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Call
[860.739.0005] today as a step toward understanding the special value of Long Term Care insurance - you won't become a burden on children.
These resources on Long Term Care insurance will be useful in
learning more about this special protection:
Employers:
- A recent survey
- reports 54% of employees are involved in some aspect
of care giving for a family member. These responsibilities create
distractions, cause missed work, and directly impact productivity!.
- Long Term Care insurance for employers as a benefit, for employees and family members, responds to caregivers and is very
important.
Free - useful little book:
- If you are a Connecticut resident
- with your name and address and I'll mail you a little book - The Truth About Long Term Care Insurance by Robert L Cochran..
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Medicaid - a welfare program
Our welfare system, which started in 1966, provides complete medical related care for the indigent and is called MedicAID. General regulations for MedicAID are established at the federal level and the determination of who qualifies is made by the state. Funding (about 50/50) comes from state and federal.
A couple points:
- It is the only government program, which will pay for on going day to day assistance, called custodial services.
- MediCARE, which covers medical treatment expenses, only pays for acute medical situations
such as for recovery from a sickness or accidents and only as long
as the person is improving.
What happens when MedicAID is used for long term care services:
MedicAID is focused on covering on going care only in a Nursing Home. The ability to receive help at home where most
people want to be, is limited if available at all in Connecticut. Some at home or
Assisted Living services have been covered in pilot situations focused on disabled individuals under age 65.
Connecticut's welfare program pays nursing homes 50% or less of cost. This under funding has been going on for a
long time and has done three things:
- First - some facilities stopped taking any
MedicAID patients and many have limited the number they will admit.
The result - fewer beds are now available to those entering with
MedicAID and it may be some distance away from where you live.
- Second - the low payment level makes it
difficult for facilities to hire enough caring and quality staff. In
addition, turn over in nursing homes is high since staff, once
trained, move on to other medical facilities for a better salary.
- Third - Studies show the qualify of care under MedicAID has declined. To add to this - when a care related problem develops - the facility gets sued which drains more dollars away from care delivery.
Nursing homes have in the past offset a small part of MedicAID's low payment with the more reasonable income from rehabilitation care paid by MediCARE. However, they still face significant economic issues and trends:
- The chance MedicAID nursing home payments will be increased is limited.
- The number of people who will need care is growing rapidly.
- MedicAID eligibility was restricted as a result of a law Congress passed February 1, 2006. Some of the changes include:
- The look back period to exclude transfers and gifts is now 5 years vs 3.
- Ineligibility periods now begin from the date an individual applies for MedicAID. It is no longer back on the date the transfer was made.
In addition, to all this another factor to consider is the statement in Connecticut's regulations which indicates - "MedicAID payments are considered a loan from the State and must be repaid, if possible, at time of death."
The Parker Agency consequently believes coverage under MedicAID (welfare) is not the type of care or lifestyle most people want! To be in control, have quality help, and protect your savings nest egg the solution is to buy Long Term Care insurance. It provides a contractual agreement to pay policy benefits. However, there is no long term commitment to pay in the MedicAID program. Thus, everyone should ask themselves:
- Is it wise to count on MedicAID since funding is unknown and there is no guarantee it will be available?
- Is this what I want for myself or family?
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