Misconceptions of Aging & Healthcare

Mr. Stone is opus John Stillman, joined by a couple of special guest today, Matt and Helen Milliken of the founders of ages, home care are here to talk about what they do at ages home care and were going to talk today about four misconceptions of aging and healthcare guys first. Give us the elevator pitch. What does ages, home care, do you serve look like. Thanks, John this is Alan and we are home care agency and we provide assistance where people live, so if they live at home were helping them get through their day with meal preparation, and medication reminders and assistance with bathing and ambulation. We serve the local area at the local trying Larry Armstrong Chatham County's and we have approximately hundred 50 caregivers a combination of certified nursing assistants and companions and nine or 10 nurses.

The superbugs that care we also have an office in Pinehurst on this bill basically the same way so we serve Lee in Moore County and the Sandhill region were talking up four misconceptions of the space aging and health care in the first one is that Medicare will cover this. It seems like were right we paid in the Medicare for 40 years and were continuing to pay $120 a month for our Medicare part B so step in and cover this right. That is a phone call that we get more often than we would like, and we have to, help folks step back a little of Medicare's confusing part a part B and L part C these Medicare advantage plans are all our or the MA PD the including the prescription drug plan. The presumption is that not got Medicare I got part a and part B.

I also have a Medigap you know it meant sump policy I'm looking at some of these MA PD programs. These Medicare advantage party programs. Somebody's got a cover this. It's in there somewhere.

I'm sure man. The unfortunate truth is, it's not so there are allowances for personal care assistance in the home through a home care agency for Medicaid.

That's a much longer discussion but there there are some there is an ability for Medicaid to cover assistance in the home but not Medicare. It's a harsh reminder. You know that Don sometimes those benefits they are some tricky that it seems to get lost in the shuffle. They presumably see home health and home healthcare covered.

That's what were talking about. That's not different thing altogether. I think a lot of people do is blown away by the difference in nursing home care and skilled nursing enough you go to the hospital if they have a stroke, you end up in a skilled nursing facility where you're getting speech therapy every single day while Medicare does cover skilled nursing, but you have just one day you don't have it has to be consecutive days where you're getting a skilled nursing care have is one day where you're not getting your speech therapy that day you cooked. You no longer covered by Medicare because it has to be every single day for them to step seven. You have to progress you can't stay stable.

You have to continue to improve in order to continue to qualify for Medicare.

So even if you are getting physical therapy or speech therapy every single day. If you've reached a plateau. Medicare will probably step out and then it will be your responsibility all the more reason you have to have a plan in place as party retirement plan for how are you going to cover these expenses if you encounter them down the road talking about four misconceptions of aging and healthcare not V4 but four misconceptions, there are probably more than four I'm quite sure, but misconception number two is that all CCR sees are created equal. And before you explain why that's a misconception. You should probably explain what is a C CRC so a C CRC.

The acronym means continuing care retirement community and in general. That means you can move, there is an independent person and you can agent place on that campus, meaning that if you get a little bit sicker, you can move into assisted living.

If you have more care needs. You can move into the skill part of that C CRC or they almost always have a memory care unit that you can also have access to so you start out as an independent person living in a villa and you can progress through the rest your life in that community so that that's a thumbnail sketch of the C CRC and when we say the misconception is that there are created equal. The way that the care looks at a lot of the places might be pretty similar, but the financial structure of how you get in those places. There's just all these completely different models that I think confuse a lot of people and they're not none of them are right or wrong, they're just different and there are equity models. There are monthly fees. There are differing equity models were you get your money back after you leave. There is no SLAC equity models break that down with that look. So with this in equity model C CRC.

It's almost like buying a home inside that community. So if you bought an apartment for hundred $50,000 or a house for $500,000 you could grow equity and that piece of property.

Typically they do go up in value over time. But there's also a little bit of the fee structure at the end if that property has to be turned over to the next person. Then there's a charge for that sometimes your equity is eaten into a little bit, but you don't lose it. If you pay that money up front, you don't lose it. Continues to stay part of your property, but you're also buying an insurance product which is a C CRC said that sometimes what's so expensive because they plan to take care of you for the rest your life. So start part of the entry fee is put into a fund that helps cover people who run out of money, so it is an insurance product defined by the Department of Insurance C CRC's at the other end of the spectrum, you may not own anything. You may display a really high monthly rent right, but then you're taking care of them.

I guess essentially part of your whatever the number is $6000 a month rent is essentially buying long-term care insurance for all intents and purposes, that's exactly right in and of course all in this area. We have a little bit of everything. We've got equity model C CRC's in Orange and Durham County.

We have, the more of the traditional almost lease models. Sometimes that might be more expensive per month. Don't and sounds that own anything your debt, you're not building equity you're not actually buying in the same way, but it that the interesting thing Ellen lived with to be was is not right or wrong, it's what's right for you and what's right for your budget what's right for what you've plan for we have seen a lot of clients that select a very nice, very new, very attractive. C CRC as an as part of their investment diversification so they actually look at it as far and have to have some of these are absolutely beautiful and we say villas.

These some of them not 10 minutes from where were sitting have yet to thousand square feet and marble and mahogany everywhere. Anybody anybody would be thrilled to live there. So these are not. This is not shantytown by a long time.

He reminisces these are all places that are safe and secure and truly are are beautiful in their own right and there escalating and and appreciating in value.

Misconception number three is that well I'm not going need any care. 68.

I feel great and healthy. I drink a protein shake. Every morning I can still do 13 pull-ups. I'm not going to need a long-term care or any other way. I hear a lot of people say it is well will take care of each other, husband-and-wife or logs moving with the kids. If I can't take care of myself. I'll just go out behind the barn and shoot myself.

Or, you know, put me on the top floor of the nursing home if I can't take care of myself now I'll handle it from there.

If you know any people have a lot of different ways of phrasing abutted the end of the day they're all saying the same thing if not can happen to me then that's our third misconception. So to follow up on that with the statistic anyone over 65 now and into the future. At least half of those folks are going to need some form of long-term care whether that be just a little bit help like we provide with home care and in the home all the way up to 24 care in a skilled nursing facility and, as you age, that percentage gets higher so that the first answer to the misconception is the chances that you're going to need some form of care is really high so it is a misconception for sure.

And then the fourth and final misconception will tackle today is that well I'm going to have to move for finding him. I don't want to move. I love my house but my house is it really optimized for me to be able to agent place. There is a new movement out there in we see it in the Triangle were very very lucky to live in this area there are very specific contractors that actually are starting to focus on retrofitting homes that we, we, jokingly call it senior proofing but it's it's not just installing grab bars and doubt maybe widening the door frame to accommodate a wheelchair, of these are folks that are really going in in the they're doing a lot of zero entry ADA type of American with disabilities of type of work to homes to allow people to live there very safely.

In fact, and it's it's not again and of aesthetic. In many cases it can be going in and totally renovating bathrooms to ensure that it may have zero entry roll in showers as a capability. It can be re-doing kitchens entirely to ensure that if you were or if you found yourself needing wheelchair you would still be in a position to be able to tell prepare meals on your own independently and even the external of framework of the home. We see a lot of ramps that are being built instead of all the front stare ways, but with the landscaping and hearts gaping. They do it not only looks beautiful from the street. You hardly even notice that you don't. You truly don't even think of it as a clinical senior home. It's actually a very attractive addition to the home. All of that comes with some cost, but it can be cost that is saved from not entering a true institution or a true facility per se yeah Amelia the cost of a nursing home or assisted living facility at one year stay in one of those places can go a pretty long what he intends of updating your home. So a lot of good options and so there's the four misconceptions or four misconceptions of aging and healthcare Matt Ayotte and Alan Milliken of the founders of ages home care guys that folks can find online where I www.ageshomecare.com AE GIS or the phone number is 919-442-5252. Again, that's AE GIS home care.com ages okay.com again. This is why you have to have a plan within your retirement plan for how you're going to pay for these things one way or the other if you need care is going to cost you something, even if it's a situation where Medicare does pay for some of their are going to be out of pocket expenses, we have to take this into account. If you'd like some help file needs reach out to us.

This is Mr. Stillman's opus will talk with you again very soon. Have a great day