Have you ever visited someone in a nursing home or assisted living facility? If so, then you may have seen firsthand the various types of services and facilities for those people who needed help with their daily living activities.  If not, then you may have heard all sorts of stories, both good and bad. Being the person who is in charge of choosing a facility for your loved one can be mentally and emotionally draining and often stressful.  Hopefully, this blog will assist you in your journey as we talk about a few of the aspects.

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Types of Facilities – There are many types of facilities in which your loved one can receive care ranging from senior developments to locked down memory care units.   The two most discussed types of facilities are Assisted Living facilities and Nursing Homes.  Assisted Living facilities provide a more home-like setting where residents are provided means, supervision, healthcare, assistance, coordinated activities and recreation. They are required to be licensed and are regulated by the state.  A Nursing Home is primarily used for those who need skilled care and 24-hour supervision and assistance. The residents’ cases are usually more acute and complex and harder for the loved one to be cared for at home.  The nursing home also provides meals and recreational activities.  They are also required to be licensed and are regulated by the state. Other types of facilities exist and should be considered for your personal situation.  You can find more examples of facility types here and here.

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Things to look for – Your nose, eyes and sixth sense will be your best bet when evaluating a facility.  Ask yourself these questions: Are there foul odors lurking? If so, from where? Is the facility clean to your standards? How do the residents look and seem? Are they happy and well cared for? Where are the residents congregated? Where are the employees? What is the demeanor of the employees?  What kind of language and emotion do the employees use with the residents and with each other? Is there a daily or weekly schedule of activities or recreation for the residents? Are there comforting locations, scenery and items for the residents to feel at home and happy?  What does your gut tell you? Would you feel confident leaving your parent there?

Questions to ask – Ask about everything you can.  The only dumb question is the one you don’t ask.  You’ll want to be very specific about the questions you ask as it pertains to the type of care your loved one needs since each person is different.   Ask about the staff, their credentials and backgrounds, especially the night staff. Ask about their communication standards and give specific examples of an issue and how they would handle it.  Ask about their policies on honoring family requests. Ask about how they handle the death of a resident.

When to check in – When visiting before having selected a facility, be sure to plan your visits for when the management isn’t there in the evenings and on the weekend to see how the staff and resident’s behalf and look, in addition to during regular business hours. Once you have selected a facility and have your loved one enrolled, then make frequent unannounced visits on various days and at various times. You’ll want to make sure you’re looking for the same things as you did when evaluating the place beforehand, giving yourself an opportunity to see if the facility is remaining true to their first impressions and upholding their policies and procedures.

Choosing a facility is something that requires research, time and dedication.  Just like most people wouldn’t leave their 12-week-old baby just anywhere, neither would most people leave their elderly loved one just anywhere. Not all facilities are created equal.  For more insight and tips, consider reading the article found here and Linda Jenkins’ book “To Helen with Love, A Memoir of a Daughter’s Caregiving Journey.” Long term care situations vary greatly and good planning helps alleviate the stresses that often arise.  Book your complementary consultation with one of our specialists now to talk about how planning can assist you and your family today!

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For more tips like these, click here to sign up for our weekly email blog newsletter. If you would like to get better educated on Lockheed retirement strategies, click here to download our Free Report titled Retire with Confidence: The Top 4 Things You Can Do Now to Maximize your Lockheed Retirement. And, if you want to have face time with a Lockheed Retirement Specialist², you can click here to schedule an appointment, click here to sign up for our Lockheed Retirement Workshop or click here to just give us a call (817) 210-3444.

Be sure and check back next week for more incredibly valuable information. Cheers!

Disclosures*

Financial Planning and Investment Advisory offered by SWMG, LLC a Registered Investment Advisor.

Lockheed Martin Retirement Specialist is not an official title or professional designation nor is it conferred by Lockheed Martin on any individual or company.

Our Complementary consultation and free report are for informational purposes only and provided free without any obligation to utilize or retain our investment advisory services.

SMWG, LLC is not affiliated with or endorsed by Lockheed Martin Corporation. Our expertise comes from working with LMT employees for several years and helping them to retire with confidence.

Investing involves the risk of loss, including loss of principal. Past performance does not guarantee future results. Investment products are not FDIC insured, have no bank guarantee, and may gain or lose value. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will be profitable for a client’s investment portfolio.

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The post Long Term Care – Choosing a Facility appeared first on Strittmatter Wealth Management Group.

Have you ever known someone who needed extra help due to physical in-capabilities or mental impairments, no matter their age? If so, then you may have seen first hand or heard someone else’s experience of being the care taker for that person who needed help.  Being the person who needs help or the caretaker is not only a lot of work physically and emotionally, but financially as well.  Fortunately, the financial burden can be lessened with the use of long term care insurance.

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What is long term care insurance? Long term care insurance is a type of insurance that is purchased for an individual which helps mitigate the financial risk of depleting all the assets in order to pay for care and assistance when one can no longer perform at least 2 of 6 daily living activities or has a cognitive impairment like Alzheimer’s or dementia.

What are the daily living activities? These are every day things you do to function. They are the following:

• Eating – able to feed oneself
• Bathing – able to bath/shower, brush teeth, and groom
• Getting Dressed – able to dress and undress
• Mobility – able to sit, stand, and walk
• Continence – able to control bladder and bowel functions
• Toileting

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How does the insurance work? After a policy is purchased and when a person meets the criteria above, a claim is submitted to the insurance agency. The insurance agency will then provide the next steps needed like getting a doctor’s report and receipts from the care already provided or estimates on future expenses.  Once the claim is approved, then payments begin. There are multiple options on how to receive payments.  Those payments help offset the cost of the care.

How much insurance do you need? That depends on many factors of your personal situation such as your location, life expectancy, current assets, etc.  The Genworth Cost of Care Map is an excellent source to get an idea of the various costs across the country. However, it’s best to sit down with a planner like us to review your particular circumstances and let us make a recommendation.

This blog just barely touches the tip of this iceberg.  Long term care insurance and situations can go thousands of different ways.  We’ll continue to break down the information one tiny piece at a time. In the meantime, don’t delay! Book an appointment with one of our specialists now!

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For more tips like these, click here to sign up for our weekly email blog newsletter. If you would like to get better educated on Lockheed retirement strategies, click here to download our Free Report titled Retire with Confidence: The Top 4 Things You Can Do Now to Maximize your Lockheed Retirement. And, if you want to have face time with a Lockheed Retirement Specialist², you can click here to schedule an appointment, click here to sign up for our Lockheed Retirement Workshop or click here to just give us a call (817) 210-3444.

Be sure and check back next week for more incredibly valuable information. Cheers!

Disclosures*

Financial Planning and Investment Advisory offered by SWMG, LLC a Registered Investment Advisor.

Lockheed Martin Retirement Specialist is not an official title or professional designation nor is it conferred by Lockheed Martin on any individual or company.

Our Complementary consultation and free report are for informational purposes only and provided free without any obligation to utilize or retain our investment advisory services.

SMWG, LLC is not affiliated with or endorsed by Lockheed Martin Corporation. Our expertise comes from working with LMT employees for several years and helping them to retire with confidence.

Investing involves the risk of loss, including loss of principal. Past performance does not guarantee future results. Investment products are not FDIC insured, have no bank guarantee, and may gain or lose value. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will be profitable for a client’s investment portfolio.

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The post What is Long Term Care Insurance? appeared first on Strittmatter Wealth Management Group.

Long term care is a staple in the healthcare industry now as more people both young and old need the care and it can be very costly.  In previous posts, we’ve discussed the various types of care available and the cost around the country.  Now we need to address how to pay for it.  There are various payment options and knowing how they may affect you financially is very important.  Keep reading to learn more.

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Recent

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Everyone has the same options when it comes to planning for their future long term care needs. The issue is not everyone plans or even thinks about the need.  Many people just assume if they need long term care then it will be taken care of, and it might.  But the way it’s taken care of and the type of care you receive may not be what you want.  By taking control and planning, you can have a say in your future care and can also help alleviate future emotional and financial stress on your those in your life.  The four basic payment options are as follows, but not everyone is qualified to use each one.  We’ll cover each option in more detail in future posts.

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1. Medicaid – is a public health insurance program that provides coverage to low-income individuals that meet the income and asset tests.
2. Self-pay – is using your own income and assets to cover all expenses related to your care.
3. Long term care insurance – is a private risk mitigation tool that allows you to offset the cost of care by paying a smaller premium to the insurance carrier who then provides the larger dollar benefit, up to a limit.
4. Friends/Family – is depending on personal friends and family to provide the funds and care on your behalf.

Each option above will be affected by your current financial state and will also affect your financial future. Which option is right for you depends on a variety of circumstances such as: location, income level, asset level, type of care needed.  This is not something that should be left to chance.  So, take the initiative and give us a call to start your conversation. Not only are we Lockheed Martin retirement specialist, but we specialize in this area of planning as well.   Don’t leave it to chance, call today!

[/fusion_text][fusion_text columns=”” column_min_width=”” column_spacing=”” rule_style=”default” rule_size=”” rule_color=”” content_alignment_medium=”” content_alignment_small=”” content_alignment=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” class=”” id=”” font_size=”” fusion_font_family_text_font=”” fusion_font_variant_text_font=”” line_height=”” letter_spacing=”” text_color=”” animation_type=”” animation_direction=”left” animation_speed=”0.3″ animation_offset=””]

For more tips like these, click here to sign up for our weekly email blog newsletter. If you would like to get better educated on Lockheed retirement strategies, click here to download our Free Report titled Retire with Confidence: The Top 4 Things You Can Do Now to Maximize your Lockheed Retirement. And, if you want to have face time with a Lockheed Retirement Specialist², you can click here to schedule an appointment, click here to sign up for our Lockheed Retirement Workshop or click here to just give us a call (817) 210-3444.

Be sure and check back next week for more incredibly valuable information. Cheers!

Disclosures*

Financial Planning and Investment Advisory offered by SWMG, LLC a Registered Investment Advisor.

Lockheed Martin Retirement Specialist is not an official title or professional designation nor is it conferred by Lockheed Martin on any individual or company.

Our Complementary consultation and free report are for informational purposes only and provided free without any obligation to utilize or retain our investment advisory services.

SMWG, LLC is not affiliated with or endorsed by Lockheed Martin Corporation. Our expertise comes from working with LMT employees for several years and helping them to retire with confidence.

Investing involves the risk of loss, including loss of principal. Past performance does not guarantee future results. Investment products are not FDIC insured, have no bank guarantee, and may gain or lose value. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will be profitable for a client’s investment portfolio.

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The post Long Term Care: Payment Options appeared first on Strittmatter Wealth Management Group.

These days it seems the words “long term care” can be heard everywhere.  It can be scary to think about it because for the majority of people, the image that comes to mind is typically the old nursing home with elderly residents parked in wheelchairs in the halls with unpleasant smells permeating the facility.  But good news!  That’s no longer the case.  Well, yes, those places might still exist but long term care has evolved and people both young and old have a multitude of options on where and how they receive care.

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Recent

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The top types of care provided these days are:

1. In home care
2. Adult day care
3. Assisted living facilities
4. Memory care facilities
5. Skilled nursing facilities

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In home care includes any professional support services that allow a person to live safely in their home. In-home care services can help someone who is aging and needs assistance to live independently; is managing chronic health issues; is recovering from a medical setback; or has special needs or a disability.¹

Adult day care is used to relieve the caregiver or his or her duties for the day while ensuring that the care recipient will still receive the proper care in a safe, friendly environment. These centers usually operate during normal business hours five days a week, and some centers also offer additional services during evenings and weekends.²

Assisted living facilities are for people who need help with daily care. Residents usually live in their own apartments or rooms and share common areas. They have access to many services, including up to three meals a day; assistance with personal care; help with medications, housekeeping, and laundry; 24-hour supervision, security, and on-site staff; and social and recreational activities. Exact arrangements vary from state to state. ³

Memory care facilities provide a safe, structured environment with set routines to lower stress for people with Alzheimer’s or dementia. Employees provide meals and help residents with personal care tasks, just like the staff at an assisted living facility. But they are also specially trained to deal with the unique issues that often arise as a result of dementia or Alzheimer’s. They check in with residents more frequently and provide extra structure and support to help them navigate their day.⁴

Skilled nursing facilities provide a wide range of health and personal care services. Their services focus on medical care and typically include nursing care, 24-hour supervision, three meals a day, and assistance with everyday activities. Rehabilitation services, such as physical, occupational, and speech therapy, are also available.³

The type of care you want will depend on your needs and your resources to pay for the care.  We’ll get into that in the next blog.  In the meantime, it’s important to talk to a professional to discuss your situation and your family history.  Not only are we Lockheed Martin retirement specialist but we’re also long term care specialist. That’s the benefit of being a comprehensive financial planner.  So give us a call to start your conversation because this is just the beginning.

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For more tips like these, click here to sign up for our weekly email blog newsletter. If you would like to get better educated on Lockheed retirement strategies, click here to download our Free Report titled Retire with Confidence: The Top 4 Things You Can Do Now to Maximize your Lockheed Retirement. And, if you want to have face time with a Lockheed Retirement Specialist², you can click here to schedule an appointment, click here to sign up for our Lockheed Retirement Workshop or click here to just give us a call (817) 210-3444.

Be sure and check back next week for more incredibly valuable information. Cheers!

Disclosures*

Financial Planning and Investment Advisory offered by SWMG, LLC a Registered Investment Advisor.

Lockheed Martin Retirement Specialist is not an official title or professional designation nor is it conferred by Lockheed Martin on any individual or company.

Our Complementary consultation and free report are for informational purposes only and provided free without any obligation to utilize or retain our investment advisory services.

SMWG, LLC is not affiliated with or endorsed by Lockheed Martin Corporation. Our expertise comes from working with LMT employees for several years and helping them to retire with confidence.

Investing involves the risk of loss, including loss of principal. Past performance does not guarantee future results. Investment products are not FDIC insured, have no bank guarantee, and may gain or lose value. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will be profitable for a client’s investment portfolio.

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The post Long Term Care: Types of Care appeared first on Strittmatter Wealth Management Group.