By Rosemarie Hurley, Certified Senior Advisor
This is a relatively new term to some people in the industry of Long-Term Care insurance….Aging in Place.
Basically, it means to be able to have enough funds to hire the type of help you’ll need to stay in your own home as opposed to selling the home and moving into an Assisted Living Facility or a Nursing Home. While staying at home is generally the preferred way to go, the cost of care at home is extremely expensive. Consider this; you have three 8 hour shifts in a day.
We have two 8 hour shifts when we are awake and another when we are supposed to be sleeping. Again, depending on the type of care you need, the cost per hour to hire additional help varies. For example, a sitter, someone to simply be a companion to assist with non-medical chores, will cost less than if you need a nurse’s aide or a registered nurse. You can have family members pitch in to help, but our lives are very busy and sometimes geographic limitations, also get in the way.
Staying at home may be preferred, but without help, can be very dangerous. Falling is probably the worse fate a senior can have. It can lead to a mountain of other issues. When elderly seniors try to live at home ALONE, trouble brews.
A companion to be with someone can cost $15.00+ an hour; actual professional care is much more costly. Hiring a friend or a neighbor might sound great because it could be less expensive than going through a Home Health provider. But be careful. The unlicensed and uninsured individual, if they are injured while on the job helping you, can turn out to be much more expensive than you think. Lawsuits abound even though you hadn’t given this any thought at all. And through an agency, the help will be bonded as well. This protects your belongings too.
The fact is that people are living longer and also families live further apart. If you live long enough, you will eventually need some assistance. Long-Term Care insurance policies provide the dollars you will need to pay for all levels of Care in any setting. The cost of premiums is much less expensive for younger, healthier applicants. The Baby Boomers are the primary group buying Long-Term Care insurance. I am still finding an occasional senior who is fortunate enough to be able to qualify for coverage, but it is becoming more rare.
There are many ways to fund the cost of care. Using a Long-Term Care policy that was purchased early on, is the most affordable way to accomplish this. Call me for a free information packet about your options. I am always glad to hear from you and to answer your questions.
Rosemarie Hurley, President of Senior Insurance Solutions, has worked in the senior healthcare market for over 20 years. She is a Certified Senior Advisor and has been a Long-Term Care Insurance Specialist for more than 18 years. She is the Past President of Health Underwriters, the Immediate Past President of the Rotary Club of Estero, Member of the Bonita and Estero Chambers of Commerce, and a graduate of Toastmaster’s International. As a Broker, she represents only the finest insurance companies in the industry. Can be reached at (239) 274-6678 in Estero, or at her website: www.longtermcareinsurance-online.com.