Senior Service Marketing Expert Valerie VanBooven RN, BSN
Teams Up With ElderCarelink
(March 2008, St. Louis, MO) Valerie VanBooven RN BSN and ElderCarelink have teamed up to provide information to both consumers and professionals. VanBooven will now be referring all of her non-local consumer geriatric care management inquiries directly to ElderCarelink.Com. Valerie will also be recommending ElderCarelink to all of her professional senior service marketing clients (In-home care agencies, adult day care, assisted living, nursing homes, DME providers, care managers) as an option for lead generation.
“There are two large groups of people who will be well served from this arrangement. Consumers will be able to fill out an online assessment and find care in their local area. In-home care providers, adult day care centers, assisted living facilities, and nursing homes will find that ElderCarelink is a great way to connect with consumers who really don’t know where else to turn in a time of need,” states Valerie.
In the coming months VanBooven has agreed to provide financial services content (i.e. long-term care insurance, reverse mortgages, and more) to ElderCarelink’s large database of caregivers looking for answers, via their online newsletter. She will also be connected to professionals who use ElderCarelink’s lead services to provide them with additional marketing support through her own electronic newsletter, “The Amazing Senior Service Business Booster Ezine”.
“We are enthusiastic about working with Valerie VanBooven. She brings a wealth of knowledge on how families deal with the financial burdens of eldercare. We hope to share this vital information with all the caregivers who use our service.” Said Robert Brooks, CEO ElderCarelink.
ElderCarelink is an internet-based referral service—free to consumers—that specializes in eldercare case matching for elders and their families. ElderCarelink assists families in finding a multitude of services, including assisted living, nursing homes, adult day care, private duty nursing, care management and homecare. With participating providers in all 50 states, ElderCarelink identifies qualified eldercare service providers and product suppliers who meet the specific needs for each family's individual situation.
As seen on NBC’s Today Show and CNNFN’s “Your Money” with Ali Velshi, speaker and author, Valerie VanBooven RN, BSN is one of the nation’s leading long-term care experts and consultant for consumers and professionals. Professionals and business owners who serve the senior market want to know the secrets to obtaining more private pay clients for longer periods of time. This includes health care providers, elder law attorneys, and financial advisors. They want to know how to fill their financial practices, elder law practices, home care agencies, adult day cares, independent living communities, assisted living facilities, and nursing homes with consumers who need their help-- in the most efficient and cost effective manner possible.
Senior service providers also want to know how to reach adult children of aging parents with their message. Valerie’s “Amazing Senior Service Business Booster Ezine”, “Ultimate Senior Service Gold+ Newsletter” and “Magnetic Marketing for Senior Service Providers” systems are all popular choices among elder care service providers for marketing tips and expertise.
###
Posted by Valerie VanBooven on 3/10/2008 | Permanent Link | Comments: 0
Marketing Senior Services Explained...
Welcome to Marketing Senior Services Explained. This blog will contain training and information leading up to our official launch on February 1, 2008. Make sure you bookmark this page and check back often.
What is Marketing Senior Services Explained?
Marketing Senior Services Explained is the most comprehensive system ever developed on the subject of Senior Service Marketing. Over 20 hours of in depth straight to the point how to information to guide you step by step of how I developed a successful senior service business.
Stay tuned for more detailed information.
Posted by Valerie VanBooven on 1/21/2008 | Permanent Link | Comments: 0
Magnetic Marketing for Senior Service Providers Explained....
In this video, we cover WHAT Magnetic Marketing for Senior Service Providers IS, and the processes a “senior service” should have in order to maximize revenue generated by marketing. Also- what you can expect over the next two to three weeks. Stay tuned and enjoy the show!
Posted by Valerie VanBooven on 1/21/2008 | Permanent Link | Comments: 0
We hope you enjoy the material and can take a moment to visit the free website at www.smartmoney.com.
Innovative New Book Shows Families How to Keep Seniors At Home for
Life!
Families across the nation struggle with health care decisions for aging loved ones every day. Many seniors and families are faced with premature institutionalization when they are left to rely on the government (Medicaid) to pay for their long-term care needs. Today families are learning that there ARE other solutions! In an effort to help families learn about other options and programs available to almost all seniors, registered nurse and author Valerie VanBooven has released her latest book, "The Senior Solution: A Family Guide to Keeping Seniors Home For Life!", published by LTC Expert Publications, LLC.
ST. LOUIS, Mo.--(BUSINESS WIRE)--August 21, 2007--
It is possible to keep seniors home for life! Families across the nation struggle with health care decisions for aging loved ones every day. Many seniors and families are faced with premature institutionalization when they are left to rely on the government (Medicaid) to pay for their long-term care needs. Today families are learning that there are other solutions.
In an effort to help families learn about other options and programs available to almost all seniors, registered nurse and author Valerie VanBooven teamed up with Next Generation Financial Services (NGFS) to release her latest book, "The Senior Solution: A Family Guide to Keeping Seniors Home For Life!", published by LTC Expert Publications, LLC.
"Seniors and their family members are not aware of many other programs that may be helpful in keeping seniors in their own home. Everyone wants to 'age in place,' maintaining their independence and choice. 'The Senior Solution' is designed to point families and seniors in that direction," states VanBooven.
Long-term care insurance is a planning option, but often many seniors do not qualify because of poor health or feel that the premiums are unaffordable. Valerie says, "Although purchasing long-term care insurance is always the best planning solution, it's not always possible due to health issues or financial concerns."
"The Senior Solution" shows seniors how to afford long-term care insurance without touching a PENNY of their savings, investments or current income. If long-term care insurance is not an option, "The Senior Solution" educates seniors about other programs like Home Equity Conversion Mortgages used to pay for private in-home care, VA Aid and Attendance Services Pension options, Personal Emergency Response Systems, and much more.
"The Senior Solution" is Valerie VanBooven's second book. She released her first book -- "Aging Answers" in October 2003. Since then Valerie has been quoted in Time Magazine, various AP articles, and has appeared multiple times on NBC's "The Today Show" and CNNFN's "Your Money" with Ali Veshi. She has also been interviewed on hundreds of radio programs across the country.
VanBooven and NGFS have also designed an entire marketing kit for use by financial planners and other senior service providers that assists them in educating their clients and consumers in general. The kit has been a tremendous value for professionals across the country.
"The Senior Solution" is available for order now. You can find the book at Amazon.com, or at any of the websites below. The marketing kit is only available through Valerie VanBooven.
For more information, visit Valerie's websites at http://www.theltcexpert.com, www.4seniorsathome.com. Valerie can be reached by email at valerie@theltcexpert.com.
CONTACT: LTC Expert Publications, LLC
Valerie VanBooven, 877-529-0550
valerie@theltcexpert.com
SOURCE: LTC Expert Publications, LLC
Copyright Business Wire 2007
(END)
To view this content directly on SmartMoney.com, click this link:
http://www.smartmoney.com/news/pr/index.cfm?story=PR-20070821-000158-0601
Posted by Valerie VanBooven on 8/31/2007 | Permanent Link | Comments: 0
Next Generation Financial Services and Long-Term Care Expert Valerie VanBooven Team Up to Provide Consumers with A New Resource for Families and Seniors
Families across the nation struggle with health care decisions for aging loved ones every day. Many seniors and families are faced with premature institutionalization when they are left to rely on the government (Medicaid) to pay for their long-term care needs. Today families are learning that there ARE other solutions! In an effort to help families learn about other options and programs available to almost all seniors, registered nurse and author Valerie VanBooven has released her latest book, "The Senior Solution: A Family Guide to Keeping Seniors Home For Life!", published by LTC Expert Publications, LLC.
St. Louis, MO (PRWEB) August 21, 2007 – It is possible to keep seniors home for life! Families across the nation struggle with health care decisions for aging loved ones every day. Many seniors and families are faced with premature institutionalization when they are left to rely on the government (Medicaid) to pay for their long-term care needs. Today families are learning that there are other solutions.
In an effort to help families learn about other options and programs available to almost all seniors, registered nurse and author Valerie VanBooven teamed up with Next Generation Financial Services (NGFS) to release her latest book, "The Senior Solution: A Family Guide to Keeping Seniors Home For Life!", published by LTC Expert Publications, LLC.
"Seniors and their family members are not aware of many other programs that may be helpful in keeping seniors in their own home. Everyone wants to 'age in place,' maintaining their independence and choice. 'The Senior Solution' is designed to point families and seniors in that direction," states VanBooven.
Long-term care insurance is a planning option, but often many seniors do not qualify because of poor health or feel that the premiums are unaffordable. Valerie says, "Although purchasing long-term care insurance is always the best planning solution, it's not always possible due to health issues or financial concerns."
"The Senior Solution" shows seniors how to afford long-term care insurance without touching a PENNY of their savings, investments or current income. If long-term care insurance is not an option, "The Senior Solution" educates seniors about other programs like Home Equity Conversion Mortgages used to pay for private in-home care, VA Aid and Attendance Services Pension options, Personal Emergency Response Systems, and much more.
"The Senior Solution" is Valerie VanBooven's second book. She released her first book- "Aging Answers" in October 2003. Since then Valerie has been quoted in Time Magazine, various AP articles, and has appeared multiple times on NBC's "The Today Show" and CNNFN's "Your Money" with Ali Veshi. She has also been interviewed on hundreds of radio programs across the country.
VanBooven and NGFS have also designed an entire marketing kit for use by financial planners and other senior service providers that assists them in educating their clients and consumers in general. The kit has been a tremendous value for professionals across the country.
"The Senior Solution" is available for order now. You can find the book at Amazon.com , or at any of the websites below. The marketing kit is only available through Valerie VanBooven.
For more information, visit Valerie's websites at www.theltcexpert.com, www.4seniorsathome.com. Valerie can be reached by email at valerie@theltcexpert.com
###
Posted by Valerie VanBooven on 8/16/2007 | Permanent Link | Comments: 0
Next Generation Financial Services has introduced a program which has the potential to greatly improve the financial well being of every homeowner... without risk or sacrifice. Consumers can now pay off their mortgages years in advance by using an innovative new mortgage product called the CASH Asset Manager.
Baltimore, Maryland (PRWEB) August 20, 2007 -- Next Generation Financial Services has introduced a program which has the potential to greatly improve the financial well being of every homeowner... without risk or sacrifice. Consumers can now pay off their mortgages years in advance by using an innovative new mortgage product called the CASH Asset Manager.
Unlike other "do-it-yourself" programs that require the consumer to purchase expensive software, (costing as much as $3500.00) the CASH Asset Manager works without computer software or daily manipulation of account balances. The mortgage does all of the work for the consumer and eliminates any complicated or time consuming balance transfers.
The product is designed to combine the homeowner's mortgage, checking and savings into one program which will enable them to pay off their mortgage years in advance. The homeowner doesn't have to do anything differently than they are doing now.
Doug McLain, CEO states, "Homeowners don't have to go on a rigid budget, or make sacrifices to their present lifestyle. They simply establish the account and then go about their life without any changes. The program will do everything else needed to enable them to pay off their mortgage years ahead of schedule "automatically"!"
Next Generation Financial Services offers a free Windows-based CD presentation for any homeowner who would like to review the program. Consumers can also learn more about the basics of the program and get a quick idea of how it can benefit them by visiting www.cashadvisors.com. This website has a calculator that consumers can use by entering some basic information about their current situation.
"The program can save thousands if not hundreds of thousands of dollars in interest payments and will free up cash flow in retirement by eliminating a mortgage years in advance. This program is one that every financial planner should be able to offer!", says Valerie VanBooven, Director of Marketing for NGFS.
For information, contact Valerie VanBooven via email. She will gladly send a Windows-based CD for your review.
###
Posted by Valerie VanBooven on 8/16/2007 | Permanent Link | Comments: 0
Hi all,
My new book will be officially out this summer, but I thought I would give you a sneak peek. Bulk ordering and pricing coming soon.
You can find it at Amazon.com by following this link:
BACK COVER TEXT:
The Senior Solution
Discover important concepts that allow seniors to “age in place”- giving them the ability to afford long-term care at home with or without long-term care insurance!
Discover important information that seniors and their family members should be armed with when making decisions about financial and health care issues.
In today’s world families need help finding the answers to questions about long-term care and cash flow planning. “The Senior Solution” is a fast, effective guide to the long-term care universe. Only when we are educated about all of the tools available to us can we make informed decisions. “The Senior Solution” can open your eyes to new programs and opportunities for seniors, as well as educate the family about long-term care. This guide book is designed to point you in the right direction regardless of your current situation.
__________________________________________________________________
- Learn how to keep seniors home for life.
- Understand the REAL cost of long-term care.
- Learn about programs and services for seniors that very few people truly understand!
- Know the right questions to ask a health care provider.
- Understand the importance of cash flow planning.
- Read about seniors who are living safely at home for life, and how they achieved financial security.
Long-Term Care Expert Valerie VanBooven RN, BSN, PGCM is a professional geriatric care manager, professional speaker, and author. Valerie consults with consumers and professionals regarding the needs of the senior population. She is the National Marketing Director for Next Generation Financial Services, a division of 1st Mariner Bank. Valerie’s writings and speaking services have offered hope to thousands of families across the country who are faced with making decisions about long-term care, both financially and health care related. Valerie is the President of Senior Care Solutions, Inc and LTC Expert Publications LLC, both located in St. Louis, Missouri.
Posted by Valerie VanBooven on 6/10/2007 | Permanent Link | Comments: 0
Through a correspondent arrangement with MacQuarie Mortgage we have access to a product that fits well with what we do every day -"CASH Flow Planning".
CASH Asset Manager allows qualified individuals to payoff their mortgage in a significantly shorter period of time - in some cases less than 10 years.
Our consultants have an opportunity to show their clients how to leverage their equity to improve their financial future with out personal sacrifice or using one penny of their savings, income or investments.
A Marketing Kit is being mailed to you today May 4, 2007. It should arrive in the next few days. This is your fast track to success. Review it immediately - we have scheduled conference calls to answer questions and discuss strategies - make sure you join us to take advantage of this new product.
We have scheduled two conference calls -
- 1st call -4pm Eastern, 3pm Central, 2pm MTN, 1pm PACIFIC on Thursday, May 10th;
- 2nd call -3pm Eastern, 2pm Central, 1pm MTN, 12noon PACIFIC on Wednesday, May 16th.
The dial in number: 877-326-2337
The conference ID: 1525795
A great way to get started is by taking advantage of our "Family & Friends" Introductory Promotion. It's a great way to learn about CASH Asset Manager and save money at the same time.
Posted by Valerie VanBooven on 5/8/2007 | Permanent Link | Comments: 0
Veterans Long Term Care Benefits
The Department of Veterans Affairs provides three types of long term care benefits for veterans.
The first type is benefits provided to veterans who have service-connected disabilities.
These medically necessary services include home care, hospice, respite care, assisted living, domiciliary care, geriatric assessments and nursing home care. In order to receive the services, a veteran must be enrolled in VA's health care system. Veterans with service-connected disabilities have priority for health care enrollment acceptance.
Some of these services may be offered to veterans in the health care system who do not have service-connected disabilities but who may qualify because of low income or because they are receiving pension income from VA. These recipients may have to provide out-of-pocket co-pays or the services may only be available if the regional hospital has funds to cover them.
Currently, veterans desiring to join the health care system may be refused application because their income is too high or they do not qualify under other enrollment criteria. Increased demand in recent years for services and lack of congressional funding have forced VA to allow only certain classes of veterans to join the health care system.
The second type of benefit is state veterans homes.
The Veterans Administration in conjunction with the states helps build and support state veterans homes. Money is provided by the Federal Government to help with construction, and a subsidy of a little more than $63 a day is provided for each veteran using these nursing homes. These homes are generally available for any veteran and sometimes the nonveteran spouse and are run by the states, often with the help of contract management. There may be waiting lists in some states.
Most state homes offer nursing home care but some may offer assisted living, domiciliary (a form of supported independent living), and adult day care
State veterans homes are not free but are subsidized and the cost could be significantly less than a comparable facility in the private sector. Some of these homes can accept Medicaid payments.
The third type of benefits for veterans is disability payments.
These include Compensation, Pension, survivors death benefits associated with compensation and Death Pension.
Compensation is designed to award the veteran a certain amount of monthly income to compensate for potential loss of income in the private sector due to a disability or injury or illness incurred in the service. In order to receive compensation a veteran has to have evidence of a service-connected disability. Most veterans who are receiving this benefit were awarded an amount based on a percentage of disability when they left the service.
However, some veterans may have record of being exposed to extreme cold, having an in-service non-disabling injury, having tropical diseases, tuberculosis or other incidents or exposures that at the time may not have caused any disability but years later have resulted in medical problems. In addition, some veterans may be receiving compensation but their condition has worsened and they may qualify for a a higher disability rating. Veterans mentioned above may qualify for a first-time benefit or receive an increase in compensation amount. Applications should be made to see if they can receive an award. There is no income or asset test for compensation and the benefit is nontaxable.
Pension is available to all active-duty veterans who served at least 90 days during a period of war. There is no need to have a service-connected disability to receive pension. To be eligible the applicant must be totally disabled if he or she is younger than 65. Proof of disability is not required for applicants age 65 or over. Apparently, being old is evidence in itself of disability.
The purpose of this benefit is to provide supplemental income to disabled or older veterans who have a low income. If the veterans income exceeds the pension amount then there is no award. However, income can be adjusted for unreimbursed medical expenses and this allows veterans with household income larger than the pension amount to qualify for a monthly benefit.
Compensation and pension claims are submitted on the same form and VA will consider paying either benefit. Generally, for applications associated with the cost of home care, assisted living or nursing home care, the pension benefit is a better option.
All active-duty veterans who served at least 90 days during a period of war are eligible for pension and additional disability allowances -- aid and attendance or housebound allowances. Surviving single spouses of these veterans are also eligible for lesser benefits and for the allowances.
Veterans' service would include World War II, the Korean Conflict, the Vietnam Conflict Period and the Gulf War conflict.
Pension can pay up to $1,800 a month to help offset the costs associated with home care, assisted living, nursing homes and other unreimbursed medical expenses. The amount of payment varies with the type of care, recipient income and the marital status of the recipient. There are income and asset tests to qualify.
VA claims this benefit is only for low income veterans but a quirk in the way the benefit is calculated for recurring medical expenses (long term care costs associated with home care, assisted living or nursing homes) could allow veteran households earning between $2,500 and $5,000 or more a month to qualify.
Estimates are that up to 30% of all Americans over the age of 65 might be eligible for a pension benefit.
Thomas Day, Director
National Care Planning Council
P.O. Box 1118
Centerville, UT 84014
www.planforcare.net
Posted by Valerie VanBooven on 5/8/2007 | Permanent Link | Comments: 0
The President delivered his budget proposal for FY 2008 [10/01/07-09/30/08] to Congress on Monday. It contains several "issues of concern". Among them are:
Funding for the National Family Caregiver Support program was cut by $2m [to $154m].
Funding for Alzheimer's disease research demonstration grants was eliminated.
Funding for congregate nutrition services, home- delivered nutrition services, long term care ombudsman was reduced.
Funding for Advanced Nursing Education was eliminated. [$13m of the $57m was added to Nurse Education Loan Repayment and Scholarships.]
Eliminates the state option to protect $750,000 of equity in a home for a community based spouse of a Medicaid long term care beneficiary.
Medicare beneficiaries with incomes over $80,000/year now [as of January 1, 2007] pay higher premiums for their Part B coverage. The budget proposal includes a provision to add this practice to Part D premiums. It also eliminates the inflation index established in PL 108-173 so that as incomes rise based on inflation, more people will be subject to higher Medicare premiums. [Editorial note--if the Medicare premiums for higher income people continue to increase, there is an incentive for those who are healthy enough to obtain other medical insurance to drop out of the Medicare program and obtain other health insurance. This would reduce the "pool" of Medicare beneficiaries to those with low incomes who have significant medical problems which obviously would significantly threaten the future stability of Medicare.
Under provisions in PL 108-173, this could be the obituary for Medicare--even before I'm eligible to "reap the benefits" from the taxes I've contributed.]
Funding is included to establish private investment accounts with part of the social security taxes paid by employees.
Includes a "funding warning" for social security disability insurance. If there is a projected negative cash flow of more than 10% for four consecutive years [of a 10 year projection] for social security disability benefits, the President would be required to submit proposed legislation to address this "problem" within 15 days of the budget submission.
The President proposes a budget. Congress authorizes funding. The ball is now in Congress' hands. It's unrealistic to assume that Congress will accept 100% of the content of the President's budget. It's also unrealistic to assume that Congress will totally reject the President's budget proposal. This Congress has adopted PAYGO--any expenditure must be "covered" by a defined funding source. Now would certainly be a good time to communicate with your legislators about how you want your federal budget established.
Posted by Valerie VanBooven on 2/14/2007 | Permanent Link | Comments: 0
| Expert Warns Consumers: Beware of Inaccurate and Misleading Reverse Mortgage Articles |
| |
|
|
| |
|
Valerie VanBooven RN, BSN, PGCM, long-term care and reverse mortgage expert warns that many recent articles, such as those posted on Bankrate.com and in the Wall Street Journal contain misleading information, and leave out important facts about this federally regulated program. According to VanBooven, the so-called "experts" who are interviewed for quotes often have no involvement in the mortgage industry and do not understand the federal law that regulates these loans.
St. Louis, MO (PRWeb) January 9, 2007 -- Reverse mortgages, also called Home Equity Conversion Mortgages, have gained popularity over the last few years, and as a result, have gained more media attention. Valerie VanBooven RN, BSN, PGCM, long-term care and reverse mortgage expert warns that many recent articles, such as those posted on Bankrate.com and in the Wall Street Journal contain misleading information, and leave out important facts about this federally regulated program.
"Some of the most important aspects of reverse mortgages are their ability to help seniors in crisis. A reverse mortgage can off-set the astronomical expense of long-term care, and can keep people off of Medicaid for longer periods of time, " states VanBooven.
Some use the equity for long-term care needs, to pay bills, pay off existing mortgages or debt, pay for prescription drug costs, home improvements, home modifications, or to simply be able to enjoy life a little more by traveling and enhancing their retirement cash flow. Many seniors use reverse mortgages to pay high property tax bills, and have even been saved from foreclosure and bankruptcy because they applied for a reverse mortgage.
Other seniors use reverse mortgage proceeds to fund advanced estate planning techniques. This includes increasing the value of their estate through life insurance purchases, planning ahead for future long-term care needs, assisting grandchildren with college funding, making charitable donations, and to convert IRA funds to Roth IRA funds, just to name a few.
Valerie VanBooven RN, BSN, PGCM (www.theltcexpert.com) warns that many newspaper, TV, radio and internet articles circulating in the media give inaccurate and misleading information about reverse mortgages. According to VanBooven, the so-called "experts" who are interviewed for quotes often have no involvement in the mortgage industry and do not understand the federal law that regulates these loans.
"The media attracts more readers, viewers, and listeners when they can spin an article or report to make it more exciting, scary, or dramatic. I would encourage each person considering a reverse mortgage to educate themselves through reputable websites and information, talk with a professional, and then make an appropriate decision. Consumers are able to make informed decisions when armed with the facts," says VanBooven.
Some websites to review include www.reversemortgage.org , and www.fanniemae.com .
Each consumer should make it his or her own responsibility to talk with an expert. Valerie VanBooven has written a tip and fact sheet that addresses all of the myths and misconceptions regarding reverse mortgages. You can find all of the information needed by visiting Valerie's blogs at www.seniorserviceselling.com or http://www.theltcexpert.com/site/371/valeries_blog.aspx
###
|
Posted by Valerie VanBooven on 1/10/2007 | Permanent Link | Comments: 0
Reverse Mortgages (Home Equity Conversion Mortgages) have become a popular and well respected way for seniors to access the equity in their homes for many reasons. Some use the equity for long-term care needs, to pay bills, pay off existing mortgages or debt, pay for prescription drug costs, home improvements, home modifications, or to simply be able to enjoy life a little more by traveling and enhancing their retirement cash flow. Many seniors use reverse mortgages to pay high property tax bills, and have even been saved from foreclosure and bankruptcy because they applied for a reverse mortgage.
Other seniors use reverse mortgage proceeds to fund advanced estate planning techniques. This includes increasing the value of their estate through life insurance purchases, planning ahead for future long-term care needs, assisting grandchildren with college funding, making charitable donations, and to convert IRA funds to Roth IRA funds, just to name a few.
Many newspaper, TV, radio and internet articles circulating in the media give inaccurate and misleading information about reverse mortgages. So called “experts” who are interviewed for quotes often have no involvement in the mortgage industry and do not understand the federal law that regulates these loans.
Each consumer should make it his or her own responsibility to talk with an expert, and educate themselves on the facts.
TIP: As you know, the media attract more viewers, readers, and listeners when they make a story exciting, scary, or dramatic. Because reverse mortgages are federally regulated loans, there really isn’t anything scary or dramatic about them when you know the facts. Be wary of interviews and articles that make reverse mortgages seem like a scam. The Department of Housing and Urban Development has done an excellent job of regulating reverse mortgages, and they are designed to help seniors, not hurt them.
Some good websites for more information are www.fanniemae.com – be sure to download “Money from Home” for free. The National Reverse Mortgage Lenders Association has great consumer booklets- www.reversemortgage.org .
The National Council on Aging recently did a study that concluded that reverse mortgages are good sources of funds for long-term care planning and long-term care needs. You can download the entire study by visiting www.ncoa.org
Although there are closing costs associated with these loans, most, if not all of them are factored in to the loan, and are not out-of-pocket expenses for the senior. Whether or not a reverse mortgage is right for a senior depends on their specific situation, case design, and cash flow or estate planning needs.
What is a Reverse Mortgage? A reverse mortgage enables older homeowners (62+) to convert part of the equity in their homes into tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payment. The reverse mortgage is aptly named because the payment stream is “reversed.” Instead of making monthly payments to a lender, as with a regular mortgage, a lender makes payments to you.
Who Qualifies for a Reverse Mortgage? Eligible property types include single-family homes, 2-4 unit properties, manufactured homes (built after June 1976), condominiums, and townhouses. In general, co-ops are not allowed. Only the Financial Freedom "Cash Account" program is available on co-ops in New York City. As long as you own a home, are at least 62, and have enough equity in your home, you can get a reverse mortgage. There are no special income, credit or medical requirements.
How Are Seniors Protected? Counseling is one of the most important consumer protections built into the program. It requires an independent third-party to make sure your family member understands the program, and review alternative options, before they apply for a reverse mortgage.
You can seek counseling from a local HUD-approved counseling agency, or a national counseling agency, such as AARP (800-209-8085), National Foundation for Credit Counseling (866-698-6322), and Money Management International (877-908-2227). Counseling is required for all reverse mortgages and may be conducted face-to-face or by telephone.
By law, a counselor must review (i) options, other than a reverse mortgage, that are available to the prospective borrower, including housing, social services, health and financial alternatives; (ii) other home equity conversion options that are or may become available to the prospective borrower, such as property tax deferral programs; (iii) the financial implications of entering into a reverse mortgage; and, (iv) the tax consequences affecting the prospective borrower’s eligibility under state or federal programs and the impact on the estate or his or her heirs.
TIP: HUD Counselors are not financial planners, and should not be giving advice on financial product purchases. Talk to a trusted advisor about a plan for the reverse mortgage proceeds.
How Can the Cash Flow From a Reverse Mortgage Keep Mom and Dad at Home Longer?
The cash flow from a reverse mortgage can be used for any purpose. In order to keep seniors safe and at home for longer periods of time, it is recommended that the cash flow be used for home modifications, repairs, personal emergency response systems, and in-home care services.
Does the Senior's Name Remain on The Title to the Home? The seniors’ names remain on the title to the home. The bank is not in the business of taking over title, and certainly not in the business of owning homes. Therefore, just as with a traditional mortgage, the seniors’ name is on the title to the house.
Can Their Home Be Taken Away from Them? When a senior implements a reverse mortgage, it is important to remember that they are responsible for keeping the home owner’s insurance in force, paying annual property taxes, and for general upkeep of the home. Unless one of these criteria is not met, their home can never be taken away from them.
Will Heirs Be Responsible for Repaying This Loan? No, a reverse mortgage is a “non-recourse” loan. This means that the lender is only entitled to loan repayment via the sale of the home for fair market value. If there is any remaining equity over and above the final loan amount, the heirs receive that remaining equity. If the home sells for LESS than the final loan amount, the federal government steps in and pays the lender the difference. Heirs’ assets are never at risk.
When Does the Loan Come Due? The loan comes due when the last remaining homeowner leaves the home permanently. This means that the loan will come due when the last homeowner passes away, sells the home, or leaves permanently (12 months or more).
Do Reverse Mortgages Affect Medicare or Social Security? Reverse Mortgages do not affect Medicare (including Medicare Part D) or social security income. However, the proceeds from a reverse mortgage CAN affect local income based programs in your area, and the big one- Medicaid. (note there is a huge difference between MediCARE and MediCAID.) Medicaid eligibility can be preserved with the right plan even after taking out a reverse mortgage. Talk to a professional about the options.
Can Mom and Dad Still Leave Their Home To Their Children? Yes, with proper planning, they certainly can. One way to make sure that heirs receive the value of the home is for the seniors to purchase life insurance using the proceeds from the reverse mortgage. Some seniors end up doubling or tripling the value of their estate for their heirs because they use the reverse mortgage proceeds to pay the life insurance premiums. This way they never have to touch a penny of their savings, investments, or current income to increase the value of their own estate. This also helps the heirs, because inheritance passed on through life insurance (beneficiary designation) bypasses probate, and taxes!
How Does The Deficit Reduction Act 2005 Effect Home Equity? The Deficit Reduction Act of 2005 requires that individuals with home equity over $500,000 ($750,000 in some states) use some of that equity to pay for their own care prior to qualifying for Medicaid services. Reverse mortgages have become a very popular and appropriate option for decreasing the equity in the home and using that equity to pay for care.
For more information or to contact the author visit www.theltcexpert.com
Article Source: http://EzineArticles.com/?expert=Valerie_VanBooven
Posted by Valerie VanBooven on 1/8/2007 | Permanent Link | Comments: 0
Yet another reason to plan ahead for LTC.......
By Jane Gross
To care for her ailing 97-year-old father over the past three years, Elizabeth Rodriguez, a vice president at the Federal Reserve Bank in New York, has borrowed against her 401(k) retirement plan, sold her house on Staten Island and depleted nearly 20 years of savings.
The money has gone to lawyers’ fees ($50,000) to win a contested guardianship. It has gone for home-care equipment like the mattress for his hospital bed (about $3,000 in all) and for a food service to deliver meals ($400 a month).
It has gone for a two-bedroom rental apartment big enough for herself, her dad and a home aide ($1,600 a month more than a one-bedroom apartment in the same building), and for a wheelchair-accessible van to get him to doctors’ appointments ($330 a trip).
Asked to tally the costs, Ms. Rodriguez, 58, said she had no idea how much she was spending. “A shower chair, body cream with no alcohol, new shoes,” she said. “You don’t stop and calculate. You just buy what you have to buy.”
Ms. Rodriguez is among the legion of adult children — more than 15 million, according to various calculations — who take care of their aging parents, a responsibility that often includes paying for all or part of their housing, medical supplies and incidental expenses. Many costs are out of pocket and largely unnoticed: clothing, home repair, a cellular telephone.
Adult children with the largest out-of-pocket expenses are those supervising care long distance, those who hire in-home help and those whose parents have too much money to qualify for government-subsidized Medicaid but not enough to pay for what could be a decade of frailty and dependence.
The burden is compounded by ignorance, according to a study by AARP, released in mid-December, which found that most Americans have no idea how much long-term care costs and believe that Medicare pays for it, when it does not.
Families have always looked after their elderly loved ones. But never has old age lasted so long or been so costly, compromising the retirement of baby boomers who were expecting inheritances rather than the shock of depleted savings.
“There is a myth out there that families abandon their frail elders,” said Dr. Robert L. Kane, a geriatrician at the University of Minnesota School of Public Health. “Instead, across the income spectrum, children are sacrificing to care for their parents to the limit of their means and sometimes beyond.”
Researchers have documented the time spent by adult children, and others, caring for ailing relatives. But data is woefully inadequate on how much they actually spend, health economists say, because most people do not keep itemized entries as they write checks, use their credit cards or pocket money to meet the demands of the day.
“When you’re in the middle of the forest, with so many things coming at you, you can’t really see the trees,” Ms. Rodriguez said. “But each one of those trees has actual dollars connected to it.”
Costs are astronomical for long-term, low-tech care, the sort most often needed by those who linger with Alzheimer’s disease or are too frail to get around on their own. Medicare is of almost no help, since it covers only acute episodes like a heart attack, cancer or repair of a broken hip.
That means the elderly and their families are left to pay for assisted living (which averages $35,000 a year), nursing homes ($74,000) or home health aides. Only the very poor receive Medicaid, which pays nursing-home bills nationwide but home care in only a few states (New York among them), and nothing toward assisted-living rent.
Nor does Medicare cover equipment like grab bars for the shower and incontinence supplies, which alone can run $2,000 a year, or travel expenses for an adult child responding to medical emergencies.
Marilyn de Leo, for instance, has made two trips from New York City to Los Angeles since September, when her mother fell in the bathroom and broke her neck and both ankles. Ms. de Leo, 62, an associate director in the development office of Mount Sinai Medical Center, spent $800 on airfare for the first frantic trip , plus $50 a day on taxis, since she had left her eyeglasses behind in a mad dash to the airport and therefore could not rent a car. Ms. de Leo has no savings left, and is $5,000 in debt. When asked about her own future, she said, “I’ll have to work till I drop.”
Only one authoritative survey, in 2004, has even asked adult children how much they contribute to their parents’ support. Half said they did, and the average monthly expenditure was $200. Respondents who looked after their parents at least 40 hours a week said they spent an average of $324 a month.
But those figures were based on “quick, top-of-the-head estimates,” said Gail Hunt, president of the National Alliance for Caregiving, which conducted the survey.
Knowing the extent of these expenses might inform public policy, some experts say, calling attention to a gap in the government safety net for the elderly.
“Should this burden fall solely on the individual and the family?” asked Judy Feder, dean of the Public Policy Institute at Georgetown University. “And can we really expect this arrangement to keep doing the job as a larger and larger population comes to grips with it?”
Congress recently passed a poorly financed bill that would help family members who need a break to pay for substitute care of an ailing loved one. But the Bush administration, to date, has preferred a private sector solution, recommending long-term insurance and reverse mortgages.
For spouses, most expenses are tax-deductible if they exceed 7.5 percent of adjusted gross income. But children cannot claim parental expenses unless they pay more than half of a parent’s support, which is often not the case when the parents are on Medicaid, likeMs. Rodriguez’s father, or have savings, like the Schoengood family.
The elder Schoengoods, both 86, own a home in Yonkers and a condominium in Florida and have assets enough for round-the-clock care, which can cost $100,000 a year. Still, their son, Matthew G. Schoengood, 49, vice president of student affairs at the Graduate Center at the City University of New York, has kicked in at least $1,000 a month since 2005, when his mother had the first of two strokes.
Mr. Schoengood flew his family nanny to Florida, for example, to look after his father. Now that his parents are permanently up north, Mr. Schoengood orders their groceries online along with his own. “As a child, it’s just something you do,” he said. “Mostly you don’t even think about it.”
His father makes a half-hearted effort to pay him back, but Mr. Schoengood always says, jokingly, “I’ll put it on your tab, Dad.” Typical of their generation, his parents fret about every penny. His father asks, incessantly, “Do we have enough?” Mr. Schoengood tells him not to worry.
For sure, he hopes his own children will do for him what he is doing for his parents, but he cringes at the prospect of burdening them — one reason long-term care insurance is becoming attractive.
Mr. Schoengood’s out-of-pocket spending is not sensible, elder-care experts say, but the result of the awkward minuet of preserving a parent’s pride.
If families behaved logically, said Steven Schurkman, an elder-care lawyer in White Plains, all expenses would be paid from the parents’ money, which if depleted would entitle them to Medicaid. “What most of us do isn’t sound financial planning,” Mr. Schurkman said. “But it’s healthy for the family dynamic.”
Carol Levine, director of the Families and Health Care Project at the United Hospital Fund in Manhattan, said that paying for her mother’s needs required delicacy, even subterfuge. When Ms. Levine went shopping, her mother would say, “Take $5 out of my purse.” Her daughter would return with 10 bags of groceries, and both would pretend that was all she had spent.
Both Mr. Schoengood and Ms. Rodriguez say their out-of-pocket expenses will not ruin them. Others are not so lucky.
Take Patrice B., 47, who returned to her childhood home in Jacksonville, Fla., seven years ago to move in with her mother, 84, who has Alzheimer’s disease, and her father, 86, who has congestive heart failure. (They requested that the family’s last name be omitted so neighbors would not know their plight.)
In their African-American culture, Ms. B. said, putting her parents in a nursing home would have been shameful. Plus, they could pay for some home care out of pensions as well as military disability checks. She, on the other hand, after years of sporadic part-time work and untallied out-of-pocket expenses, is broke.
She has catastrophic health insurance, but it will not pay for the hysterectomy she needs. She has lost her credit cards after accumulating $20,000 in debt. “Honestly,” Ms. B. said, “I’ve got nothing anymore. I go from very angry to very depressed.”
Kate Mesmer, a single mother in Northern California who had always worked for nonprofit organizations, was living paycheck to paycheck when her mother had a stroke in 2001. Ms. Mesmer took a tenant into her house so she could contribute to her mother’s $6,000-a-month rent at an assisted living center.
Then Ms. Mesmer lost her job and had to move her mother to a board-and-care home. A second stroke forced her mother into a nursing home, where she qualified for Medicaid. That is where she died last year, with nothing left but an $18,000 I.R.A. The State of California is seeking that, contending the $18,000 should have gone toward nursing-home fees.
Given what she learned in the final years of her mother’s life, Ms. Mesmer said: “I have a panic attack at least once a day. It’s frightening to think about our generation and what’s going to happen to us.”
Posted by Valerie VanBooven on 12/30/2006 | Permanent Link | Comments: 0
A flap over recouping costs of Medicaid
By Amy Green, Correspondent of The Christian Science MonitorTue Dec 26, 3:00 AM ET
Ever since Judy Clifford's parents died, she had planned to move with her husband into their Nashville, Tenn., home, which she knew so well.
"I felt like they were still there," says Ms. Clifford, who is retired. "I could see my mother standing at the sink washing dishes and my daddy watching TV, and I wanted to stay in the house because of that."
Instead, the two-bedroom ranch-style home is for sale for $122,000, the subject of a bitter tug-of-war between the Cliffords and TennCare, Tennessee's healthcare program for the poor and uninsured. TennCare has laid claim to the home to recoup the cost of caring for Clifford's mother, who was on TennCare when she died three years ago.
In the face of soaring Medicaid costs, Tennessee and every other state are required to set up a Medicaid estate-recovery program. Many have been launched only recently, and some - like Tennessee's - are becoming more aggressive. Often, they target the home because it's all that's left after beneficiaries have spent their assets to pay for nursing-home care.
But the varied ways in which states are going after these assets have produced confusion, anger, and even lawsuits. When a loved one dies, some families are stunned to lose the home, too, advocates say.
"It's fine that these programs are required by federal law, but people need to know the rules of the game," says Wendy Fox-Grage, policy adviser with the AARP Public Policy Institute. "We're concerned that families are not being notified."
An AARP study determined that the inconsistency of notification was such a concern that the organization commissioned the American Bar Association to do another study focused on consumer protections, she says. Results are expected this spring.
States base their programs on a 1993 federal law mandating that they recover what Medicaid spends on a beneficiary's long-term care. Congress approved the law to prevent states from forcing the sale of beneficiaries' homes while they were still living, in case their conditions improve and they can return home, says Mary Kahn, spokeswoman for the Centers for Medicare and Medicaid Services.
"The point of the program is to be there for people with no alternative," she says. "If the state is able to recover expenses that they put forth, then that money will be there for the next person down the line who desperately needs help."
States generally notify families about their estate-recovery programs upfront when a beneficiary applies for Medicaid and then again when the beneficiary dies, during the judicial claims process, says Ms. Fox-Grage of AARP. But often, states provide the information as part of a long list of things a Medicaid applicant should know. Not all states inform families of the hardship waivers available to them, either, she says.
James Napier and his family were shocked to receive a letter from the state of Texas about his ex-wife's home after she died in May 2005. She spent the last two months of her life in a nursing home. Now the family owes Medicaid $5,600, and the government has laid claim to the home Mr. Napier and his ex-wife bought together in 1977, which now is in poor condition and valued at $2,500. Texas's estate-recovery program took effect at about the same time Napier's ex-wife died. The state rejected the family's application for a hardship waiver.
"No one had any idea," says Napier, a media consultant in Hot Springs, Ark. "If they had told us up-front that to pay for nursing-home care we're going to want this back out of your estate, I know that we would have ... said we don't want your help. We'll find another way."
Altogether, estate-recovery programs earned $347 million in fiscal 2003, according to an AARP report. But the amounts varied widely: from $86,000 in Louisiana to nearly $54 million in California. The average amount recovered per estate was $8,116 nationally, but as little as $93 in Kentucky and as much as $25,139 in Hawaii.
These sums don't begin to pay for what Medicaid spends. Only eight states recovered more than 1 percent of long-term care expenses. But the report found that states are expanding their recovery programs.
The modest returns prompted Georgia to wait until this year to implement its program, says Fred Watson, president of the Georgia Health Care Association. Mr. Watson is concerned that people don't know about the program because it has received little publicity, and few social workers and hospital staffs know about it.
Some states have tried to remove themselves from the process altogether on grounds it could impoverish beneficiaries' families. In 2001, West Virginia filed suit against the US Department of Health and Human Services (HHS), challenging the law's constitutionality. A US circuit court ruled in 2002 in favor of HHS, noting that if states don't comply with Medicaid rules they could risk losing their federal matching funds.
In Tennessee, soaring TennCare costs have pushed the state to hire a consulting firm to help collect information from enrollees it later can use to help in estate recovery, and it has worked to get more time under statute-of-limitation laws to aid in estate recovery after beneficiaries' deaths. Repeated calls to a TennCare spokeswoman for comment were not returned.
States are required to exempt certain situations such as when there is a surviving spouse or a child under 21. But Tim Takacs, an attorney and expert on elder law in suburban Nashville, worries that fears of losing their homes, unfounded or not, will discourage some from seeking healthcare. "Our concern is that people will say, 'I don't want my husband to go to the nursing home because then the government will take my house,' " he says.
Posted by Valerie VanBooven on 12/27/2006 | Permanent Link | Comments: 0
At your request I put together a brief and VERY BASIC picture of what Medicaid looks like for a senior.
Keep in mind that Medicaid is much more complicated than what I have put together here, but for the novice who doesn't have any understanding of the program, this is at least a basic informational piece.
It is always important for you to contact an elder law attorney in your area for more information.
I also addressed how Medicaid can be affected by reverse mortgage proceeds, if not handled correctly.
Here's the link: http://www.4seniorsathome.com/upl oads/Understanding%20Medicaid.pdf
Posted by Valerie VanBooven on 12/22/2006 | Permanent Link | Comments: 0
Essential Planning Tool to Help Americans Own Their Own Future
HHS' Assistant Secretary for Aging Josefina G. Carbonell announced a new Web site that will make it easier for consumers to get the information they need to plan for long-term care. The National Clearinghouse for Long-Term Care Information Web site provides comprehensive information about long- term care planning, services and financing options, along with tools to help people begin the planning process.
The clearinghouse Web site is designed to increase public awareness about the risks and costs of long- term care and the potential need for services, and to provide objective information to help people plan for the future. The clearinghouse Web site was designed by HHS' Administration on Aging (AoA), Centers for Medicare & Medicaid Services (CMS) and the Assistant Secretary for Planning and Evaluation (ASPE).
"The National Clearinghouse for Long-Term Care Information Web site is an important step toward giving consumers the tools they need to take personal responsibility for planning for their future long-term care needs," HHS Secretary Mike Leavitt said.
The Deficit Reduction Act of 2005 mandates that the Clearinghouse contain the following: objective information to help consumers decide whether to purchase long-term care insurance or to pursue other private market alternatives that pay for long-term care; information about states with long-term care partnerships under Medicaid; and information about the availability and limitations of coverage for long- term care under Medicaid. The Web site features a number of resources to help individuals start the planning process, including interactive tools such as a savings calculator, contact information for a range of programs and services, and real-life examples of how individuals have planned successfully.
The National Clearinghouse for Long-Term Care Information Web site helps support the principles of the "Choices for Independence Initiative," included in the recently reauthorized Older Americans Act (OAA), signed into law by President Bush in October. "The new OAA helps empower individuals and supports better planning, improved home and community-based long-term care options, and more flexible and consumer-friendly systems that allow Americans to remain vibrant and independent," Assistant Secretary Carbonell said.
The new Web site also supports the "Own Your Future" education campaign, a joint federal- state initiative designed to increase consumer awareness about planning for long-term care. HHS recently announced new federal-state partnerships with several states designed to help Americans take an active role in planning ahead for their future long- term care needs.
"The National Clearinghouse for Long-Term Care Information Web site is an essential component of the 'Own Your Future' campaign," CMS Acting Administrator Leslie V. Norwalk said. "Users can easily find information about services, resources and finances to help them plan for future long-term care needs."
For more information about the "Own Your Future" campaign and the National Clearinghouse for Long- Term Care Information, please visit www.longtermc are.gov
Posted by Valerie VanBooven on 12/22/2006 | Permanent Link | Comments: 0
Mothers Overwhelmingly Choose Daughters as Caregivers
Aging mothers are nearly four times more likely to expect a daughter to assume the role of their caregiver rather than a son if they become ill or disabled, according to a joint Cornell and Purdue universities study.
These mothers also are much more likely to name a child to whom they feel emotionally close and who has values similar to their own, report Karl Pillemer, professor of human development at Cornell, and Purdue sociologist Jill Suitor, in the journal The Gerontologist.
"Surprisingly, however, such factors as children's competing marital or parental roles and responsibilities, their mental health, legal or abuse problems are not related to which child mothers view as their likely future caregiver," said Pillemer.
"Mothers weren't especially concerned about practical aspects of whether an adult child could care for them," Pillemer said. "They expected care from the child they felt closest to and who had more similar values, even if he or she had serious life problems of his or her own, or had other competing responsibilities."
Pillemer and Suitor, the study's principal investigator, based their study on in-person interviews with a representative sample of 566 mothers in the greater Boston area. The age range was 65 to 75. Their study is the first large-scale research to include detailed data about all living children of older people.
The sociologists also found that whether children had received support from their mothers in the recent past was not taken into consideration by the mothers, despite evidence from other studies that indicate that it is precisely such children who are mostly likely to provide help when it is needed. The older mothers, rather, tended to name the child from whom they had received the most help in the past -- and that was usually a daughter.
"Gender was definitely the trump card," Pillemer said. "Mothers vastly expected that daughters would care for them, even if there were available sons. Gender was presented as essentially self-explanatory by many of the respondents."
Daughters were probably named so often, he said, because mothers tend to feel closest to daughters, because of their shared experiences, and also because of embarrassment if sons had to perform personal-care tasks.
Discussing future care with older parents is important, Pillemer emphasized, because aging parents' expectations may not be realistic.
"With the extraordinary growth in the older population, and more and more adult children being called upon to provide care for their older parents, there's potential for a serious clash between parents' expectations, adult children's expectations and what is realistic," he said, noting that the current aging population tended to have large families, so negotiating which sibling will be the primary caregiver is important. "A mismatch between expectations could be a source of conflict, stress and disappointment."
The study was supported, in part, by the National Institute on Aging.
Posted by Valerie VanBooven on 12/22/2006 | Permanent Link | Comments: 0
|
Despite some last-minute meetings between NRMLA and congressional staff, the 109th Congress adjourned this past weekend without increasing the Home Equity Conversion Mortgage (HECM) volume cap or other program enhancements contained in the FHA Modernization bill.
Congress approved a continuing resolution to keep the government running thru next February, but chose not to increase the current cap of 275,000 loans. Instead, lawmakers pushed thru legislation to expand offshore oil drilling and preserve a variety of popular tax breaks for families and businesses.
Although the FHA Modernization bill failed to pass, a top priority of the new Democratic-led Congress when it convenes in January will be to pass an appropriations bill for the U.S. Department of Housing and Urban Development. NRMLA was successful at getting language inserted into the HUD appropriations bill that would eliminate the HECM volume cap, create a single national loan limit, and a HECM for Home Purchase program.
Rep. Barney Frank, the incoming Chairman of the Financial Services Committee in the House of Representatives, has also pledged to introduce a bill with Rep. Gary Miller (R-CA) to immediately increase the HECM volume cap to 300,000 loans.
NRMLA will keep our members posted on the status of our HECM reform package once the 110th Congress convenes in Washington, D.C.
|
 |
|
Don't wait for the a national increased loan limit to pass, write those reverse mortgages now, and we will see what happens next year!
|
Posted by Valerie VanBooven on 12/14/2006 | Permanent Link | Comments: 0
Americans Affected By Caregiving for Aging Friends and Family
Oh really? Here's a shocker!
Copyright 2006 PR Newswire Association LLC.
All Rights Reserved.
PR Newswire US
November 16, 2006 Thursday 3:00 PM GMT
John Hancock Survey Finds Many Americans
Affected By Caregiving for Aging Friends and Family;
Caregiving Impacts Personal Life, Family, Work and
Financial Situation
BOSTON Nov. 16
BOSTON, Nov. 16 /PRNewswire-FirstCall/ -- Nearly
two-thirds of respondents (or their spouses) who
know family or friends in need of long term care are
providing that care. And, almost one-third provide or
have provided financial assistance to help pay for
long term care, according to a new survey of 1,000
people ages 21 to 75, conducted by Greenwald &
Associates in 2006 for John Hancock Life Insurance
Company (John Hancock).
Long term care is the help someone needs when he
or she can no longer perform activities usually
associated with independent living, such as eating,
bathing, or dressing. This kind of care is received at
home, or in an assisted living facility, adult day care
center or a nursing home.
"Providing care for our parents or other loved ones is
a growing phenomenon and will become even more
commonplace as our population ages," said Laura
Moore, senior vice president, John Hancock Long
Term Care Insurance. "Our survey finds that
providing this care can take a real toll on the
caregiver, both financially and emotionally."
Significant Impact of Caregiving Role
Nearly 7 in 10 (69%) respondents said that providing
care and/or assistance significantly affected their
personal lives, and 62 percent said that it had a
significant impact on family. Almost half (45%) said
that caregiving significantly affected their work, and
37 percent said it significantly changed their financial
situation.
Of those who provide financial assistance, over one
third (36%) pay more than $1,000 per month and, of
those, 11 percent pay $3,000 or more per month.
When asked how they paid for this care, the
caregiving respondents mentioned mostly personal
sources:
* 27 percent used money set aside for immediate
goals such as a new car or vacation
* 15 percent used money set aside for retirement
* 13 percent used current income/money out of
pocket
* 12 percent gave up a job to care for them
* 7 percent used savings
"This data shows that people with caregiving
experience do not want to place a similar burden on
their own families," said Moore. "In fact, caregivers
are often the ones who are most likely to seriously
plan for their own care, including considering long
term care insurance."
Knowing that caregiving has become more prevalent
among Baby Boomers, John Hancock added new
services to Leading Edge, its newest long term care
insurance product, that provide real support for
caregivers. The new Caregiver Support Services can
be accessed by both insureds and their uninsured
family members. These services include personalized
telephone and website assistance for caregiving
questions or concerns, and access to quality reports
and ratings on more than 90,000 nursing home and
assisted living facilities nationwide. In addition, this
program offers exclusive provider discounts and care
advisory services which can help save between 7
and 35 percent on the cost of long term care
provider services.
"Most Baby Boomers understand the fact that they
need to plan for their own care in the future, but
care for their parents and other family members is a
more immediate concern. Many are trying to juggle
the demands of growing children and aging parents,
and need all the help that they can get. We believe
that Leading Edge will provide them with the support
they need to better manage their caregiving
responsibilities," said Moore.
Leading Edge is currently available in 37 states. For
more information, contact your financial advisor or
visit the John Hancock Long Term Care website at .
About John Hancock Long Term Care Insurance
Today, John Hancock, a unit of Manulife Financial
Corporation, is one of the largest providers of LTC
insurance overall with more than 912,000
policyholders and $1.1 billion of in-force premium.
John Hancock has paid more than $1 billion in LTC
insurance claims.
Having entered the retail LTC insurance market in
1987, John Hancock is the second-largest provider of
individual coverage in the country. John Hancock
began selling group LTC insurance in 1988 and today
is the largest provider of employer-sponsored LTC
insurance in the U.S.
In 2002, John Hancock and MetLife were selected by
the Federal Government to offer Long Term Care
Insurance to federal employees, retirees and various
family members across the country. The program is
the largest single employer-sponsored LTC insurance
program of its kind.
About John Hancock and Manulife Financial
John Hancock is a wholly-owned subsidiary of
Manulife Financial Corporation, a leading Canadian-
based financial services group serving millions of
customers in 19 countries and territories worldwide.
Operating as Manulife Financial in Canada and Asia,
and primarily through John Hancock in the United
States, the Company offers clients a diverse range of
financial protection products and wealth management
services through its extensive network of employees,
agents and distribution partners. Funds under
management by Manulife Financial and its subsidiaries
were Cdn$381 billion (US$341 billion) as at
September 30, 2006.
Manulife Financial Corporation trades as 'MFC' on the
TSX, NYSE and PSE, and under '0945' on the SEHK.
Manulife Financial can be found on the Internet at
The John Hancock unit, through its insurance
companies, comprises one of the largest life insurers
in the United States. John Hancock today offers a
broad range of financial products and services,
including whole life, term life, variable life, and
universal life insurance, as well as college savings
products, fixed and variable annuities, long term care
insurance, mutual funds and various forms of
business insurance.
Long Term Care Insurance is underwritten by John
Hancock Life Insurance Company, Boston, MA
02117.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Exciting New Opportunities In Hybrid LTC Policies
Copyright 2006 The National Underwriter Company
All Rights Reserved
National Underwriter
Life & Health/Financial Services Edition
November 13, 2006
FOCUS STORIES; Pg. 13
Exciting New Opportunities In Hybrid LTC Policies
BY HAZEL DELANE, KEITH DALL, AND CARL
FRIEDRICH; Hazel J. Delane, AIRC, ACS, AIAA, AAPA,
HIA, and MHP, is a compliance consultant in the
Chicago office of Milliman, Inc. Keith Dall, FSA,
MAAA, CLU, ChFC, is a consulting actuary with
Milliman in the Indianapolis office. Carl A. Friedrich,
FSA, MAAA, is a consulting actuary with Milliman in
the Lake Forest, Ill., office. Their respective e-mail
addresses are
hazel.delane@milliman.com.keith.dall@milliman.com,
and carl.friedrich@milliman.com.
We see exciting new opportunities for the life
insurance and annuity industry as a result of federal
legislation with the enactment of the pension reform
bill (HR4).
Now known as the Pension Protection Act of 2006,
the legislation includes provisions that clarify and
enhance the tax treatment of hybrid long term care
insurance plans in which LTC benefits are coupled
with either life insurance or annuities.