17 September

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The Importance of a Health Care Directive

As we age, there is a risk that our mental faculties will decline substantially or we'll suffer a sudden, unexpected health issue that leaves us incapacitated and unable to make important healthcare decisions. I've confronted this harsh reality with members of my own family. My father developed Alzheimer's and got to the point where he needed someone to step in and making important decisions on his behalf. Another tragic example is the mental decline of comedian Tim Conway, famous for his role on "The Carol Burnett Show." Conway was diagnosed with dementia and is "almost entirely unresponsive," according to MSN News. It does not appear that a health care directive was in place, which has spurred a rancorous legal battle between Conway's wife and his daughter about the quality of his medical care. These unfortunate situations highlight the importance of having a detailed health care directive in place. You can have a...

19 January

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Concerned About Costly Nursing Homes? “Granny Pods” May Be an Option to Consider

Posted by Bobby Feisee

in Bobby's Blog

The median annual cost of a private nursing home is over roughly $84,000 per year, according to CNN.com. A 2013 survey by Genworth revealed that the cost of private nursing home care spiked 24 percent in a five-year period (2008 to 2013). Given the exorbitant cost of nursing home care, many people are struggling to figure out what to do with an elderly loved one who is living alone, and shouldn’t be at that stage of their life. Some people may be thinking, “Well, what about a semi-private nursing home where your loved one shares a room?” Unfortunately, this arrangement is not much cheaper than nursing home care where your loved one enjoys a private room. The Genworth survey indicated that a semi-private nursing home will cost, on average, about $75,000 per year. If you are considering assisted living, it is more cost effective, but still a large expense. For example, the...

09 December

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Why Long-Term Care Funding is a Critically Important Investment for Your Future

Posted by Bobby Feisee

in Bobby's Blog

November was long-term care awareness month. Regardless which month it is, at InSight Law, we encourage all of our clients to have some type of long-term care plan in place, since you never know if and when you may need an in-home nurse or will need to reside in a long-term care facility. There are several different strategies that you can employ to address your long-term care funding needs. Strategies I have seen are: buying a straight long term care policy to fully fund your daily needs, buying a straight long-term care policy to partially fund your daily needs and then self-funding the remaining balance, life insurance policies that have long term care riders or access to cash value, and annuities. Which one is right for you depends on your specific situation (goals, budget, family background, etc.) As a lawyer, I see that my clients are faced with this issue when working through their estate...

13 November

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Don’t Let Your Long-Term Care Insurance Lapse

Posted by Bobby Feisee

in Bobby's Blog

The median annual price of a private room in a nursing home is over $90,000, according to Genworth Financial. Many people attempt to defray these exorbitant costs by purchasing long-term care insurance. But here is something that may blow your mind - more than a third of people with long-term care insurance policies at age 65 let their coverage lapse before they pass on, without reaping the benefits the policy may offer, according to Forbes.com. Specifically, men and women at age 65 have a 32 percent and 38 percent chance of lapsing prior to their death. Understand, when you coverage lapses, you effectively forfeit all of your insurance benefits. Even worse - Lapses in long-term care coverage are quite common among policy holders who are impaired. This makes sense considering these individuals may not even be aware they failed to pay their premiums. The study also found that low income individuals were at...

03 November

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Long-Term Care – Why You Need to be Prepared

Posted by Bobby Feisee

in Bobby's Blog

It is an undeniable fact - we are living longer. By the year 2050, people in their 90s will increase four fold. That means the number of senior citizens (i.e. age 65+) will more than double, according to an article by J. Brendan Ryan. Many seniors need long-term care. In fact, over ninety percent of seniors’ health care costs today are attributable to chronic diseases like arthritis, diabetes, etc. The likelihood of a senior citizen needing long-term care at some point in their lives is extremely high – nearly 70 percent. Millions of unpaid caregivers helps the sick, elderly and disabled. This includes significant others, family members, etc. who are helping out a loved one during this phase of their life. A study in MetLife estimated that the monetary loss for these unpaid caregiver exceeds $500,000. In many cases, the needs for the disabled or infirm simply become too demanding necessitating professional care...

01 November

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November is Long-Term Care Awareness Month

Posted by Bobby Feisee

in Current Events

No one wants to think about aging, becoming infirm, or being unable to dress yourself, use the toilet, etc. This is why most surveys show that people would rather ignore long-term care planning rather than tackle the issue head on. This cannot continue. November is Long-Term Care Awareness Month and a spotlight needs to be placed on this incredibly important issue. Long-term care costs have exploded in recent years, and are expected to continue to rise for the foreseeable future. For example, the median annual cost for a private room in a nursing home is projected to cost nearly $130,000 in 10 years, according to an article published by Morgan Stanley. Here is a video from CBS News about the crisis in long-term care: https://www.youtube.com/watch?v=oLKTThGrAxw Do you have the financial resources to cover that kind of long-term cost? The expense of long-term care services may not be covered by Medicare or other medical plans. This is...

24 June

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Caring from a Distance: Tips on How to Help Aging Loved Ones When You’re Not Around the Corner

Posted by Bobby Feisee

in Bobby's Blog

Many years ago, it was quite common for children to live in the same city they were born and raised in. They may have even decided to purchase a home in the same neighborhood where their parents still lived. Today, such a scenario is a relic of the past. Many people do not live close to their parents and are scattered across states, and even countries. So you need to ask yourself this important question - when your parent’s health begins to fail, what will happen? Do you know who will care for them if they can’t take care of themselves? The purpose of this article is to give you some tips on how to best prepare for this possibility. Sit Down and Talk with Your Parents About Long-Term Care It’s an awkward conversation, to be sure. You may not want to imagine your parents being mentally or physically incapable of taking care...

18 April

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Proper Medicaid Planning Is Essential for Long-Term Care

Posted by Bobby Feisee

in Bobby's Blog

The National Institute on Aging reports that roughly 70 percent of American over the age of 65 will need some type of long-term care. If that isn’t shocking enough, the NIA reports that over 40 percent of Americans will need some type of nursing home care at some point in their life. You may be thinking, “What’s the big deal?” Well, considering the fact that the annual cost of long-term care at a nursing home is over $100,000 per year, the “big deal” is financial – the cost of care could quickly wipe out your savings leaving you with very little, or nothing, to pass on to your loved ones. Typically, people pay for long-term nursing home care through one, or a combination, of these methods: (i) long-term care insurance; (ii) retirement funds; and/or (iii) Medicaid. In my experience, I have found that better results are achieved for the family if they...