Hacks for Long-term Care: Ideas for tackling the costs of elder care

A live and interactive discussion with Kimberly A. Whiter, Ed.D the author of Hacks for Long-term Care which explores why families across the country are facing financial hardship just to access elder care. Learn about concrete, easy-to-understand, often unknown tactics for finding unique solutions for paying for long-term care.

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Chat Transcript

12:11:03     From  Steve Gurney - ProAging Community : https://www.eldercaresolutionsinc.com/

12:14:05     From  Steve Gurney - ProAging Community : The Forgotten Middle in 2033  https://www.norc.org/research/projects/the-forgotten-middle-in-2033.html

12:16:22     From  Steve Gurney - ProAging Community : So did the people who were coming to dinner know they were going to be talking about death over dinner?

Steve Gurney - ProAging Community (You) 12:15 PM 

yes I kept it small just my wife, brother and sister in law https://deathoverdinner.org/

12:16:32     From  Tony Miller : Great information to share.  I appreciate the opportunity to learn.  Tony Miller Regional Manager for a team of Reverse Mortgage Professionals.  We work to provide information, and guidance on today's reverse mortgage and how properly using Home Equity can be a source to fund LTC.   301-252-2121, tonycharlesmiller5@gmail.com

12:17:32     From  Steve Gurney - ProAging Community : Area Agencies on Aging https://eldercare.acl.gov/Public/About/Aging_Network/AAA.aspx

12:18:00     From  Steve Gurney - ProAging Community : 1-800-677-1116

12:19:27     From  Lori Stahl : Loudoun County Area Agency of Aging. Please reach out to us at 703-777-0257. We have an array of services

12:21:01     From  Robin Hollar : Talk with a medical social worker while in the hospital or through your primary care offices.

12:22:01     From  Steve Gurney - ProAging Community : Pete Ritenburg 12:11 PM 

Is conveting taxable IRA balances to an immediate annuity  sound strategy to get cash and avoid RMDs?

12:22:26     From  Mona Hamoui : Area on Aging is good but varies from one county to another.  Some counties have more resources than others.

12:23:00     From  Burke Dillon : I have been looking at table of contents and it does not seem to highlight tax aspects.  Does the book have info on things like tax deductibility documentation requirements beyond what is in IRS PUB 502 -- which is very general and vague?

12:24:35     From  Mona Hamoui : I don't know if there are Federal Tax laws to help to ease the financial burden, but I consider my mother a Dependent

12:24:55     From  Ellen Davis : Annuities are amazing. If you do an Annuity/LTC hybrid can not only be a tax benefit and you're not able to get approved for a traditional LTC or Life/LTC hybrid.

12:25:53     From  Ellen Davis : Whoops forgot to add the Lifetime Benefit of getting paid for your life even when the "pot of money" is gone.

12:27:56     From  Steve Gurney - ProAging Community : Kimberly Whiter, Ed.D.

kimberly@eldercaresolutionsinc.com

12:28:39     From  Steve Gurney - ProAging Community : https://www.aarp.org/money/taxes/info-2022/50-plus-taxpayer-savings.html

12:30:43     From  Elaine Kolodny   to   Hosts and panelists : Please let speaker go on to her 4 hacks

12:30:43     From  Mona Hamoui : I think the existing Tax law just lowers my tax base by claiming my mother as a dependent, pretty insignificant amount and not much in the way of a big tax return. But the money I have paid for her assisted living has been pretty significant 40K+ a year.

12:30:48     From  nancy Hutter : What are the ways to get long term care without paying a fortune for a long term care policy

12:32:43     From  Steve Gurney - ProAging Community : A good resource for diagnosis is the Brain Health & Psychiatry Center https://www.counterpointhealthservices.com/brain-health-psychiatry-center/

12:32:51     From  Mona Hamoui : Unfortunately the lifetime long term care insurance offered is very limited 3 to 5 years. Not like it used to be for a lifetime.

12:34:04     From  Jeannine Clark   to   Hosts and panelists : what is this resource she is speaking of right now?

12:34:19     From  Mona Hamoui : Kimberly, What do you mean -"free homecare" for a particular type of dementia.

12:35:15     From  Ellen Davis : Nancy there are many ways to get LTC. LTC has a bad rap that its costly, but I'll tell you that caring for someone at home, assisted living or nursing home is by far the most expensive cost.

12:35:57     From  Ellen Davis : Mona, there are other ways to get lifetime LTC benefits now. Happy to chat

12:36:26     From  Reema Hamoui : If we are paying for our mother to be in assisted living, I don’t think we can take advantage of of any free home care.

12:36:53     From  Cindy Scharf : 1 hr free home care per week is nothing

12:37:00     From  Carmen L : California has a form of "free home care" for Medicaid recipients through In-Home Support Services (IHSS)

12:37:03     From  Steve Gurney - ProAging Community : Apply for a Dementia Home Care Grant https://www.homeinstead.com/home-care-services/alzheimers-dementia-care/HFCgrant/?redirFrom=HFAF

12:37:25     From  nancy Hutter : Ellen, I would like to know more about what you are talking about re LTC....and I am interested in myself for the future....

12:37:55     From  G M : The Veterans Administration can also be helpful: https://www.va.gov/GERIATRICS/pages/Alzheimers_and_Dementia_Care.asp

12:40:12     From  Carmen L : California Medicaid/Medi-Cal is eliminating asset requirement in 2024

12:40:28     From  Steve Gurney - ProAging Community : Understanding Self-Directed Care https://www.retirementlivingsourcebook.com/videos/understanding-self-directed-care

12:44:38     From  Tony Miller : Home Equity Conversion Mortgages can be a great way to fund LTC when you have not qualified, and you want to remain in your home.

12:44:39     From  Catherine French   to   Hosts and panelists : At what age is it a mute point to try and get long term life insurance.  Is there a preferred insurance company for long term life insurance?

12:44:58     From  Steve Gurney - ProAging Community : Understanding Life Insurance Settlements https://www.retirementlivingsourcebook.com/videos/understanding-life-insurance-settlements

12:47:41     From  Steve Gurney - ProAging Community : Our CarePay Tool https://www.eldercaresolutionsinc.com/for-those-aging-and-caring

12:49:40     From  Nancy Napolitano : Is this helpful for a 95 yr. old mother who is living alone but decompensating?

12:49:42     From  Steve Gurney - ProAging Community : Guide: Can I Get Paid to Care for My Aging Loved One? https://www.eldercaresolutionsinc.com/product-page/guide-can-i-get-paid-to-care-for-my-aging-loved-one

12:50:24     From  Carmen L : https://www.va.gov/GERIATRICS/pages/Paying_for_Long_Term_Care.asp

12:52:23     From  Elaine Kolodny   to   Hosts and panelists : Thank you!

12:52:24     From  Alice Abrash   to   Hosts and panelists : SOOOO helpful!! Thank you!!

12:54:25     From  Mona Hamoui : We are in between a rock and a hard place, because she was not deemed "Nursing Home" ready She is both Medicaid and Medicare eligible

12:55:40     From  Carmen L : PACE (Program of All-Inclusive Care) might be good "aging in place" option for dual eligibles

12:56:03     From  Carmen L : https://www.medicare.gov/health-drug-plans/health-plans/your-coverage-options/other-medicare-health-plans/PACE

12:56:36     From  Reema Hamoui : Yes, she can’t live with us because she needs a lot of care. So we are paying for her every month. It is very draining our own bank accounts. I can’t even save for my own retirement because of it.

12:57:59     From  Judy Tiger : hecum????????

12:58:18     From  Tony Miller : Home Equity Conversion Mortgage

12:59:26     From  Carmen L : paying for LTC https://acl.gov/ltc/costs-and-who-pays

12:59:34     From  Steve Gurney - ProAging Community : Reverse Mortgages: How to Use Reverse Mortgages to Secure Your Retirement https://www.retirementlivingsourcebook.com/videos?q=reverse+mortgage

12:59:58     From  Steve Gurney - ProAging Community : https://www.retirementlivingsourcebook.com/videos?q=money%20matters

13:00:00     From  Tony Miller : 'Thanks great information.  Have to run

13:00:19     From  Jessica Hardiman : This was very helpful! Thank you!

13:00:40     From  Carmen L : https://www.consumerreports.org/personal-finance/11-ways-to-afford-the-assisted-living-care-you-need/

13:00:49     From  Mona Hamoui : Thank you for this informative session

13:01:38     From  Sara Yamamoto : Thank you for all the great info.

13:01:48     From  Steve Gurney - ProAging Community : Tony Miller 12:59 PM 

You are correct with the tools avaialble to discuss HECM as an option for long term care.   This should be on the table for every borrower 55 plus to consider.  It's an educational approach and I appreciate the shout out

13:01:51     From  Laura Quigley   to   Hosts and panelists : Thank you, such great information!

13:01:53     From  Reema Hamoui : I agree. There is no infrastructure for this complex issue.

13:02:00     From  Steve Gurney - ProAging Community : Anonymous Attendee 12:58 PM 

Pooled Trust for Asset Protection when needing long term nursing home care. Recent changes in the law for seniors over sixty five they can no longer protect assets with a pooled Trust. This really affects single people those who are not married. Any thoughts about what to do to manage with nursing home care expenses. 

Is only available choice and or option to spend down your assets to qualify for Medicaid?