WOMEN in BUSINESS - February/March 2009 - (Page Cover2)

Advertisement Long-Term Care 101 Writ ten by Patricia czuba it’s getting harder to avoid the topic of long-term care (LtC) these days. Almost everyone knows someone who has received long-term care services, along with a story about its unexpected high cost. this has caused concern over what our own long-term care needs might be and for good reasons. First, we’re getting older. According to the U.s. Census bureau, by 2030 the number of Americans aged 65 and older will more than double to 71 million, comprising approximately 20 percent of the U.s. population. second, with improvements in healthcare, sudden death from acute diseases is less likely. the chance of incurring a debilitating disease that may require long-term care has increased. no doubt, as the baby boomer generation ages and people live longer, the system may strain to deliver the needed services. As demand outstrips supply, costs can only be expected to rise. What is Ltc? Long-term care encompasses a broad spectrum of services for individuals suffering from chronic illness; including assistance with basic every day functions, household chores or life management, also known as Activities of daily Living (AdL): · · · · · bathing—turning on faucets, washing and drying the whole body; dressing—getting clothes from the closet, dressing self, including fasteners; toileting—moving self to and from the bathroom, arranging clothes, cleansing self; eating—getting food and drink from a container into the body for nourishment; Continence—maintaining control of bowel and bladder function. is targeted primarily at acute care and medicaid is generally only available to those living below poverty level, or those who are medically disabled and have to spend themselves into poverty. some believe they can rely on their own personal resources to pay for their long-term care needs. However, many underestimate the cost and can end up using savings or assets they have built up over a lifetime. Some believe they can rely on their own personal resources to pay for their long-term care needs. However, many underestimate the cost and can end up using savings or assets they have built up over a lifetime. another Option: Long-term care insurance instead of depleting their assets, relying on the government for help or burdening loved ones, many are turning to long-term care insurance to help cover these costs if the need arises. this type of policy covers services such as nursing home, assisted living, home care and adult day care. if you believe you’re too young to begin thinking about longterm care, consider that many people who require long-term care are working-age adults between the ages of 18 and 64. Plus, the premiums for long-term insurance are much lower the younger you are when you purchase the policy. A licensed financial services professional can help you determine whether you need long-term care insurance, how much and how to pay for it. Patricia Czuba is a Regional Sales Manager in Prudential Financial’s Long-Term Care Business. How Much Will it cost? some of our shared concern centers around cost. Just in the past two years alone, the increase in the average cost of long-term care ranged from 5 percent to 13 percent, varying by type of service (Prudential Financial’s Long-term Care Cost study, 2008). in 2008, the average cost in an assisted living community was $3,241 per month while the average daily cost of a private nursing home room was $217, or $79,205 annually. many mistakenly believe that medicare or medicaid will pay for our LtC needs. However, the inescapable conclusion is that neither medicare nor medicaid is an ideal solution for long-term care. medicare

Table of Contents Feed for the Digital Edition of IN BUSINESS - February/March 2009

IN BUSINESS - February/March 2009 Contents ABWA Member Benefits Letter from the Executive Director Letter from CEO ABWA Board News A New Era Unfolds Money Matters ABWA Announcements Personal Skills Style Breaking Down Barriers Legal Matters Business Spotlight Workplace: Working Online to Build ABWA Teams Mind & Body Workplace

IN BUSINESS - February/March 2009

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