An Innovative Way To Finance Long-Term Care

These days, it seems as if almost everyone is dealing with caring for an aging parent.  More and more, conversations center on talking to doctors, putting up grab bars in thebathtub, and wondering if it’s time for Mom or Dad to move into an assisted living facility or a nursing home.

In addition to the emotional toll imposed by making difficult decisions, adult children who suddenly find themselves in a caretaker role are also grappling with the issue of how to pay for their parents’ care. While there are many possibilities, one is less feasible or appealing than the next. How to apply for Medicaid and does my parent qualify? Try to sell the house, even in this difficult market? Consider a complicated reverse mortgage?  Go through parents’ life savings, watching their hard-earned dollars drain away faster than they ever dreamed possible?

In the midst of the turmoil of this unexpected phase, there is good news: an existing life insurance policy can be used to pay for long-term care. The process is simple and straightforward. The owner of a life insurance policy has the option of converting it into a long-term care benefit at higher than the policy’s cash value and using it to pay for assisted living, nursing homes, and home health care. Hence, an abandoned and useless asset is turned into something of greater value, with attractive financial benefits for the individual and his or her family. Remarkably, a term life insurance policy – with no existing cash value – presents the opportunity to be used in the same way.

There are numerous advantages. First, converting the policy into a long-term care benefit will likely yield a sum greater than a policy’s surrender value.  There is no waiting period, with the entire conversion process taking about three weeks.  The process is undertaken by a specialized eldercare financial services provider who purchases the individual’s life insurance policy, converts it into a long term care benefit, pays the senior care facility and continues to pay policy premiums. 

Until recently, life insurance companies often failed to disclose the fact that life insurance policies offered this benefit.  They argued that policy owners would become confused if they were given too much information.  Instead, when aging policyholders contacted their insurance company to explain that they were having trouble making the payments, a common response would be that they had only two options if they didn’t pay their premium: surrendering the policy for its cash value or simply letting it lapse, and forfeiting the death benefit.

All that changed in 2010, when the National Conference of Insurance Legislators (NCOIL) passed the Life Insurance Consumer Disclosure Model Act, that will require life insurance companies in each state to inform policy holders, who are older than 60 or have a medical condition that is chronic or terminal, that there are other approved alternatives to simply surrendering their policy, including the right to convert an insurance policy into a long-term care benefit. To make the process of using an existing life insurance policy to finance long-term care, an innovative program has been developed to work with insurance companies to make the conversion smooth and effortless.

“Dealing with an aging parent is one of the most difficult challenges we come across, and it’s one that most of us are entirely unprepared for,” says Howard Chernin, Managing Director of Elder Care Financial Solutions in Hackensack, New Jersey, a company that provides the long-term benefit conversion service. “In the midst of this emotional and financial turmoil, we’re happy to use our expertise in dealing with big insurance companies.  Our goal is helping to ease the way for adult children of aging parents who are looking for a way to provide their loved ones with the best care possible.”

Coping with an aging parent is difficult enough.  Learning about ways to pay for the care that is needed is one of the best ways of keeping a trying situation from becoming even more stressful.

For More Information, Contact:

ElderCare Financial Solutions

21 Main Street

Suite 352

Hackensack, NJ 07601

201-518-1139

info@eldercarefinancialsolutions.com

Care One at Harmony Village

Danielle Rago, program director at Care One Harmony Village at Moorestown, deals exclusively with Alzheimer’s and dementia patients. During one regular “reminiscing session” with patients and their families, the daughter of one client in her mid- to late-80s recalled how her mother would dress up apples like turkeys for the holidays.

Please click Here for full article and pictures.

Come and enjoy food, festivities and music by Oys in the Hood. Hope to see you there!

When: Sunday, December 18, 12:30–3 p.m.
Where: CareOne at Livingston Assisted Living, 76 Passaic Ave., Livingston, NJ
RSVP: By December 12 to Regina at 973-758-4100

When: Saturday, December 10, 10 a.m.–1 p.m.
Where: CareOne at Morris Assisted Living, 200 Mazdabrook Road, Parsippany, NJ

Celebrating 100 wonderful years
Elaine LaMendola (above) recently celebrated her 100th birthday at CareOne at Valley, where she was bestowed with flowers, balloons and a cake. Born on October 27, 1911 in New York, N.Y., Elaine worked as an executive secretary for Brown Foreman Distillers and as an office manager for Atlas Tile. She married Joe LaMendola on August 21, 1937; together, they had two daughters, Jinnie and Jane. Elaine is also proud to have four grandchildren and six great-grandchildren. A longtime resident of Harrington Park, N.J., Elaine volunteered for nearly four decades in the local community: first with the American Cancer Society and later for Pascack Valley Hospital in their employee health department. She also taught ESL through the Harrington Park Library Association.

Flag ceremony honors Veterans
On November 5, CareOne at Valley was presented with an American flag that was flown over the U.S. Capital in their honor by Life Source Hospice. Along with the flag ceremony, “A Salute to America” was led by retired Petty Officer Jim Cava, U.S. Navy (above). Many members of the CareOne at Valley community took part and were very moved by the patriotic program. Veterans were recognized, and Residents enjoyed reminiscing about their experiences in the service and about their loved ones who served.

All integrative healing services at CareOne at Morris are administered by licensed professionals.

Features of CareOne at Morris’ integrative healing services include:

• Massage therapy
• Reiki
• Jin Shin Jyutsu (Japanese acupressure)
• Guided imagery / Relaxation therapy

For more information or to schedule a tour, please stop by or call the CareOne at Morris Admissions Office at 973-739-9494 today.

Can’t remember whether you turned off the coffee maker this morning? Struggling to recall your grandson’s birthday? Relax. “Everybody forgets now and again—and that forgetfulness isn’t necessarily a symptom of Alzheimer’s disease,” says Colleen Fitzpatrick, MSW, LCSW, with CareOne Harmony Village at Moorestown.

What’s more, it’s never too late to start strengthening those neural connections. If you’re ready to get your brain in tip-top shape, start with these tips and tricks:

Strategize. “Developing compensatory tactics, like keeping handy lists or putting your car keys in the same place so you always know where to find them, definitely helps,” says Fitzpatrick.

Play games. Crossword puzzles, word searches and Sodoku are common brain-teasers. To really give yourself a challenge, Fitzpatrick suggests doing word searches with numbers instead or mixing up the types of puzzles you do.

Try something new. Taking a different route to the grocery store or switching up your walk around the neighborhood, for example, can help you flex your memory muscles. Or, learn a new hobby or game— “choosing things that you’re interested in will motivate you, and motivation leads to success,” Fitzpatrick adds.

Give your mind a workout. Open to both patients and the general public, CareOne’s Brain Gym is designed to help older adults exercise their brains through a variety of engaging, individualized and fun activities. The Brain Gym joins CareOne’s full spectrum of wellness services—including exercise, nutrition and social programs—to offer patients and residents a complete care experience. To schedule your complimentary assessment, learn more about the Brain Gym or find a Brain Gym location near you, call toll-free 877-99-CARE1.

If you have Medicare and need admission to a CareOne center, you can come directly from home within 30 days of your hospital discharge.

CareOne’s Safety Net program offers a full complement of post-acute care services to prepare you to return home safely, including nursing care and physical, occupational and speech therapies.

Our one-of-a-kind program is offered at all 30 CareOne centers in New Jersey—so you know our advanced care is always close by.

Safety Net features include:

• Beautiful accommodations
• Physician-driven care
• 24-hour nursing care
• Certified nursing assistants
• Physical, occupational and speech therapy
• Dietary services
• Support services and referrals to community resources

For more information or to find a CareOne location near you, call toll-free 877-99-CARE1 or click here.

[Ed. Note: CareOne is proud to offer information from our community care partners about useful resources for seniors and their families. For more information about We Care Adult Day Care, call 732-741-7363 or click here.]

Are you trying to find your way through the caregiver’s maze? If the answer is yes, you aren’t alone.

Caregiving is one of the most challenging of life transitions facing adult children as they are thrown into the role of caregiver for an elderly parent and/or spouse, particularly one who has a condition like Alzheimer’s disease. It’s a complete shift in mindset and a role reversal for adult children and/or spouses facing this challenge. How this loved one is cared for is just one of the many decisions adult children must make.

Fortunately, resources are available, including We Care Adult Care, an alternative resource of care and respite! The cost is about half the price of home care, based on an hourly rate, and We Care Adult Care has many alternative options to pay for services, including grants to those who qualify. Payment options include:

• Long-Term Care Insurance—Many policies offer coverage for adult day care centers.
• Alzheimer’s Association—Offers $1,000 non-income based reimbursement to individuals attending an adult day care program for memory-related disorders.
• Medicare Waiver Program—The maximum income limit is $3,296 a month and liquid assets of $40,000 or less for an individual (or $60,000 or less for a couple).
• GO (Global Options)—Maximum gross income limit is $2,022 a month for a single person with no more than $2,000 in assets (or $4,044 a month with no more than $3,000 in assets).
• State Wide Respite Program—A single person must have a monthly income below $2,022 ($4,044 for couples) and have liquid assets of less than $40,000 ($60,000 for couples).
• Medicaid—Provides funding for people who are medically eligible.

We Care Adult Care also offers assistance and guidance to obtain these grants.

Feel free to stop in and see why We Care Adult Day Care makes the difference! Your loved one will enjoy a quality of life environment that provides stimulating activities, nutritious gourmet meals, nursing care, physical and occupational therapy, social service needs and much more.