David Scharff of Silver Transitions spoke on “Long-term Care Options for Seniors.” Involving the Club members and their personal experiences dealing with the issue of aging (personally or parents), David provided valuable information in a discussion format.
Recognizing the various types of care (i.e., Medical Care that makes you better; Hospice Care to provide comfort and support; and Long Term Care for ongoing custodial care where the objective is to help you with activities of daily living), David stressed that planning is the key especially considering all alternatives well in advance.
David Scharff of Silver Transitions spoke on “Long-term Care Options for Seniors.” Involving the Club members and their personal experiences dealing with the issue of aging (personally or parents), David provided valuable information in a discussion format.
Recognizing the various types of care (i.e., Medical Care that makes you better; Hospice Care to provide comfort and support; and Long Term Care for ongoing custodial care where the objective is to help you with activities of daily living), David stressed that planning is the key especially considering all alternatives well in advance.
Member KJ Page stressed that an Advanced Directive is critical to help address the multiple conflicts that will happen with the individual and family. Questions like:
- How dependent will I be?
- Will I be a burden?
- What about my social position?
- Who will take care of me?
- How will the individual deal with the loss of control before the individual is no longer able to be independent?
Other topics that David covered in his presentation included:
- Instrumental Activities of Daily Living (IADLs) include maintaining the house, managing money, moving within the community, preparing meals, shopping for groceries, and using the telephone.
- Someone who needs help with these may be on a path to needing help with ADLs.
- Funding Options including the challenges and drawback for each option:
- Medicare or Health Insurance
- Self-pay
- Medicaid
- Private Insurance
- Long-term Care Insurance pays for facility care or home care (e.g., family and friends; adult day care facilities; home health care agencies; residential care facilities; skilled nursing facilities; and hospice.)
- “Continuum of Care” was defined as starting with the family and friends, progressing to home health services, and may culminate with a care facility.
- Components of a Long-Term Care Policy include
- Elimination period of 20-365 days
- Daily benefit of $100 to $400 per day
- Pool of money between $73,000 and $1,400,000
- Inflation rider of 0%-5%; and
- The premium is based on your age, your health and the coverage you want.
- The suggestion that an effective financing strategy that may be a mix of family help, assets, and insurance that leverages tax-free dollars to pay for care.