Financial Education for Women & Men During retirement.

One of the biggest needs for retirement planning is the insurance that protects you from draining your assets if you need Home Health Care or Nursing Home Care.

In the state of Oklahoma you must spend down the assets you have as a single person before you can receive Medicaid. (This is not Medicare)

In the state of Oklahoma if you are married and have to put one spouse in the nursing home you are allowed to keep your automobile; your home and $1,300 monthly before you can put your spouse on Medicaid.

The answer to this problem is a long-term care policy for each spouse. This would keep you from "spending down" on one another. Men are usually the first to die in the marriage.  The savings are often gone by the time she needs care.

In Oklahoma they are watching those parents who sign all assets over to their children so they can get the state to put them on Medicaid and pay for their care.  In the state of Oklahoma they are taking a "5 year look back" to see if this has taken place.  

My mother always said, "I'm never going to a nursing home!" I would reply, "Mother, you will never have to go to a nursing home. I will take care of you!"

Well, my mother had a cerebral hemorrhage. She was in a comma for 9 months before regaining consciousness. My mother spent 23 years in a nursing home before dying at the age of 93.

Have you heard of the "sandwich generation?"  Since we a living longer, many of our children will be faced with the problem of the "sandwich generation".  This will mean that they will be responsible for their parents care as well as their children.

If your mother becomes a widow or is divorced and has an income over $1,300 monthly, but the nursing home bill is greater, then the children must pay the
difference in the cost.

I would definitely put a long-term care policy in my retirement tote bag!  The public needs more education on this subject. Most people find out about this problem the ""hard way".  It is usually too late to do anything about it, because mom and dad have developed health problems and can't get the insurance.

Their investments will quickly dwindle away. This is the greatest risks we face as we get older, the need for continued care at home or the possibility of a prolonged stay in a Nursing Home.

Long-term care insurance provides the means to help pay expenses when you are hampered by prolonged illness, disability, or frailty.

Long-term care insurance will provide you with the means to help pay for all levels of care.

The cost of long-term care services can be the single largest out-of-pocket expense for many of America's mature citizens.

Studies show 60% of people over age 65 will require long term care at some point in their lives. As people age, the probability they will need long term care also increases.

Because women generally outlive men by several years, they face a 50% greater likelihood than men of entering a Nursing Home after age 65.

Long-term care insurance provides a safety net to maintain your financial and emotional independence, without burdening your family or depleting your savings.

Nearly one-third, 31.6%, of all long-term care bills are paid by individuals and families out of their own pocket.

The national average is $38,000 per year to keep just one person in a Nursing Home. Depending on where you live, the cost could be as high as $75,000 per year.

Medicare and Medicare Supplement insurance policies cover less the 2% of all long-term care costs.

Take advantage of your youth and good health to qualify for lower premiums!

Do you want to keep control of your assets such as investments as well as your independence?

Most Home Health Care policies cover Assisted Living Facilities, or a Hospice Care facility.

Do you want protection to pay for care?  There's no place like home. Do you want care provided to you in your own home?  Do you want to remain independent as long as possible?

Your Home and Community Based Care policy allows you to maintain your independence while receiving a broad range of care or assistance in your home, including Nursing Care, Adult Day Care, or Hospice Care. It will pay the charges you incur; up to your Maximum Daily Home and Community Based Care Benefit, for each day you receive these services.

I believe long-term care insurance will someday be as essential as health insurance is today.

The Bag Lady advises all those age fifty and above to put a long-term care policy in their tote bags.