We all have those moments with our loved ones, when we realize a discussion about long term care planning is going to be necessary… soon. The other night my husband and I took his mother out for dinner. Every time we see her, she seems a bit slower, a tad more fragile, and her breathing has concerned me for some time. On this particular outing she mentioned she’s having a hard time keeping up with all of her housework. Then we got an additional health diagnosis a few days later, and I suggested my husband get together with his siblings, and begin some discussions about her future.
Each and every one of us should do our own long term care planning, before our loved ones have to meet and discuss it without us. Here are ten things you should know.
- Seven out of 10 people will require long term care in their life. Think of ten friends your age; seven of them will require assistance.
- Almost 7 million Americans are living with Alzheimer’s. That number is expected to rise to 13 million by 2050.
- Currently the annual median cost for an Assisted living facility is $66,126. That number is expected to rise to $88,868 by 2034 and $119,431 by 2044.
- Medicaid will only cover long term care costs in available facilities once you’ve spent down most of your assets. And most Medicaid facilities have a wait list.
- 10,000 Baby Boomers will turn 65 every day until 2030. Many are referring to this as the Silver Tsunami. How many Baby Boomers are part of your life? Family? Friends? Neighbors?
- African Americans are almost twice as likely to have Alzheimer’s. Hispanics are almost one and a half times as likely.
- For people born in the year 2000 in the US, men are expected to live on average to the age of 74.1 and women to the age of 79.3. Is there longevity in your family?
- Medicare is health insurance for people age 65 or older and covers medically necessary care only – not long term care.
- Many states are looking to create payroll taxes to fund long term care. Washington was the first to implement it; California, Massachusetts and Minnesota are researching.
- Caregiving for someone who requires long term care has many costs. Physical, mental, emotional, and financial. Planning ahead saves relationships.
What are the different types of long-term care services?
Long-term care involves a wide variety of support services to help people live as independently and safely as possible. It is provided in different places by different caregivers, depending on a person’s needs.
Home-based care
In many cases, long-term care is provided at home by informal caregivers, such as family members, friends, and neighbors. Most home-based care services involve personal care — help with everyday activities, also called “activities of daily living.” These activities include bathing, dressing, eating, and taking medications, as well as supervision to make sure a person is safe.
Home-based care can also be supplemented by formal caregivers who are paid for their services. These caregivers include nurses, home health care aides, therapists, and other professionals. They can help older people with many aspects of health care, including giving medications, caring for wounds, helping with medical equipment, and providing physical therapy.
Long-term care planning
The best time to think about long-term care is before you need it. Planning for the possibility of long-term care gives you and your family time to learn about services available in your community and what they cost. It also allows you to make important decisions while you are still able.
Begin by thinking about what would happen if you became seriously ill or disabled. Talk with your family, friends, and lawyer about who would provide care if you needed help for a long time and what kind of care you would want. People with Alzheimer’s disease and other types of dementia should begin planning for long-term care as soon as possible. Read more about advance care planning.
Most people prefer to stay in their own home for as long as they can. Staying in your own home as you get older is called “aging in place.” But living at home as you age requires careful consideration and planning. There may come a time when it’s no longer safe or comfortable to live alone. Be realistic and plan to revisit the decision as your needs change over time.
Paying for long-term care
Long-term care can be expensive. How people pay for care depends on their financial situation, their eligibility for assistance programs, and the kinds of services they use. People often rely on a variety of payment sources, including:
- Personal funds, including savings, a pension or other retirement fund, income from investments, or proceeds from the sale of a home.
- Federal and state government programs, such as Medicare, Medicaid, and the U.S. Department of Veterans Affairs (VA). Visit USA.gov for more information about government programs for health care and financial assistance.
- Private financing, including long-term care insurance, reverse mortgages, certain life insurance policies, annuities, and trusts.