H3Assist/SCR Options in Care Presented by, Adam Kranson

Transcription

1 Any additional questions Adam s Cell H3Assist/SCR Options in Care Presented by, Adam Kranson 1. In Home Care 2. Assisted Living 3. Nursing Home

2 Future for Seniors The population of American seniors is expected to double in size within the next 25 years according to the National Institute on Aging (NIA) and the U.S. Census Bureau. As our aging population continues to grow, so does the demand for both in-home care and residential care facilities. In fact, U.S. News & World Report recently projected that for the next 20 years, about 10,000 baby boomers will turn 65 each day. This means that elder care and retirement planning are crucial to help support an aging population. In Home Care Family Agency Registry Private Pay Assisted Living Facility/Community Board & Care 6 bed Nursing Home Private Semi Private

3 Types of Care The type of care you need, could play a large role in deciding the best solution Companion: Housekeeping, Errands, Transport, Meals, Med Remind Rec: In Home Typically 6-12 hours weekly ADL Partial Assist: Dressing, Bathing, Meal Prep, Toileting, Mobility, Meds Rec: In Home Typically hours weekly ADL Full Assist: All of the above ADL s with hands on assistance- Rec: In Home or Assisted Living Typically hours weekly Bedbound/Hospice/Late Stage Dementia: All of the above ADL s with Full Assist- Rec: All three (decision based on preference & resources) Typically 24/7

4 Cost of Care 2012 Genworth "Cost of Care" Research. The survey included feedback from more than 25,000 providers in order to complete more than 9,000 surveys of nursing homes, assisted living facilities, and home care providers in all 50 states and the District of Columbia.

5 Ways to Pay 1. Out of Pocket Exactly what it sounds like 2. Long Term Care Policy Insurance Plan purchased to cover: Home Care & Assisted Living (UCI System offers CalPERS) 3. Reverse Mortgage & Other Financial Planning 4. Veteran s Pension with Aid & Attendance Long Term Care through the Veteran s Administration 5. Medicare Up to 100 days - Plateau 6. Medi-Cal IHSS/covers what Medicare won t

6 Ways to Pay Long Term Care Policy 1. Depending on condition, research may be needed Let loved ones know 2. Unlimited vs. Money Pool (Cost of Living %) 3. Elimination Period 4. Home Care vs. Assisted Living 5. ADL Requirements 6. Assignment of Benefits 7. Premiums disappear!

7 (B)ADL s Activities of Daily Living These are typically the ADL s that count for LTC and Aid & Attendance Basic ADLs (BADLs) consist of self-care tasks, including: [4] Bathing and showering (washing the body) Bowel and bladder management (recognizing the need to relieve oneself) Dressing Eating (including chewing and swallowing) Feeding (setting up food and bringing it to the mouth) Functional mobility (moving from one place to another while performing activities) Personal device care Personal hygiene and grooming (including washing hair) Toilet hygiene (completing the act of relieving oneself) Although not in wide general use, one mnemonic that some consider useful is DEATH: dressing/bathing, eating, ambulating (walking), toileting, hygiene

8 (I)ADL s Activities of Daily Living These are typically the ADL s that don t count for LTC and Aid & Attendance Instrumental activities of daily living (IADLs) are not necessary for fundamental functioning, but they let an individual live independently in a community: [6] Housework Taking medications as prescribed Managing money Shopping for groceries or clothing Use of telephone or other form of communication Using technology (as applicable) Transportation within the community A useful mnemonic is SHAFT: shopping, housekeeping, accounting, food preparation/meds, telephone/transportation.

9 Long Term Care Policy Ways to Pay

10 Ways to Pay Reverse Mortgage: A reverse mortgage is a loan for senior homeowners that uses a portion of the home s equity as collateral. 1. Must be 62 years of age 2. No liens or can be paid off at closing 3. Owner occupied 4. You won t outlive your RM 5. Lump, Set Term, Line of credit or Combination 6. No income or credit requirements 7. Option to pay off the loan or Sell house 8. Equity after death or moving Estate Owned

11 Ways to Pay Veteran s Pension with Aid & Attendance 1. War Time Vet (No Action Necessary) 2. Over ADL requirements or Legally Blind 4. Asset/Income Test 5. Benefit = $24,000+/year (for life) 6. Paperwork & Duration 7. Base Rate vs. Medical

12 Ways to Pay Veteran s Pension with Aid & Attendance Documentation: (Duration Approx. 5 months) 1. Application VBA (Single & Married Veteran) VBA (Widow of a Veteran) 2. Need for Regular Aid & Attendance (Medical Form) VA Form (2 page form by doctor) 3. Care Expense Statement (Vet and Caregiver) 4. Discharge Papers DD 214 (Send away for them w/ SF-180) 5. Marriage Certificate 6. Death Certificate

13 Close To Home Everyone has a connection to Care: Friends Family Co-workers Group Members Religious Organizations Know your options, Thank You! Any additional questions Adam s Cell