Up and Coming Weekly is a weekly publication in Fayetteville, NC and Fort Bragg, NC area offering local news, views, arts, entertainment and community event and business information.
Issue link: https://www.epageflip.net/i/35747
SENIOR CORNER Planning Financially for Long-term Care by MARTHA OWEN & SUSAN GUY With just celebrating Independence Day, “independence” takes on many mean- ings. One very important concern for seniors is maintaining financial independence. Providing care for oneself is a primary goal for most seniors to whom we talk. One avenue to this goal is Long-term Care Insurance. Please read the following article from www.longtermcarelink.net/article-2011-01-7.htm to help you become informed in this area. You may be taking care of elderly parents now or looking at that possibility in the near future? According to a report from USATODAY/ABCNews/Gallup Poll, 41percent of Baby Boomers are helping take care of their aging parents by providing personal help, financial assistance or both. If financial planning and long-term care planning have not been done prior to the need for care, the burden falls on the caregiving family member. Decisions about how care will be paid for, who will be responsible for managing the estate and how the long-term care will be given can cause stress and contention among family members. It is best that parents and all family members to be involved in planning for future financial needs. The financial resources being used could change drastically with the occurrence of a stroke, illness or the onset of dementia. In order to plan financially for long-term care, you need to know what the costs are now and what they could be in the future. Every year MetLife does a survey of long-term care costs. Their 2010 survey shows that the average daily rate for private nursing home care was $229 which is up from $219 in 2009. Assisted living monthly base cost rose to $3,293 in 2010 from $3,131 in 2009. The average cost of a home health aid is $21 an hour. Planning financial needs can be very difficult, considering you do not know when long-term care will be required or how long it will be needed. You can deter- mine what will be needed in certain living situations. Staying in the home for care will require professional home care assistance, travel accommodations for doctor ap- pointments, help with shopping, meal preparation, medical supplies and medication. In some situations 24-hour care, 7 days a week becomes necessary. Even if a family member is doing most of the care, eventually professional care will be required or a move to a nursing home facility might be necessary. When evaluating your present income and assets, consider how they could work for the future needs. •What are my care options? •What type of long-term care can I afford? •Do I have long-term care insurance? •Are there assets I can sell? •If I stay at home how will I pay for care? •Do I have to sell the house to pay for other living arrangements? •Are there other financing alternatives? •Do I have life insurance or the means to pay for a funeral and burial? Sparks Still Fly With the Swampdogs by MIKE IVCIC Just because the 4th of July has passed, it doesn’t mean there won’t still be fireworks in Fayetteville. The Fayetteville SwampDogs are making a hard push towards the playoffs, and now is the best time to get your tickets to see the team live in action at J.P. Riddle Stadium. The biggest upcoming nights are just around the corner, including the 2011 CPL All-Star Game, part of the SwampDogs All-Star Summer of Fun. Tickets are limited for the All-Star Fan Fest on Sunday, July 17, as well as the All-Star Game itself on Monday, July 18. The Fan Fest includes a home run derby, as well as the 2nd Annual Guns-N- Hoses charity softball game, pit- ting members of the Fayetteville Police Department against the Fayetteville Fire Department, so don’t miss out on a great event full of fun and surprises, and a chance to see the stars of to- morrow, today! Before that, though, there’s plenty of great SwampDogs action to catch at “The Swamp.” July 6 is Hospitality Appreciation Night at J.P. Riddle Stadium, as the SwampDogs cater to all of those who cater to us. Everyone working in the 16 UCW JULY 6-12, 2011 hospitality industry will receive a $1 off a general admission ticket to the game against the Wilmington Sharks. It’s also Ladies’ Night, so all ladies will be able to buy one general admission ticket and get another general admission ticket free! Then it’s time to grab your four-leaf clovers, because the following night, July 7, is Summertime St. Patty’s Day! Come celebrate the Luck o’ the Irish, and the first 500 lucky fans, 21 and over, will receive a pint glass courtesy of Yuengling and Healy Wholesale. It will be a night filled with Irish nicknames, Irish food, Irish music — everything that comes with a tra- ditional Irish celebration! It will also be Fayetteville Observer Night, where fans can come and see the Weekender bug, so grab your green and come to July’s best Irish celebration. On Saturday, July 9, the SwampDogs will host the Morehead City Marlins, and the first 500 fans in attendance will receive a new, insulated lunch bag, presented by Cape Fear Orthopedic. It will also be NC State Night, so wear your Wolfpack gear and receive $1 off a general admission ticket. Don’t miss out on your chance to catch the best base- ball in town, all part of the Fayetteville SwampDogs All-Star Summer of Fun. For more information or to order your tickets, call the SwampDogs office at 426-5900, and we’ll see you at “The Swamp!’ MIKE IVCIC, Contributing Writer COMMENTS? editor@upandcom- ingweekly.com WWW.UPANDCOMINGWEEKLY.COM •Will my spouse be cared for financially? •Should I do Medicaid planning? •Do I have the legal documents that I may need? An article by Thomas Day, Director of the National Care Planning Council, titled “Paying the Cost of Care,” reviews some of the financial options that can be used. “Tangible assets that might produce enough income to pay for long-term care might include investment property such as rentals, commercially leased property, land, a farm, second home or a business…” “Some individuals are heavy into real estate and short on cash. If the intent was to cash out of the investment at some future point, then a sale in warranted. But, it seems a shame to sacrifice in early years to establish an investment only to throw it away to long-term care. It would make more sense to use income from the invest- ments to buy long-term care insurance.” Long-term care insurance is one option for paying for care. Long-term care insurance helps pay for the care you need when you can no longer care for yourself. It can protect your family’s financial future and your own investments. There are qualifications that need to be met with health and age. This type of insurance is more expensive the older the person and almost impossible to get if an age-related illness has already occurred. Senior financial planners, elder law attorneys and veteran benefits consultants can assist you in evaluating your needs and future planning. Senior financial planners are experts in working with seniors and their families to set up long-term care plans. They usually work an elder law attorney and care manager (professional) to give you all the options and resources for care. Elder law attorneys help with Medicaid plan- ning and asset protection as well as legal documents needed for final requests. If stay- ing in the home is a desired option, a reverse mortgage can supply the funds to pay for home care. For veterans who served during a time of war, the Aid & Attendance Benefit is an option. This benefit provides extra income up to $1,949 to help pay for home care, assisted living and other medical costs. It will also pay for the widows or widowers of the veteran. Veteran benefit consultants in the area can be contacted about qualifica- tions for these benefits. Assessing and knowing the needs and financial resources of your family members and loved ones is vital before making any decisions regarding long-term care. When parents and family members work together there is less stress and burden of elder care needs is lifted. MARTHA OWEN & SUSAN GUY, Owners of Home Instead Senior Care, Contributing Writers. COM- MENTS? editor@upandcomingweekly.com