When You Begin Thinking About Your Care Plan, Most of Us Begin By Thinking About Three Questions…
- ONE – If and when I become ill, “where” would I like to be cared for (in a perfect world)? My home? A facility? Where?
- TWO – “Who” would I want to perform my care? Who would I want to take care of me? My kids? Professionals?
- THREE – How will I pay for my care?
“My kids will take care of me” for most people is really not a viable plan. Your children love you and would like to be your primary care-giver (without a doubt), but in today’s world, as complex as it is;
- IS the idea of your 7×24 care being placed on their shoulders really realistic?
- Do they not have their own families; husbands, wives, children to care for?
- Do they not have their own careers to think of? In the end, most of us really do not want to live out that plan anyways for fear of being a burden to our children.
A better plan would be to allow your children to MANAGE your care and have input, but let professionals PROVIDE your care.
Did you know…
According to the National Clearinghouse for
Long-Term Care Information, “Understanding LTC”, 2010
“70% of American’s end up needing some type of long-term care service after age 65.
Most people turning 65 will need three years of long-term care in their lifetime.”
Over 50% of nursing home stays last for more than one year.
The good news here is that our Cool agents represent companies that provide insurance policies to help you pay for this care; which would drain most of us, if we had to pay for it ourselves. The average facility stay these days could easily cost more than $200-$300 per day, and without a way to pay for that, we have no choice but to seek out assistance from the government. And, they will provide it through Medicaid… right up until you are gone, then they can, and probably will, go in an “reclaim” your cost of care through the Estate Recovery Act.
For more information on what rates are running for various kinds of care, check out the Genworth Long Term Care Costs Study. With rates for various kinds of care running between $100-$200 or more a day, how does one pay for these kinds of expenses? Can you imagine how fast you could run through your savings if you and your spouse became critically ill at the same time? This is definitely one of the reasons that LTC causes so many Americans to wipe out their life savings.
For more on the topic of How do I pay for Long-Term Care? This is a serious look at the three ways to pay for your care; Medicare, Medicaid, and Private Insurance.
Luckily, your Cool Agent represents some of the strongest, most experienced private insurance companies in the industry. These companies can help you make solid plans, should you need help.
Long-Term Care (LTC) plans generally provide for ongoing personal assistance for when you need help caring for yourself. Long-term care lasts for extended periods of time, and frequently includes help with every day tasks (such as meal preparation and cleanup, bathing, cleaning and picking up, and other activities of daily living (ADLs). And these services can be received in the home, or community, or in a facility.
All LTC Plans have provisions for Short-Term Care, Home Healthcare, and Facility Care.
LTC Plans Generally Pay for “In-the-home” or “Community” Types of Benefits
- Some Level of Home Care – For most people, this is preferable. and these plans can usually provide nearly all the services you need, while at home.
- Adult Day Care – Wonderful facilities these days exist for seniors to spend the day. Activities, meals, and companionship all included.
- Hospice Care – For end of life. Where do you want to be? LTC plans have provisions in this regard.
And Then of Course, LTC Plans Cover “In-facilities” Benefits as Well
- Assisted Living – Generally apartment types of settings, but with trained healthcare professionals on staff and always around.
- Continuing Care / Retirement Home – A little more advanced with a higher level of healthcare professional on staff.
- Nursing Homes – And of course, nursing homes, where you can be cared for during more serious, long-term illness.