What is Long Term Care
Long term care is a range of services and supports you may need to meet your personal care needs. It assists with the basic Activities of Daily Living (ADL), such as: bathing, dressing, eating, transferring and incontinence. People are living longer, which means we more likely to need help with these basic activities of daily living. Leaving you with the probability of having to foot the hefty bill and drain your retirement nest egg. Long-term care is likely the most overlooked piece of one's retirement plan, what's the point of amassing a huge pile of money for retirement if it'll all be wiped out by a prolonged long-term care event?
Some Common Misconceptions
IT WILL NEVER HAPPEN TO ME:
For people age 65 and older who have long-term care insurance, there is a 45 percent chance of making a claim, though it ranges from 30 to 56 percent depending on gender and marital status
MEDICARE WILL PAY THIS COST
Medicare only covers medically necessary care and focuses on acute care, such as doctor visits and may pay for a nursing home stay following a three day inpatient hospital stay. However Medicare does not pay for long term care, also known as custodial care.
I WILL PAY FOR IT MYSELF
Can you really afford to pay for the care yourself? In the United States (in 2010) the average rate for a private room in a nursing home is approximately $229 a day or $6,965 per month that's of $83,585 a year, now do you think that figure will go up, chances are it will. Average costs for home health aides are $21 an hour. We can show you how to cover these expenses.
I WILL QUALIFY FOR MEDICAID
If your plan is to qualify for Medicaid to pay for nursing home costs you will have to spend down a portion of your assets and you may be surprised at how much this plan will cost you, and your family. Not to mention the lack of freedom you will be giving up, such as your choice in which nursing facility and having a private room.
MY KIDS WILL TAKE CARE OF ME
This sort of thinking comes from a person whom might not of actually had the experience of changing an adult relative’s diapers. Or watched a relative provide most of the care for an elderly family member. In many cases this leads to the relative to physical exhaustion, emotional devastation, derived illnesses and extreme financial sacrifice from lost wages. In addition some parents still assume, that their children will pay for their care if the parents run out of money or that the children will split any costs for care equally.
IT WILL NEVER HAPPEN TO ME:
For people age 65 and older who have long-term care insurance, there is a 45 percent chance of making a claim, though it ranges from 30 to 56 percent depending on gender and marital status
MEDICARE WILL PAY THIS COST
Medicare only covers medically necessary care and focuses on acute care, such as doctor visits and may pay for a nursing home stay following a three day inpatient hospital stay. However Medicare does not pay for long term care, also known as custodial care.
I WILL PAY FOR IT MYSELF
Can you really afford to pay for the care yourself? In the United States (in 2010) the average rate for a private room in a nursing home is approximately $229 a day or $6,965 per month that's of $83,585 a year, now do you think that figure will go up, chances are it will. Average costs for home health aides are $21 an hour. We can show you how to cover these expenses.
I WILL QUALIFY FOR MEDICAID
If your plan is to qualify for Medicaid to pay for nursing home costs you will have to spend down a portion of your assets and you may be surprised at how much this plan will cost you, and your family. Not to mention the lack of freedom you will be giving up, such as your choice in which nursing facility and having a private room.
MY KIDS WILL TAKE CARE OF ME
This sort of thinking comes from a person whom might not of actually had the experience of changing an adult relative’s diapers. Or watched a relative provide most of the care for an elderly family member. In many cases this leads to the relative to physical exhaustion, emotional devastation, derived illnesses and extreme financial sacrifice from lost wages. In addition some parents still assume, that their children will pay for their care if the parents run out of money or that the children will split any costs for care equally.
Helpful Long Term Care Links
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Long-term care planning should be a primary concern to all families, especially those of the sandwich generation. This generation is faced with caring for their own children, while have to care for their aging parents. Most of us feel that the need for nursing care or assistance with every day activities is not something that would happen to us. If it does, the plan we have in the back of our minds can potentially be unrealistic and a burden to other family members. This is why it is imperative we put a realistic long term care plan in place as part of your retirement planning. The time for this planning is now while your health is good and your at your current age. The cost of your protection is based on your age and your health. The sooner you take action the lower the cost.
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