Cost and Duration of Long-Term Care at Home
By Dr. David Edward Marcinko; FACFAS, M.B.A., CPHQ™, CMP™
By Thomas A. Muldowney; M.S.F.S., CLU, ChFC, CFP® CMP™
By Hope Rachel Hetico; R.N., M.H.A., CPHQ™, CMP
This is the second post, in an exclusive four part series for the ME-P titled: “At-Home or Nursing Home Care for Long-Term.”
Nursing Homes Less Desirable
Most agree that nursing homes are regarded as the least desirable LTC choice. Some people enter a nursing home after a hospital stay with a need for skilled care or for short-term respite care. Many people who are admitted to a nursing home remain there for the rest of their lives.
The Only Answer for Some
Nursing home care may be the only answer for single people requiring LTC or people with Alzheimer’s disease. However, nursing home care is not always available when needed. Many of the better nursing homes have substantial financial requirements, and have long waiting lists, some lasting months or years.
Assessment
Unfortunately, some people will have difficulty being admitted to these nursing homes without a reservation. Many nursing homes will not accept Medicaid at the outset from a prospective resident; therefore, having funds available (which may be spent down) or LTCI may make a difference in getting into a nursing home.
Conclusion
And so, your thoughts and comments on this Medical Executive-Post, which represents the second in a series of four parts on: At Home or Nursing Home Care for Long Term Care, are appreciated. Comments from physicians and LTC insurance agents are especially valued.
Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com or Bio: www.stpub.com/pubs/authors/MARCINKO.htm
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Filed under: Estate Planning, Ethics, Financial Planning, Funding Basics, Health Economics, Health Insurance, Healthcare Finance, Insurance Matters, Research & Development, Risk Management | Tagged: david marcinko, hope hetico, hospice care, long term care insurance, LTCI, nursing homes, thomas muldowney
Long Term Care Assistance
Did you know that 36% of Generation-X intends to rely on government assistance to finance Long-Term Care? When asked how they plan to finance their long-term care, Gen-Xers responded:
* 36% would rely on government assistance, such as Medicaid
* 26% would use their retirement savings
* 24% would sell their assets
* 22% would rely on other insurance products
* 13% would rely on family and friends
Note: December 2008 telephone survey of Generation-Xers, born between 1960 and 1980, conducted by StrategyOne on behalf of AHIP.
Source: AHIP Press Release, February 11, 2009. http://www.ahip.org. For additional information about the survey, please visit: http://www.MyLifeMyFamily.com
Stewart