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Long-Term Care

Long-Term Care. Prepared by Eileen St. Pierre, Ph.D., CFA Personal Finance Extension Specialist Oklahoma State University OHCE Leader Lesson July 2009. Questions. What is long-term care? Where is long-term care provided? How much does long-term care cost and how will I pay for it?

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Long-Term Care

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  1. Long-Term Care Prepared by Eileen St. Pierre, Ph.D., CFA Personal Finance Extension Specialist Oklahoma State University OHCE Leader Lesson July 2009

  2. Questions • What is long-term care? • Where is long-term care provided? • How much does long-term care cost and how will I pay for it? • How do I choose a long-term care insurance policy?

  3. What is Long-Term Care? Long-term care includes different kinds of assistance you may need if you ever have difficulty caring for yourself for an extended period of time. There are different levels of long-term care.

  4. Level 1: Inability to Perform Instrumental Activities of Daily Living (IADLs) • We need help doing “little things” around the house that keep us independent. • Need for assistance may start with death of spouse or a health problem. • Help from family and friends. • Make home modifications. • Take a course to learn to do these things yourself. • Need to pay for these costs yourself! Taking care of the yard Making household repairs Paying bills Taking a shower without falling or slipping Opening a jar of pickles Walking up the stairs

  5. Level 2: Inability to Perform Activities of Daily Living (ADLs) • What insurance and health care industries refer to as long-term care (LTC). • Also called custodial care. • To qualify for LTC insurance and some govt. programs, must need substantial assistance performing 2 or more ADLs. • Expenses not covered by Medicare or private health insurance (only cover skilled care). • What’s the difference? • Skilled care: temporary, expected to recover • Custodial or long-term care: condition is permanent, not expected to recover Eating Bathing Dressing Toileting Incontinence Hygiene Transferring - getting out of a chair or bed

  6. Where is Long-Term Care Provided? • Majority is provided at home by unpaid caregivers The typical caregiver is a 46-year old woman who is married and employed and is caring for her widowed mother who does not live with her. • Other home and community-based services: Adult Day Care Centers Home Care Services Ge Geriatric Care Managers Meals-on-Wheels Respite Care Senior Community Centers

  7. Where is Long-Term Care Provided? • If you can no longer safely live at home, there are other housing options available to you: Adult Companion Services Board and Care Homes Assisted Living Facilities Continuing Care Retirement Communities Independent Skilled Nursing Facility (Nursing Home or Convalescent Care Facility) • Long-Term Care Community Provider Information Sheet.

  8. How much does Long-Term Care Cost? • Cost depends on 3 factors: • General level of charges in your area • Specific expense rate or the services you need • How long you need the care • Genworth Financial 2009 Cost of Care Survey Oklahoma one of the least expensive states for nursing home care and assistant living facilities • To keep costs low, stay in your home and receive care there as long as possible!

  9. How do I pay for Long-Term Care? • Retirement income and personal assets • Medicaid for nursing home costs if you qualify. • Medicaid has also started to cover other long-term care expenses. • In Oklahoma, there are two programs to help individuals remain at home and pay for long-term care services: the Medicaid ADvantage Program and the State Plan Personal Care program. • Long-term care insurance • Talk to your financial advisor about other options

  10. How do I choose a Long-Term Care Insurance Policy? • Three ways to purchase LTC insurance • Individual policy • Group policy (through work) • Oklahoma Long-Term Care Partnership Plan • Handout Long-Term Care Insurance Policy Features • Insurance premium should not be more than 5% of your income

  11. Ways to save money onLong-Term Care Insurance • Don’t procrastinate! The younger you are, the lower your premiums (and the less likely you will be turned down for coverage) • Buy a policy with the longest elimination period you can afford • Consider buying a policy that will pay most, but not all, of the average nursing home costs in your area. • Look for LTC Riders on life insurance policies • If you are married, consider a joint policy • Shop around! Look for companies with A++ andA+ ratings

  12. Wrapping Up Don’t forget the evaluation form! List of Resources American Association of Retired Persons: http://www.aarp.org Genworth Financial 2009 Cost of Care Survey: http://www.genworth.com/content/genworth/us/en/products/long_term_care/long_term_care/cost_of_care.htm/ Insurance Information Institute: http://www.iii.org National Association of Insurance Commissioners: http://www.naic.org Oklahoma Area Agencies on Aging: http://www.o4aging.org Oklahoma Department of Human Services, Aging Services Division: http://www.okdhs.org/divisionsoffices/visd/asd Oklahoma Health Care Authority: http://www.okhca.org Oklahoma Insurance Department: http://www.ok.gov/oid Oklahoma Long-Term Partnership: http://www.okltcpartnership.org U.S. Department of Health and Human Services National Clearinghouse for Long-Term Care Information: http://www.longtermcare.gov

  13. Thank you!

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