FAQ - Elder Care Questions
FAQ FAQ FAQ FAQ FAQ FAQ FAQ FAQ FAQ FAQ FAQ FAQ FAQ FAQ FAQ
FAQ FAQ FAQ FAQ FAQ FAQ FAQ FAQ FAQ FAQ FAQ FAQ FAQ FAQ FAQ
Housing Options FAQ FAQ FAQ FAQ FAQ
The senior living community I am interested in has a long wait list. Should I look somewhere else?
Many of the best senior living communities will have a wait list that's 2 to 3 years long. The best places are going to be in demand. It's best to look for senior housing before you actually need it. Then, get your name on the list of the place you like so that you'll be on the top of that list when you are ready to move in. Some communities have imposed a wait list fee in an effort to limit their lists to persons who have a serious interest in living there.
Also remember that the length of wait may depend on how particular you are about the apartment that you want. Sometimes a 2-bedroom apartment may have a long list, while a 1-bedroom in the same place may be available in a few months. You can usually keep your name on the list for the apartment you desire after you move into a lesser apartment.
I have a choice between a senior residence that is connected with a nursing home and one that is "free standing." Should I choose one over the other?
The advantage of a senior residence connected with a nursing home is that you will be given preference in admission to the nursing home when you need it. For many, this may result from a sudden illness or accident that requires a nursing home stay, either for rehabilitation or long term care. Although this may not be a guarantee of admission (as beds may be unavailable), you will be given priority access.
In many recent senior living communities, there are now many "steps" between independent living and the nursing home. This can vary from meals and housekeeping services in independent living to assisted living with many levels of assistance. The concept here is to provide you with just the level of care that you need, when you need it. The nursing home is often reserved for the most advanced cases that require 24/7 care.
Is there some asset limit before the department of social services will consider my application for medicaid assistance?
Usually your assets will have to be below a certain limit before you can be considered for medicaid. In New York State, the limit is $80,000 for community cases and $3,700 for chronic cases in a skilled nursing facility.
Long Term Care Insurance FAQ FAQ FAQ FAQ FAQ
(by
Kathy Mancini Moore, 
).
Do I need long term care insurance?
NO if:
- Couple has less than $100,000 in assets.
- You truly do not want to leave any assets to your heirs. However, you should consider if there is a charity or group that is important to you.
- You've worked hard for your money and you don't mind paying for your own for long term care.
MAYBE if you want:
- To preserve your ability to choose from a wider range of facilities or home care.
- To preserve and maximize your independence as long as possible.
- To protect your family from the financial burden of caring for you. Care that may exceed their abilities, time or skills.
- To protect your children from becoming your caregivers.
- Peace of mind.
How does long term care insurance work?
Unlike life insurance that pays upon your death, long term care insurance is a little more complicated. Your physical or mental condition must qualify you for coverage. Such coverage may be limited to a specific total amount ("Pot of Gold"). The details are given in the LTCI course.
Won't Medicare pay for my long term care if I need it?
- Medicare
will only pay for long term care up to a maximum of 100 days under the following
conditions:
- If you are require skilled care (e.g. skilled nursing, physical therapy, occupational therapy, etc.).
- If you've had a 3 day prior hospital stay
- If
you are at a Medicare approved facility.
If you meet the above conditions, then you are covered for:
- Days 1-20: Full coverage.
- Days 21-100: All but with a $99.00/day deductible.
- Days 101+: Not covered.
Note: The average stay paid for by Medicare is 37 days.
Who should I talk with about LTC insurance?
A LTC specialist who represents a wide range of companies. Talking with someone who specialists in LTC financial planning provides you with a resource person who can give you the most up-to-date information on a variety of companies. She or he will be able to guide you toward the company or companies best suited to meet your specific needs and health condition.
I have some health concerns and I am afraid that I won't qualify for LTC insurance. What should I do?
Talk with a LTC specialist who is trained in "field underwriting." As you share the specifics of your health condition with the specialist, she will be able to evaluate which company or companies are best suited for you. This will save you time and energy as you will be able to apply to the company that is more likely to accept you. Working with a specialist may also save you the time and energy of applying if she knows that you will not be accepted.
Don't put off looking into LTC insurance just because you believed that you will not be acceptable. There are many instances where someone will be accepted by one company but not another.
FAQ FAQ FAQ FAQ FAQ FAQ FAQ FAQ FAQ FAQ FAQ FAQ FAQ FAQ