King City, CA: Long-Term Care Insurance (LTC) Only Carried By 3% Of The Population: View From A Priv
King City, CA: Long-Term Care Insurance (LTC) Only Carried By 3% Of The Population: View From A Private Duty Caregiver Serving Carmel, Carmel Valley, Carmel-by-the-Sea, Gilroy, Gonzalez, Greenfield, Hollister, King City, Marina, Monterey, Pacific Grove, Pebble Beach, Salinas, San Juan Bautista, Seaside And Soledad California
The Monterey Herald wrote a story on Monday about an issue I have been writing about on my blog for some time. Few people buy long-term care insurance (LTC), the only thing that will pay for private duty caregivers like those provided by Family inHome Caregiving which allow seniors to remain in their own home and independent. The story profiled Anna Vitko, an 83-year old woman who has been in and out of the hospital at least six times since June. She can no longer afford the premiums on her Medicare supplementary insurance, nor can she afford to hire private duty caregivers or move into a nursing home. The extremely poor can apply for Medicaid while the wealthy can afford to hire help. Left out in the cold is the middle class, stuck in between and struggling to make ends meet. "The insurance has run out and I have to figure out a way to pay for it," her son Carl Vitko told the Herald, saying the situation has caused not only financial distress but emotional distress as well. "It breaks my heart because I didn't want her there. I would love to have her at home," he said. However, like most other seniors Mrs. Vitko is left with no LTC insurance and few options. "People buy insurance for their life because they know they are going to die, for their car because they know that they can get in an accident, and for their health because they know they can get sick. But people don't tend to buy insurance because they think they are going to need someone to help them take a bath," Phyllis Mitzen, co-program director of the Center for Long-Term Care Reform at the Health and Medicine Policy Research Group in Chicago told the Herald. Unfortunately, one thing put forth by the Obama Administration (the CLASS Act), which would have made LTC insurance available to the masses, has died a quick death. Actuaries figured the young wouldn't sign up, even at a low cost, because they were healthy and not thinking about their retirement years. That would leave the program burdened with mostly the baby boomer population, and it could have become a financial burden to the government. By 2020, it's estimated that 15 million Americans will need some type of long-term care, but less than 3% of the population have an LTC policy. Kathleen Seblius, the U.S. Secretary of Health and Human Services Secretary wrote to Senate leaders after the CLASS Act died that she feared that more Americans with disabilities would end up on Medicaid, causing a huge financial burden to the government. One option some boomers are considering is a hybrid life-insurance/LTC policy. A hybrid policy provides a death benefit to your heirs and a pool of money to be used for LTC. Funds used reduce the death benefit, but at least you have the peace of mind of knowing you have some coverage if you need in-home care. As I have written about before on my blog, I urge you to get LTC if you can afford it and qualify. Unexpected medical emergencies can come out of nowhere, and no one wants to face the prospect of having to go on Medicaid in their golden years.
http://www.montereyherald.com/ci_19659523?source=most_viewed
http://www.familyinhomecaregiving.com/Blog
About Richard Kuehn & Family inHome Caregiving of Monterey:
After more than a decade of caregiving, both in a professional environment and for a 97 year old family member I was dissatisfied with service from local caregiving agencies. I became convinced of the need for a service which provides very personal assistance to elderly and founded Family inHome Caregiving serving the Monterey Peninsula. Please visit my blog where I talk about important senior issues at:
http://www.familyinhomecaregiving.com/Blog
The Monterey Herald wrote a story on Monday about an issue I have been writing about on my blog for some time. Few people buy long-term care insurance (LTC), the only thing that will pay for private duty caregivers like those provided by Family inHome Caregiving which allow seniors to remain in their own home and independent. The story profiled Anna Vitko, an 83-year old woman who has been in and out of the hospital at least six times since June. She can no longer afford the premiums on her Medicare supplementary insurance, nor can she afford to hire private duty caregivers or move into a nursing home. The extremely poor can apply for Medicaid while the wealthy can afford to hire help. Left out in the cold is the middle class, stuck in between and struggling to make ends meet. "The insurance has run out and I have to figure out a way to pay for it," her son Carl Vitko told the Herald, saying the situation has caused not only financial distress but emotional distress as well. "It breaks my heart because I didn't want her there. I would love to have her at home," he said. However, like most other seniors Mrs. Vitko is left with no LTC insurance and few options. "People buy insurance for their life because they know they are going to die, for their car because they know that they can get in an accident, and for their health because they know they can get sick. But people don't tend to buy insurance because they think they are going to need someone to help them take a bath," Phyllis Mitzen, co-program director of the Center for Long-Term Care Reform at the Health and Medicine Policy Research Group in Chicago told the Herald. Unfortunately, one thing put forth by the Obama Administration (the CLASS Act), which would have made LTC insurance available to the masses, has died a quick death. Actuaries figured the young wouldn't sign up, even at a low cost, because they were healthy and not thinking about their retirement years. That would leave the program burdened with mostly the baby boomer population, and it could have become a financial burden to the government. By 2020, it's estimated that 15 million Americans will need some type of long-term care, but less than 3% of the population have an LTC policy. Kathleen Seblius, the U.S. Secretary of Health and Human Services Secretary wrote to Senate leaders after the CLASS Act died that she feared that more Americans with disabilities would end up on Medicaid, causing a huge financial burden to the government. One option some boomers are considering is a hybrid life-insurance/LTC policy. A hybrid policy provides a death benefit to your heirs and a pool of money to be used for LTC. Funds used reduce the death benefit, but at least you have the peace of mind of knowing you have some coverage if you need in-home care. As I have written about before on my blog, I urge you to get LTC if you can afford it and qualify. Unexpected medical emergencies can come out of nowhere, and no one wants to face the prospect of having to go on Medicaid in their golden years.
http://www.montereyherald.com/ci_19659523?source=most_viewed
http://www.familyinhomecaregiving.com/Blog
About Richard Kuehn & Family inHome Caregiving of Monterey:
After more than a decade of caregiving, both in a professional environment and for a 97 year old family member I was dissatisfied with service from local caregiving agencies. I became convinced of the need for a service which provides very personal assistance to elderly and founded Family inHome Caregiving serving the Monterey Peninsula. Please visit my blog where I talk about important senior issues at:
http://www.familyinhomecaregiving.com/Blog
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