6 months ago

New Perspective-Just The Facts_EmailVersion

Your Benefits Include:

Your Benefits Include: Veterans Aid & Attendance Benefit If you are a wartime veteran or a surviving spouse with a limited income you may be eligible to receive a non-service connected pension to assist in paying for Assisted Living, Home Health Care, Adult Day Care or Skilled Nursing. Visit to learn more. Long-Term Care (LTC) Insurance LTC insurance helps to pay for the cost of Home Care, Adult Day Care, Assisted Living, Memory Care, Skilled Nursing and Hospice. It covers care that is typically not covered by health insurance, Medicare or Medicaid. Applicants for this coverage should be in good health. While insurance companies may recommend purchasing the policy as young as 40, Consumer Reports recommends waiting until age 60. Regardless, waiting too long to purchase a policy can result in higher expensive premiums. Life Insurance Conversion Converting a life insurance policy into a Long-Term Care Benefit Plan is a largely unknown option. Yet, anyone with an in-force life insurance policy can transform that policy into a pre-funded financial account that will disburse a monthly benefit to help pay for long-term care needs. And unlike life insurance, this account is a Medicaid qualified asset. It works by transferring ownership of a life insurance policy from the original holder to an entity acting as the benefits administrator. The administrator assumes responsibility for paying premiums to the insurance company and monthly payments to the previous policy holder that they can use to pay for Home Care, Assisted Living, Skilled Nursing and Hospice. 10

See for Yourself Before you set foot on a community tour make sure you’re prepared. Knowing what to look for keeps you focused and less likely to be overwhelmed or distracted by what the management wants you to see. Make sure to find out: • How the staff interacts with residents • How well-maintained the property is • How the food is • If there are ample activities • If there is outdoor space • What services and amenities are available • Is the community reputable and/or managed by a reputable company Ask Around Once you’ve toured and narrowed your decision it’s time to share what you’ve learned and to seek input on your next steps. Check with family members, trusted advisors, professionals and, if you’re choosing options for a loved one, explore how they’re feeling about the process so far. And there’s absolutely nothing better than firsthand experience, so talk with the residents about their daily life in the community. Also bring your checklist of non-negotiables, nice-to-have features and budget. 11

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