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A Key to Good Long Term Care Planning is Truly Understanding its Costs
October 6, 2011
Parsipanny, NJ
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As I once heard a homeowner lament: "It's one thing to buy a 4,000 square foot home, it's another thing to maintain it." The purchase price and its corresponding mortgage payment are a critical component of home ownership, but they are far from being the only costs: landscaping, and expenses for heating and/or air conditioning, water, interior and exterior painting, maintenance, etc. must be added in. The list goes on. And on. The same can be said of long term care. Cost-of-care surveys are invaluable in reaching a general understanding of the costs of care, whether for an assisted living facility, a nursing home, or for a home care worker. However, there can be other expenses incurred when long term care is needed. ADDITIONAL ASSISTED LIVING FACILITY CHARGES The reported cost of an assisted living facility may not accurately reflect the total amount that a resident is billed. Often, the reported cost is a base cost which includes no individual personal care. Care such as assistance with dressing or grooming and medication management -- delivering medications at the appropriate time to the resident -- usually incurs an additional charge. However, services such as laundry and housecleaning are frequently included in the base price. Another example of how additional fees can vary from one facility to another is the issue of meal service: when considering a long term care facility, one should inquire whether the base price includes all meals, or only one or two a day. Moreover, some facilities charge extra for such services as transportation to physicians, hairdressers or other destinations, while these services may be included in the base price at other facilities. The best way to understand total potential cost is to ask for a list of all additional services including all fees associated with them. HOUSEKEEPER AND TRANSPORTATION EXPENSE If someone stays in their own home when they need long term care, they may need to make arrangements for housekeeping assistance, lawn care, etc. If they are unable to drive, transportation must be similarly arranged. CAREGIVER TRAVEL These days, many families are scattered. A family member or friend may incur significant out-of-pocket expense visiting a loved one. In addition to air fare and rental car expenses, if the person needing long term care lives in a facility, the visitor may have to stay in a hotel room. Who will pay for this? What is the visitor's ability to pay for visits? Thinking this through ahead of time can eliminate a lot of stress for both the person needing care and his or her visitors. ADDITIONAL COSTS Here are a few other potential expenses that are sometimes overlooked: ·Specialized foot care by a podiatrist is often needed on a regular basis by the elderly. ·Incontinence supplies such as adult diapers can be a significant out-of-pocket expense. ·Massage, exercise, and other alternative therapies can be helpful in maintaining general health and treating illness, as well. When planning for the possibility of future long term care, take into consideration what the total costs may be.
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Brigitte Bromberg, MS, CFP(R), CSA(R) is a long term care insurance specialist and president of Winning Strategies Group LLC, an independent insurance and risk management firm located in Parsippany, NJ. She is one of the first agents nationwide to become involved in the Association of Jewish Family and Children's Agencies affinity long term care insurance program.
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Contact Information ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
email:
brig@winstrat.com
phone:
973-244-9499
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