Family Caregivers Aren’t Always a Realistic Plan

Active agingWith people living longer, odds are that many of us will become disabled for some time before we pass away and will need long-term care. The estimates are at least 70% of Americans over age 65 will be impacted, and the majority underestimate the cost.

Medicare does little to cover the costs of long term care and only for a short time period. Medicaid doesn’t apply until the assets of an estate are spent down, so many people must pay for these costs out-of-pocket. There are three ways to pay for long term care: 1) out-of-(deep) pocket payments for care; 2) 1) long term care insurance; and, 3) a plan that helps to avoid total spend-down until you qualify for Medicaid (that’s where we can help!). 

Of course, active aging is great, but with age can come injury or illness, so if you are in your fifties or sixties, you should be at least talking about what your long term care plan would look like. (If you are older than that – what are you waiting for!) If your long term care plan includes relying on family members to provide the care you will need, you should know that this plan can take a huge toll on the caregivers—both emotionally and physically—since your adult children must also make time for managing their own households. Be sure you discuss this care plan with all family members ahead of time. You should also investigate other sources of help to add to this plan such adult daycare center and hired help.

Unfortunately, most people who reviewed  long-term care insurance policies in the last decade decided it was too expense.  If you have not review what’s  new in the long term care insurance marketplace recently, now might be the perfect time to take another look.  Insurance companies have new, innovative ways in which to use funds to help pay for the cost of care without subjecting you to the 55%-78% premium increases we have seen over the last five years.  The best part about many of these ‘new’ long term care policies is that they are not as age sensitive as they once were as long as you do not have a current diagnosis that will likely require long term care.  

Finally, there is the individualized care plan that we can help you develop that combines resources from all possible sources.  Request a complimentary consultation online or register for one of our workshops with topics of interest to you and your loved ones.

Reference: Memphis Daily News (July 29, 2016) “Long-Term Care – Not for Everyone”


Like this article?

Share on facebook
Share on Facebook
Share on twitter
Share on Twitter
Share on linkedin
Share on Linkdin
Share on pinterest
Share on Pinterest

Leave a comment


We have a LOT more where that came from!

We hate spam too. We will never share or sell your information.

Call Now ButtonCall Us Now https://jsfiddle.net/7h5246b8/

Request a free consultation

We hate spam too. We will never share or sell your information.

We've been putting together as many resources as possible so that we can continue to help:

  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
  • We launched the rollout of our on-demand webinar early so that new clients and our allied professionals can view the important component parts of ‘an estate plan that works’ at their convenience.  That is available on our website.
  • Live video workshops will be produced as quickly as possible and certainly ahead of our previous schedule; we will keep you posted as these events become available. Given the ‘boutique’ nature of the firm, we rarely have more than ten people in our office including team members at any one time. During this period of ‘social distancing,’ we promise to have no more than 8 people at any time.   This allows us to comply with the Governor’s directive to limit in-person gatherings.
  • The best way to communicate with us is still by phone during regular office hours of 8:30 to 5:00, Monday through Friday, or, you can email any of our team members (that is, their first name followed by @zarembalaw.com).  We will respond to these emails as quickly as possible.
  • Please continue to follow the directives of our local, state, and federal agencies. For your health and in consideration of our team who is assisting you, if you’ve scheduled an office appointment or planned to drop off paperwork and are experiencing a fever, dry cough, or shortness of breath, please contact your primary care doctor for guidance and then our office to reschedule.

Thank you, Walt and the Zaremba Team

Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.