Cosio helps individuals and families choose and build a net of security for those who are caring for someone long term. She says that over the past five years, she has helped an increasing number of Latino families educate themselves on long-term care insurance options and helped them purchase policies. “This is very much an educational process,” she notes. “Many Latino families are looking to take care of loved ones at home, but they need the money to bring someone to help them with the care giving.”

Long-term care insurance is a pool of funds set aside for when an individual is no longer able to do for themselves the activities of daily living or to perform household chores, also known as instrumental activities of daily living.

Long-term care can involve the most intimate aspects of a person’s life, including monitoring when he or she eats, helping them use the bathroom, and bathing and changing them.

Although the majority of Hispanic families prefer to take care of their elderly at home, Latinos “are now seeing the value of this program so they are able to take care of the loved ones in the tradition that we are accustomed to,” states Cosio.

In fact, a 2001 survey by the American Association of Retired Professionals (AARP) that looked at the commitment of Latino families to their children and elderly showed that one third of them have assumed a disproportionate share of the responsibility for taking care of their elders. Thirty-four percent of Latinos between the ages of 45 and 55 take care of elders, compared to 22 percent of the general population, according to the survey.

“Thirty- to 50-year-olds are the sandwich generation,” says MetLife financial advisor Bellaria Jaramillo. “Many have to take care of their children and their parents and manage their careers. Nursing home care is generally not an option in the Latino community, and long-term care insurance can be very helpful to Latino families.”

According to America’s Health Insurance Plans (AHIP), about 19 percnt of Americans over the age of 65 require long-term care; for Americans over 85 — the fastest-growing segment of the population — that percentage rises to 55 percent. But AHIP emphasizes that the need for long-term care can come at any time; the U.S. Government Accountability Office estimates that of the 13 million Americans receiving long-term care today, 40 percent are between the ages of 18 and 64. It’s never too early to start investigating your options.

Long-term care may include a wide range of supportive services, including medical, social and personal services needed when an individual is unable to carry out his or her basic activities of daily living.

Those needing long-term care can be the result of a chronic condition, trauma or aging. “Anyone who has assets that can be depleted in order to take care of a loved one long-term will need the insurance,” says Janine Chapa, agency field executive for State Farm Insurance in Florida.

Chapa notes that although the majority of her clients looking to purchase long-term care insurance are non-Latino, she has seen more Latinos asking for information on such insurance over the past five years.

Coverage for long-term insurances varies depending on how much coverage the individual wants and for how long. It may cover all of the homecare, assisted-living or nursing home options.

Nationwide, the number of long-term policies sold has increased significantly. From 1995 to 2002, the number of long-term care insurance policies doubled from $4.35 million to $9.16 million, according to the HIAA report “Latest in Long-Term Care Insurance in 2002.”

Yet one of the major barriers individuals have in planning for long-term care is lack of information, says Natasha Boissier, social worker and family consultant with the San Francisco-based Family Caregiver Alliance. The FCA offers support and educational information for family members and friends caring for loved ones long-term. Individuals must get objective information, whether it’s about a nursing home or long-term care insurance,” she says.

After nine years on the Hill, Cabral left the marble halls of Congress to head up HACR. “I really wanted to get back into the grass roots to the extent that I could,” she says. “I also believe that, while government can be very helpful, a great deal of the solutions to the issues that confront the Latino community are found in the community itself and in potential partnerships between business, government and community.”

As HACR president, Cabral advanced its mission of ensuring the inclusion of Hispanics in corporate America at a level that mirrors the group’s economic power. Cabral managed a coalition of 10 national organizations, among them the National Council of La Raza (NCLR) and the League of United Latin American Citizens (LULAC). Together, coalition partners forged partnerships with Fortune 500 and 1000 companies to promote the inclusion of Latinos in four key areas: governance, procurement, employment and philanthropy.

During her four-year tenure at HACR, Cabral launched several initiatives. Among them was a partnership with Harvard Business School to increase training for Hispanic business leaders and enhance their performance on Fortune 500 boards.

She adds, “Our data shows that long-term care giving often takes a great toll on the caregiver; therefore, getting support early and often is critical to successful care giving.”
For those considering purchasing long-term care insurance, Boissier advises that individuals look carefully at the insurance policy to make sure they understand what services it covers, what the daily benefits are, and what the waiting period is before an individual can start receiving benefits. “There are many loopholes in long-term care insurances,” she warns.

The cost of long-term care varies from state to state. For example, in Kansas the cost of care is approximately $36,000, and it’s close to $95,000 in New York; the national average is about $55,000. “Cost of insurance does not vary as much based on location as it varies based on age,” says Jerusha Ramos, New York–based insurance professional and registered representative with Principal Financial Group. “The older you are the more expensive it is.”

The national average of insurance or annual premiums, according to Ramos, is approximately $1,100 a year for someone who is 50 years old, while someone who is 80 years old will pay more than $7,500 a year. But it’s still a bargain. “When you compare the amount you pay for insurance versus the amount you pay without insurance, that makes a huge difference,” says Ramos. “How many people can afford to pay even the $36,000 it costs in Kansas?”

Latino families caring for a loved one long-term can begin experiencing not only financial difficulties but also emotional and psychological tensions. For that, many organizations offer low-cost or free family workshops, conferences or counseling that will help family members to manage and deal with the stress that can be associated with caring for someone long-term.

Boissier notes that many non-profit organizations are able to provide a variety of resources, including medical and educational assistance to families and friends who are caring long-term for aging or ill individuals. She recommends that caregivers reach out to organizations to received objective information on the public services that are available for those who cannot purchase long-term care insurance. “[Caregivers] should look into national organizations that deal with specific illnesses, such as the American Stroke Association” she says.

For consumers, purchasing long-term care insurance can be confusing. Aside from ensuring that the insurance company they are purchasing the policy from is well-established and reputable, individuals must also decided on the level and duration of the coverage.

Ramos advises individuals and families to contact the National Association of Insurance Commissioners (NAIC) for a shopper’s guide to long-term care insurance. “It will help them understand the different policies in a language they will be able to understand.”

Information and Resources

Family Caregiver Alliance
www.caregiver.org

America’s Health Insurance Plans
www.aihp.org

American Association for Long-Term Care Insurance
www.aalti.org

American Association of Retired Persons (AARP)
www.aarp.org/bulletin/longterm

The National Council on the Aging
On its website, the NCOA provides an excerpt from its nationally acclaimed book, “Planning for Long-Term Care.”
www.ncoa.org

Eldercare Locator
This public service of the U.S. Administration on Aging connects older Americans and their caregivers with sources of information on senior services.
www.eldercare.gov

National Center for Assisted Living
www.ncal.org

American Healthcare Association
www.ahca.org

Consumer Information about Long-Term Care
This site is sponsored by the NCAL and the AHCA
www.longtermcareliving.com