1 Bratenahl Place Suite 1301 Cleveland, OH 44108

(216) 798-4776
Robert@malbasafinancial.com

I am a believer in the importance of Long-Term Care Insurance.

The Story of Steve and Peg

Steve, 68, and Peg,67, hardly knew much about Alzheimer's disease. It wasn't part of the plan. When Steve noticed the phrase "what-cha-call-it" creeping with ever more frequency into Peg's sentences, the idea that a dementia of some kind was dismantling her vocabulary simply did not occur to him.    "I need to make sure you understand," he said, "that the woman I love was the most intelligent person I've ever known." said Steve.  Peg now sits on a chair near the window of her room in the nearby memory care assisted living unit. Steve, seated on the edge of her single-size bed, takes her hand. The walls are covered the with photos of people Peg no longer recognizes. Medicare does not cover Peg's care at the assisted living unit and Peg's care this year will cost them about $75,000-- all of it out-of-pocket. Peg and Steve worked hard and saved their money. He will now need to use their retirement savings to pay for Peg's care.  Sadly their plan did not include long term care.  

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What are the qualifications for Long Term Care benefits? The official definition is the inability to do two or more of the following Activities of Daily Living (ADLs), except for the last item:

  • Bathing
  • Continence
  • Dressing
  • Toileting
  • Transferrence
  • Walking

             OR

 Severe congitive impairment


Courtesy of One America Solutions, here is an interesting link that may be helpful in explaining the cost of Long Term Care in your area:

Click on www.oneamerica.com/ltc-costofcare and once there you will notice a map of the United States.  Mover your cursor to the appropriate state and the average cost of care will appear.  Further, click the details button for cost of different types of care within the state.  If you click "state average", a dropdown box will further regionalize the cost for specific areas of the state. 

I hope that you fill find this to be helpful and do not hesitate to call or email me if you wish to hear more information.

<b>Let's Talk</b>

Let's Talk

Have you talked with your adult children about your future?  If not, why not plan on doing it very soon.  Here are some talking points for your discussion:

  • Power of Attorney-  Make sure you have a current document.
  • Medical Power of Attorney-  Same as above.
  • How will your care needs be addressed?
  • Does your family want to participate with your in-home or facility care?
  • What if you need care on a daily basis?
  • Do you have the means to pay for the care that you might need?

  • It's important for you to have this discussion to avoid the severe emotional stress that is often incurred by family caregivers.

    If you don't have these answers, then maybe it's time you did.  I can help you find the Long Term Care plan that will fit your needs.

    Please contact me at Robert@malbasafinancial.com

Client Centered

The median cost of home healthcare is more than $45,000 per year.  Just a couple of years could have a major impact on your retirement savings. When you need Long Term Care and do not have a dedicated funding solution, it is estimated that the average withdrawal rate from a retirement income portfolio jumps from 5% to 11% !!!

Care planning affects more than retirees. Consider this:

70%

of individuals turning age 65 will need care during their lifetime.1

55%

of parents expect their children to care for them physically or financially as they age.2


Age 49

is the average age of a caregiver, and more than 75% of caregivers are women.

1The Wall Street Journal, The Odds on Needing Long-Term Care.

2MarketWatch, Not expecting to be a caregiver? You'd better check with your parents.



<b>Maintaining your health and wellness as a caregiver</b>

Maintaining your health and wellness as a caregiver

Those who spend a lot of time caring for others often forget to care for themselves. But self-care is one of the most important things a caregiver can do.

Learn More
Alzheimer Awareness

Alzheimer Awareness

Did you know 50 million people worldwide are living with Alzheimers and dementia? Alzheimer’s is a degenerative brain disease and the most common cause of dementia.



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