As we age, it becomes increasingly important to plan for the possibility of needing long-term care. According to the U.S. Department of Health and Human Services, 70% of people aged 65 and older will require some form of long-term care, with the average person needing assistance for three years. Despite this, many Americans have not set aside money or discussed their preferences with their families.
By not planning for long-term care, you risk losing control over the care you receive and may not have the financial resources to pay for it. This lack of planning can also place a significant burden on your loved ones, who may be forced to provide care or make difficult decisions on your behalf.
There are several types of long-term care available, each with its own benefits and costs:
In-home care: This option allows you to remain in your home while receiving assistance from family members or certified aides. Private-duty care averages $21 per hour.
Adult day care: You can live at home but spend the day in an adult day care facility for an average of $67 per day.
Assisted living: If you have minor medical problems but need help with daily activities, an assisted living facility may be suitable. The average cost for a one-bedroom unit is about $3,300 per month.
Nursing homes: For those with medical conditions that require daily monitoring or those with dementia, a nursing home may be necessary. Average costs range from $6,000 to $7,000 per month, depending on the type of room.
Contrary to popular belief, Medicare does not cover most long-term care expenses. It will only pay for a short-term stay in a nursing home (up to 100 days) after a three-day hospital stay or for short-term Home Health services prescribed by a doctor.
Options for paying for long-term care include:
Private pay: Paying the full price out of your own pocket.
Long-term care insurance: A policy that reimburses you for daily expenses in an assisted living facility, nursing home, or for in-home care.
Medicaid: A program shared by state and federal governments that can cover long-term care costs for those with limited income and assets.
Veterans' benefits: The VA Aid and Attendance and Housebound Improved Pension benefit can help cover the costs of long-term care for eligible veterans and their spouses.
To ensure that you have control over your long-term care and the financial resources to pay for it, it's essential to start planning now. This process may involve working with legal and financial professionals, such as an elder law attorney and a certified financial planner. It's also crucial to have open and honest conversations with your family about your preferences and expectations for long-term care.
By taking the time to plan for your long-term care needs now, you can ensure that you receive the care you want and deserve, while also protecting your loved ones from the burden of making difficult decisions on your behalf. Don't wait until it's too late – start planning for your future today.
For more information on long-term care planning, visit the Administration for Community Living's Long-Term Care Planning website.
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