Long Term Care Choices for Austin Seniors
Other Payment Options for Austin Seniors in Long Term Care
As we meet with families of Austin seniors in need of home care and long term nursing home care, we are often asked for advice on how to face the financial burden it presents. While long term care (LTC) insurance has been available for decades, less than half of our clients own LTC policies. However, there are other sources of funds families can explore. The Veteran’s Administration has an Aid and Attendants Pension Program for wartime veterans and can provide up to $1,788 per month to a veteran. It affords reimbursements for veterans who necessitate the regular help of another person to assist in eating, bathing, dressing and undressing or taking care of the needs of nature. A new approach to fund long term care is converting life insurance policies into a long term care benefit plan. A life insurance policy can be used to pay for long term care. How? Instead of allowing a policy to lapse or be surrendered; the owner of the policy can convert the policy into a long term care benefit plan. This option extends the time a person would remain private pay and delays their entry onto Medicaid. For many Austin seniors, they either cannot afford to pay the premiums, or they plan to lapse or surrender their policies to qualify for Medicaid. What they don't realize is that they have the legal right to convert their policies into a long term care benefit plan and are able to immediately direct payments to cover their senior housing and long term care costs. Converting a policy allows the senior to remain private pay - meaning they are not reliant on public assistance and can choose the form of long-term care that they want: homecare, assisted living and skilled nursing, hospice care or memory care. The long term care benefit plan is an accepted form of payment with any provider of senior care in the United States. This funding option has been covered in the New York Times, the Wall Street Journal, Fox Business News and on radio programs across the country. At a time when seniors and their families are struggling with how to afford the high costs of senior care, and state budgets are looking for ways to save money, converting a life insurance policy to pay for long term care instead of abandoning it for nothing in return makes much more sense. George Sanchez is the owner of BrightStar Care of Austin. BrightStar provides medical and non-medical in-home care that qualifies for these programs. We can help you evaluate your options and assist in documenting assistance requirements. Our registered nurse will create a medical plan of care that is included in our services. Call us at (512) 452-9800 to schedule an in-home assessment by an RN. Mickey Batsell, C.S.A., CASL, CLTC is one of the country’s foremost authorities on long term care and related issues. He served on the national boards of director for the American Association for Long- Term Care Insurance (AALTCI), Society of Financial Services Professionals (SFSP) and the Alliance of Financial Management Professionals (AFMP). His website, www.mickeybatsell.com, is a valuable resource for consumers and he can be reached at (512) 260-0051 or mickeybatsell@mickeybatsell.com.
BrightStar Care of Austin proudly provide Home Care and Support for Seniors, including 24 hour in home health care, and support in independent and assisted living communities. We provide all levels of home care from companion services to Skilled Nursing. Medical Staffing, Home care, In-Home Skilled Nursing, In-Home Physical Therapy for pediatric, adult and geriatric patients, Companion and Personal Care for Elders with Alzheimer’s or Dementia. We also provide Home Child Care, Sitter and Nanny services for Children and Support for New Mothers. We Support Veterans as a partner of the VA/Veterans administration provider network and area a Home Care Provider for U.S. Department of Labor, Division of Energy Employees Occupational Illness Compensation, and a DOL DEEOIC provider. We Accept most Long Term Care Insurance benefits, provide Hospice care, Live-in care, CNA, Caregiver, RN, LPN, RN Supervision, Compassionate Care, and Compatibility Guarantees. We are an ALS Society partner, Alzheimer Association member, Colorado Health Care Association member, providing care for developmentally disabled and individuals of all ages with mental health and behavioral health diagnosis. Other services inlcude safe discharge and transportation from the hospital or rehab facility, Post Op care both short and long term, Pre Operation and preparation help and assistance, client monitoring for out of town family members. Proudly serving Central Austin, Eastern Travis County, North Austin, East Austin, West Austin, Lake Travis, South Austin, Round Rock, Georgetown, and Tarrytown.