1. Caring for Aging Parents
“Children, obey your parents in the Lord: for this is right. Honor your father and mother; which is the first commandment with promise; that it may be well with you, and that you may live long on the earth.” (Ephesians 6:1-3)
Week 3 | Negotiating the Healthcare System, Part 1 | March 22, 2015

2. Negotiating the Healthcare System, part 1 March 22, 2015
Medical insurance
Medicare, Medicare Advantage, Medicare supplemental/gap insurance
Long-term care insurance
Medical savings accounts
Caring for Aging Parents

3. Mike Norwood
Mike Norwood: Mike Norwood retired from 12 years with TN Dept. of Health after being in retail 4 years and in ministry 32 years. He currently acts as Conservator and Guardian for his mother-in-law who resides at Claiborne Hughes in Franklin. She suffers from vascular dementia and has been in residential care for over 6 years.
Caring for Aging Parents

4. David Kardokus, CLU, CFP
President of Full Service Insurance, Life and Benefits
30+ years of experience in healthcare and financial planning.
Member of NAIFA
Personal experience with long term care insurance benefits
Caring for Aging Parents

5. Ben Crownover
Ben Crownover: Ben, a native Nashvillian, graduated from Miami University of Ohio. After graduation Ben launched a non-profit called Justice Industries. After his short stint in the non-profit world, Ben joined the team at Bernard Health, and has been a healthcare advisor for the past two years. When Ben isn't helping his clients navigate Medicare, COBRA, and the individual market, you can find him playing Ultimate Frisbee or rock climbing.
Caring for Aging Parents

6. Our Prayer today
Help me prepare to care for my parents before that need comes.
Help me prepare to make it easy for my children to care for me when that day comes.
Caring for Aging Parents

7. Our Faith
“At that time the kingdom of heaven will be like ten virgins who took their lamps and went out to meet the bridegroom. Five of them were foolish and five were wise. The foolish ones took their lamps but did not take any oil with them. The wise ones, however, took oil in jars along with their lamps. (Matthew 25, NIV)
Caring for Aging Parents

8. Our Faith
The bridegroom was a long time in coming, and they all became drowsy and fell asleep. “At midnight the cry rang out: ‘Here’s the bridegroom! Come out to meet him!’ “Then all the virgins woke up and trimmed their lamps. The foolish ones said to the wise, ‘Give us some of your oil; our lamps are going out.’ ‘No,’ they replied, ‘there may not be enough for both us and you. Instead, go to those who sell oil and buy some for yourselves.’ (Matthew 25, NIV)
Caring for Aging Parents

9. Our Faith
But while they were on their way to buy the oil, the bridegroom arrived. The virgins who were ready went in with him to the wedding banquet. And the door was shut. Later the others also came. ‘Lord, Lord,’ they said, ‘open the door for us!’ But he replied, ‘Truly I tell you, I don’t know you.’ Therefore keep watch, because you do not know the day or the hour.” (Matthew 25, NIV)
Caring for Aging Parents

10. Information from our panelists
Providing clarity and counsel
Caring for Aging Parents

11. Mike Norwood
“When I am 65 and retire, I won’t have to worry about Health Insurance.  I will simply be on Medicare.”
Caring for Aging Parents

12. David Kardokus David Kardokus, CLU, CFP Full Service Insurance
Caring for Aging Parents

13. LONG TERM CARE INSURANCE
What is it?
How do you qualify for benefits?
Types of care
Cost of long term care
Benefits to consider
Caring for Aging Parents

14. Coverage for long physical illness Disability Cognitive impairment
WHAT IS IT?
Coverage for long physical illness
Disability
Cognitive impairment
Caring for Aging Parents

15. HOW DO YOU QUALIFY FOR BENEFITS?
Unable to do 2 activities of daily living
Bathing
Continence
Dressing
Eating
Toileting
Transferring
Cognitive impairment – Alzheimer’s or dementia
Under the care of a physician
Caring for Aging Parents

16. TYPES OF CARE Nursing home Assisted living Home health Respite Hospice
Caring for Aging Parents

17. COST OF LONG TERM CARE Nursing home $70,000 - $100,000 annually
Assisted living - $40, ,000 annually
Home health care - $15- $20 per hour
Adult day care - $15,000 - $20,000 annually
Costs will increase
Caring for Aging Parents

18. BENEFITS TO CONSIDER Daily benefit Length of benefit
Elimination period
Inflation rider
Coverage for you, spouse, parents?
Life insurance with LTC rider?
Caring for Aging Parents

19. Ben Crownover
Bernard Health 
4501 HARDING PIKE
NASHVILLE, TN 37205
Ben Crownover
"I used to think that when you turned 65 you just got Medicare. As it turns out, it's a lot more complicated than that! By making the best possible Medicare decision, people can save themselves a lot of money and frustration."
Caring for Aging Parents

37. Resources Available
Caring for Aging Parents

38. Everything in One Place
Caring for Aging Parents