Having a long-term care plan is a wise investment, as it can provide you with the chance to make important decisions about your care and finances while you are still able to do so. The United States Department of Health and Human Services reports that each day, approximately 10,000 Baby Boomers turn 65, and for this group, there is a 70% chance that these seniors will require long-term care. Making a plan for your care can ensure you have what you need should you require a long-term health care facility or care at home.
Many people do not know how expensive long-term care can be, and paying for it can be a challenge. Most people who will need long-term care will have an average stay of 3 years or more in a facility or at home, and this means that understanding how you will pay for the care is essential. The National Institute on Aging reports that people pay for care at a facility or home in several ways which include:
- Pension funds
- Savings
- Medicaid
- Long-term insurance
- Veteran’s benefits
- Services through the Older Americans Act
In addition to the care provided in a facility, long-term care includes services provided by an unpaid volunteer who is usually a relative or friend in your home. Avoiding the burden of long-term care begins with a plan.
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Care also includes a nurse or aide who comes to the home to take care of you if you need these services. Sometimes, a senior can benefit from adult day services, which provide care during the day. Think of a long-term care plan as a way to clarify what care you want, set up how that care will be provided and how you will pay for the cost of that care. A long-term health care plan can assist in creating ways to put funds aside to pay for your needs over time.
You can take steps now to make sure you will have the services you need. One of the first things you can do is to check the local long-term care facilities in your area. If you cannot care for yourself, where would you like to be if you require a facility? Medicare is a valuable resource as it offers the opportunity to search for local long-term care facilities online.
Another step is to look closely at costs and figure out how you can pay for care should you need it. You might think Medicare or Medicaid will pay for your care in a facility, but this is not always the case. Medicare helps with a short stay, and Medicaid only pays if you qualify for it. Consulting with an elder law attorney like the professionals at Bratton Law is essential to understanding what to consider when planning for your care.
Most importantly, making a long-term care plan means you will be able to focus on your health when you need to do so.
If you would like to learn more about your long term planning options contact our office today at 856-857-6007.
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