Ideas to Fund Long-Term Care
What Should I Expect from Long-Term Care?
Long term care refers to care that is not covered by Medicare – typically assistance with Activities of Daily Living, such as cooking, dressing, bathing, toileting, and transferring. Due to increased life expectancy, today’s 65-year-olds will need on average close to $200,000 to cover long-term care costs.
Where Is the Funding?
Many don’t and won’t ever have the money for long-term care. For couples who do, their partner could end up losing a serious amount of money. In extreme cases of dementia or Alzheimer’s, costs can skyrocket as time goes on, making a significant dent in even a wealthy person’s bank account. Few people have that kind of money set aside, and only 11% of Americans have the insurance for it. A few years ago, Next Avenue published an article outlining a Bipartisan Policy Center report on potential legislative solutions. Included in the report were proposals to make access to long-term care funding more available, and a strong discouragement towards putting long-term care on Medicare. Read more on NextAvenue.
Making End-of-Life Care Easier
Through a Certified Elder Planning Specialist workshop, I learned a lot about the complicated issues faced by the elderly and their families when frailty enters the picture. Whether it comes about suddenly or gradually, it’s a lot tougher to handle if the family hasn’t got an Aging Plan.
Though long-term care will be costly anywhere in the United States, quality of life for the elderly does vary wildly from location to location. Want to know how your state ranks in terms of quality of life in your 80s and 90s for you and those who may be your caregivers? Visit AARP’s state scorecard for end-of-life quality.
What are your thoughts on long term care? Do you have insurance? Why, or why not? How might you find the help you need should you become frail or disabled at the end of life?
For more information on Aging Plans – making a plan to transition in housing, driving, finances, and health care decisions – schedule a call with us.