Resources for Kūpuna

· A way to plan for your care needs in your future years

· Best and least expensive time to purchase it this in your 50’s

· It is sold by private insurance companies and agents that are licensed by the State of Hawaii

· Some plans can be converted to an insurance policy if you do not use it

· How much does long-term care services cost in Hawaii? The average in 2014 in Urban O’ahu (according to Genworth) is:

o Homemaker services $23.00 per hour

o Home Health Aide $25.00 per hour

o Adult Day Health Program $77.00 per day

o Assisted Living Facility $4,975 per month

o Nursing Home Facility $310 per day for semiprivate room

o Nursing Home Facility $330 per day for private room

· Steps to choosing a long-term care insurance policy

o What Resources do you have available?

o Does my employer have a group plan available to me?

o Where do you want to have your care provided? In your own home? In a care facility?

o Do you have “ohana” that can assist in your care?

· You should NOT buy a Long-Term Care policy if:

o You can’t afford the premiums

o You don’t have many assets

o Your only source of income is Social Security

o You often have trouble paying for utilities, food, medicine or other important needs

o If you are currently on Medicaid

· You may want to consider buying Long-Term Care insurance if:

o If you have many assets and or a great income

o You don’t want to use your assets to pay for Long-Term care (you want to leave assets to your family or favorite charity)

o You can afford the premiums and possible increases without a problem

o You don’t want to depend on your Ohana to take care of you

o You want to be able to choose where you receive your care

· Long-Term Care may not be for you but may be an option for your children and grandchildren.