F9
FARM & RANCH
THE NORTH PLATTE TELEGRAPH
AUGUST 2020
HOMECARE OPTIONS
that can protect you and your family from crushing financial bills. These will last up to almost 2 years with the benefit restoring, again, with the 6 month period of time that you don’t need it. These are less than $100 a month for a 65 year old. These companies are willing to take on more risk thus allowing people who may have some health conditions that would lock out a person on a traditional long-term care policy. They also are willing to enroll people up to age 79. These Short Term plans are less expensive but the benefit has the 360 day and 52 week limits. As the boomers continue to age, more and more options will continue to develop to meet the demands of this aging population. As families are looking for help in the care of their loved ones, think of these as gifts. Can this be a gift to your parents or good planning for yourself. Check into the options. If you have questions for Rebecca Nordquist at Phares Financial, call at 308-532-3180. Just a reminder, our offices have moved, our new address is 319 East B Street in North Platte.
needs including assistance getting out of bed in the mornings, showering, getting dressed, cooking meals, light housekeeping, etc. The benefit would last up to 52 weeks and would provide up to another 52 weeks, if there was a 6 month period of time that you don’t need it. For example, Mom falls and breaks a hip. She needs home health services for 20 weeks then doesn’t need it anymore for a couple years. Her policy would restore the 20 weeks so the next time she needs it, she’d have the full 52 week benefit available. For a 65 year old female, using a $600/week benefit for home health services, the premium would run $52.03 per month. They also have policies that cover just assisted living and nursing home costs for up to 360 days. Using a benefit of $3000/month, the premium for this using the same example would be less than $50/month. This one also will restore if you only need it for less than the 360 days with the 6 month period of time that you don’t need it. Then you can combine those policies. The facility coverage- assisted living and nursing home plus the home health care benefit provides a comprehensive bank of benefits
but that doesn’t mean that we’ll be healthy until the end of our lives. In fact, more than 70% of Americans are going to need some type of long-term care during our lifetimes. The question is what kind. Can the care be provided at home, in an assisted living facility, or will it require nursing home care. Purchasing a Long-Term Care insurance policy that covers all the care options may be optimal but for those that can’t afford it or have health issues that prevent them from getting it can be a significant problem. Many seniors try to deny that” it could happen to them”, yet their families frequently have to step in assist them causing family stress and relationshipproblems between parents and children or between siblings. Yes, you may end up with a chronic condition that requires care. What can families do? The Long Term Care market is changing. Most people would like to stay at home and many can if they have some support. New products are coming out almost monthly that may be helpful to family members that want to stay at home without wearing out the caregiver. One of the options is a home health care policy that will cover home health and custodial care
By Rebecca Nordquist, RD, MHA, CLTC
George and Marge had a wonderful retirement. They had a nice nest egg saved, they were able to travel, George played golf a couple times a week, and Marge had her bridge club every week. The kids were spread out over 3 states but they stayed in touch. Gradually, George’s health started to decline, arthritis settled in his back, and he was diagnosed with congestive heart failure. He had difficulty getting out of bed. Marge had to help him move to the bathroom, shower, help him get dressed. He couldn’t be left alone, he couldn’t get out of the chair by himself. Marge had to be there 24/7, she didn’t sleep very well, and now her health started to decline.
Seniors are living longer now
ADVERTISEMENT FEATURE
Made with FlippingBook - professional solution for displaying marketing and sales documents online