Long-Term Care Insurance: Eldercare Solution

When I suddenly had to become a fulltime caregiver to my elderly parents, both with health problems and starting to develop dementia (namely Alzheimer’s), I had never even heard of Long-Term Care Insurance. After we burned through their life savings, and then started chipping away at mine, I was advised to apply for financial assistance for them through the government’s Medicaid system–a program for those at the poverty level. It was quite a long process with mounds of paperwork and numerous investigations, but finally my parents were approved.

I was so happy that monetary help would finally be on the way, until I discovered that the financial assistance would only pay to put my parents in a nursing home, not even in Assisted Living, and with very little help to keep them in their own home.

Since their levels of care were so different (my mother needed most things done for her), there weren’t any facilities that would allow them to be together. They’d be across the street from each other in different wings of the home. After fifty-five years of marriage, my parents were adamant about wanting to be together in their own home, in their own bed, where they could continue to cuddle and kiss–as they so frequently did. And, since my father was so “difficult” with a terrible temper and quite a long record of manipulative disruptive behaviors, the homes didn’t want to deal with him anyway.

It was challenging, but I committed to keeping my parents in their own home and attending Adult Day Health Care five days a week. Then, with the help of two marvelous caregivers, after four more years of loving each other–they passed, just a few months apart. Even though caring for every aspect of my parents’ last years was the hardest thing I have ever done–I am proud to say I gave them the best end-of-life I possibly could.

Had I only known to insist that we buy Long-Term Care Insurance for them prior to their illnesses–their years of in-home care could have been paid for, and I could have saved myself so much heartache, not to mention a small fortune. I encourage you to learn from my mistake and look into LTC insurance long before you need it–for your loved ones as well as yourself. Like fire insurance, hopefully, you’ll never have to use it.

Also, call your local Area Agency on Aging, or Department of Aging, and ask if there are any financial programs, waivers or grants available in your area that you can apply for.

STARTLING STATISTICS

· An estimated 4.5 to 5 million Americans have Alzheimer’s disease. In a Gallup poll, 1 in 10 Americans said that they had a family member with Alzheimer’s, and 1 in 3 knew someone with the disease.

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

· A person with Alzheimer’s disease will live an average of eight years and as many as 20 years or more from the first onset of symptoms.

· More than 7 out of 10 people with Alzheimer’s disease live at home, where family and friends provide 80 percent of their care. The estimated value of this informal care is $257 billion annually.

· One half of the U.S. population has a chronic condition. More than one quarter (26.6%) of the adult population provide care for a chronically ill, disabled or aged family member or friend, which translates to more than 50 million people.

· 37% of caregivers are living in the same household as the person they care for. 54% are between 35 and 64 years of age. 59% of the adult population either is or expects to be a family caregiver, and 2 million more caregivers will be needed in the next twenty years.

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

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

· Alzheimer’s disease costs American business $61 billion a year, which is equivalent to the net profits of the top 10 Fortune 500 companies. $24.6 billion covers Alzheimer health care, and $36.5 billion covers costs related to caregivers of individuals with Alzheimer’s, including lost productivity, absenteeism and worker replacement.

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