I hosted the Aging Boomer radio program yesterday on KSVY 91.3 FM in Sonoma. The guest was Dr. Marion Somers or as she likes to be called Dr. Marion.

Dr. Marion is driving througout the country on a 9 week tour to rasie awareness on long term care needs. Her campaign, 3 in 4 people will need long term care. She stated, “70% of Americans over 65 will need some type of long term care”.

What is Long Term Care?
Nursing / Rehab Center
Assisted Living
Residental Care Home (Board and Care)
In-Home Care

The good news is we have options. The challenge, how will we pay for it.

Dr. Marion campaign is promoting Long Term Care Insurance and Reverse Mortgage.

Long Term Care InsuranceMost people think their current health insurance and Medicare will take care of their needs as they age. This is NOT TRUE.

If you find yourself needing medical attention, a nursing home / rehab center maybe the best place for you after hospitalization. Yes, Medicare and some insurance plans will pay for this care. However, the care is limited. You maybe be limited to 1 to 2 weeks. What do you do then?

Over 70% of Americans want to go home after hospitalization or their stay in the nusring home. Yes, this is an option. A Home Health Agency can help with your medical needs and a Non-Medical Agency can take care of your other needs. The Home Health costs will be covered by medicare for a short time…up to 60 days. However, not everyday. Medicare will not cover the non-medical care. This is money you must pay yourself. And, it is expensive.

Long Term Inurance is one way to pay these expenses. Policies vary depending on the insurance company. The policy may or may not cover nuring home care, it may of may not cover in-home care. The costs are based on your age and health (the best time to buy is when your young, in my case I never heard of Long Term Care Insurance until recently). The pay out varies as well. Most pay outs are on a per day bases. I think the only challenge I find with Long term Care policies is the waiting period. Normally, when you have a need, the policies state you must have the need for more than the waiting period. The waiting period is 30 to 90 days. After the waiting period is over, the insurance will start paying our the daily amount to you or your provider.

I recently bought a long term care police for myself. It’s a policy from New York Life (I will write more amout this in a separate blog in the near future).

Reverse MortgageThe other option Dr. Marion discussed was Reverse Mortgage. Most of the time I bring up this option and people “RUN”. Actually, its an option that you should consider. Basically, you are borrowing money from your equity. Your current mortgage goes away and you have access to the reverese mortgage monies to pay expenses. When you die, the house is sold. The reverse mortgage is paid off and the remaining balance of the money is then paid to your estate.

To promote the Dr. Marion tour, 3in4needmore.com is offering a contest. Go to this web site and your can add your care need story. If your story is the winner, you can win up to $50,000 in money to pay for care.

Dr. Marion is also an author of a book, “Elder Care Made Easier”. I have not read the book becuase I just got it. However, it looks like a easy read and I’m sure it has a lot of helpfull suggests on care for an aging loved one.

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