Navigating Long Term Care
A Comprehensive Guide for Those 55 and Over
As individuals reach the age of 55 and beyond, planning for the future becomes crucial. One significant aspect to consider is long-term care, which involves a variety of services designed to meet health or personal care needs over an extended period, often due to chronic illness, disability, or the natural aging process.
Long-term care encompasses a range of services that include:
Activities of Daily Living (ADLs):
Bathing
Dressing
Eating
Walking
Why Plan for Long-Term Care?
Rising Costs: The expenses associated with nursing homes, assisted living facilities, and in-home care are increasing.
Financial Stability: Planning ahead ensures financial stability and peace of mind.
Insurance Options: Exploring insurance options can help cover long-term care expenses.
Cost Considerations
Recent studies indicate that the average cost of a private room in a nursing home has increased significantly over the past decade. This financial burden underscores the importance of careful financial planning.
The Importance of Planning
Approximately 70% of individuals aged 65 and over require some form of long-term care during their lives.
Recognizing the likelihood of needing assistance allows individuals and their families to make informed decisions about their future.
Steps for Navigating Long-Term Care
- Start Planning Early
- Maintain Control
- Live With Peace of Mind
Understanding the potential need for long-term care and exploring various options can help secure your future.
Something extremely important to understand about Long Term Care, is how well traditional Health Insurance & Medicare cover extended periods and different types of care as they are needed.
Medicare Only Covers The First 100 Days Of Skilled Nursing.
There is no argument that Original Medicare, combined with a Medicare Supplement, provide the most comprehensive level of care for those in retirement. However, even Medicare does not cover everything 100%.
Three Types Of Care
Skilled Care: Is medically necessary care that can only be provided by or under the supervision of skilled or licensed medical personnel.
Intermediate Care: a level of nursing care that is supervised by physicians or a registered nurse, intermediate between intensive and basic care.
Custodial Care: Involves help with daily activities like bathing and dressing. In some cases where care is received at home, care can also include help with household duties such as cooking and laundry.
Medicare will always be your first line of defense when it comes to healthcare in your retirement, but as you can see, once more intensive care is needed, Medicare falls short and this is where a Long Term Care policy would come in to ensure you are taken care of in your retirement.
