Buying this special insurance to protect your savings means:
- You have peace of mind knowing you won’t burden family to assist. They will be free to manage the professionals providing your assistance, help as they can, plus care about you.
- You can be as independent as possible in your home and retain your dignity since you have funds to hire assistance.
- Children won’t have to face the difficult and emotional tasks of helping parents with personal functions such as using the toilet!
- Conflict won’t develop between sons/daughters, over spending parent’s saving nest egg for one vs retaining funds for the other.
This post shares some informative and insightful points from a talk Dr. Ken Dychtwald gave during the 2015 Aging in America Conference. His talk was last March and titled – Maturity Re-Imagined. It brings out points to think about on living the rest of your life.
Related to living longer and getting older, the month of May is celebrated each year as Older American Month. I especially like this year’s theme. Get into the Act. It’s focus is to increase awareness and encourage individuals to get more involved and to take action on their health.
The federal Department of Health and Human Services has a web site page on the Older American Month. Part of its statement on the program’s History is shown here:
When Older Americans Month was established in 1963, only 17 million living Americans had reached their 65th birthday. About a third of older Americans lived in poverty and there were few programs to meet their needs. Interest in older Americans and their concerns was growing. A meeting in April 1963 between President John F. Kennedy and members of the National Council of Senior Citizens led to designating May as “Senior Citizens Month,” the prelude to “Older Americans Month.”
Now back to some thoughts on Dr. Dychtwald’s talk. A video of his talk at the American Society on Aging conference can be found here. It’s a little over 40 minutes and for anyone interested in getting older it will really be worth your time.
Dr. Dychtwald strongly recommends a need for new thinking on maturing and reviews, during his talk, the need for new ways to think about the areas of – Health – Family – Work – Leisure – Home – Finance – Purpose.
One key point in the talk, which was of interest to me, is the need to focus more on people being Interdependent. Much of our education and thinking has been on the importance of being Independent. In other words we should be doing things together vs on our own.
The month of November has been designated Long Term Care Awareness Month for the last several years. It is however important to prepare for needing on-going assistance and buying this special kind of insurance no mater what time of year it may be.
I believe sharing thoughts from other individuals will help consumers in Connecticut better understand what best be called long term health insurance. Comments on the value of Long Term Care insurance are brought out in four short videos on LifeHappens.org.
First – the value to them in being able to receive the kind of assistance they need and want.
Second – why they did not want to be a burden on others
Third – why it was important to buy early.
Fourth – comments on the peace of mind they gained from Long Term Care insurance.
Many people plan for upcoming events in their lives. Most however, don’t plan for a significant event – not being able to care for themselves!Posted: September 28, 2014
Even though most don’t make preparations taking steps to plan for the kind of help you would like is important. What to do? The most effective approach is to buy what is best called “Long Term Health insurance”. Taking this action today will not stop health problems from developing but does mean you can gain:
- A lower cost: Premiums for this important insurance are based on your age the day you enroll, your health situation, and the level of benefits you select. Premiums can be three times higher at age 70 than when you are 50 so buying early is important.
- More benefits: Waiting to age 55 means you would have to buy an initial benefit pool of over $400,000 to achieve the same protection as someone who bought an initial pool of $250,000 at age 45. How? The 45 year old’s plan included the 5% compound inflation option. Waiting to 55 also means your premium for this initial pool of money will be higher! Why? You are 10 years older. IOW a dollar buys more benefits the younger you are.
- A good health discount: A study by the American Association for Long Term Care Insurance (AALTCI), a professional association I’m actively involved in, reports 53.9% of people between 40 and 49 qualify for a good health discount. Between 50 to 59 it drops to 44.2% – 60 to 69 it’s 31.9% – 70 to 79 it’s only 18.8%.
- A better chance of being accepted: Another AALTCI study found up to 33% of individuals 60 to 69 did not qualify for this “protection for your finances” because they had health problems. 13.9% of individuals 50 to 59 were declined in this study of 10 leading long term care insurance companies.
Buying “Long Term Health insurance” also means you won’t become a burden on family having used up income, your nest egg, and becoming poor.
Live in Connecticut? You can learn more about why owning Long Term Care insurance is better than following a plan of “I’ll wait and see” – www.LongTermCareIns-CT.com
Contact John C Parker<RHU, LTCP if questions – (860) 739-0005
There is a lot going on today with technology to help as we age and when we need long term support and services.
Wanted to share two videos on technology now being used to help with caregiving. They were created by the Center for Aging Services Technologies an association of foundations, academic and applied researchers, and health and social service providers.
The first video on the page is – Imagine – the Future of Aging. It’s described as “a glimpse, through the eyes of one family, of what the future of aging could look like with help from developing technologies that are possible, practical, and affordable.”
It is about eight minutes, provides comments from various individuals, and is well worth the time. I believe, you won’t think – oh – technology is going to overwhelm us. Instead – this can be a big help.
Many of the technology based services mentioned in the video are available today from a Connecticut based firm. They have many other products, which may be useful in your planning for a loved one.
In the second two minute plus video – Transforming an Aging Nation – “industry experts describe how these technologies can potentially improve health care, preserve independence, and ensure quality of life for seniors.
This “helping technology” will be a step toward enabling people to continue their independence and to offset the shortage of professional caregivers.