Long Term In-home Care Options

Home
>
Elder Care
>
Long Term In-home Care Options

Long Term In-home Care Options

Are you worried that you may lose all your life's earnings and nest egg due to the rising costs of in-home long term care? As you get older do you have the necessary finances to protect yourself from going broke while slightly incapacitated? Many seniors are worried about are worried about the costs of long-term health care.

Are you worried that if something happens to you, that you may run out of money and burn thru their reserves and all your nest egg. Even be forced to sell your paid for home to survive? The costs for long-term in home care are rising, just like the current costs in health care. The average nursing home stay is 2.5 to 5 years of care with a cost of $135.00 per day. At that rate it will not take log to burn thru piles of cash. This is a concern of seniors and rightfully so.

It is very important to have long-term care insurance in order to protect your assets and give you peace of mind. You need the assurance of quality care, choice and control over receipt of care.

As we get older we do not wish to burden our offspring to come take care of us as they have their own family obligations; so we will want to avoid dependence and it might be nice to receive some tax advantages too. Paying for Long-Term Care requires some strategic planning; either thru family pact to take care of you or long term care insurance. Nothing is not guaranteed and do not expect the government to foot the bill. You see medicare is great but this program may pay for skilled nursing facility care for a very short period of time ? but no longer than 100 days and only when you meet all the Medicare requirements for daily skilled care. If you live in California there is Medi-Cal, but this program, called Medicaid outside California, may pay for skilled, rehabilitation and custodial care that is not covered by Medicare, but only if you first "spend-down" assets to federal and state legal impoverishment level guidelines. Can you pay for your care thru personal or family assets without selling your home? Most people provide for long-term care expenses from personal or family income, assets and resources.

Your more strategic choice for Long-Term Care may involve having an insurance program. Specially designed programs to pay for long-term health care expenses are viable option. HIPAA defines Federal tax treatment of insurance policies that provide long-term care coverage. Policies that meet certain criteria are designated as "qualified long-term care insurance" and will receive certain tax incentives: the cost of coverage may be deductible and long term care benefits received will not be reported as taxable income. Please consult your tax advisor for information about your personal situation.

Play it safe and know your options regarding long-term health care and know protect your assets. Think on this.

"Lance Winslow" - If you have innovative thoughts and unique perspectives, come think with Lance; www.WorldThinkTank.net/wttbbs

In The News:

Yahoo! News: Top Stories

Geithner likely treasury pick; Clinton 'on track' (AP)

AP - President-elect Barack Obama intends to name Timothy Geithner, president of the New York Federal Reserve, as his treasury secretary to confront the nation's intense economic turmoil, senior Democratic officials said Friday.

Obama keeps low profile in auto rescue talks (AP)

AP - While President-elect Barack Obama publicly sidelined himself during congressional debate over an auto industry bailout this week, he and his top aides quietly prodded congressional leaders to find a solution to rescue struggling automakers.

Neb. lawmakers OK age limit for safe-haven law (AP)

AP - Gov. Dave Heineman signed into law Friday a bill adding a 30-day age limit to a safe-haven law that allowed 35 children including teenagers as old as 17 to be abandoned at state hospitals. The law, approved hours earlier by the Legislature in a 45-3 vote, goes into effect Saturday, and makes Nebraska the 14th state with a 30-day age cap. It had been the only state with a safe-haven law without an age limit.

Germany drops attempt to ban Scientology (AP)

AP - Germany is dropping its pursuit of a ban on Scientology after finding insufficient evidence of illegal activity, security officials said Friday.

Gates would like to add US forces in Afghanistan (AP)

AP - Defense Secretary Robert Gates said Friday he would like to add significant U.S. forces to the war in Afghanistan before national elections scheduled for next year, and that grim depictions of backsliding in the seven-year-old war are "far too pessimistic."

Fla. teen commits suicide with live Web audience (AP)

AP - A college student committed suicide by taking a drug overdose in front of a live webcam as some computer users egged him on, others tried to talk him out of it, and another messaged OMG in horror when it became clear it was no joke. Some watchers contacted the Web site to notify police, but by the time officers entered Abraham Biggs' home a scene also captured on the Internet it was too late.

Year later, baby ordered back to adoptive parents (AP)

AP - The Nebraska Supreme Court on Friday ordered a year-old boy back into the home of an adoptive couple who had to give him up months ago after not telling the biological family the woman was pregnant.

Lavish 1,800 year-old bronze chariot unearthed in Bulgaria (AP)

AP - Archaeologists have unearthed an elaborately decorated 1,800-year-old chariot sheathed in bronze at an ancient Thracian tomb in southeastern Bulgaria, the head of the excavation said Friday. "The lavishly ornamented four-wheel chariot dates back to the end of the second century A.D.," Veselin Ignatov told The Associated Press in a telephone interview from the site, near the southeastern village of Karanovo.

Suspect arrested for greasy imprints in Neb. town (AP)

AP - Police have arrested a man suspected of leaving greasy, graphic imprints on the windows of stores, churches and schools in a small Nebraska town. A 35-year-old man was caught in the act by police early Wednesday morning, Cherry County Attorney Eric Scott said Friday. The man hasn't been charged yet, but authorities believe he is the vandal some townsfolk have dubbed the "Butt Bandit."

Knicks set themselves up for 2010 with 2 deals (AP)

AP - The New York Knicks traded Zach Randolph and Jamal Crawford in separate deals Friday, parting with their two top scorers to free up coveted salary-cap space for the summer of 2010. Crawford was sent to Golden State for forward Al Harrington. Hours later, Randolph was shipped to the Los Angeles Clippers along with reserve guard Mardy Collins for Cuttino Mobley and Tim Thomas.

Obama moves to pick Timothy Geithner for Treasury (Reuters)

Reuters - President-elect Barack Obama on Friday moved toward nominating Timothy Geithner as Treasury secretary and charging the respected head of the New York Federal Reserve with helping pull the United States out of an economic nosedive.

Obama may consider Lawrence Summers as Fed chief: Democrat (Reuters)

Reuters - U.S. President-elect Barack Obama may consider Lawrence Summers as a successor to Federal Reserve Chairman Ben Bernanke, whose term expires in January 2010, a Democratic source told Reuters on Friday.

Citigroup talking to govt as shares dive: source (Reuters)

Reuters - Citigroup Inc has begun talks with the U.S. government as its plummeting share price raises doubts about the bank's ability to survive, a person familiar with the matter said.

GM cuts output, jets as U.S. demands turnaround plans (Reuters)

Reuters - Detroit automakers began work on turnaround plans demanded by Congress in return for $25 billion in aid as General Motors Corp said it would cut production more and give up two of its controversial corporate jets.

Wall Street stages late rally on Geithner news (Reuters)

Reuters - U.S. stocks stormed higher in a late rally on Friday to cap another volatile week as investors welcomed reports that President-elect Barack Obama has chosen his point person to combat the U.S. economic crisis, instilling confidence about the administration's ability to take action.

U.S. eyes "surge" of over 20,000 for Afghanistan (Reuters)

Reuters - The Pentagon is considering a plan to send more than 20,000 troops to Afghanistan over the next 12 to 18 months to help safeguard elections and quell rising Taliban violence, officials said on Friday.

Bush, Hu discuss North Korea ahead of APEC summit (Reuters)

Reuters - U.S. President George W. Bush held talks on ending North Korea's nuclear program with Chinese leader Hu Jintao on Friday, the first in a series of meetings U.S. officials hope will lead to a renewal of six-party talks by early December.

Iran rejects U.S. reports it has basis for atom bomb (Reuters)

Reuters - Iran rejected Friday U.S. reports it had enriched enough uranium to make an atom bomb, saying this would require steps it had ruled out like ejecting U.N. inspectors and leaving the Non-Proliferation Treaty (NPT).

Bush bows out, China assertive at APEC summit (AFP)

AFP - US President George W. Bush began Friday his last scheduled foreign trip, meeting the leader of increasingly important China ahead of a summit aimed at containing a spiraling financial crisis.

Congo demands stronger mandate for UN troops (AFP)

AFP - Congo demanded a stronger mandate for UN troops in the conflict-torn east Friday, while residents of a squalid refugee camp said government soldiers killed a woman during a looting spree.

Long Term In-home Care Options

Elder Care Elder Care