Eldercare can occur at home or another’s home or independent living or assisted living or skilled nursing.

How can it be funded practically?

Some self pay from income and assets.

Some leverage with insurance and riders on life and annuity products.

Some depend on family members to provide.

Practically is often paid by a combination of ways.

What are family medical common conditions that would require greater degree of custodial care and length of care? Examples: arthritis, osteoporosis, diabetes, dementia and other cognitive issues. 

Traditional LTC Insurance is like auto insurance. Pay for life and rates can go up as a group or “block of business”. Most are only for three to five years period or a max dollar limit. 

Hybrid LTC is based on either Whole Life or Annuity base and overfunded upfront to act like very large deductible.   Draw first from your own money bucket then from the insurance bucket or rider. Less risk for insurance carrier thus a lower overall costs. If you “do not use it” then it can pass to heirs or charity. 

Some hybrid LTC is based on confinement in assisted living or nursing care facilities. Some are based on ADL or activities of daily living so you could collect while living at home or another's home or a facility. Often what this would look like is an annuity income and that income would either provide 2X regular income for say sixty months or it triggers a rider that would double assets and payout over a period of years like 7 year payout. In my three decades of helping families plan this is a game changer for many reasons and love to discuss it with you. 

Rates for Hybrid products can be guaranteed for the entire period verses the traditional policies are non-cancellable but rates move in blocks of business.

VA Improved Pension Benefit

Veterans Affairs benefit is NOT a pension rather a benefit for older veterans generally for assistance in healthcare. The 2023 rate for married veteran could be $2,642 monthly or $31,714 annually tax-free. The surviving spouse is eligible as well. The 2023 rate for surviving spouse $17,192 annually and if veteran alone then $26,752.

What does it take to apply for the Improved Pension Benefit aka Aid & Attendance?

Only 90 days of continuous , active duty military service, one day of which was during war era.  Any discharge other than dishonorable discharge. Disabled OR at least age 65 year of age. 

Here are some quotes from Knight Ridder newspapers: "Nearly 2 million veterans...or their widows...are likely mission out on as much as $22 billion a year in pensions..."

"Only 1 in 7 widows...who probably could qualify...actually get the monthly checks."  A VA pension official says, But so many of these people- we don't know who they are, where they are."

What are eligible Wartime Periods?

WWII December 7, 1941 to December 31, 1946

Korean conflict June 27, 1950 to January 31, 1955

Vietnam era August 5, 1964 to May 7, 1975 * possible from 2/28/61-8/4/64 under more limited rules

Gulf War August 2, 1990 to present day * slightly different rules (2 years instead of 90 days)

Our first priority is helping you take care of yourself and your family. Our family had a nine year journey helping our parents navigate and thrive as best as they could under declining health. We were fortunate to have loved each other and willing to serve in various roles to honor our parents. There are a lot of things like longterm care insurance claim paperwork, assisted living, memory care and medicals each requires time and attention and experience and wisdom saves time and frustrations. The "learn more button" below is recent podcast you may find helpful in the journey.