Persistence (or impertinence) of Memory
Ned White is a writer from Maine who decided to apply for Long-Term Care Insurance. When he found out he had to pass a memory test, he started thinking about his memory and forgetting things he shouldn't forget. He did pass, and Ned shares his experience and feelings about planning for long-term health care.
Ned White is a writer and novelist from Maine. When he applied for Long-Term Care Insurance, he was informed he must complete a memory test as part of the underwriting process. The reason, he writes, "if you're having memory issues, they don't want to insure you because you may be getting Alzheimer's."
Long-Term Care Insurance will cover Alzheimer's and dementia, but insurance companies will not offer your coverage if you already have memory problems.
When he found out he had to pass a memory test, he started thinking about his memory and forgetting things he shouldn't forget, like the name of the guy who played Jim in the movie "Mission: Impossible."
Tests, Who Likes Tests?
Writing about his experience, While shared his thoughts about his memory and preparing for a test despite the fact he "swore off tests" when he graduated from college.
Then, the day before his telephone interview and memory test, he couldn't remember Jon Voight's name, something, he says, that was very disturbing - Persistence (or impertinence) of memory | Journeys Over a Hot Stove (bdnblogs.com)
Long-term health care costs are rising and have a substantial financial impact on families. However, the consequences of long-term care are more than just financial. Often people fail to plan as White did. The result is their families either become their caregivers, or they pay for expensive professional care - sometimes both.
Heath Insurance, Medicare and Medicaid are Not LTC Solutions
Health insurance, including Medicare (and Supplements), pays a minimal amount of skilled care services. Medicaid will pay for long-term health care, but you must of little or no income or assets to qualify for those benefits. Many families find this out too late.
Many American families are turning to affordable Long-Term Care Insurance as a solution. Most people who obtain coverage in their 50s, some either younger. Those over age 60 are most likely required to take a memory exam as part of the application process.
Medical underwriting is one reason why most experts recommend obtaining coverage before you retire when your health is better. LTC Insurance safeguards your future retirement income and assets from the high cost of long-term health care.
Family Caregivers Face Many Hardships
While paying for professional care is expensive, remember, the consequences of your family can change their lives forever. Family caregivers face many hardships as they attempt to juggle being a caregiver with their other roles of spouse, parent, and employee. The physical and emotional demands are a significant hardship. Planning eases the stress otherwise placed on those you love giving them the time to be family instead of caregivers.
Long-Term Care Insurance is a way to safeguard your income and assets from future declining health and aging. Seek help from a qualified Long-Term Care Insurance specialist that works with the top companies to help you navigate the many options available and help you through the underwriting process.
Ned did pass his memory test and now has his Long-Term Care Insurance policy. He is hoping he doesn't have to pass any other tests in the future.
About the Author
An LTC News author focusing on long-term care and aging.
James Kelly
Contributor since August 21st, 2017
Editor's Note
Being prepared for future declining health and aging is vital to your retirement planning. People need long-term health care due to illnesses, accidents, or the consequences of aging. The costs of long-term health care services are rising at an alarming rate due to increasing demand and high labor costs.
Part of the problem is health insurance and Medicare, including supplements, will not pay for most of these long-term care costs. While Medicaid will pay for long-term health care, you must have little or no income and assets to qualify for those benefits.
There are only a few solutions. You could depend on family caregivers (often a daughter or daughter-in-law), spend your income and savings on professional care, or add an affordable Long-Term Care Insurance policy to your retirement plan.
LTC Insurance gives you guaranteed tax-free benefits that give you access to your choice of quality care services, including in-home care. Plus, most policies include professional case management to help your family develop a plan of care and find quality care providers.
Long-term care costs are expensive, and family caregivers face physical and emotional burdens. LTC Insurance is an easy and affordable solution but don't delay since policies are medically underwritten. Most people obtain coverage in their 50s.
Planning Tools and Resources on LTC NEWS
You can find many tools and resources on LTC NEWS to assist you in your research for a planning solution or help your family find the appropriate care for a loved one at the time of crisis.
To help you plan the costs and burdens of changing health and aging, LTC NEWS has put in place several resources, including:
- The LTC NEWS Cost of Care Calculator will show you the current and future cost of long-term health care services where you live. Plus, each state has vital state-specific information you should know - Cost of Care Calculator - Choose Your State | LTC News
- The Ultimate Long-Term Care Guide is an outstanding read to help you get a good overview of the topic area.
- Compare the major insurance companies that offer Long-Term Care Insurance products here - Top Insurers for Long-Term Care Insurance | LTC News.
- A detailed tax guide that includes available tax incentives can be found by reviewing the Long-Term Care Tax Benefits Guide.
Find all the resources on LTC NEWS - Resources for Long-Term Care Planning | LTC News.
Seek Professional Guidance
Insurance rates are regulated, so no insurance agent, agency, or financial advisor can give you special deals. However, insurance companies' premiums vary over 100% for the same coverage.
Experts suggest using a qualified Long-Term Care Insurance specialist to help you navigate the many options available to you and your family.
A specialist who works with the top companies can match your age, health, family history, and other factors and find you the best coverage at the best value. A specialist will save you money, and you will have peace of mind knowing they are making the appropriate recommendations - Work With a Specialist | LTC News.
Finding Quality Care for Mom or Dad
Start by reading our four guides -
- Finding Quality In-Home Care | LTC News
- Adult Day Care Centers (ADCCs) | LTC News
- Assisted Living and Memory Care Facilities | LTC News
- Finding a Quality Nursing Home | LTC News
If they are lucky enough to own a Long-Term Care Insurance policy, be sure they use it. Sometimes families wait, thinking they can save the benefits for a rainy day. Waiting on using available Long-Term Care Insurance benefits is not a wise idea.
Get Help in Filing a Long-Term Care Insurance Claim
Quality care obtained early will help provide a better quality of life and reduce the risk of a deep decline and facility care. If you need help in starting the process of a Long-Term Care Insurance claim, LTC NEWS can help.
LTC NEWS provides free assistance with no obligation to help you or a loved one complete the claims process with a Long-Term Care Insurance policy. We have teamed up with Amada Senior Care, who will do all the work, free with no obligation.
You can also get support in finding quality caregivers and get recommendations for a proper care plan, whether a person has a policy or not. - Filing a Long-Term Care Insurance Claim | LTC News.
Benefits of Reverse Mortgages
Today's reverse mortgages for those aged 62 and older could be an ideal resource to fund a Long-Term Care Insurance policy OR even provide money to pay for care if you, or a loved one, already needs help and assistance.
Some people have much of their savings invested in their homes. With today's reverse mortgages, you can find ways to fund care solutions, care itself, even help with cash flow during your retirement.
Learn more by asking questions to an expert. LTC NEWS columnist and host of the TV Show "62 Who Knew" will answer your questions regarding caregiving, aging, health, retirement planning, long-term care, and reverse mortgages.
- Just "Ask Mike." - Reverse Mortgages | LTC News.
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You can write a story or ongoing column for LTC NEWS. You can write about many topics, including aging, caregiving, health, lifestyle, retirement planning, and long-term care, to name a few.
Be sure to write for our core target audience of adults aged 40 and older. Our audience is worldwide; however, our primary target is the United States, Canada, the United Kingdom, and other English-speaking nations.
Improve your website or blog's SEO and gain exposure and traffic at the same time by being a contributor to LTC NEWS.
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Email your story idea or article: newsroom@ltcnews.com - LTC News Contributors | LTC News
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Learn more about how LTC NEWS can help you market your business, drive traffic, and improve SEO - Advertise With Us | LTC News.
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