How LTC Insurance Supports Family Caregivers & Protects Assets

Author

Amada Senior Care

For more information about the author, click to view their website: Amada Senior Care

Posted on

Nov 19, 2024

Book/Edition

Colorado - Colorado Springs

November brings dual awareness to two essential causes: Long-Term Care Insurance (LTCi) Awareness Month and National Family Caregivers Month. These two observances are closely connected, bearing a spotlight on both the importance of planning for future care and recognizing the invaluable contributions of family caregivers.

Understanding the Impact of Long-Term Care on Family Caregivers

U.S. family caregivers provide over 80% of long-term care support to elders, shouldering the demands of care with love and dedication. Yet, caregiving for an aging family member can become overwhelming. Many family caregivers balance their responsibilities with full-time jobs, personal health issues, and other family obligations. This month, as we celebrate National Family Caregivers Month, let us all recognize their sacrifices while exploring ways to support and ease their burdens.

Long-term care insurance can play a pivotal role here, offering much-needed support to caregivers as well as the individuals they care for.

LTCi: A Financial Resource for Families

For both policyholders and their family members, LTC insurance is a financial resource that can reduce the challenges of aging and caregiving. Here’s how it benefits each group:

Financial Relief for Families: Without LTC insurance, family caregivers may feel compelled to cover expenses out of pocket, which can lead to financial strain. LTC insurance helps fund professional care, alleviating family members from the need to pay for or provide that care themselves.

LTCi Protects Hard-Earned Income and Assets: It’s no surprise that LTCi services are expensive. According to Genworth’s Cost of Care Survey, in 2023 the median cost to live in an assisted living facility is $64,200 per year. Genworth estimates the median cost will jump to $106,574 in about 20 years.

This begs the question: Do you have income and assets set aside to pay for care in the future? When planning for retirement, don’t forget to factor in Long-Term Care costs. Also, LTCi protects policyholders from the financial burden of a Long-Term Care event, a situation in which someone needs help with daily living activities or has cognitive impairment. The five major health events that require Long-Term Care are dementia, stroke, heart attack, diabetes, and falls resulting in a hip or arm fracture.

CLICK HERE to see a state-specific breakdown of long-term health care costs from LTC News.

Access to Professional Care: LTC insurance enables families to access a wider range of care services, from in-home care to assisted living or skilled nursing facilities. This allows loved ones to receive the specific level of care they need from trained professionals, easing the physical and emotional load on family members.

Time and Energy to Focus on Relationships: Caregiving often reshapes the relationship between family members, with time spent assisting with daily tasks rather than enjoying quality time together. With LTC insurance covering essential services, caregivers can focus on spending more meaningful time with their loved ones, reducing caregiver burnout and preserving family bonds.

Balancing Benefits: Senior LTCi Policyholders and Family Caregivers

LTC insurance benefits both policyholders and their loved ones in profound ways:

  1. Policyholders Gain Independence and Dignity: For the aging adult, having LTC insurance in place means maintaining their independence and choice over the type of care they receive. Whether they prefer to age at home with assistance or choose a care facility, LTC insurance supports their wishes and ensures their comfort.
  2. Loved Ones Experience Reduced Stress and Worry: Family caregivers often feel a tremendous responsibility to ensure their loved one is safe and cared for. Knowing that a plan is in place for quality, professional care can reduce the stress and worry associated with caregiving, allowing family members to step back and feel confident that their loved one is well cared for.

Planning for Long-Term Care – A Gift to Both Aging Loved Ones and Family Caregivers

It’s important to consider long-term care insurance as early as possible, ideally in one’s 50s or early 60s. At this stage, premiums are more affordable, and applicants are more likely to qualify for coverage. Having a plan in place can provide lasting benefits as individuals age and ease the caregiving burden for family members.

Supporting Family Caregivers

During National Family Caregivers Month, we encourage families to recognize and support the caregivers in their lives. LTC insurance is one of many ways to support caregivers, as it can relieve some of the weight they carry. By planning for long-term care, we offer family members a sense of security and ensure that their loved one receives the best possible care.

This November, as we raise awareness for both LTC insurance and family caregivers, let’s remember that both are integral parts of a solid, supportive plan for aging. If you’re exploring options for long-term care insurance, reach out to us to speak to an Amada Senior Care advisor who can provide a complimentary review of your Long-Term Care insurance policy and answer your questions about in-home caregiving services. We’re here to help you understand how LTC insurance can serve as a safeguard for you and a gift to your family caregivers, providing support for all and peace of mind for the journey ahead. CLICK HERE to find an Amada office near you or call us at 866-752-1961.

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This chilling scene from The Beekeeper is a dramatic yet realistic example of a type of phishing scam directed at seniors: Eloise, a retired schoolteacher, is on her computer looking over charity accounts that she manages when a virus warning pops up. She calls the provided number, which unknowingly to her connects to a call center operated by a phishing scam operation.The call center rep portrays a support desk tech and during his conversation with Eloise, he lies about the source of the virus warning. She falls into his trap by installing fake antivirus software, which links to all the charity accounts. The connected malware drains over $2 million from the charities Eloise runs. She realizes too late what has happened and is left in despair.Among the fastest-growing cybercrimes targeting seniors today are phishing or smishing scams. 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Heres a comprehensive guide to help you and your loved ones stay safe from smishing.Why Are Seniors a Preferred Target for Phishing/Smishing Scams?Seniors are often targeted by scammers for several reasons:Less Familiarity with Technology: Many seniors arent as familiar with new digital threats, making them more vulnerable to smishing and phishing techniques.Trusting Nature: Scammers exploit the trusting nature of seniors, knowing that they may be more likely to believe the legitimacy of a message.Isolation: Scammers often prey on seniors who may be isolated or lonely, making them more willing to respond to messages, even from unknown numbers.Financial Independence: Many seniors control their own finances or have access to retirement funds, which makes them valuable targets.Keep reading for more about the different types of phishing and smishing scams and how to recognize and avoid them.Common Types of Phishing and Smishing ScamsOne-Time Password (OTP) ScamOne-time passwords (OTPs) are security codes sent to your phone to verify your identity when logging into accounts or making transactions. 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Thrive While Aging with a Senior Emergency Preparedness Plan

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ASAP Medical Staffing - Amada Senior Care

Staffing-Medical Services 755 Colorado Hwy 105, Palmer Lake, Colorado, 80133

Amada Senior Care

Non-Medical 755 Colorado Hwy 105, Palmer Lake, Colorado, 80133

Amada Senior Care is a preferred provider of non-medical senior care services. We specialize in helping folks with Long-Term Care Insurance. We can work miracles with LTC policies. We focus on serving aging and disabled adults who elect to remain in their own homes with a caregiver, or who need assistance finding an alternative care environment.Here at Amada Colorado Springs, it is our goal to meet all of a familys senior care needs and to exceed their expectations of what care can be. If we have been brought in to provide in-home care for a senior, we go beyond assisting them with activities of daily living like cooking and housekeeping to enrich our clients life in the most meaningful ways we can.  By adding personal touches to the care we provide, we are able to show our senior clients that they are truly valued as we vastly improve the quality of their lives.When home is no longer the ideal environment for a senior, we will guide that senior and his or her family to the assisted living environment that ideally suits their unique needs and preferences. We will even continue to check in on clients who have moved to senior housing communities, just to make sure we havent missed an opportunity to be of service to them.At Amada Colorado Springs, we have learned through personal and professional experiences that the loved ones of senior care clients are often overlooked. We know how stressful and overwhelming it can feel to try to ensure the best care for a loved one who struggles due to his or her age. We believe that if we are to properly honor our calling to provide the best senior care possible, we must make sure that a senior clients loved ones feel encouraged and supported throughout their senior care journey.Nothing compares to the warmth and security of familiar surroundings. At Amada, we strive to enhance the home care experience with our committed staff, cutting edge communication tools, and unmatched customer service.We invite you to contact us at Amada Senior Care Colorado Springs to learn more about how we can help a senior in your life age with dignity and give your family the peace of mind they deserve. Let our family take care of yours, because, as we say, Someone you love needs us.

Amada Senior Care

Home Maintenance & Handyman Services 755 Colorado Hwy 105, Palmer Lake, Colorado, 80133