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As seniors and people with disabilities age and wish to remain in their homes, they may need help with eating, bathing, dressing, and other physical activities. Long-term care insurance can help pay for such care in the future. Larry Rubin, a long term care insurance agent from Pittsburgh, cites two reasons why people should consider buying long term care insurance. First, without having the insurance, you can get into a situation where you need the type of care that these policies provide and pay for.

“If you don’t have the insurance, then you become a physical and an emotional burden upon your family,” he says. “It can devastate families by trying to find care, provide care, and plan for the care. And it absolutely drains the emotions and physical capabilities of families who don’t have this insurance.”

The second reason is that this insurance can protect your income, retirement, estate and assets because the cost of care is exorbitant, nationally averaging about $75,000 a year if you’re in a skilled nursing facility or receiving ongoing care at home.

“It can cause significant damage to your income,” he says. “So it’s a protection that allows you to hold on whatever income and assets you have and let the policy kick in and take care of any long term care needs.”

Rubin is not a captive agent selling products from only one insurance carrier. Instead, he works with five major carriers enabling him to call upon all of them to get the best policy at the best price for his clients.

Though there is no optimal age to buy long term care insurance, Rubin recommends 45 to 70 years old. The advantage of buying it at 45 years old is the presumption that you’re still in good health. While there are many types of riders and bells and whistles associated with every insurance policy/company, Rubin says to keep in mind four essential benefits, or moving parts, meaning the more benefits, the higher the premium.

First, know how many dollars a month you want the policy to pay for and how many years of coverage you want, keeping in mind that the more years, the more expensive it can get. That typically depends on what you can afford and what the cost of care is should you need a skilled nursing facility in the city you live in.

Secondly, determine what you want the monthly benefit to be. It can be as low as $50 a day to $300 a day, again depending on your financial circumstance. The third component is the elimination period or a deductible—how many days out of pocket are you willing to pay for your care before the policy kicks in, like a deductible on a car or house insurance.

Finally, and although it’s an option, it’s close to anything that Rubin insists on, and that is inflation protection on the monthly amount as well as the lifetime maximum policy. A policyholder can buy 5 percent compounded or 5 percent simple inflation. Inflation protection benefit increases the daily or monthly benefit amount over time to keep pace with inflation and increased cost of expenses.  Even though your benefits are increasing each year, your premium does not automatically increase.

To learn more about long term care insurance, visit AARP, National Association of Insurance Commissioners, and Heinz Family Philanthropies.

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Did you know that approximately 80% of home modifications, renovations, and repairs are paid for by the primary occupants of the residence? And out of these, the majority is funded by personal savings!

But don’t panic…There are many organizations, agencies, and resources (some of which may be right in your town or city) that can possibly help seniors and people with disabilities complete the home modifications necessary for them to age-in-place. A few of these programs are even comprehensive in nature, offering home assessments, providing the renovations and/or equipment, and training the individual to use the modifications at little or no cost.

A recent article for the National Association of Home Builders (NAHB) describes some of these potential money sources and assistance programs that may be available to those who choose to remain living at home comfortably, safely, and independently.

The following list is a general and abridged overview of potential funding sources for home modifications noted in the article:

Insurance Coverage of Home Modifications
Some insurance programs might pay for home modifications. This includes automobile insurance policies, worker’s compensation programs, state catastrophic accident insurance plans, medical trust funds, and long term care policies.

Medicare and Medicaid
Medicare recipients may qualify for an occupational therapy evaluation and treatment. Some Medicaid programs offer waiver programs that permit certain states to use Medicaid funds for services as an alternative to institutional care—such as home modifications.

Federal Programs Administered at the State or Local Level
Agencies like the U.S. Department of Housing and Urban Development (HUD), the U.S. Department of Agriculture, and the U.S. Department of Veterans Affairs (VA) all offer various home modification options as part of the services they provide.

Foundations and Organizations
For individuals who have been diagnosed with disabilities and conditions like Alzheimer’s disease, multiple sclerosis, or rheumatoid arthritis—there are several national nonprofit organizations (such as Easter Seals) with local chapters that may offer home modification funding or services to ease the burden of providing care in the home.

Tax Deductions
If an individual did pay for home modifications out of personal savings, they may be eligible for Internal Revenue Service (IRS) deductions for medical expenses.

Many of the programs and agencies listed here often refer and utilize the services of locally-based contractors and remodelers like Home Evolutions. Such aging-in-place specialists can work with these programs and agencies to help make your home a place where you can continue living in comfort and independence.

Read more about this story in the next and upcoming issue of The Forever Home.

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For years, many people have invested in long-term care (LTC) insurance to help meet the financial healthcare needs they may face as they age. A recent article by Laurie Orlov explores whether such insurance investments will effectively cover other types of aging-in-place necessities.

According to Orlov, LTC insurance seems to be a smart strategy. She uses the personal story of AgeWave founder, Ken Dychtwald, as an example. “His parents bought it [LTC insurance] in their 70s and it has given them flexibility and care. In their late 80s now, they are in Florida (thousands of miles from either of their sons) with good care coordination and an aide caring for them six days a week.”

But she then acknowledges that her purpose is not to argue the benefits of LTC insurance or other types of long-term care. Rather, Orlov explains that LTC insurance does not guarantee a thriving situation for aging-in-place. “First of all, your own home can be a terribly isolated place with only the aide, the television, and perhaps a non-communicative spouse in the home. Even in the described situation, what happens on day six in terms of meals, bathing, and safe navigation around the home?”

As it is well known, much of how people successfully age-in-place depends on the home itself and how it was originally designed or later appropriately remodeled by a company like Home Evolutions. Orlov adds, “[A home] can be a frightening place if there are obstacles, unsafe bathrooms, stairs, etc. I particularly worry about this in Florida, where such a large percentage of the aging population resides with no family members within thousands of miles.”

She also notes that monitoring and managing the service for in-home care are a stressful long-distance challenge for family members. “Like any service, it can be done well, or not so well.” Orlov’s response to this challenge is to thoroughly check and see if your LTC insurance plan covers home monitoring technology (which can include motion sensors, web cameras, environmental designs, etc.). In addition, she suggests asking if it includes the post-Medicare coverage for telehealth monitoring as well as communications technology (video phones, personal computers, and internet plans).

If such aging-in-place technology considerations are not covered by LTC insurance, Orlov asks how children or loved ones of those who age-in-place will be able to monitor caregiving, communicate with their family members, and help make a determination that their home will continue to be a great place for safety, socialization, or obtaining care expertise.

Finally, Orlov reminds us that vision decline, stroke, Parkinson’s, or even Alzheimer’s diagnoses can turn a home into an obstacle course and make aging-in-place difficult. But with a little financial and care planning, along with some advice and help from loved ones and a remodeling company like Home Evolutions, seniors and people with disabilities can continue to live comfortably, safely, and independently as they age-in-place. Orlov concludes, “So let’s make sure that those with LTC insurance and home care also are linked in to family or friends.”

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