Long-term Care: What is it? Do I need it? How do I plan and pay for it?
November is long-term care awareness month - who knew? 🤣
But seriously, in my recent webinar on this topic, I shared statistics about who will need long-term care services at some point in their lives?
🤔 Hint: MOST OF US!
So what IS long-term care? Long-term care needs arise when we can no longer do 2 out of 6 Activities of Daily Living, or ADLs.
🏃🏾♀️➡️ Moving
🥗 Eating
💃🏻 Dressing
🪥 Hygiene
🚽 Toileting
🧷 Continence
🧾 Which brings us to the next question - how do I plan and pay for it?
You'll find those answers and more in our webinar replay here.
And if you're not yet thinking about YOUR later years -- you may be thinking about your parents. Here is some additional food for thought as you care, or plan to care, for your parents.
The cost of care for the elderly continues to rise. If you have aging parents who need assistance, there are important considerations and resources that can help them grow old gracefully.
First, let’s consider the various living options. Depending on their independence, your parents may be able to continue living in their current home. However, you may need to make safety modifications, which can get expensive. For instance, a first-floor bathroom, grab bars in hallways in bathrooms, and an emergency response system may be necessary. You might also consider an in-home aide if your parent needs additional personal assistance.
Some families choose to move an aging parent into their own home. If your parent has dementia or other health issues, adult day care can be helpful, as it allows them to socialize with other adults.
If your parents are independent and can care for themselves, they may be eligible to enter a continuing-care retirement community, where they can become eligible for future nursing care, if it becomes necessary. Consider purchasing long-term care insurance (check out our guide to long-term care insurance), which can help pay for nursing home costs or the cost of an in-home aide.
If your parents need the more extensive care provided by a nursing home, research the options extensively. You may need to reserve a space far in advance, as waiting lists are often long at popular facilities.
Just as you consider the various living options for your parents, so, too, should you research the financing options for long-term care, which can be a tremendous burden for many adults.
Medicare will only pay the full cost of professional help if a physician certifies that your parent requires nursing care and if the services are provided by a Medicare-certified home health care agency. Even in such a case, Medicare will pay for nursing home care for the short-term only, with benefits restricted to low-income individuals with limited assets.
No matter your current situation, developing a financial plan can be an important step in providing adequate support for your parents’ future well-being, as well as yours.