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Welcome This site is provided by Life Care Planning Specialist, Joe Murphy,
CSA to help you make timely and informed decisions specific to your plans for managing your future Long-Term Care (LTC) needs. Joe Murphy is a member of the Society of Certified Senior Advisors and is currently serving
on the Board of the Greater Phila. Chapter of the National Association of Insurance and Financial Advisors (NAIFA). This site welcomes requests
for complimentary consultation regarding Home Care LTC, Assisted Living LTC, and Skilled Nursing LTC and the appropriateness
of LTC insurance for you and your family. Directions for contacting us are listed in the last section of this website,
labeled "Information Requests". LTC PLANNING OVERVIEW: The "MESSAGE" of this website is that the timely, pro-active integration
of your Long-Term Living objectives into a Long-Term Care (LTC) Plan can save you literally thousands of dollars annually.
For example, if your
Long-Term Living plan calls for moving into a “Full Service– LifeCare” Continuing Care Retirement Community
(CCRC) prior to any debilitating health condition, there are literally thousands of dollars to be saved annually by purchasing
just enough Long-Term Care (LTC) insurance that matches the CCRC’s schedule of charges to a resident in Facility Care.
Setting
that question aside for the moment, the "cutting to the chase" question to ask yourself is:
"Will the
most important elements of my Long-Term Living plan survive an unplanned $750,000
Long Term Care (LTC) hit or an unplanned $1,500,000 LTC hit (in the case of both spouses needing LTC)?" If you answer, "No Problem", you represent less than 1/2 of 1% of the world's population. If you are like most people, you have insured your health, your car,
your life, and your home. You have probably worked hard to accumulate assets for your retirement years. But what if you needed long-term care? Long-term care is a risk that can impact
or even derail all of your carefully thought out Long-Term Living plans. Some key points about Long-Term Care (LTC) Insurance are covered below: 1.)
Long-Term Care (LTC) Defined.
2.) Why is Long-Term Care (LTC) Insurance Important?
3.) Is LTC Insurance Right for you? 1.) LONG-TERM CARE (LTC) DEFINED: Long-Term Care (LTC) is the personal care and other related care services provided on an extended basis to
people who need help with the activities of daily living or who need supervision due to a severe cognitive impairment. This
type of care is considered Custodial/Chronic (non-skilled) care. It is NOT acute or rehabilitative care, which is known as
skilled care.
When you need long-term care, you usually need help with your activities of daily
living. These are items such as bathing, dressing, toileting, continence, eating, and transfering. Or, you may be able to
do all of your activities of daily living but still need care and supervision due to a severe cogntive impairment (memory
loss, dementia, etc.). You may be able to dress yourself, but you may not remember to take your medications.
Statistics show that at least 6.4 million people aged 65 or older need long-term care. Currently
one in two seniors over age 65 are requiring some amount of LTC. Looking ahead, at least half of the population who
are 65+ will need help with Activities of Daily Living. Most people think of long-term care as something needed by older
people, but accident or illness can strike someone of any age. When it does, they too may find themselves in need of assistance.
2.) WHY IS LTC INSURANCE IMPORTANT? You will buy LTC insurance for one or more of the following compelling reasons:
a.) To guarantee your CHOICE OF CARE and CARE-GIVERS,
allowing you all of the options covered by a COMPREHENSIVE LTC insurance policy (which covers Home-based Care, including
Adult Day Care; Assisted Living Facility Care; and Skilled Nursing Facility Care.
b.) To PRESERVE YOUR ESTATE'S ASSETS,
sufficient to cover your retirement needs plus the funding of your legacy objectives; for example gifts to family, alma mater(s),
or other worthy causes.
c.)
To PRESERVE YOUR INDEPENDENCE.
d.) To AVOID
BEING A BURDEN to your family. Regarding point a,) above, namely, the guarantee of CHOICE OF CARE and CARE-GIVERS, the most regarded generic options/choices for “Aging-in-Place”
are one's current private residence; the private residence of a family member or dear friend; and the Independent Living
Unit (call it an Apartment, Villa, Cottage) in a Continuing Care Retirement Community (CCRC). Therefore, while you still have sufficient cognitive competence and sufficient physical wherewithal,
you are well advised to do your homework.
Spend time initially in reviewing the generic options/choices available to you for your “Aging-in-Place”
years ahead and then spend time reviewing your site-specific alternatives for “Aging-in-Place” through planned
visits.
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