Providing for adequate health care is one of the top concerns for today's seniors. And yet, many find themselves coming up short when that need is for long term care. With costs skyrocketing and government purse strings tightening, planning for such care has never been more important. Don't let long term care costs take you by surprise.
The gap that exists between what seniors need in long term care and what Medicare and Medicaid will cover is huge. Combine that with the proposed Congressional bill restricting Medicaid nursing home coverage, and it's clear to see that seniors and those nearing retirement simply can't afford to ignore this important issue.
How you approach your long term care needs, which include custodial and skilled nursing in-home care, assisted living facilities and nursing home care, depends greatly on your economic situation. For those with low incomes and little assets, there are few choices. Most likely, should the need for long term care arise, you'll quickly spend down your assets and easily qualify for Medicaid.
For those with an annual incomes exceeding $75,000 and with assets of $500,000 or more, you could simply pay for it out of pocket. But with nursing homes costing thousands of dollars a month and some seniors needing years of such care, even a well-lined nest egg could experience a drastic drop in value. A more prudent approach would be to purchase long term care insurance and use that to pay for any long term care you or your spouse may need.
The real conundrum exists for those seniors of moderate means, those with incomes between $30,000 and $50,000 who have a few hundred thousand dollars in assets. Long term care needs could gut your life savings and impoverish the healthy spouse. But long term care insurance can be very expensive and hard for these seniors to afford.
Long term care insurance is complicated and there are many issues you must understand when considering it. My next article will be devoted purely to better understanding long term care insurance and what to look for when buying it.
If purchasing long term care insurance isn't an option for you, there are still some strategies you can use to cover that care should you need it. Selling your life insurance policies, called a life settlement, is one option. Reverse mortgages can also free up needed cash. Selling your home, however unpleasant that may be, can also provided needed funds. But in all of these strategies it is better to leverage those proceeds by using them to buy long term care insurance, if possible.
But for now, let's consider some issues that none of us like to think about, but will greatly influence how we each address our long term care needs. When someone is no longer able to care for themselves, usually the healthy spouse, if there is one, will take over the care. Few seniors, wealthy or not, are quick to dip into their savings to hire nurses or other care givers to help out.
The result is that the healthy spouse often sacrifices their own health and well-being to care for the sick one. We've all seen it happen, how the 'healthy' spouse becomes exhausted and emotionally spent trying to meet the overwhelming needs of the other.
If they're lucky, their adult children will step in to help shoulder the burden. Some families have gone on like this for years, with sons and daughters spoon feeding their parents and changing their diapers. The emotional toll on the family in these situations is indescribable.
How much easier life is when seniors take active steps to provide for this care properly. Then the family can spend their emotional and physical strength on cherishing their loved one, without ruining their own lives in the process.
No one can predict with certainty how their end-of-life will go. But the fact remains that nearly half of all seniors will need nursing home care. Those who don't are likely to need some kind of outside help. Plan now for how you're going to provide for your long term care. Your health, and the health of your loved ones, depends on it.
The more motivation techniques that are available to us, the more successful we will be in maintaining motivation in our lives. Here are four practical motivation techniques you can use right away...
1. Visual Goals
The importance of visual goals is high on the list of techniques. We as humans need to be rewarded for our efforts. Whether your goal be a vacation, a promotion, a lean body, or self worth, a visual goal will help you to achieve it.
Find a picture of whatever reminds you of your goals and cut it out. Put it somewhere that you will see it on a daily basis. By your coffee pot, by your mirror in the bathroom, or by your computer at work. The more visual that you can make your goal, the easier it will be to stay motivated.
2. Written contracts
Studies have proven that people who literally write their goals down on paper, are more likely to keep them than people who just merely say their goals aloud. This contract is between you and yourself. You simply write down what you are going to do and how you are going to do it.
You can even give yourself a deadline or timeframe. Then you sign and date it. Look at the contract often to remind yourself what it is that you are trying to achieve. Sometimes our goals get forgotten or put on the back burner. This contract will help you remember what it is that you are trying to achieve.
3. Rewards
It is so important to reward ourselves for a job well done. This can be as simple as a pat on the back, or going out and buying a new pair of jeans for losing 5 pounds. The rewards keep us motivated. The reward must be something that you want. If it isn't something you want, it isn't a reward.
4. Self confidence
Now this sounds easier than it is, however, with practice it will come. Walk around with a smile on your face. Walk with your head high, even though at first you will feel like you are faking it, it will become a habit and it will eventually become real! It can quickly become a self fulfilling prophecy.
Of course you need to distinguish between confidence and competence and be careful to not confuse the two. Still, confidence will keep you going in the face of adversity.
Motivation techniques are a very important part of keeping us motivated. Without them, we will fail. We must keep focused on the goals that we have set for us. We have to stay committed to these goals and they will work.
These techniques will remind us of what is really important to us. By going back and looking at the visual goals and the written contract, we will see what we want. By rewarding ourselves we will feel good about he goals we have set, and by applying self confidence to our lives, we will become self confident.
Finally, remember that it takes 21 days to establish a new habit. Stick at any new behavior for 21 days straight and you will have survived the most difficult stage. After those initial three weeks it becomes easier to maintain the positive new habit than it is to break it.
Both Jeffrey Voudrie & Peter Murphy are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Jeffrey Voudrie has sinced written about articles on various topics from Financial Planning, Investments and Health Insurance. Nationally-syndicated financial columnist and Certified Financial Planner Jeffrey Voudrie provides personal, in-depth money management services and advice to select private clients throughout the USA. He will answer your financial question FREE at. Jeffrey Voudrie's top article generates over 165000 views. to your Favourites.
Peter Murphy has sinced written about articles on various topics from Modelling, Marketing and Web Development. Peter Murphy is a peak performance expert. He recently produced a very popular free report that reveals how to crush procrastination and sustain lasting motivation. Apply now because it is available for a limited time only at:. Peter Murphy's top article generates over 90500 views. to your Favourites.