“How to Hire In-Home Help,” by Donna Rosato, Consumer Reports “Most people who need long-term care rely on family for assistance, but about one-third get help from paid caregivers. Finding and managing outside help can be stressful and time-consuming. You need someone reliable and trustworthy with the right skills. But you also want someone your loved one will be comfortable with. . . . You’ll pay a higher rate if you need help during evenings, holidays, or weekends. Hiring an aide, such as a nurse or certified nursing assistant, who can provide a higher level of care (changing a catheter,
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“Genworth Survey: Consumers’ greatest fear about aging is not having enough money to pay for long term care, but few plan ahead,” Genworth Financial “Not having enough money to pay for care is the greatest fear adults have about aging and their long term care needs, according to a recent consumer survey by Genworth, but only one in five have taken any action toward financing their long term care expenses. Furthermore, only half of the respondents said they plan to take personal financial responsibility for their own care as they age. The others said they would leave that worry to
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“Medicaid Annuities Help Protect Savings: A tactic to prevent unexpected nursing home care from evaporating the family nest egg,” by Eleanor Laise, Kiplinger Personal Finance “Picture this: Your spouse has made a permanent move to a nursing home. You don’t have long-term-care insurance, Medicare won’t cover the cost, and you have too much money to qualify for Medicaid—but not nearly enough to afford the nursing-home bills. The monthly tab—easily $5,000 to $8,000 for a semi-private room—is rapidly depleting your nest egg. Now what? This is where a Medicaid-compliant annuity might rescue your retirement. You buy an immediate annuity—owned by and
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“The Many Faces of Caregivers: A Close-Up Look at Caregiving and Its Impacts,” Transamerica Institute “Key Highlights: *Three in Four Caregivers Provide Care for One Person. . . . *Most Caregivers Do So Out of Love. . . . *Four Out of Five Caregivers Came to it Voluntarily. . . . *Most Caregivers Have Provided Care for Years. . . . *Family Members Often Work Together to Provide Care. . . . *Caregivers Tend to Live in Close Proximity to the Care Recipient.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Click through to the report
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“SNFs Renew Push to Change Three-Day Stay Rule,” by Tim Regan, Skilled Nursing News “Skilled nursing facility (SNF) operators and industry advocates are urging the Centers for Medicare & Medicaid Services (CMS) to change a rule related to the way hospital stays are classified. The Observation Stays Coalition—a group formed in 2010 that includes organizations such as the American Health Care Association (AHCA) and AARP—is leading the charge against the three-day stay rule, which requires patients to undergo a three-day hospital stay as an inpatient before Medicare will pay for subsequent SNF care.” LTC Comment (from Stephen A. Moses, President, Center for
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“Poverty Does No Favors for Health,” by Alan Mozes, HealthDay “Being in relatively poor financial health when middle-aged or older appears to significantly increase the risk for developing a disability or dying early. The observation stems from an analysis of data from the United States and England that drew links between wealth and health among almost 20,000 people aged 54 to 76. For example, over a 10-year period, Americans aged 54 to 64 who were in the lowest wealth bracket (with financial holdings of $39,000 or less) faced a 48 percent risk for developing a disability and 17 percent risk
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“Why HSAs are surging in popularity,” by Suzanne Wooley, Bloomberg News “The number of HSA accounts increased 16% year over year as of June 30, surpassing 21 million, according to a survey by consulting firm Devenir. Assets held in HSAs rose 23%, to $42.7 billion. As companies shift more health-care costs onto employees via plans with high deductibles, HSAs let workers put pretax dollars into savings accounts for medical expenses.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): HSAs are creating a huge repository of funds that will be available to people who keep themselves healthy
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