According to some sources, 60% of us will need long term care sometime during our lives. It is important for all of us to prepare for that day when we will need to help loved ones with care or we will need long term care for ourselves.
We may prepare financially for unexpected disasters by covering our homes, automobiles and health with insurance policies. But no other life event can be as devastating to an elderly person's lifestyle, finances and security as needing long term care. It drastically alters or completely eliminates the three principal retirement dreams of elderly Americans:
1. Remaining independent in the home without intervention from others
2. Maintaining good health and receiving adequate health care
3. Having enough money for everyday needs and not outliving assets and income
Yet, it is our experience that the majority of the American public does not plan for the devastating crisis of needing elder care. This lack of planning also has an adverse effect on the older person's family, with sacrifices made in time, money, family lifestyles and even affecting the family's or caregiver's medical and emotional health. Because of changing demographics and potential changes in government funding, the current generation more-than-ever needs to plan for long-term care before the elder years are upon them.
While many people equate the term "long-term care" with someone who lives in a nursing home or
other institutional facility, most people (nearly 79% who need Long-Term Care) live at home or
in community settings, not in institutions. *
*Agency for Health Care Research and Quality. Long-term Care users
range in age and most do not live in nursing homes: Research alert.
Rockville: Author, 2000
When you need long-term care you usually need help with your activities of daily living. Bathing, dressing, toileting, continence, eating and transferring are the 6 ADL's we perform for self-care. You may be able to do all of your activities of daily living but still need care and supervision due to a severe cognitive impairment (memory loss, dementia, etc.) You may still be able to dress yourself but forget to take your medications.
Statistics show that at least 6.4 million people aged 65 or older need long-term care, with one in two over age 65 requiring care. At least half of the population who are 65+ will need help with Activities of Daily Living.* Such care is provided when someone can no longer independently carry out essential everyday activities like eating, bathing, dressing, etc. Most people think of long-term care as something needed by older people, but accident or illness can strike someone of any age. When it does, they too may find themselves in need of assistance.
*Planning for Long-Term Care
United Seniors Health Council, Washington, D.C., McGraw-Hill, NY, 2002
The costs of long-term care vary greatly depending on where you live and the type of care you receive. Many people think that home care usually costs less than nursing home care. However, skilled care at home can cost just as much, if not more than nursing home care. It depends on what type of care you need in your home, and for how many hours per day.
How do I pay for long-term care?
1. You can rely on others (spouse, children, etc) to provide the help needed. This option is only available to those with a support system in place and if the amount and type of care required is possible for them to provide.
2. You can self-insure and pay for long-term care with your own assets and income.
3. You can spend down all of you assets and then qualify for Medicaid.
4. You can transfer a predetermined amount of risk of long-term care to an insurance company by purchasing long-term care insurance.
Click on the links below to view the cost of care in your area.
Nursing Home Rates Private Rooms Nursing Home Rates Semi-Private Rooms Assisted Living Rates Private 1 Bedroom
Home Health Aide Hourly Rates
Why is Long-Term Care Such a Problem?
In the next 30 years, projections of the number of seniors needing long-term care exceed 6 million, with family and other informal caregivers providing much of this care.*
*Who Will Care for Each of Us? America's Coming Health Care Labor Crisis, UIC Nursing Institute, 2001
