*FREE ONLINE WORKSHOP* 👉 How to Help Your Aging Parent with Memory Loss Be Safer (Even If They're Resisting Your Help): 👉 betterhealthwhileaging.mykajabi.com/free-memory-loss-safety-training
What if an elderly has or had some assets such as owned their own home & receive spouse's pension but has no family members? I see authorize representative on many forms and documents what exactly is that and what is the process to authorize a person?
After watching this, I find myself very frightened and very sad. This was very informative and very much needed. But I am crying because of the possibility that I will never be able to get the opportunity to have long term help. Again this information is very important but scares me to the extreme.
This is sobering information, but I hope you can find a way to not despair. See what options might be available to you, perhaps if you invest some effort into cultivating them. Generally, I think it's good to do things like - Cultivate relationships with other - Volunteer and help others in need if you can - Save money, consider downsizing - Consider anticipating a transition to Medicaid You can also advocate for public long-term care insurance, or other changes to how we care for elders as a society. Last but not least: practicing mindfulness and acceptance can help weather future challenges...especially if you find a way to do it in community with others. Good luck and take care.
I am so glad I came across you. Excellent information and very sobering. Prepare yourself and keep yourself healthy. Exercise, eat healthy, inform your family about your finances so you're all working together. Thank you!
Thank you for this. My husband is 10 years older and has a scary medical history. I am terrified that he will require long term care leaving nothing for my later years. This is particularly troubling as pretty much every dime we have came from my career and my savings. He brought debt to the marriage and spent any money that came his way on his own interests. So I AM a fan of finding ways to hide assets (legally). I am so glad that you mentioned the military angle. He served during a conflict and received a medical discharge. Worth exploring. And while this sounds awful, do people get divorced in this situation in order to protect assets?
My mother got suckered into long term and home care policy. As her premiums went up they offered lower benefits to keep premiums down. Now she has paid more into the company they she will ever get out, but if she stops paying they will cancel her policy and she gets nothing out of it. So, she keeps paying hoping to get some of her investment back.
Thanks for sharing your story. I have had families relay similar experiences to me, which is why I think people should be very careful about purchasing long term care right now...it is very hard for the insurance companies to make a profit offering these plans (unless it's combined with another financial product in some kind of hybrid plan).
Caring for an aging parent? Learn about Dr. K’s *Helping Older Parents programs* here: betterhealthwhileaging.net/helping-older-parents/ *Related article:* Hiring In-Home Caregivers for Aging in Place: What to Know betterhealthwhileaging.net/hiring-home-care-for-aging-in-place/
Skip to 37:00 if you really want to learn about the only additional option for paying. Everything else might be useful but it doesn't really stay on the topic stated in the subject line.
Leslie, I love your channel. However, as an independent broker specializing in Long-Term Care Insurance there’s a lot misinformation in this discussion between you and the social worker. For example, the long- term care insurance market is doing quite well. There are many interesting products available including products that will pay after a person is diagnosed. Are they cheap? No, but they exist and pay benefits. Hybrid plans are great when someone is younger because the premium is fixed and it pays life insurance if a person passes away before receiving a designated amount of benefit. I could go on. I really appreciate the medical information you share. Perhaps the next time you present about funding elder care you can include a long-term care specialist.
Hello & thank you for weighing in. I realize we are not experts in long-term care insurance. That said, I do try to stay reasonably informed. This Congressional Research Service report from July 2023 notes that fewer companies have been selling traditional LTCI and that the federal government did suspend sales of LTCI in 2022: crsreports.congress.gov/product/pdf/IF/IF11614 This short report is good for any interested viewers to learn more about the industry, as there is a section on market stability. What I have heard from LTC policy experts who do not sell insurance (hence no conflict of interest) is that it IS difficult to keep this market financially viable. Ultimately, providing good care to older adults requires time, labor, and skill, which costs money. Private insurers need to take in more than they pay out, which will be challenging, especially as there will be way more older adults over age 85 in 10 years (already there is a shortage of home care workers and that's likely to get worse, so workers will need to be paid more). I think public LTCI is likely to be more viable, although for that, as a society, we have to be willing to subsidize elder care. Honestly, I believe there are certain services that are inherently not well suited to the private market...we have privatized many aspects of healthcare and medical care in this country, the result being that we spend way more per capita on healthcare and have worse outcomes than other developed countries. When people ask me, I advise them to really do their homework regarding possible LTC insurance (yes, I've heard of the hybrid plans) and urge them to get a second opinion from a qualified financial planning expert (that's not me!) who has no financial interest in whether they purchase a policy. (Last but not least, we have participants in our programs who have been dissatisfied with their LTCI experience.)
You’re a busy doctor, so I’ll make this my last response. Yes, people need to do their homework, but few do. For those people you know who have been unsatisfied with their LTC plan, I would be happy to talk with them because I find that most people don’t understand their plans or options when there are rate increases. Using the government plan as an example brings up all the other government programs that have big problems: Medicare fraud, social security running out in the nearish future, just to name a few. Please understand the influence you have. Some might decide that looking into long- term care insurance does make sense based on this video. I can tell you that there are many that are receiving benefits from their long- term care policies every day. Yes, I sell long- term care insurance, but I care more about doing the right thing and educating people more than making a buck.
Thank God there's HOSPICE...Pretty dependably reliable for treating people with more respect than our video generators. Who wants to be seen as a problem/expense by cheery Geriatrics specialists? Not I.
Hospice is for people who are terminal and expected to live 6 months maximum. There are options and long-term care insurance is a very viable option that can be a great value. Look into this for yourself; you might be surprised.
![Felix "Unfair" | [Stray Kids : SKZ-PLAYER]](http://i.ytimg.com/vi/Oswujxm2Ag0/mqdefault.jpg)
*FREE ONLINE WORKSHOP*
👉 How to Help Your Aging Parent with Memory Loss Be Safer (Even If They're Resisting Your Help): 👉
betterhealthwhileaging.mykajabi.com/free-memory-loss-safety-training
What if an elderly has or had some assets such as owned their own home & receive spouse's pension but has no family members? I see authorize representative on many forms and documents what exactly is that and what is the process to authorize a person?
After watching this, I find myself very frightened and very sad.
This was very informative and very much needed. But I am crying because of the possibility that I will never be able to get the opportunity to have long term help. Again this information is very important but scares me to the extreme.
This is sobering information, but I hope you can find a way to not despair. See what options might be available to you, perhaps if you invest some effort into cultivating them. Generally, I think it's good to do things like
- Cultivate relationships with other
- Volunteer and help others in need if you can
- Save money, consider downsizing
- Consider anticipating a transition to Medicaid
You can also advocate for public long-term care insurance, or other changes to how we care for elders as a society.
Last but not least: practicing mindfulness and acceptance can help weather future challenges...especially if you find a way to do it in community with others.
Good luck and take care.
I am so glad I came across you. Excellent information and very sobering. Prepare yourself and keep yourself healthy. Exercise, eat healthy, inform your family about your finances so you're all working together. Thank you!
Thank you for this. My husband is 10 years older and has a scary medical history. I am terrified that he will require long term care leaving nothing for my later years. This is particularly troubling as pretty much every dime we have came from my career and my savings. He brought debt to the marriage and spent any money that came his way on his own interests. So I AM a fan of finding ways to hide assets (legally). I am so glad that you mentioned the military angle. He served during a conflict and received a medical discharge. Worth exploring. And while this sounds awful, do people get divorced in this situation in order to protect assets?
My mother got suckered into long term and home care policy. As her premiums went up they offered lower benefits to keep premiums down. Now she has paid more into the company they she will ever get out, but if she stops paying they will cancel her policy and she gets nothing out of it. So, she keeps paying hoping to get some of her investment back.
Thanks for sharing your story. I have had families relay similar experiences to me, which is why I think people should be very careful about purchasing long term care right now...it is very hard for the insurance companies to make a profit offering these plans (unless it's combined with another financial product in some kind of hybrid plan).
Thank you for bringing these issues to the forefront and going into detail on how to approach and deal with them.
Excellent. There is almost no information this comprehensive on the internet. It's all a grift out there.
Caring for an aging parent? Learn about Dr. K’s *Helping Older Parents programs* here: betterhealthwhileaging.net/helping-older-parents/
*Related article:* Hiring In-Home Caregivers for Aging in Place: What to Know betterhealthwhileaging.net/hiring-home-care-for-aging-in-place/
You're both awesome. Thanks for this.
Thank you very much. Very professional and thoughtful insights.
Fantastic information -thank you 🙏🏾
Thank you😊
Skip to 37:00 if you really want to learn about the only additional option for paying. Everything else might be useful but it doesn't really stay on the topic stated in the subject line.
thank you so much!
What's consider a high premium for long term care? Numbers please.
Leslie, I love your channel.
However, as an independent broker specializing in Long-Term Care Insurance there’s a lot misinformation in this discussion between you and the social worker. For example, the long- term care insurance market is doing quite well. There are many interesting products available including products that will pay after a person is diagnosed. Are they cheap? No, but they exist and pay benefits.
Hybrid plans are great when someone is younger because the premium is fixed and it pays life insurance if a person passes away before receiving a designated amount of benefit.
I could go on.
I really appreciate the medical information you share. Perhaps the next time you present about funding elder care you can include a long-term care specialist.
Hello & thank you for weighing in. I realize we are not experts in long-term care insurance. That said, I do try to stay reasonably informed.
This Congressional Research Service report from July 2023 notes that fewer companies have been selling traditional LTCI and that the federal government did suspend sales of LTCI in 2022: crsreports.congress.gov/product/pdf/IF/IF11614
This short report is good for any interested viewers to learn more about the industry, as there is a section on market stability.
What I have heard from LTC policy experts who do not sell insurance (hence no conflict of interest) is that it IS difficult to keep this market financially viable. Ultimately, providing good care to older adults requires time, labor, and skill, which costs money. Private insurers need to take in more than they pay out, which will be challenging, especially as there will be way more older adults over age 85 in 10 years (already there is a shortage of home care workers and that's likely to get worse, so workers will need to be paid more). I think public LTCI is likely to be more viable, although for that, as a society, we have to be willing to subsidize elder care.
Honestly, I believe there are certain services that are inherently not well suited to the private market...we have privatized many aspects of healthcare and medical care in this country, the result being that we spend way more per capita on healthcare and have worse outcomes than other developed countries.
When people ask me, I advise them to really do their homework regarding possible LTC insurance (yes, I've heard of the hybrid plans) and urge them to get a second opinion from a qualified financial planning expert (that's not me!) who has no financial interest in whether they purchase a policy.
(Last but not least, we have participants in our programs who have been dissatisfied with their LTCI experience.)
You’re a busy doctor, so I’ll make this my last response.
Yes, people need to do their homework, but few do. For those people you know who have been unsatisfied with their LTC plan, I would be happy to talk with them because I find that most people don’t understand their plans or options when there are rate increases.
Using the government plan as an example brings up all the other government programs that have big problems: Medicare fraud, social security running out in the nearish future, just to name a few.
Please understand the influence you have. Some might decide that looking into long- term care insurance does make sense based on this video.
I can tell you that there are many that are receiving benefits from their long- term care policies every day.
Yes, I sell long- term care insurance, but I care more about doing the right thing and educating people more than making a buck.
Can the elderly lose their home due to paying for their senior care? 😯
Thank God there's HOSPICE...Pretty dependably reliable for treating people with more respect than our video generators. Who wants to be seen as a problem/expense by cheery Geriatrics specialists? Not I.
Hospice is for people who are terminal and expected to live 6 months maximum.
There are options and long-term care insurance is a very viable option that can be a great value. Look into this for yourself; you might be surprised.
hospice is for dying well, senior care-giving is for living well.
And in Texas, nursing homes are legalized abuse and torture-take a surprise tour on the night shift you uninformed idealists in denial.