by

The Circle of Care

The Circle of Care

Care is often provided by and impacts a wide contingency of people who are important to us.

• Care Recipient
• Primary Caregiver
• Secondary Caregiver
• Community Support

When someone has a short term or long term care event, there are often people within a “Circle of Care” who get involved to help. At the center of the circle is the Care Recipient; the person who is in need of assistance.

Surrounding that person is an evolving circle of care that includes a Primary Caregiver, who most often provides the majority of hands-on care. In addition, they often contribute significant financial support. Primary Caregivers and their families are the most directly impacted by their involvement in care.

The Secondary Caregiver is involved to a lesser degree. Whatever the level of involvement, this person fully understands all the dynamics of the care the recipient receives. Even thought they are not at the forefront of care, that financial and emotional impacts of a long term care event can be the same as to the Primary caregiver and should not be underestimated or overlooked. Also affected are the Primary and Secondary Caregivers families; siblings, spouses, children and in-laws.

The Community also provides care through religious organizations, community non-profit organizations, friends and neighbors.

Now, let’s take a look at the impacts (financial and emotional) on the caregivers and families in the circle of care from the Care Recipients perspective:

“My wife had to be available 24/7. She also became my chauffeur and needed to help me shower and dress. She needed to help every time I had to move. It affect her freedom, her lifestyle and her health.”

“My husband had to take time off from his job to help me. He needed to take off more time than what was expected. He was frustrated that I had so much pain and felt that he was not doing enough. I hated myself for asking for so much help.”

“I think my son and daughter were worried that I would have to move in with one of them to care for me. I have always valued my independence, and that feeling does not change with age. But I inevitably needed help; it drained them emotionally and financially. Thank goodness form them, but it altered the rest of their lives.”

If you honestly still feel Long Term Care Insurance is not important, wait until next month.

To Be Continued…With “Real Facts and Statistics”

Abe Glickman, LTCA, LTCP
Member: AALTCI, NAHU, NAIFA, SOA
Abe Glickman Insurance Group
Toll-Free Phone: 877-298-5824
Email: AG@AbeGlickman.com

“It is better to create a plan 10 years too soon than one day too late.”

Questions or Comments? Give me a call!

by

Beyond Dollars

Beyond Dollars

Each of us has defining relationships in our lives; with our parents, our spouses, our children, and our colleagues.

We even have relations of sorts with our accomplishments, our achievements, and our success. And we have relationships with our own futures. We think of them as relationships because they mean something to us – and we are committed to them.

The Ripple Effect
We may understand that there is a financial impact to helping provide care, but there is more to the equation, and it goes far beyond dollars.

There is a ripple that can touch a primary caregiver, a secondary caregiver, their families and their futures. While a loving and selfless act, accepting or taking responsibility for another individual’s impact on our own lives, and on our families’ lives.

No matter how willing we are, no matter how heartfelt our promises are, our caregiving commitments can affect marriages, family dynamics, work commitments, financial stability and other building blocks of our own futures.

Will You Have A Role In Someone’s Care?
Thinking through the impact of your responsibilities as a caregiver is a first and important step.

Whether you are a primary of hands-on caregiver, or someone who orchestrates the care provided by others – whether you provide some financial support or weigh in on important decisions – it’s important to recognize the potential impact of caregiving on all aspects of your life.

Planning ahead for ways to mitigate costs or share caregiving responsibilities is worthy or every family’s consideration

To Be Continued…With “The Circle of Care”

Abe Glickman, LTCA, LTCP
Member: AALTCI, NAHU, NAIFA, SOA
Abe Glickman Insurance Group
Toll-Free Phone: 877-298-5824
Email: AG@AbeGlickman.com

“It is better to create a plan 10 years too soon than one day too late.”

Questions or Comments? Give me a call!

by

Why All Advisors Need To Understand Long Term Care Policy Provisions

A Guide to Long Term Care Insurance –
Why All Advisors Need to Understand Long Term Care Policy Provisions

Understanding Long Term care Insurance terminology is often the cause of great confusion and frustration for advisors as well as consumers.

Much of the benefits terminology was derived form the Long Term Disability Industry. Today many Long Term Care policies use simpler and more understandable concepts, but assessing the terms carefully is still important, because terms differ between contracts.

Let’s look at just a few for example:

Elimination (Deductible) Period
The elimination period is basically a deductible. It is a period of time that the policyholder is responsible for all their Long Term Care expenses before the benefits of the policy starts to pay. Typically the Elimination period options are 30, 60, 90, or 180 days. Agents (Advisors) must be able to communicate to consumers how a company defines the Elimination Period which can significantly impact the benefits that are payable at the claim time.

There are typically 2 types of Elimination Periods:

Service Day or Calendar Day
With a Service Day Elimination Period, each day the insured receives a covered service and incurs expenses where a bill is issued, counts as 1 day towards satisfying the Elimination Period. But if home care is needed only 2 or 3 times a week, satisfying a 90 Service Day Elimination Period can take the policyholder large layouts of personal money.

But a Calendar Day Elimination Period does not require that charges be incurred or that services be rendered to satisfy the Elimination Period. As long as the Long Term Care Policy benefit is triggered, and the policyholder needs assistance with at least 2 ADL’s (Activities of Daily Living) each calendar day counts towards satisfying the Elimination Period.

Also, some Long Term Care policies have an Elimination Period called a “1=7” provisions. This means, receiving 1 day of care each week will count as 7 days of care.

It is also important to know that some Long Term Care companies offer a “0” day Elimination Period for an extra premium. This means your policy will pay from day 1 of care!

Now, here is another example of important terms in contracts:

Benefit Period
Also known as the “Maximum Benefit Period,” this represents the number of years that Long Term Care coverage is provided. This period usually range from 2 years to Unlimited Lifetime. The number of years selected is used to define the “total pool of money.” This is the amount available for covered Long Term Care services. Benefit Periods are defined in terms of a Daily Amount ranging from $100 to $500 a day, or a Monthly Benefit from $3,000 to $15,000 a month. It is essential for consumers to have a clear understanding between the two options which will impact their claims.

An example is $200 a day in benefits equals $6,000 a month.

However, if your Long Term Care policy has a Daily Benefit and you incur charges over the $200 a day allotted, this will now become an out-of-pocket expense for you. With a Daily Benefit, you cannot borrow from the $6,000 you have to use. With a monthly Benefit, you can use any amount you want on a daily basis as long as you do not use more than the monthly amount.

Still with me or are you a little confused?

In conclusions, consumers should first be educated about basic policy provisions, how they differ, and how they may impact future claims before choosing a Long Term Care policy. Consumers must choose a knowledgeable Long Term Care specialist capable of providing a clear expiation of these increasing complex and varied policy provisions. This is an essential step when purchasing Long Term Care today.

Abe Glickman, LTCA, LTCP
Member: AALTCI, NAHU, NAIFA, SOA
Abe Glickman Insurance Group
Toll-Free Phone: 877-298-5824
Email: AG@AbeGlickman.com

“It is better to create a plan 10 years too soon than one day too late.”

Questions or Comments? Give me a call!

by

I Have An LTC Policy…Now What?

Congratulations…

You have purchased your own Long Term Care Policy!

I hope that you truly understand how to use your benefits in the future should you ever need help. Suppose you have a medical incident that requires Long Term care:

• So how does it work?
• What do you need to do?
• How do you start the process?
• Will your coverage meet your needs?
• How does Long Term Care Insurance work?

This process begins with a phone call to the insurance company claims center. Each company processes claims differently. However, they all begin by determining if your condition will qualify you to receive your benefits.

A crucial first question is: Will your doctor certify that you have a severe cognitive disorder or are unable to perform at least two activities of daily living without assistance and expects this disability to last at least 90 days?

Activities of daily living include:

• Eating – Getting food from plate to mouth
• Toileting – Help with personal hygiene tasks
• Bathing – Washing yourself and/or getting in and out of the bathtub or shower
• Dressing – Putting on or taking off clothing and/or assistive devices
• Continence – Control of bowel and bladder functions
• Transferring – Getting in or out of bed, chair, wheelchair

Now once you have qualified fir the claim, the insurance company will assign a care coordinator to work with you. They will try to develop a plan of care for you, meaning they will control the hours and the days you will receive care.

Does your policy pay Daily or Monthly? The most common is daily, but do you know what your policy does?

Also, do you have an elimination period (Deductable) or first day coverage? If you do have one, those are the number of days you will pay out of pocket until those days are satisfied. Once that is satisfied, the Long Term Care Policy now starts to pay. But, remember that you must show (prove to) the insurance company that you have paid for the elimination period so benefits can begin to be paid.

Most policies are reimbursement, which means that you will pay these expenses then submit proof of services to the insurance company. You will then be reimbursed for some, or all of the actual charges you have incurred. However, if you have an advocate helping you, we get the Home Health Care Agencies to take an “assignment of benefits.”

This is why I suggested in an earlier article about having an advocate to make sure you get all the benefits you have been paying for.

Even the most experienced Long Term Care experts need to remember about the core concept of selling Long Term Care Policies. It is about helping the client when they need to use the policy. The agent who sold you the policy is most likely out of the insurance business, leaving you helpless when you need the assistance and guidance.

This is why you simply contact the Abe Glickman Insurance Group. We have been here since 1988 and will continue to be here to make sure at your greatest time of need your not alone.

Abe Glickman, LTCA, LTCP
Member: AALTCI, NAHU, NAIFA, SOA
Abe Glickman Insurance Group
Toll-Free Phone: 877-298-5824
Email: AG@AbeGlickman.com

“It is better to create a plan 10 years too soon than one day too late.”

Questions or Comments? Give me a call!

by

Don’t Have Long Term Care…Uh-Oh

Don’t Have Long-Term Care
Insurance…Uh-Oh

None of us need another bill to pay, but not having this protection could and will destroy your finances long before you’re old and will eliminate your legacy to your children and grandchildren.

Many people are counting on the government, our children or our own savings to take care of us. Thinking about nursing homes is enough to make us sick. Some of us think we are too young to think about this issue.

Not having a Long-Term Care Insurance policy can be one of the most expensive mistakes you will ever make.

Medicare pays for medical expenses. It does not pay for custodial care, the day-to-day
care people need due to age, illness or accidents.

Medicaid is Welfare. You probably do not depend on it now and you wouldn’t want to depend on it later. You have to be impoverished or make yourself that way. And you would have no choice in whom or where care would be provided.

I have an idea…take a tour of all Medicaid facilities that accept new Medicaid patients before you decide to be at the mercy of the state.

Where is your help?

The Kids – You might assume that could work (check with them first). What about if they are raising their children and/or working full time? Your daughter may say move in, but what about the son-in-law. Also, what happens if you need more care then they are able to provide?

You could allocate savings to pay, and if you’re extremely wealthy it might work. But at an average cost of $70,000 – $100,000 and higher a year, how long would your savings last?

Long-Term Care is not just for a year or two. Someone with Alzheimer’s could need care for 10 years or more. A person with Multiple Sclerosis in their 50’s could live for decades, and with good Long-Term Care Insurance, they stand a better chance of staying independent and have some enjoyable years.

When should you buy – The younger, the better! Rates are lower, but more importantly, is the likelihood your medical history is good and you can qualify. Always remember that regardless of your age, your medical history buys the policy not your money.

For some people, the need for Long-Term Care comes suddenly and without this valuable coverage it becomes a life altering event.

Again, I offer to discuss how to obtain this valuable coverage as well as to describe the details of this insurance.

Talk to your family. Make this evening’s conversation a gift to you and a gift to your entire family.

Abe Glickman, LTCA, LTCP

Member: AALTCI, NAHU, NAIFA, SOA

Abe Glickman Insurance Group

Toll-Free Phone: 877-298-5824

Email: AG@AbeGlickman.com

“It is better to create a plan 10 years too soon than one day too late.”

Questions or
Comments? Give me a call!

by

Is Your LTC Agent Gone? I WILL be Your Advocate

As a long time insurance agent, let me take this opportunity to wish you a happy and healthy year to come.

Most likely, several years ago, many of you have purchased a Long Term Care (Home Health Care) or Medicare Supplement Policy. May I say congratulations; doing that was a very smart financial decision.

However, over the years you have probably lost contact with the agent who sold you the policy. There is a good chance that agent has retired or left the profession. Statistics show that 7 out of 10 agents doing business at this time have left the industry. Thus, leaving behind thousands of clients with policies and without an agent to assist when those policies need to be utilized. It is very important to know that there are rules and procedures that must be followed in order for the insurance company to pay the benefits you need today and have paid for for all of these years.

I want to tell you that I am here to take care of anything that you may need. This means, when you get sick or hurt and need to utilize your policy I, Abe Glickman, am the person you need to contact (877-298-5824). I will take care of everything in a timely matter to make the situation less stressful for you and your family by providing you the following:

  • Locating Home Heath Care Services for you, as well as Assisted Living, Nursing Home, and Adult Day Care
  • Helping you with your claims so there are no delays
  • Ensuring that your claims are processed accurately
  • Being at your service 24 hours in the event of any emergency

We at the Abe Glickman Insurance Group, have, and will always be dedicated to providing the best service and insure that you are completely satisfied. Service and support to you and your loved ones has always been my NUMBER ONE PRIORITY.

Please take this opportunity to call me at the following number (877-298-5824) and allow me to review your coverage so I may refresh your memory of what you purchased many years ago. After that, I will become your advocate, providing you with my personal attention to your needs. We will create an informational profile for you and make sure you, as wall as your family, know to contact me in assisting you at the time of need.

I also invite you to visit me at my office at any time you are in the area and have any questions or just want to say hello. Also, please make sure your family and friends have my information in the event assistance is needed in the future.

I sincerely hope you enjoy good health for many years to come.

Abe Glickman, LTCA, LTCP

Member: AALTCI, NAHU, NAIFA, SOA

Abe Glickman Insurance Group

Toll-Free Phone: 877-298-5824

Email: AG@AbeGlickman.com

“It is better to create a plan 10 years too soon than one day too late.”

Questions or Comments? Give me a call!

by

Crisis in Caregiving

Crisis in Caregiving

            If you do not already know, you will soon enough. There is a caregiving crisis in the United States. Directly or indirectly it will effect you.

            Caring for a loved one can cause havoc with the caregiver’s efforts to save for their own retirement.

            Researchers divided caregivers into two groups; Primary Caregivers – The main providers of hands on care, and Secondary Caregivers – Others involved with care who do not provide day-to-day support.

            About 73% of the Primary Caregivers, and 40% of the Secondary Caregivers said they had significant reductions to their savings as a direct result of caregiving responsibilities. In addition, both groups reported an even greater reduction in their retirement contributions.

            Caregiving also had a direct effect on the cargivers ability to work and keep jobs. Working fewer hours, losing jobs, and missed career opportunities were reported as a result of their caregiving responsibilities.

            So now is the time to take responsibility for ourselves and make sure our spouses and children will not have this burden to carry.

            As I always said, transfer the Long Term care risk to the insurance company and do not leave a bankrupt legacy to the future generations.

Abe Glickman, LTCA, LTCP

Member: AALTCI, NAHU, NAIFA, SOA

Abe Glickman Insurance Group

Toll-Free Phone: 877-298-5824

Email: AG@AbeGlickman.com

“It is better to create a plan 10 years too soon than one day too late.”

Questions or Comments? Give me a call!

by

Happy New Year!

First,

            I wish you all a Happy and Healthy New Year!

Here we all are the beginning of a new year with all that hope, optimism, and with grand expectations for a new start.

We all have made our New Years Resolutions:

  • Loose Weight/Join a Gym
  • Stop Smoking
  • Create a New Hobby
  • Lead a Healthier Lifestyle
  • Spend More Time With Family (Children/grandchildren)

We all start the New Year expecting to fulfill our resolutions, but as most of us realize, very few do. But now comes the New Years Resolution you can promise to do, and once it’s done, will last forever.

Having a Long Term care Policy not only gives you peace of mind, it is a gift to your spouse and family. No one wants or expects to ever become dependent due to physical or cognitive reasons, but unfortunately, 7 out of 10 of us will need that care.

When a family member needs Long Term Care, it can put a severe emotional and financial burden on the entire family, particularly women who make up 2/3 of the caregivers in our country.

When a spouse or a parent needs extended care, women in particular can lose lifestyle and the career they’ve worked so hard to achieve. Care giving responsibilities will crush the dreams of millions of women in the next 10-20 years unless families plan ahead with Long Term Care Insurance.

A significant number of younger people need Long Term Care due to strokes, accidents or debilitating conditions like brain tumor, Lou Gehrig’s disease, MS, and even early Parkinson’s or Alzheimer’s disease. If an event hasn’t occurred at a younger age, the experts tell us that there is a 70% chance that a 65 year old will need Long Term Care at some point in his or her life. The good news is that most people don’t need nursing home care as less than a third of Long Term care is provided in nursing homes. However, home care can cost as much or more depending on how much is needed.

While you may be used to thinking about Long Term Care Insurance purely as a financial protection product, consider this: a major consumer study conducted in 2010 said that Americans consider not being a burden to their families twice as important as protecting their assets. It also said they worry about being a burden to their children five times as much as death. We believe that first and foremost, Long Term Care is a family issue. Without Long Term Care Insurance, relationships can suffer irreparable harm:

  • Marriages are strained to the breaking point when care for a parent or in-law becomes too much or too long;
  • Sibling relations are damaged because the care giving burden for a parent is not distributed equally and often falls mostly on one;
  • Adult children wind up doing personal tasks for a parent such as bathing and dressing, a situation that makes both parties uncomfortable, and
  • Parents who thought the child-raising years were over find themselves faced with caring for a single adult child with a head injury or paralysis from a motor vehicle or sporting accident.

By injecting a meaningful Long Term Care Insurance policy into any of the above situations, the stress level is significantly diffused and relationships are preserved as family members retain their respective roles instead of becoming a primary caregiver. The son stays the son. The daughter stays the daughter. The healthy spouse gets enough rest which works wonders to avoid depression and stimulate a positive outlook.

Another frequently overlooked benefit of Long Term Care Insurance is that not only does it give the gift of money to hire caregivers; it also gives the gift of time. Today’s policies pay for care coordinators…registered nurses who help families find caregivers and manage the care. This task can be extremely time-consuming, and who among us has a lot of time to spare these days?

Since half of the 230 million Americans over age 18 are now over 50 years old (113 million, the United States is on the cusp of a care giving tsunami.

So again, I wish all of you a Happy New Year. Keep those resolutions so we all will have a Healthy New Year.

Abe Glickman, LTCA, LTCP

Member: AALTCI, NAHU, NAIFA, SOA

Abe Glickman Insurance Group

Toll-Free Phone: 877-298-5824

Email: AG@AbeGlickman.com

“It is better to create a plan 10 years too soon than one day too late.”

Questions or Comments? Give me a call!

by

Impact of New Health Care Legislation

Impact of New Health Care Legislation

Long Term Care Coverage for All

            A new government-run program is meant to address the growing need for Long Term Care Services.

            Tucked into the Health Reform Law (originally sponsored by the late Ted Kennedy) that passed in March is a national voluntary insurance program for purchasing Long Term Care services.

            It is called the “Community Living Assistance Service and Support (CLASS) Act.” The program will be financed by voluntary contributions paid by working adults through payroll deductions.

            This program could supplement the private insurance that people buy to cover the costs related to Long Term Care services which are “not” covered by traditional health insurance or Medicare. A private LTC insurance policy pays for several types of care including Nursing Home Care, Assisted Living Care, and Home Health Care services.

            The idea is this: “How can we keep people at home for as long as possible and reduce the number of people going into institutional settings?”

            More than 10 million Americans need Long Term Care services and that number is expected to “explode” with the aging population according to the Kaiser Family Foundation, a non-profit health group.

            One advantage to the CLASS provision is that it is guaranteed issue, which is not the case with private Long Term Care insurance. While many of the details of this program are still to be determined, the Department of Health and Human Services has until October 2012 to fully define the program.

            However, the Congressional Budget Office expects the benefits to be on average $50 to $70 a day. The CLASS program is not meant to cover all costs associated with LTC, but the intention is to help.

            But one must understand that the national average for a semi-private room in a Nursing Home is $198 a day (that’s over $72,000 a year), and more importantly is the average hourly rate for a home health aid is $21.

            As you can see, the benefits of CLASS are just a small band-ad on a major cut. Based on conservative assumption the CBO estimate that workers will pay an average monthly premium of $150 with premiums increasing with inflation each year (premiums would also vary by workers age when they enroll).

            There is no doubt in my mind that you can get a better, more efficient policy on your own!

            As an example, with private Long Term Care insurance, once you start utilizing benefits, you no longer pay premiums. However with CLASS, you must continue to pay premiums even when utilizing benefits.

            Also, private LTC policies have consumer protection provisions. But under the CLASS program, the government can increase premiums or change requirements for getting benefits at anytime.

            It is also very important to know that those who do enroll in CLASS must contribute for at least 5 years and have worked during the most recent 3 years of that 5 year period.

            Everyone must understand the importance of Long Term Care…DO YOU?

Abe Glickman, LTCA, LTCP

Member: AALTCI, NAHU, NAIFA, SOA

Abe Glickman Insurance Group

Toll-Free Phone: 877-298-5824

Email: AG@AbeGlickman.com

“It is better to create a plan 10 years too soon than one day too late.”

Questions or Comments? Give me a call!

* Data Collected by MSN Money

by

Do I Need Long Term Care Insurance?

Do I need Long Term Care Insurance?

Below is a simple self-assessment to see if you really need LTC.

Please answer all the questions honestly and objectively…

1. I want to live in my home as long as possible? YES                     No
2. I would like to remain independent as I get older? YES                     No
3. The quality of care I receive is important to me? YES                     No
4. When I need Long Term Care, I would like to have options of care providers/places? YES                     No
5. I don’t want to be a burden to family member as I grow older? YES                     No
6. I have had a personal experience making arrangements for someone in a nursing home? YES                     No
7. I believe needing Long Term Care as sometime in my lifetime could happen to me? YES                     No
8. I realize this is not an “old age” issue, that a Long Term Care event can happen to anyone…at any age? YES                     No
9. Protecting myself from losing everything I’ve worked for all my life is a concern to me? YES                     No
10. I would like to “safeguard” my family assets for my loved ones if something happens to me? YES                     No
11. An unexpected annual expense in excess of $100,000 would affect my family and me? YES                     No
12. My total assets are greater than $100,000 and less than $3.5 million dollars? YES                     No
13. I have done some financial planning? YES                     No
14. With Long Term Care costs exceeding $50,000 annually, I would run out of money within 4 years? YES                     No
15. I realize that as expensive as a Long Term Care event is now, I understand that costs are expected to triple over the next 20 years? YES                     No
16. I think Long Term Care is the BIGGEST unprotected risk to my life saving? YES                     No
17. I feel I could pay for my Long Term Care policy out of interest I receive on my savings? YES                     No
18. Long Term Care Insurance sounds like something I could benefit from if I could qualify for coverage? YES                     No
19. If I could own a Long Term Care policy and pay in an entire lifetime of premiums what would be the cost of less than one year in a care facility, it would make sense for me to insure myself against the uncertainty of needing Long Term Care? YES                     No
20. I don’t believe the Medicare/Medicaid will pay my Long Term Care? YES                     No
21. I want to receive Long Term Care benefits that are tax-free? YES                     No
22. If I could save a substantial amount of money in premiums, I would apply today? YES                     No

 

So, do I need Long Term Care Insurance?

 

To determine your score, please add up all of your “YES” answers…

Total of your “Yes” answers_______

15 or more…

          If you had a total score of 15 or more “Yes” answers – Everyday you procrastinate getting the “peace of mind protection” a Long Term Care policy provides, puts you at a greater risk of your health jeopardizing your qualifying! You should already own a Long Term Care policy! What are you waiting for?

10-15…

          If you had a total score of 10 to 15 “Yes” answers – You should definitely submit an application today to see if an insurer would consider you an “insurable risk.”

Less than 10…

          If you had a total score of less than 10 “Yes” answers – You should re-examine your priorities to see what your alternatives are before committing to a Long Term Care policy.

 

Abe Glickman, LTCA, LTCP

Member: AALTCI, NAHU, NAIFA, SOA

Abe Glickman Insurance Group

Toll-Free Phone: 877-298-5824

Email: AG@AbeGlickman.com

“It is better to create a plan 10 years too soon than one day too late.”

Questions or Comments? Give me a call!

Company Profile

Abe Glickman, LTCA, LTCP
Member: AALTCI, NAHU, NAIFA, SOA
Abe Glickman Insurance Group
Toll-Free Phone: 877-298-5824
Email: AG@AbeGlickman.com
“It is better to create a plan 10 years too soon than one day too late.”
Questions or Comments? Give me a call!

Recent Posts

Archives