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Long-Term Care for the Elderly

© Hunter

Are you protected against the high cost of long-term care?

What is long-term care? It's the kind of help you need if you are unable to care for yourself because of a lengthy illness or disability.

It refers to care prided to you at home, in you community, in a nursing home or other residential setting. It can range from help with routine daily activities like eating or dressing to around-the-clock care by skilled medical personnel.

Hae you overlooked one of your greatest risks? Most of us plan carefully for retirement but completely overlook one of the greatest risks we face as we get older: the need for continued care at home or the possibility of a prolonged stay in a nursing home. The fact is, three out of five people over the age of 65 will need some type of long-term care, including home care and community care, at some time in their lives.

Furthermore, two out of five people will spend time in a nursing home. Faced with these realities, we must plan for our continued financial security.

How costly are long term care services? Today, the national average cost of nursing home care is $36,000 a year. And home care averages $10,000 to $15,000 a year. At 5% annual inflation; these costs will double in just 20 years. One lengthy period of long term care could wipe out everything you have worked a lifetime to build.

Where will the money come from? Essentially, there are three basic options:

Use your own resources. This option is available to those who have the income and assets to pay for long term care without seriously affecting their financial well-being or independence.

Qualify for government assistance. If you meet federal and/or state poverty levels for both income and assets, the government may pay your long term care bills. However, choices for the care you receive may be limited.

Be insured. Long term care insurance can help you protect your assets and your independence in the event you should face the overwhelming expense of care at some point in the future.

If you need more information on this topic, feel free to e-mail me at the above e-mail address.

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