What you need to know about Alzheimer's

Key Facts about Alzheimer's

The number of Americans with Alzheimer's is projected to rise by 55% by 2030, and by 2050 the Alzheimer's Association estimates the total number could explode to nearly 14 million.

Alzheimer's is the 6th leading cause of death in America, yet there is no cure, there are no survivors, no way to prevent it, and no way to slow it down.  It already exceeds the cost of cancer and heart disease, yet very little is being spent on research.  For the first time, the NIH increased the investment in Alzheimer's research in 2016.  There are 80 drugs currently in development.

Since 1990, the number of cases has increased by 71%.  In Florida alone, there are 500,000 people with Alzheimer's and the expenditures for Alzheimer's has increased by 600% since 2006. They actually have a waiting list for Medicaid in Florida with some people waiting up to 5 years.

We offer people one of the few planning tools designed specifically to address the threat of Alzheimer's and other conditions that arise as we age and become frail.  You can reach us at lucy@altavistaben.com or 614-889-0934.

For a detailed look at the Alzheimer's video,  visit:

http://www.tpt.org/alzheimers-every-minute-counts/video/alzheimers-every-minute-counts-every-minute-counts/

Long Term Care Awareness Month

When you are in your prime, it may be hard to imagine a time when you are unable to perform some of the basic tasks associated with independent living.  But, the reality is that it can and does happen. The facts speak for themselves:

1    1) We are living longer and the longer people live, the greater the chance that the will need help due to accidents or chronic conditions. 

2    2)   You may not need care, but a loved one will.  About 11 million Americans of all ages require extended care and most stay at home to receive care.

3     3)  Couples who care for each other plan.  It is well known that caregivers often end up needing care themselves. Why not let someone else do that so you can stay healthy?

November is Long Term Care awareness month, so this is a reminder about the inportance of this coverage. There are numerous options available, even ones that focus solely on care in the home.  You can hear about this coverage from Kiplinger by pressing here. Contact us today to learn more.

Funding Long Term Care Insurance with your HSA account

Many people assume they cannot afford long-term care insurance to protect themselves and their families from the financial, emotional and physical sacrifices needed to provide long-term care for a loved one. Yet, 46 percent of older adults could not estimate the potential monthly cost of a long-term care policy, according to a consumer survey.

In reality, long-term care premiums are a reasonably small expense when compared to paying for care out of pocket, as these costs can run as high as $100,000 a year. Despite these facts, finding ways to pay for premiums can often be a genuine challenge for many families seeking coverage. Fortunately, there are several funding options available to help people on tight budgets pay for long-term care insurance, including Health Savings Accounts (HSA).

An HSA is a tax-advantaged medical savings account accessible to taxpayers in the U.S. who are enrolled in a high-deductible health plan. A high-deductible health plan has a yearly deductible of at least $1,200 for individuals and $2,400 for families.

Using an HSA to pay for insurance can be a smart alternative for people who can’t deduct their premiums as a self-employed person or as reimbursed medical expenses on a federal tax return. Qualified long-term care insurance premiums are considered a medical expense, meaning people can take money from their HSA to cover these costs.

There are numerous tax advantages associated with HSAs such as tax-free benefits on interest and other earnings on account assets. Contributions made by an account holder’s employer may be excluded from their gross income in addition to numerous other attractive tax incentives.

Although HSAs can be a practical way to pay for long-term care insurance, not everyone qualifies and even those who do can’t always use the account to pay for premiums. Consumers should speak to their financial advisors about whether or not an HSA is an option for them.

As families across the nation begin to organize their households for fall, it’s important for everyone to have a retirement plan in place that secures their financial future. A long-term care policy can help and with HSAs, even consumers on tight budgets do not have to be without protection.

Contact Lucy Grosz, CLTC today at 614-889-0934 or lucy@altavistaben.com to learn more.

The Value of Dignity

When Linda Devitt and her brothers bought a long-term care insurance policy for their father, protecting the legacy of the family farm was their core concern. Devitt, an insurance specialist at Newman Long Term Care in Richfield, Minn., always thought that preserving the legacy of the farm would be the best thing about having long-term care insurance for her father. But when he decided to go into a nursing home several years later, it turns out not having to share his room or bathroom was equally important.

Because he had long-term care insurance, Devitt’s father could afford a private room, unlike many of his friends living in the nursing home whose care was provided by Medicaid. “The last lesson my father taught me was that dignity is as important at 87 as it is at 67,” Devitt said.

Without long-term care insurance, Devitt’s father would not have been able to maintain his independence and dignity he worked so hard to achieve his entire life. Long-term care insurance allows people to remain self-reliant as they get older. 

It is a common misconception that Medicare will pay for long-term care needs. In reality, this federal program only covers a small percentage of these costs and does not cover personal or custodial care, which includes helping people accomplish daily tasks such as bathing, dressing and eating. 

Dignity is important at any age and should not have to be sacrificed when the need for care arises. Contact Lucy Grosz today at 614-889-0934 for a no-cost, no obligation consultation on your long-term care planning options. 

The Affordable Care Act

One of the provisions of the Affordable Care Act acknowledged the need for Long Term Care coverage. The CLASS act as it was called was taken out of the legislation early on, mostly because the way the law was written, the program was not sustainable.

The mere fact that the Federal Government attempted to address the problem shows that even our legislators know that this type of care is needed now and the need will continue to grow. The type of care is custodial or non-medical, so traditional health insurance and insurance in the new marketplace will not cover this.  It includes help with bathing, dressing, toileting, continence and transferring (getting from place to place on your own).  Anyone at any age can need this care because of an accident or illness. What is your plan to pay for it?

If you would like to know more about putting a plan in place for extended care, contact lucy@altavistaben,com.