Patriots Colony Update Fall 2002

A fundamental question to consider as we plan ahead is, “Should I get a long term care insurance policy or move to a Life Care community?” The new Federal Long Term Care Insurance Plan (FLTCIP) has certainly heightened awareness of the entire subject of long-term care and generated a lot of interest among those on the Patriots Colony mailing list.

Research on Long-Term Care Insurance

The excellent article “Making a Decision about Long Term Care Insurance” (The Retired Officer Magazine, June 2002) provided a fine overview of FLTCIP and guidelines regarding whether someone should purchase the federal plan, a commercially available plan, or nothing at all. If you missed the issue, check the web site www.ltcfeds.com for details of the federal plan and eligibility.

The Decision to Insure or Not

The magazine article points out that for the solidly middle class, the decision to get insurance is not clear-cut. For example, most retired officers and federal government workers have a reasonable amount of assets that they want and need to protect. However, those who have no beneficiaries or have sufficient wealth to self-insure may not need the protection. The majority of the people we talk to conclude that protection of some type—insurance or residency at a Life Care community—makes sense. Either approach can protect income and prevent surprisingly rapid depletion of assets. Other factors need to be considered, such as current health and family health history. The decision is, then, a personal one that needs to be made as early as possible while health is good.

Don’t Want to be a Burden to Loved Ones

The majority of people who have visited Patriots Colony over the years do not want to be a burden on their children or other relatives. Many times they have been through a difficult long-term care situation with parents themselves and do not want to put their own children through that. They also want to make their own decisions about where care would be provided should it ever be needed. Indeed, an advantage of Life Care communities over Long Term Care insurance, is the assurance of quality care and access to that care when you need it.

Avoid Devastating Costs

If you have decided that residency at Patriots Colony makes sense for you, but circumstances won’t allow a move for a few years, then by all means consider an insurance policy to cover you in the meantime. If a catastrophic health setback occurs prior to approval and occupancy here, you don’t want to be left vulnerable to devastating costs.

The services and support to residents in a Life Care community like Patriots Colony are invaluable at any time, but particularly when health problems arise. Our residents have peace of mind that their needs will be met affordably within the community. Please call 800-716-9000 or visit me to discuss all the details.


				Long-Term Care Insurance or A Life Care Community? by John Hardy, Director of Marketing