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Long Term Care, Plan Now for a Better Future

This year about 9 million Americans over the age of 65 will need long term care services.  By 2020 that number is expected to increase to 12 million.

The need for long term care may only last for a few weeks or months or it may go on for years.  It all depends on the underlying reasons for needing care.

Temporary long term care that last for only weeks or months might include:

• Rehabilitation from a hospital stay
• Recovery from an illness or injury
• Recovery from surgery
• Terminal medical condition

Ongoing long term care that lasts for many months or years could include:

• Chronic medical conditions
• Chronic, severe pain
• Permanent disabilities
• Dementia
• Ongoing need for help with activities of daily living
• Need for supervision

Forty percent of people currently receiving long term care are adults 18 to 64 years old.    So you can see, whether it is for you or a loved one, long term care will most likely be touching your life in some way.

An important part of planning for long term care is deciding how to pay for services. Many people believe they can rely on Medicare to pay for any long-term care services. However Medicare is limited, what little is paid is usually for only a short amount of time.

There’s a very good chance you will have to pay for some or all of your long term care services out of your personal income and resources. The average cost of a year in a nursing home is around $68,000 a year.  One year of care at home, assuming you need periodic personal care from a home health aid, about three times a week, would cost almost $18,000 a year.  There are however an increasing number of private payment options that help to cover the costs of long term care services.  Here is what I would suggest:

• Talk to an independent financial planner for more information.
• Ask your current or former employer if you are eligible for group long term care insurance, saving plan annuities or similar long term care benefits.
• Learn about, trusts annuities, reverse mortgages and other options that might be right for you.
• Shop around for long term care insurance, there are many different options.

 

I urge you to take some time to make a plan about long term care and here are some sites I found especially useful www.longtermcare.gov/LTC/Main/index.aspx here you will find lots of information on how to evaluate different long term care options.  You can also go to http://www.healthassistancepartnership.org/ship-locator/ to find a location in your state where you can get free one-on-one counseling and assistance regarding long term care insurance.  There is also a site for future needs of children with disabilities in need of long term care it is www.thearc.org

Most importantly please make plans for long term care, long before you think you will need it.  It’s an investment well worth the effort.