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

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 2

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 3

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 4

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 5

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 6

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 7

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 8

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 9

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

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 11

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

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 13

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

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 15

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

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 17

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 18

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 19 Ben Crownover Bernard Health 4501 HARDING PIKE NASHVILLE, TN

Resources Available Caring for Aging Parents 37

Everything in One Place Caring for Aging Parents 38