care Aide (HCA) Senior Caregiver Jobs Available : Set Your Own Hours : $2 Per Hour More On Weekends

A consultant speaking with the old couple

Ben Lomond, CA  Home Care Aide (HCA) Senior Caregiver Jobs Available : Set Your Own Hours : $2 Per Hour More On Weekends (Aptos, Ben Lomond,  Boulder Creek, Capitola, Davenport, Felton, Freedom, Mount Hermon, Santa Cruz, Scotts Valley, Soquel & Watsonville)

We have developed a reputation for having the best caregivers (Home Care Aides or Senior Companions) in Monterey County over the past decade, and we are now expanding into Santa Cruz County.   We are currently looking for qualified caregivers.

Family inHome Caregiving is seeking compassionate, mature and dependable caregivers who want to improve the lives of our elderly Clients by providing in-home, non-medical care.  Our services include:

Caring companionship

Meal preparation

Incidental transportation

Running errands

Light housekeeping

Medication reminders

Monitoring of safety while bathing

Information and referral services

Other services that improve the safety, security and quality of life of seniors.

If you believe you would make an exceptional Home Care Aide, we would love to hear from you!  We prefer those with experience helping the elderly, disabled and others with mobility problems.  Having cared for those with dementia and/or Alzheimer’s is a plus.  To work for us, you must have excellent references, a clear criminal record, a good driving record, and an insured reliable vehicle.  To apply, please visit our website www.fhcofm.com, click on home care aides, then careers where you can fill out an application online.  We have immediate openings.

https://tsc221.ersp.biz/index.cfm?event=Apply.index

 

Gonzalez, CA Home Care Aide (HCA) Senior Alzheimer’s & Dementia Caregiver Jobs Available : Set Your Own Hours : Alzheimer’s & Dementia Experience A Plus : $2 Per Hour More On Weekends

A woman combining the old man's hair with the comb

Gonzalez, CA Home Care Aide (HCA) Senior Alzheimer’s & Dementia Caregiver Jobs Available (Also Aromas, Big Sur, Carmel, Carmel-by-the-sea, Carmel Highlands, Carmel Valley, Castroville, Corral-de-Tierra, Del Rey Oaks, Greenfield, King City, Marina, Monterey, Pebble Beach, Prunedale, Salinas, Seaside, Soledad & Watsonville

We have developed a reputation for having the best caregivers (Home Care Aides or Senior Companions) in Monterey County over the past decade and have recently expanded into Santa Cruz County.   We are currently looking for qualified caregivers.

 

Family inHome Caregiving of Monterey is seeking compassionate, mature and dependable caregivers who want to improve the lives of our elderly Clients by providing in-home, non-medical care.  Our services include:

Caring companionship

Meal preparation

Incidental transportation

Running errands

Light housekeeping

Medication reminders

Monitoring of safety while bathing

Information and referral services

Other services that improve the safety, security and quality of life of seniors.

 

If you believe you would make an exceptional Home Care Aide, we would love to hear from you!  We prefer those with experience helping the elderly, disabled and others with mobility problems.  Having cared for those with dementia and/or Alzheimer’s is a plus.  To work for us, you must have excellent references, a clear criminal record, a good driving record, and an insured reliable vehicle.  To apply, please visit our website www.fhcofm.com, click on home care aides, then careers where you can fill out an application online.  We have immediate openings all over Monterey County.

AARP Gets Centers For Medicare & Medicaid Services To Regulate Nursing Homes More Stringently : By Derek Baine

The AARP Foundation and other advocates agreed to amend a lawsuit against CMS after the agency which regulates nursing facilities, agreed to reinstate the ability to levy steep finds to hold nursing homes accountable for the health and safety of residents.  Previously, nursing homes could be fined only once per violation.  Under the new rules, the CMS can levy fines on a facility for every day they are or were in violation of the rules (Source AARP Bulletin, November 2021 Issue, page 4).

Get Long Term Care Insurance LTC If You Can Afford It : Few Seniors Can Afford TO Remain At Home And Independent : By Derek Baine, Carmel, California

One of the biggest mistakes people make in retirement planning is figuring out how much money you will need in your old age to live comfortably, and still be able to pass on gifts to loved ones and your favorite charities.  People are living longer and longer and some financial analysts are having to throw traditional models right out the window.   The New York Times recently posted an article entitled, “Tallying the Cost of Growing Older,” which explored many of the pitfalls seniors fall into as they enter retirement.  “Becoming frail and needing help with basic personal care is probably the greatest financial risk people face at older ages,” Richard Johnson, the economist who directs the Program on Retirement Policy at the Urban Institute,” told the NYT.  A 2019 study he undertook for the federal Department of Health and Human Services found that over their lifetimes, about 70% of older adults will need help from caregivers either in their own home or in long-term care facilities.  Dr. Alicia Munnell, an economist and director of the Center for Retirement Research at Boston College found that only about half of the U.S. population will be able to maintain their standard of living in retirement.  Her team analyzed senior lifetime care needs as low, medium or high intensity, based on how many activities of daily living they need assistance with.  Their analysis found that only 17% of 65-year-olds will need no long-term care, while almost one-quarter will develop severe needs, requiring many hours of help for more than three years.  Most people are somewhere in-between.  Their research also found that only 36% of people in their late 60’s could not even cover a year of in-home care, and that was at 2018 rates of $22 an hour—this has gone up significantly with the current labor shortage.  We are a big proponent of long-term-care insurance.  It’s very expensive but worth it in the long run if you run into health problems.  Few people realize how expensive it can be to remain independent in your own home with the help of paid caregivers.

https://www.nytimes.com/2021/10/02/health/elderly-health-care-finances.html?campaign_id=9&emc=edit_nn_20211003&instance_id=41936&nl=the-morning&regi_id=105425463&segment_id=70562&te=1&user_id=0fafdefaa53c0a82473acdaa719a0aac

 

Long Term Care Insurance Or LTC To Be Funded By The Government?

Long Term Care or LTC Insurance is the only insurance policy which will cover the care of services provided by companies like Family inHome Caregiving.  Unfortunately, it is very expensive and few people have it.  A 2019 study funded by the National Investment Center for Seniors Housing & Care found that by 2029, more than half of the nation’s 14.4 million middle-income older adults won’t have the financial resources necessary to pay for senior housing or in-home care.  The study concludes that both public and private funds need to come to the rescue.  There is hope.  The Well-Being Insurance for Seniors to be at Home (WISH) Act would create a federal LTC trust fund that would pay for catastrophic long-term care for those who need it, and it would also allow private insurance companies to offer affordable coverage plans for the initial years of disability.  The plan would be fully paid for by a slight increase in the payroll tax (0.3% of income for both workers and employers), or roughly $300 per year for a median-income earner.

https://www.wsj.com/articles/social-security-costs-expected-to-exceed-total-income-in-2021-as-covid-19-takes-financial-toll-11630436193?mod=djemwhatsnews