“In a new world of caring for an aging parent, the leading expert in long-term care provides a three-step framework for having difficult discussions and preparing the options ahead of time that will work best for your parent(s) and family. You owe it to yourself and loved ones to read this book!” -Betty Meredith, CFA®, CFP®, CRC®
Experience is an excellent teacher—but it can be a harsh master. We are living longer, and aging takes its toll on our ability to remain totally independent. No matter how you define "family," you will find yourself in the role of caregiver, caring for a caregiver, or being cared for by a caregiver. Life doesn't stop while you're caught up in caring and juggling your own life. With no real training for this multi-faceted, multi-generational role, you must find a path that doesn't destroy relationships or create financial havoc.
Carroll S. Golden, CLU, ChFC, LTCP, CASL, FLMI, CLTC, LACP has devoted over two decades to the field of extended and long-term care planning. She is the Executive Director of the National Association of Insurance and Financial Association (NAIFA) Specialty Centers, including the Limited and Extended Care Planning Center. Executive positions with both advisor/agent distribution firms and corporate insurance carriers, interviews, client exchanges on radio and television, interactive virtual meetings, leadership roles at industry conferences and personal experience broadened her knowledge. Carroll’s desire to share information and resources with industry professionals resulted in her first book, How Not To Tear Your Family Apart. Her second book, How Not To Pull Your family Apart, designed for individuals, families, and friends follows a multi-generational family as they use a three-step guide to gather information and gain a basic understanding of manageable extended or long-term care planning options.
Don’t wait until right before you are eligible for Medicare and Medicaid to incorporate the costs into your retirement budgeting. Prices for medical services generally are set in advance creating a delay between wage and cost increases caused by inflation and prices for medical services.
Medicare and Medicaid are setting prices based on what they predict inflationary and cost pressures are going to be,” said Corey Rhyan, senior analyst of health economics and policy for Altarum during an August 24, 2022 presentation at The Health Wonk Shop: Health Care Inflation in the U.S.
”They predicted for 2021 and 2022 that those cost pressures would not be as extreme as they ended up being. On the private side, those prices are set on the basis of negotiations. That’s why the sharp cost increases in 2021 and 2022 have not yet been reflected in health care prices.”
Nursing home and community care organization payments have fallen and average wages are growing, so that’s something to look out for,” noted vice president and director of the Program on the ACA at KFF.
How Not To Tear Your Family Apart
Jodi and Jackson, like so many workers, are in the prime earning years of their careers and are currently saving for retirement. But how many of us think about who is subsidizing our health-care costs? Currently, they participate in an employer-sponsoredhealth-care plan. Costs are deducted directly out of their paycheck. It’s easy to forget that during retirement, health-care costs are paid by the individual. Those are costs over which you have little control. They can rob you of the availability of retirement funds for other needs and activities. If chronic or serious long-term health issues arise, unplanned costs may further impact finances. Or what if you are young but surprised by an unplanned health event? Unfortunately, 37 percent of long-term care recipients are under sixty-five years old.
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