October 15, 2024 • 22 mins
Unlock the secrets to effective long-term care planning with this The Journey Out podcast episode during Health Literacy Month. Can early planning help you manage the stress of potential health challenges? Explore the answer as we debunk myths around long-term care, such as the common misconception that it only involves nursing homes, and reveal the essential role of the Older Americans Act in supporting older adults and their caregivers. With nearly two-thirds of Americans likely needing assistance due to illness or disability, our discussion provides clarity on various care options, including home care and assisted living, and emphasizes the importance of informed decision-making to minimize last-minute dilemmas.
Gain insights into the financial landscape of long-term care planning, including innovative options like reverse mortgages for older homeowners and specialized trusts. Learn about the benefits and practicalities of aging in place, with tips on home safety modifications and accessing community resources. This episode also highlights valuable online tools and local services to aid your planning journey, empowering you and your loved ones to navigate the complexities of long-term care with confidence and foresight.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Hello everyone, and welcome to the Journey Up
podcast, where we were designedto be the helping hand for
everyday people who are on theirExodus journey.
I am one of your hosts, bree,and this is Antoine, and this
month is Health Literacy Month,and so we're continuing to dive
into this, but today we will betalking about long-term care
planning, what it is, why itmatters and why you should start
(00:22):
today.
What is home care?
How do I navigate health care?
Speaker 2 (00:27):
What do I do when I feel down and depressed?
Speaker 1 (00:29):
I'm stressed.
Am I enough?
What can I do?
What is this going to cost?
So long-term care planning.
So let's talk a little bitabout that, what it is like.
We said why it's important.
So nearly two out of threeAmericans will need assistance
with activities of daily living,so things like bathing,
(00:50):
mobility assistance, walking,dressing at some point in time
in their lifetime due todisability or an illness, right?
So long term care planning, asdefined on my handy dandy note
sheet, is a range of servicesand supports to meet health or
personal care needs over anextended period of time.
So the reason why long-termcare is important is because it
(01:11):
provides solutions to unforeseenproblems that can happen at a
later date in time.
Again, I don't know what I'mgoing to be like at 65, right?
Speaker 2 (01:20):
So it's just planning up until that point, I don't
know what I'm going to be likeat 65.
Speaker 1 (01:24):
Well you know that's right around the corner, oh wow.
Speaker 2 (01:27):
Yes.
Speaker 1 (01:29):
But yes.
So I think one of the commonmisconceptions for me is that
you know we can wait till later,but it's important to start now
.
So tell me what is one commonmisconception that you have
around long term care.
Speaker 2 (01:42):
Well, one of the comments is a lot of them.
Speaker 1 (01:45):
Right.
Speaker 2 (01:45):
But one of them is long-term, care only happens in
nursing homes, right?
Speaker 1 (01:48):
Right.
Speaker 2 (01:49):
Nursing homes is just one of the many options.
There's also home care,personal care, where you have a
caregiver come in and assist youwith activities of daily living
.
That is considered unskilledcare.
Speaker 1 (01:59):
Right.
Speaker 2 (02:00):
You also have home health and hospice that provides
nursing care, which isconsidered skill adult daycares,
and then you havefacility-based care, which looks
like assisted living andresidential home care.
Speaker 1 (02:12):
Right, right.
And so I can kind of get withyou with what you're saying
there, because a lot of timespeople are like I'm not going to
a nursing home and they onlythink that that's the only way
or only option to get care, andthat's totally not the case.
Speaker 2 (02:25):
And the whole nother subject is the reason why they
wouldn't go to these nursinghomes, so in some cases
uninformed, exactly.
Speaker 1 (02:32):
And not planning.
So that's super important tonote there.
And I think another commonmisconception that we hear a lot
is my health insurance coverseverything, I don't have to
worry about anything.
And that's totally not the case.
So usually when you're 65 or so64, usually you're going to
start enrolling into Medicareand so you think, oh, medicare
is going to cover everything,and that's not the case.
(02:54):
Usually, medicare is onlycovering short-term stays at
these facilities and we'll talka little bit more about that.
But it's really important tounderstand what it will and
won't cover.
So you talked a little bitabout, like the nursing homes,
residential care homes, assistedliving, things like that.
Those are really pivotal thingsfor people to know about.
Speaker 2 (03:16):
But we have those things due to the Older
Americans Act that was passed,and the purpose of the Older
American Act is to support olderadults and their caregivers.
So tell me a little.
Tell me a little bit more?
Speaker 1 (03:26):
Yeah, so some supports and services that the
Older Americans Act have arelike information and assistance.
There's personal care, sothat's again the help with the
daily activities of living thatwe were talking about earlier.
There is nutrition services, solike meal programs, meals on
Wheels, things like that.
There's also transportation, sothat way you have access to
medical appointments, and thensupport for caregivers, so
(03:47):
things like respite care,training and things like that.
Now, being able to access thosesupports and services is super
important that you're contacting, like, your local area agency
on aging or going to onlineresources that are available
through the OAA website.
With that being said, andtrying to access some of the
resources from the OAA, it'simportant to know that you have
(04:10):
those services and support, butit's also important to start
planning right now, to startplanning early.
What would you say would be oneof your early planning tips,
for you know the importance ofplanning.
Speaker 2 (04:23):
Well, early planning helps reduce stress.
Speaker 1 (04:26):
Yes.
Speaker 2 (04:27):
Stress is a big factor in this right.
Having a planning place helpsindividuals and their families
make the appropriate decisionwhen the time arises.
So just say, for instance, ifyou start planning early, what
happens is, hey, let's go back.
If you know your family medicalhistory, you have your mother
(04:55):
or your father has beendiagnosed with dementia or
Alzheimer's or something likethat.
You know maybe previous fallrisk or, God forbid, but a
cancer or something may pop upright.
And knowing that you're able toplan early, Knowing that you're
able to plan early, and inplanning early, if those things
arise, you already have a planof how you will want to be given
care or where you will want togo receive care or even if, what
facility you want to be inRight, and so that takes the
(05:16):
stress away from you not havingto figure out in the last minute
.
Speaker 1 (05:20):
It's already stressful because the situation
just popped up on you.
So now figure out in the lastminute what you want to do.
But aside from that, it'sreally stressful because the
situation just popped up on you,so now figure out in the last
minute what you're going to do.
But aside from that, it'sreally stressful when you think
about the cost, the cost ofthese things.
And so the importance ofplanning early, right now, for
me, I would say, would be cost.
Costs are only going toincrease, they're never going to
decrease, they're only going togo up.
(05:41):
So you want to plan now, sothat inflation doesn't play a
critical role in the care thatyou or your family member
deserve.
So you want to start now, youwant to plan early, you want to
go ahead and figure out is anursing home best?
Is an assisted living best?
Is a residential care home best?
Is at home best?
Speaker 2 (05:57):
And if it is, you figure out and navigate a plan
to make sure that your loved onegets where they want to be,
plan to make sure that yourloved one gets where they want
to be, and one of the key thingsis planning that and, like you
said, for residential homes orfacilities, it's having an
advanced care directive.
Speaker 1 (06:10):
Yeah, advanced directive yeah.
Speaker 2 (06:11):
Advanced care directive right.
The importance of planningearly and implementing that
advanced directive is forclarity of you or your loved
one's wishes.
Speaker 1 (06:19):
Yes.
Speaker 2 (06:19):
Advanced directives ensure that individuals' health
care preferences are clearlydocumented and desires are met.
Okay, right, also with thatadvanced directive and I'm
reading my notes, so forgive meguidance for healthcare
professionals Right, it ensuresthat the healthcare
professionals are making thedecisions that align with the
patient's preferences.
Okay, Right.
Speaker 1 (06:40):
So that's important because a lot of times we get
into a situation and like say,for instance, me and you right,
I know, you Right, I know.
Like when you're old, I knowyou want to be creased up.
Speaker 2 (06:53):
So you say I'm old.
Speaker 1 (06:54):
When you're old.
I said when you're old, whenI'm old, right, you want to be
creased up, you want to be inhis J's, you want to be in the
sweatpants.
I know those things right.
But I also know him on a deeperlevel.
You know what does the funeralarrangement look like, all of
those different things.
I need to know your wishes sothat way I can make the
appropriate decisions when thattime comes and as a parent, I
(07:15):
know we don't want to talk aboutthese things but as a parent,
it's helpful for you to let yourfamily know.
Speaker 2 (07:22):
Like my daughter, hey , I want her to know what my
wish is to be right.
I want her to be clear in whatmy wish is to be.
So God forbid if somethinghappened.
Hey, she knows how to plan.
She knows what dad or mom wouldlike.
So that's great that you saidthat.
Speaker 1 (07:37):
Yeah, that's super important.
I think also another key thingyou would want to know, as you
kind of progress and startplanning early, is what your
insurance will and won't cover.
Like I said earlier, Medicarethere are Medicare coverage
limitations.
Medicare will only cover askilled nursing facility at a
short term stay.
So that means you probably get60 days, you could get 50, 40,
(07:59):
100, you know if we're capableof doing that, but with those
stays that's only what it coversand then after that you have to
leave that facility.
Where's your loved one going?
Speaker 2 (08:07):
Where are they going?
What's the next step?
Do you know Right?
Speaker 1 (08:11):
So understanding what your insurance or Medicare will
cover and then planningaccording to that if there is an
issue that comes up With that.
We talked about the coverageand everything.
So with that, you have to startfinancing planning early as
well.
So, finance planning, what doesthat look like?
How can you kind of getsomething in place already, so
(08:33):
that way down the road, when youneed these resources, you're
able to assess them and you canpay for the care that you need?
For financing long-term care,what would be one of your top
planning tips?
Speaker 2 (08:45):
Well, it's important to assess your current financial
situation and explore variousfunding options.
There are a lot of options outthere, but by finding the right
one for you and your family atthis time and even in the future
, that'll be helpful.
Speaker 1 (08:59):
Right, right, and so I guess most people for
long-term care.
We are already going to thinkabout long-term care insurance,
right?
So that's going to be numberone.
So I'll kind of give you adefinition of what long-term
care insurance is.
So long-term care insurance isspecifically designed to cover
services that assist individualswith daily activities, which
can be divided into two maincategories.
So we have activities of dailyliving, which is like the
(09:21):
bathing, grooming, mobilityassistance, dressing, things
like that.
But we also have things likemeal preparation.
There's laundry andtransportation and housekeeping.
Those things are what we callinstrumental activities of daily
living, and long-term careinsurance does cover that.
Now, long-term care insurancecan be used in any setting, so
(09:41):
you don't have to just be athome for it.
You can be in assisted living,you can be in a nursing home,
you can even use it for adultdaycare services, so it doesn't
have to just be tied to aspecific area.
But long-term care insurance isthere to help pay for people
who need assistance withactivities of daily living.
Of course, there's a costalways associated, and we call
those premiums when you'retalking about insurance, and the
(10:07):
premiums really just depend onwhen you get started.
So if you get a premium.
At a younger age it's usually alower cost.
If you get it at a higher age,it's usually a higher cost.
But it's really just kind ofunderstanding what you need and
kind of going from there.
There's also what we callannuities, and so an annuity is
a financial product typicallyoffered by insurance companies
that provides a series ofpayments made at regular
(10:27):
intervals.
It is often used to accumulatefunds for retirement or to
provide a steady income streamduring retirement.
So there's two different typesof annuities.
There's an immediate long-termcare annuity and a deferred
long-term care annuity, and sotypically how the immediate
works is it's an annuity forright now.
If you need long-term careright this second, that annuity
can be given to you right then.
(10:48):
Now for a deferred long-termannuity.
It's usually something that youpay on now to use later at a
deferred time.
Speaker 2 (11:02):
And listen, this is a lot of information, yes, a lot
of great information.
But don't worry, listen, wedon't have all the answers.
Right, we introduced some toyou, but down the road we will
have people with the answers togo and deal with this for you,
yeah, the experts, that's whatwe like to call them, the
experts and so they can kind ofdive a little bit deeper.
Speaker 1 (11:13):
But these are some of the things that you can look
into now to kind of find whatfits best for you guys.
And then we have reversemortgages.
I'm sure lot of us are familiarwith reverse mortgages.
A reverse mortgage is a type ofloan that allows homeowners,
typically age 62 or older, toconvert part of their home
equity into cash without havingto sell their home.
There's different eligibilityrequirements for that, but again
(11:36):
, there's pros and cons to allof these things.
So just making sure that we aredoing our research and talking
with the professional that cankind of help us do these.
And then, lastly, we have trusts.
So there's two trusts thatwe'll talk about a charitable
remainder trust and a Medicaiddisability trust.
So with the charitable trust,it is a type of irrevocable
trust designed to provide incometo the donor for a specified
(11:59):
period, with the remainder ofthe trust assets going to a
designated charity upon passing.
And then we also have aMedicaid trust, and with the
Medicaid trust, it's oftenreferred to as a special needs
trust and it's designed to allowindividuals with disabilities
to maintain eligibility forMedicaid and other government
benefits while holding assets,which is, like, truly important
(12:20):
and you know I'm going to behonest, I don't think I even
knew about that type of trust,so that's super important to
learn more about.
And so, again, you have thosetype of financial options to
help you try to plan for thefuture.
But, again, you've got tofigure out what works best for
you and your family.
Speaker 2 (12:35):
And, as you go down this road, there's a lot that
you won't know about, right, andthere's a lot that we didn't
know about, but we had to godown this journey, right, right,
and so this is why we're here,right, to help you start
planning as soon as possible sowhen you, if a situation arise,
you'll be more prepared for.
Speaker 1 (12:52):
We talked about ways to kind of plan early.
We talked about things you wantto have when you're looking for
some assistance as you getolder.
We also talked aboutresidential homes.
We talked about nursing homes.
We're talking about probablystaying in the home, and so if
staying in the home is somethingthat your loved one wants to do
, you have to be prepared forthat.
(13:13):
I mean right now, we know 70million Americans choose to age
in place currently.
That means they want to stayhome, they want to live in their
homes as long as possible andreceive the care that they need
there.
There are multiple benefits toaging in place.
I mean from it just being afamiliar environment for one,
but also there's independenceand autonomy that still remains
when they have care at home.
(13:34):
With the care in the home it'smore personalized and there's
also improved health outcomeswhen you have a caregiver or
some agency coming in andassisting them inside the home.
But I think one of the bigthings that we have to remember
is they can stay home.
That's important, but the homehas to be safe.
Speaker 2 (13:50):
Yeah, can they stay home safe?
Speaker 1 (13:51):
Yeah, it has to be safe.
Speaker 2 (13:52):
So, in order to stay home safely for your loved one,
I think you will need homemodifications such as ramps,
grab bars, improved lighting inthe outside and inside, a
medical alert chain, necklace orsomething like that to help if
something happens.
(14:13):
If that person falls, hey, theycan hit that medical alert.
And also one thing that we,since they're at home by
themselves and say if they'renot with their husband, or with
their wife or with their kids,what's that Come?
Speaker 1 (14:27):
on.
Speaker 2 (14:27):
Cameras, camera system.
A camera system will be greatfor you if your loved one is
staying at home, because now youcan monitor your loved one from
a distance.
Right?
We have had situations andcases where loved ones, people,
loved ones have been on theground for a day or two right,
or hours or hours in and theydidn't know because, hey, they
(14:48):
was trying to call but they wasout of pocket.
When I say out of pocket, theywasn't around, they was working,
they was at home, they wasdoing other things.
But if something like thathappened, when you can't get in
contact with your loved one, hey, having a camera system at home
to to where you can see what'sgoing on, that'll be helpful as
well.
Speaker 1 (15:03):
Right and of course all things cost right.
Yes, but there are communityresources that are able to help
families, you know, with some ofthese home modifications.
So there's, like I talked aboutearlier, the local area agency
on aging.
They're just a wonderfulresource.
They come out, they can trimbushes, put in grab bars, put in
(15:25):
ramps, they've done it all sothey can do that for you all.
And then federal agencies, kindof like the VA veterans if
you're a veteran you can gethome modifications at no cost to
you and they will cover thatfor you.
So just knowing again whatcommunity resources are, out
there and knowing how to accessthose resources and knowing how
to access them can get you thehelp that you need, especially
(15:46):
if your loved one's desire is tostay home and you want them to
do so safely.
We've discussed a lot, yes, andso I know in the back of
everyone's head it's like whatdoes?
Speaker 2 (15:52):
all of this cost?
No, no, no.
Camera zoom in.
How much does this cost?
Speaker 1 (15:59):
That's our intro.
That's our intro.
Speaker 2 (16:01):
That's what they want to know.
How much does this cost?
How much do all this cost?
Speaker 1 (16:06):
Right.
So it just depends Again, itdepends on what you're wanting,
right?
So if you want to stay at home,right, now and again, let me
give you a good resource forlooking at cost of care Genworth
, again.
And Genworth is anotherlong-term care agent, insurance
company that gives out policiesfor long-term care, so they're
(16:27):
very qualified for givinginformation on what cost of care
is.
If you're looking to stay athome, on average, the 2023
national average for home careis at 33 an hour, right?
If you're looking for an adultday service, so say, for
instance, you have a loved oneand they have alzheimer's or
dementia and you need want themto go to a service um, an adult
(16:49):
they have and let them, take,take care of them for the day
during the daytime.
you're looking at about 95 a dayroom for the day during the
daytime.
You're looking at about $95 aday per day.
For assisted living, you'relooking at about $5,400 a month.
For a nursing home and in theway nursing homes and
residential care homes too, theway nursing homes work, you have
(17:10):
a semi-private or what we calla shared room where you're
sharing it with another residentor a patient that's at that
facility, and you have a privateroom where the room is all to
yourself.
A semi-private room is goingfor about $8,700 per month and a
private room is going for$9,800 per month.
Speaker 2 (17:29):
And these prices do vary right, they vary Depending
on the state to state and theamenities that you will want
that your loved one to have.
Speaker 1 (17:37):
Exactly, and so these are just the average.
It definitely could.
Some in some places could behigher, some places it could be
lower, but these are, these areyour average costs.
So this is what you areexpecting to pay right now,
right?
Well, as I mentioned earlier,it's only going to go up, right?
So having a plan for your lovedone, for yourself, for your
(17:59):
kids in the future, so they knowwhat to do for you, is super
important, because when you wantto choose what fits best for
your family, whether it's anursing home, a assisted living,
a residential care home oraging in place you want to
figure out what fits best forthem, but when you want to take
in the cost, those are some highnumbers.
Speaker 2 (18:18):
We won't lie.
Speaker 1 (18:19):
I mean, and the cost and the numbers will go up and
it only will go up, so those arehigh as they were now, but your
first concern should always becare.
Yes, I know costs play asignificant role in care for
your loved one.
We all know that, but you couldend up spending more money.
Speaker 2 (18:41):
And the care.
Speaker 1 (18:42):
Putting them in a place where they are not
nurtured.
You can have hospital visitafter hospital, visit after
hospital, and it only racks upfrom there.
Speaker 2 (18:52):
If you put your loved one in a place where they're
not getting the care that theydeserve and the care that you
expect them to get, because thisis your loved one in a place
where they're not getting thecare that they deserve and the
care that you expect them to getbecause this is your loved one,
right?
Not only are you paying for thecost of them living there, what
about the hidden costs?
If they're not getting turnedright and developing bed sores,
(19:13):
right, if they not?
It's a lot of stuff that goesinto this, right, and I'm, I'm
and I'm probably not got offtopic, but when you're dealing
with my mother, right?
Or my grandmother or my familymember, right?
When someone comes into ourplace of business or they come
(19:35):
into our home or we sign them onas a client, that's my loved
one.
Right.
That's my mother, that's myfather, right.
So the love and the care thatthat person get is priceless.
Speaker 1 (19:45):
It really is.
Speaker 2 (19:46):
So knowing that company, knowing again, we're
talking about planning long term, knowing what's going on with
different facilities differentcompanies that's priceless
because you're putting your loveinto someone else's hands.
Okay, I'm sorry.
Speaker 1 (20:04):
No, I think you just hit it on the head Again.
Cost matters, but it's reallyabout the quality of the care.
That is super important.
If you guys don't take anythingaway from what we've said today
, costs are only going to go up.
But you want to put you andyour family members in a better
position so that later all ofthis can be a breeze.
(20:28):
And it won't be a breezebecause you're going to be going
through something as a familyunit.
Speaker 2 (20:33):
But at least you're better prepared.
Speaker 1 (20:35):
Right, and that's the part, that's the breeze, right,
you're prepared.
You know well, I have this inplace.
I know I don't have to worryabout that.
I can fully give my attentionto my loved one in this time who
needs me, without having toworry about expenses, not worry
about care, not worry aboutplacement.
Speaker 2 (20:50):
And I know my loved one's wishes.
Speaker 1 (20:52):
Right, right.
We have discussed a lot today,a lot We've talked about the
importance of long-term careplanning.
We talked about all thesupports and services that come
to us.
Advanced directives, advanceddirectives.
We talked about financialplanning.
We talked about OAA.
Talked about OAA.
We talked about different.
Home modifications Right, yes,the whole episode right, right,
(21:14):
right, but we talked about a lotof things, but I think, really,
what we want to encourage youall is to be proactive.
Speaker 2 (21:19):
Yes.
Speaker 1 (21:20):
Be proactive in planning for your long term care
.
It's never too early to startand it's never too late to start
, but you have to start, andthat's what we want to make sure
that you get from all of this.
We also want to make sure thatyou are tapped into the local
resources that you have.
So make sure you're going on towebsites like longtermcaregov
(21:41):
for information and planningtools.
Also checking with your localarea agency on aging for any
community specific services thatyou need.
Also going to the OAA website,the Olders American Act website,
to get all the otherinformation and planning tools
that you need as well, becauseit's going to be critical as we
age and as we continue to age,and that's for all of us.
So that's a wrap on today'sepisode of the journey out.
(22:04):
We pray that the thingsdiscussed today have been a
helping hand for you and theones you hold close, positively
bringing you out of one seasonto the next, starting your
Exodus journey.
Speaker 2 (22:14):
And remember what you have learned today is knowledge
, and you can be a resource toyour family and your community.
Speaker 1 (22:20):
Yes sir, we out.
Thank you.
Hello everyone, and welcome to the Journey Up
podcast, where we were designedto be the helping hand for
everyday people who are on theirExodus journey.
I am one of your hosts, bree,and this is Antoine, and this
month is Health Literacy Month,and so we're continuing to dive
into this, but today we will betalking about long-term care
planning, what it is, why itmatters and why you should start
(00:22):
today.
What is home care?
How do I navigate health care?
Speaker 2 (00:27):
What do I do when I feel down and depressed?
Speaker 1 (00:29):
I'm stressed.
Am I enough?
What can I do?
What is this going to cost?
So long-term care planning.
So let's talk a little bitabout that, what it is like.
We said why it's important.
So nearly two out of threeAmericans will need assistance
with activities of daily living,so things like bathing,
(00:50):
mobility assistance, walking,dressing at some point in time
in their lifetime due todisability or an illness, right?
So long term care planning, asdefined on my handy dandy note
sheet, is a range of servicesand supports to meet health or
personal care needs over anextended period of time.
So the reason why long-termcare is important is because it
(01:11):
provides solutions to unforeseenproblems that can happen at a
later date in time.
Again, I don't know what I'mgoing to be like at 65, right?
Speaker 2 (01:20):
So it's just planning up until that point, I don't
know what I'm going to be likeat 65.
Speaker 1 (01:24):
Well you know that's right around the corner, oh wow.
Speaker 2 (01:27):
Yes.
Speaker 1 (01:29):
But yes.
So I think one of the commonmisconceptions for me is that
you know we can wait till later,but it's important to start now
.
So tell me what is one commonmisconception that you have
around long term care.
Speaker 2 (01:42):
Well, one of the comments is a lot of them.
Speaker 1 (01:45):
Right.
Speaker 2 (01:45):
But one of them is long-term, care only happens in
nursing homes, right?
Speaker 1 (01:48):
Right.
Speaker 2 (01:49):
Nursing homes is just one of the many options.
There's also home care,personal care, where you have a
caregiver come in and assist youwith activities of daily living
.
That is considered unskilledcare.
Speaker 1 (01:59):
Right.
Speaker 2 (02:00):
You also have home health and hospice that provides
nursing care, which isconsidered skill adult daycares,
and then you havefacility-based care, which looks
like assisted living andresidential home care.
Speaker 1 (02:12):
Right, right.
And so I can kind of get withyou with what you're saying
there, because a lot of timespeople are like I'm not going to
a nursing home and they onlythink that that's the only way
or only option to get care, andthat's totally not the case.
Speaker 2 (02:25):
And the whole nother subject is the reason why they
wouldn't go to these nursinghomes, so in some cases
uninformed, exactly.
Speaker 1 (02:32):
And not planning.
So that's super important tonote there.
And I think another commonmisconception that we hear a lot
is my health insurance coverseverything, I don't have to
worry about anything.
And that's totally not the case.
So usually when you're 65 or so64, usually you're going to
start enrolling into Medicareand so you think, oh, medicare
is going to cover everything,and that's not the case.
(02:54):
Usually, medicare is onlycovering short-term stays at
these facilities and we'll talka little bit more about that.
But it's really important tounderstand what it will and
won't cover.
So you talked a little bitabout, like the nursing homes,
residential care homes, assistedliving, things like that.
Those are really pivotal thingsfor people to know about.
Speaker 2 (03:16):
But we have those things due to the Older
Americans Act that was passed,and the purpose of the Older
American Act is to support olderadults and their caregivers.
So tell me a little.
Tell me a little bit more?
Speaker 1 (03:26):
Yeah, so some supports and services that the
Older Americans Act have arelike information and assistance.
There's personal care, sothat's again the help with the
daily activities of living thatwe were talking about earlier.
There is nutrition services, solike meal programs, meals on
Wheels, things like that.
There's also transportation, sothat way you have access to
medical appointments, and thensupport for caregivers, so
(03:47):
things like respite care,training and things like that.
Now, being able to access thosesupports and services is super
important that you're contacting, like, your local area agency
on aging or going to onlineresources that are available
through the OAA website.
With that being said, andtrying to access some of the
resources from the OAA, it'simportant to know that you have
(04:10):
those services and support, butit's also important to start
planning right now, to startplanning early.
What would you say would be oneof your early planning tips,
for you know the importance ofplanning.
Speaker 2 (04:23):
Well, early planning helps reduce stress.
Speaker 1 (04:26):
Yes.
Speaker 2 (04:27):
Stress is a big factor in this right.
Having a planning place helpsindividuals and their families
make the appropriate decisionwhen the time arises.
So just say, for instance, ifyou start planning early, what
happens is, hey, let's go back.
If you know your family medicalhistory, you have your mother
(04:55):
or your father has beendiagnosed with dementia or
Alzheimer's or something likethat.
You know maybe previous fallrisk or, God forbid, but a
cancer or something may pop upright.
And knowing that you're able toplan early, Knowing that you're
able to plan early, and inplanning early, if those things
arise, you already have a planof how you will want to be given
care or where you will want togo receive care or even if, what
facility you want to be inRight, and so that takes the
(05:16):
stress away from you not havingto figure out in the last minute
.
Speaker 1 (05:20):
It's already stressful because the situation
just popped up on you.
So now figure out in the lastminute what you want to do.
But aside from that, it'sreally stressful because the
situation just popped up on you,so now figure out in the last
minute what you're going to do.
But aside from that, it'sreally stressful when you think
about the cost, the cost ofthese things.
And so the importance ofplanning early, right now, for
me, I would say, would be cost.
Costs are only going toincrease, they're never going to
decrease, they're only going togo up.
(05:41):
So you want to plan now, sothat inflation doesn't play a
critical role in the care thatyou or your family member
deserve.
So you want to start now, youwant to plan early, you want to
go ahead and figure out is anursing home best?
Is an assisted living best?
Is a residential care home best?
Is at home best?
Speaker 2 (05:57):
And if it is, you figure out and navigate a plan
to make sure that your loved onegets where they want to be,
plan to make sure that yourloved one gets where they want
to be, and one of the key thingsis planning that and, like you
said, for residential homes orfacilities, it's having an
advanced care directive.
Speaker 1 (06:10):
Yeah, advanced directive yeah.
Speaker 2 (06:11):
Advanced care directive right.
The importance of planningearly and implementing that
advanced directive is forclarity of you or your loved
one's wishes.
Speaker 1 (06:19):
Yes.
Speaker 2 (06:19):
Advanced directives ensure that individuals' health
care preferences are clearlydocumented and desires are met.
Okay, right, also with thatadvanced directive and I'm
reading my notes, so forgive meguidance for healthcare
professionals Right, it ensuresthat the healthcare
professionals are making thedecisions that align with the
patient's preferences.
Okay, Right.
Speaker 1 (06:40):
So that's important because a lot of times we get
into a situation and like say,for instance, me and you right,
I know, you Right, I know.
Like when you're old, I knowyou want to be creased up.
Speaker 2 (06:53):
So you say I'm old.
Speaker 1 (06:54):
When you're old.
I said when you're old, whenI'm old, right, you want to be
creased up, you want to be inhis J's, you want to be in the
sweatpants.
I know those things right.
But I also know him on a deeperlevel.
You know what does the funeralarrangement look like, all of
those different things.
I need to know your wishes sothat way I can make the
appropriate decisions when thattime comes and as a parent, I
(07:15):
know we don't want to talk aboutthese things but as a parent,
it's helpful for you to let yourfamily know.
Speaker 2 (07:22):
Like my daughter, hey , I want her to know what my
wish is to be right.
I want her to be clear in whatmy wish is to be.
So God forbid if somethinghappened.
Hey, she knows how to plan.
She knows what dad or mom wouldlike.
So that's great that you saidthat.
Speaker 1 (07:37):
Yeah, that's super important.
I think also another key thingyou would want to know, as you
kind of progress and startplanning early, is what your
insurance will and won't cover.
Like I said earlier, Medicarethere are Medicare coverage
limitations.
Medicare will only cover askilled nursing facility at a
short term stay.
So that means you probably get60 days, you could get 50, 40,
(07:59):
100, you know if we're capableof doing that, but with those
stays that's only what it coversand then after that you have to
leave that facility.
Where's your loved one going?
Speaker 2 (08:07):
Where are they going?
What's the next step?
Do you know Right?
Speaker 1 (08:11):
So understanding what your insurance or Medicare will
cover and then planningaccording to that if there is an
issue that comes up With that.
We talked about the coverageand everything.
So with that, you have to startfinancing planning early as
well.
So, finance planning, what doesthat look like?
How can you kind of getsomething in place already, so
(08:33):
that way down the road, when youneed these resources, you're
able to assess them and you canpay for the care that you need?
For financing long-term care,what would be one of your top
planning tips?
Speaker 2 (08:45):
Well, it's important to assess your current financial
situation and explore variousfunding options.
There are a lot of options outthere, but by finding the right
one for you and your family atthis time and even in the future
, that'll be helpful.
Speaker 1 (08:59):
Right, right, and so I guess most people for
long-term care.
We are already going to thinkabout long-term care insurance,
right?
So that's going to be numberone.
So I'll kind of give you adefinition of what long-term
care insurance is.
So long-term care insurance isspecifically designed to cover
services that assist individualswith daily activities, which
can be divided into two maincategories.
So we have activities of dailyliving, which is like the
(09:21):
bathing, grooming, mobilityassistance, dressing, things
like that.
But we also have things likemeal preparation.
There's laundry andtransportation and housekeeping.
Those things are what we callinstrumental activities of daily
living, and long-term careinsurance does cover that.
Now, long-term care insurancecan be used in any setting, so
(09:41):
you don't have to just be athome for it.
You can be in assisted living,you can be in a nursing home,
you can even use it for adultdaycare services, so it doesn't
have to just be tied to aspecific area.
But long-term care insurance isthere to help pay for people
who need assistance withactivities of daily living.
Of course, there's a costalways associated, and we call
those premiums when you'retalking about insurance, and the
(10:07):
premiums really just depend onwhen you get started.
So if you get a premium.
At a younger age it's usually alower cost.
If you get it at a higher age,it's usually a higher cost.
But it's really just kind ofunderstanding what you need and
kind of going from there.
There's also what we callannuities, and so an annuity is
a financial product typicallyoffered by insurance companies
that provides a series ofpayments made at regular
(10:27):
intervals.
It is often used to accumulatefunds for retirement or to
provide a steady income streamduring retirement.
So there's two different typesof annuities.
There's an immediate long-termcare annuity and a deferred
long-term care annuity, and sotypically how the immediate
works is it's an annuity forright now.
If you need long-term careright this second, that annuity
can be given to you right then.
(10:48):
Now for a deferred long-termannuity.
It's usually something that youpay on now to use later at a
deferred time.
Speaker 2 (11:02):
And listen, this is a lot of information, yes, a lot
of great information.
But don't worry, listen, wedon't have all the answers.
Right, we introduced some toyou, but down the road we will
have people with the answers togo and deal with this for you,
yeah, the experts, that's whatwe like to call them, the
experts and so they can kind ofdive a little bit deeper.
Speaker 1 (11:13):
But these are some of the things that you can look
into now to kind of find whatfits best for you guys.
And then we have reversemortgages.
I'm sure lot of us are familiarwith reverse mortgages.
A reverse mortgage is a type ofloan that allows homeowners,
typically age 62 or older, toconvert part of their home
equity into cash without havingto sell their home.
There's different eligibilityrequirements for that, but again
(11:36):
, there's pros and cons to allof these things.
So just making sure that we aredoing our research and talking
with the professional that cankind of help us do these.
And then, lastly, we have trusts.
So there's two trusts thatwe'll talk about a charitable
remainder trust and a Medicaiddisability trust.
So with the charitable trust,it is a type of irrevocable
trust designed to provide incometo the donor for a specified
(11:59):
period, with the remainder ofthe trust assets going to a
designated charity upon passing.
And then we also have aMedicaid trust, and with the
Medicaid trust, it's oftenreferred to as a special needs
trust and it's designed to allowindividuals with disabilities
to maintain eligibility forMedicaid and other government
benefits while holding assets,which is, like, truly important
(12:20):
and you know I'm going to behonest, I don't think I even
knew about that type of trust,so that's super important to
learn more about.
And so, again, you have thosetype of financial options to
help you try to plan for thefuture.
But, again, you've got tofigure out what works best for
you and your family.
Speaker 2 (12:35):
And, as you go down this road, there's a lot that
you won't know about, right, andthere's a lot that we didn't
know about, but we had to godown this journey, right, right,
and so this is why we're here,right, to help you start
planning as soon as possible sowhen you, if a situation arise,
you'll be more prepared for.
Speaker 1 (12:52):
We talked about ways to kind of plan early.
We talked about things you wantto have when you're looking for
some assistance as you getolder.
We also talked aboutresidential homes.
We talked about nursing homes.
We're talking about probablystaying in the home, and so if
staying in the home is somethingthat your loved one wants to do
, you have to be prepared forthat.
(13:13):
I mean right now, we know 70million Americans choose to age
in place currently.
That means they want to stayhome, they want to live in their
homes as long as possible andreceive the care that they need
there.
There are multiple benefits toaging in place.
I mean from it just being afamiliar environment for one,
but also there's independenceand autonomy that still remains
when they have care at home.
(13:34):
With the care in the home it'smore personalized and there's
also improved health outcomeswhen you have a caregiver or
some agency coming in andassisting them inside the home.
But I think one of the bigthings that we have to remember
is they can stay home.
That's important, but the homehas to be safe.
Speaker 2 (13:50):
Yeah, can they stay home safe?
Speaker 1 (13:51):
Yeah, it has to be safe.
Speaker 2 (13:52):
So, in order to stay home safely for your loved one,
I think you will need homemodifications such as ramps,
grab bars, improved lighting inthe outside and inside, a
medical alert chain, necklace orsomething like that to help if
something happens.
(14:13):
If that person falls, hey, theycan hit that medical alert.
And also one thing that we,since they're at home by
themselves and say if they'renot with their husband, or with
their wife or with their kids,what's that Come?
Speaker 1 (14:27):
on.
Speaker 2 (14:27):
Cameras, camera system.
A camera system will be greatfor you if your loved one is
staying at home, because now youcan monitor your loved one from
a distance.
Right?
We have had situations andcases where loved ones, people,
loved ones have been on theground for a day or two right,
or hours or hours in and theydidn't know because, hey, they
(14:48):
was trying to call but they wasout of pocket.
When I say out of pocket, theywasn't around, they was working,
they was at home, they wasdoing other things.
But if something like thathappened, when you can't get in
contact with your loved one, hey, having a camera system at home
to to where you can see what'sgoing on, that'll be helpful as
well.
Speaker 1 (15:03):
Right and of course all things cost right.
Yes, but there are communityresources that are able to help
families, you know, with some ofthese home modifications.
So there's, like I talked aboutearlier, the local area agency
on aging.
They're just a wonderfulresource.
They come out, they can trimbushes, put in grab bars, put in
(15:25):
ramps, they've done it all sothey can do that for you all.
And then federal agencies, kindof like the VA veterans if
you're a veteran you can gethome modifications at no cost to
you and they will cover thatfor you.
So just knowing again whatcommunity resources are, out
there and knowing how to accessthose resources and knowing how
to access them can get you thehelp that you need, especially
(15:46):
if your loved one's desire is tostay home and you want them to
do so safely.
We've discussed a lot, yes, andso I know in the back of
everyone's head it's like whatdoes?
Speaker 2 (15:52):
all of this cost?
No, no, no.
Camera zoom in.
How much does this cost?
Speaker 1 (15:59):
That's our intro.
That's our intro.
Speaker 2 (16:01):
That's what they want to know.
How much does this cost?
How much do all this cost?
Speaker 1 (16:06):
Right.
So it just depends Again, itdepends on what you're wanting,
right?
So if you want to stay at home,right, now and again, let me
give you a good resource forlooking at cost of care Genworth
, again.
And Genworth is anotherlong-term care agent, insurance
company that gives out policiesfor long-term care, so they're
(16:27):
very qualified for givinginformation on what cost of care
is.
If you're looking to stay athome, on average, the 2023
national average for home careis at 33 an hour, right?
If you're looking for an adultday service, so say, for
instance, you have a loved oneand they have alzheimer's or
dementia and you need want themto go to a service um, an adult
(16:49):
they have and let them, take,take care of them for the day
during the daytime.
you're looking at about 95 a dayroom for the day during the
daytime.
You're looking at about $95 aday per day.
For assisted living, you'relooking at about $5,400 a month.
For a nursing home and in theway nursing homes and
residential care homes too, theway nursing homes work, you have
(17:10):
a semi-private or what we calla shared room where you're
sharing it with another residentor a patient that's at that
facility, and you have a privateroom where the room is all to
yourself.
A semi-private room is goingfor about $8,700 per month and a
private room is going for$9,800 per month.
Speaker 2 (17:29):
And these prices do vary right, they vary Depending
on the state to state and theamenities that you will want
that your loved one to have.
Speaker 1 (17:37):
Exactly, and so these are just the average.
It definitely could.
Some in some places could behigher, some places it could be
lower, but these are, these areyour average costs.
So this is what you areexpecting to pay right now,
right?
Well, as I mentioned earlier,it's only going to go up, right?
So having a plan for your lovedone, for yourself, for your
(17:59):
kids in the future, so they knowwhat to do for you, is super
important, because when you wantto choose what fits best for
your family, whether it's anursing home, a assisted living,
a residential care home oraging in place you want to
figure out what fits best forthem, but when you want to take
in the cost, those are some highnumbers.
Speaker 2 (18:18):
We won't lie.
Speaker 1 (18:19):
I mean, and the cost and the numbers will go up and
it only will go up, so those arehigh as they were now, but your
first concern should always becare.
Yes, I know costs play asignificant role in care for
your loved one.
We all know that, but you couldend up spending more money.
Speaker 2 (18:41):
And the care.
Speaker 1 (18:42):
Putting them in a place where they are not
nurtured.
You can have hospital visitafter hospital, visit after
hospital, and it only racks upfrom there.
Speaker 2 (18:52):
If you put your loved one in a place where they're
not getting the care that theydeserve and the care that you
expect them to get, because thisis your loved one in a place
where they're not getting thecare that they deserve and the
care that you expect them to getbecause this is your loved one,
right?
Not only are you paying for thecost of them living there, what
about the hidden costs?
If they're not getting turnedright and developing bed sores,
(19:13):
right, if they not?
It's a lot of stuff that goesinto this, right, and I'm, I'm
and I'm probably not got offtopic, but when you're dealing
with my mother, right?
Or my grandmother or my familymember, right?
When someone comes into ourplace of business or they come
(19:35):
into our home or we sign them onas a client, that's my loved
one.
Right.
That's my mother, that's myfather, right.
So the love and the care thatthat person get is priceless.
Speaker 1 (19:45):
It really is.
Speaker 2 (19:46):
So knowing that company, knowing again, we're
talking about planning long term, knowing what's going on with
different facilities differentcompanies that's priceless
because you're putting your loveinto someone else's hands.
Okay, I'm sorry.
Speaker 1 (20:04):
No, I think you just hit it on the head Again.
Cost matters, but it's reallyabout the quality of the care.
That is super important.
If you guys don't take anythingaway from what we've said today
, costs are only going to go up.
But you want to put you andyour family members in a better
position so that later all ofthis can be a breeze.
(20:28):
And it won't be a breezebecause you're going to be going
through something as a familyunit.
Speaker 2 (20:33):
But at least you're better prepared.
Speaker 1 (20:35):
Right, and that's the part, that's the breeze, right,
you're prepared.
You know well, I have this inplace.
I know I don't have to worryabout that.
I can fully give my attentionto my loved one in this time who
needs me, without having toworry about expenses, not worry
about care, not worry aboutplacement.
Speaker 2 (20:50):
And I know my loved one's wishes.
Speaker 1 (20:52):
Right, right.
We have discussed a lot today,a lot We've talked about the
importance of long-term careplanning.
We talked about all thesupports and services that come
to us.
Advanced directives, advanceddirectives.
We talked about financialplanning.
We talked about OAA.
Talked about OAA.
We talked about different.
Home modifications Right, yes,the whole episode right, right,
(21:14):
right, but we talked about a lotof things, but I think, really,
what we want to encourage youall is to be proactive.
Speaker 2 (21:19):
Yes.
Speaker 1 (21:20):
Be proactive in planning for your long term care
.
It's never too early to startand it's never too late to start
, but you have to start, andthat's what we want to make sure
that you get from all of this.
We also want to make sure thatyou are tapped into the local
resources that you have.
So make sure you're going on towebsites like longtermcaregov
(21:41):
for information and planningtools.
Also checking with your localarea agency on aging for any
community specific services thatyou need.
Also going to the OAA website,the Olders American Act website,
to get all the otherinformation and planning tools
that you need as well, becauseit's going to be critical as we
age and as we continue to age,and that's for all of us.
So that's a wrap on today'sepisode of the journey out.
(22:04):
We pray that the thingsdiscussed today have been a
helping hand for you and theones you hold close, positively
bringing you out of one seasonto the next, starting your
Exodus journey.
Speaker 2 (22:14):
And remember what you have learned today is knowledge
, and you can be a resource toyour family and your community.
Speaker 1 (22:20):
Yes sir, we out.
Thank you.
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