GCC Webinar: Long Term Care 長期護理 3/1 7-8pm Wrap Up
This Long Term Care 長期護理 webinar shared an introduction to Long Term Care and the common questions such as things to consider about Long Term Care, How Medicare coverage works, and how people should plan for long-term care.
Special thanks to our guest speaker June Liao | 廖雪純.
Participants were most interested in the different parts of Medicare, its coverage types, and benefits, what is considered long term care, whether medicare covers long term care, hospital care, doctor services, and medical supplies, options, costs, understanding between medicare & Medicaid, how to pay, and how to plan for long term care.
From the polling data, 80% of participants do not believe that Medicare is free & 79% of participants have no plans for long-term care.
This begs the participants to consider questions like, where will I live? who will take care of me? how will I pay for my care? Will I live in my home? With a loved one? Assisted living facility? Will the place accommodate my new needs? Can I live upstairs? Is there a full bath accessible to me? Who will take care of me? A family member? Hired help? Both? What will it be like? How will this change? Will I hire some help? Do I have enough cash to pay for this? Qualify for Medicaid? Or pay for it from my savings and assets? Will my loved ones need to reduce work hours or quit their jobs? Will I pay my children for the care they’re giving me? Which assets have I set aside to help pay for this? Which ones will I liquidate first? If income-producing assets need to be sold, will my surviving spouse have enough to live? What does Medicare cover and how much would it cost?
These questions help participants understand the different things that they may or may not be prepared for.
Some basic understanding about Long Term Care:
- Long-term care is the care you may need if you are unable to perform daily activities on your own. That means things like eating, bathing, dressing, transferring, and using the bathroom. The goal of long-term care is to help you maintain your lifestyle as you age. Medicare, Medicare supplement insurance, and health insurance you may have at work usually won’t pay for long-term care.
- Medicare does not pay for long term care and has many different parts
- Part A (Hospital Insurance) Hospital stays skilled nursing facility, hospice care, and some home health care.
- Part B (Medical Insurance) Doctor’s services, outpatient care, medical supplies, and preventive services.
- Part D (Drug Plan) Prescription drugs including shots or vaccines.
- Part C (Medicare Advantage Plan) May have dental and vision coverage with an additional charge.
- Medicare supplement insurance (Medigap) Copayments, coinsurance, and deductibles for Part A and B.
- There are out of pocket expenses for Medicare
- Medicare Does Not Cover
- Long-term care (also called custodial care)
- Most dental care
- Eye exams related to prescribing glasses (vision) • Dentures
- Cosmetic surgery
- Acupuncture
- Hearing aids and exam for fitting them
- Routine foot care
Participants were active in asking questions about their eligibility and the benefits available to them. A good number of participants fall into the 65 years or older age range. Since there was a large percentage of attendees who do not have any plans for long-term care, many attendees sought strategies to work through how to determine the right kind of long-term care planning for those who are considering.
Ask the questions: Where will I live? Who will take care of me? And how will I pay for my care?
- Will I live in my home? With a loved one? Assisted living facility? Will the place accommodate my new needs? Can I live upstairs? Is there a full bath accessible to me?
- Who will take care of me? A family member? Hired help? Both? What will it be like? How will this change
- Will I hire some help? Do I have enough cash to pay for this? Qualify for Medicaid? Or pay for it from my savings and assets? Will my loved ones need to reduce work hours or quit their jobs? Will I pay my children for the care they’re giving me? Which assets have I set aside to help pay for this? Which ones will I liquidate first? If income-producing assets need to be sold, will my surviving spouse have enough to live?
Other interesting data
94% believes that Alzheimer’s (Dementia) 阿爾茲海姆症 (失憶症) death rates have increased from 2000 to 2018
82.3% believes that Stroke 中風 death rates have increased from 2000 to 2018
76.4% believes that Heart Attack 心臟病 death rates have increased from 2000 to 2018
58.8% believes that Breast Cancer 乳癌 death rates have increased from 2000 to 2018
29.4% believes that HIV 愛滋病 death rates have increased from 2000 to 2018
Resources
Visit longtermcare.acl.gov for more information about services and supports you may
need to meet your personal care needs. Most long-term care is not medical care, but rather assistance with the basic personal Activities of Daily Living (ADLs), such as:
- Transferring, Using the toilet, Bathing, Dressing, Eating, Caring for Incontinence
Visit Medicare.gov for more information about qualifies for Medicare
June Liao | 廖雪純
Registered Representative
Transamerica Financial Advisors, Inc.
646-752-4824
june.liao@tfaconnect.com