Long Term Care is a Family Matter
When one is in their 30’s, they may not necessarily be thinking about long term care issues, but this should be the time to have the conversations with parents and older family members to determine what they want, should the need arise.
When one is in their 40’s and 50’s, they need to begin thinking about their own family’s future and what long term care issues may lie ahead. Should one have a long term care need, being prepared may help with a lot of decisions that may have to be made. This is the time to talk with family and consider the following questions:
- Where you would like to receive care (in your home, in a facility)?
- If you would prefer to receive care in your home, who would provide the care?
- How much care could you need?
- How will you pay for care?
- Should you consider Long Term Care insurance?
Long Term Care Services
Many different services help people with chronic conditions overcome the limitations that keep them from being independent. Long term care services may include help with activities of daily living (bathing, eating, dressing, toileting, continence and transferring), home health care, respite care, hospice care, adult day care, care in a nursing home, or care in an assisted living facility. It may also include care management services, which will evaluate needs and coordinate and monitor the delivery of long term care services. It is hard to know if and when one will need long term care and how much a long term care event may cost, but there are some statistics that may help. For example:
- About one out of every four 65-year-olds today will live past age 90, and one out of 10 will live past age 95.
- An estimated 11 million U.S. adults need some type of long-term care.
- The lifetime probability of becoming disabled in at least two activities of daily living or being cognitively impaired is 68% for people age 65 and older.
- Just one hour of home-health-aide care costs roughly $20, while the average private nursing home room costs $87,000 a year. And neither routine employer-based medical insurance nor Medicare will pay for extended periods of custodial care.
So whether you are looking to help protect your parents, yourself or your children from the ramifications of a long term care event, Long Term Care insurance may be a solution that you and your family consider.