The fact is, every individual should plan for their
potential long term care needs, as well as those of a spouse or
partner, long before those needs arise. This is tough, because none
of us likes to think that we will ever require support with basics
of everyday living such as getting dressed, bathing, eating, moving
from place to place or using the bathroom. But, with average life
spans increasing, the chance that any individual will require long
term care at some time is substantial. In fact, people of age 65
face at least a 40% lifetime risk of needing long term care, according
to the Health Insurance Association of America's 2002 publication
A Guide To Long Term Care Insurance.
Much as adults in their forties, fifties and sixties dislike facing
the eventuality of declining health in their final years, they are
at least equally uncomfortable with the thought of saddling their
spouse of children with unnecessary expenses, physical responsibility
or wrenching late-in-the-day decisions about their long term care.
The adult children, in particular, will probably at that point have
busy lives, growing offspring of their own, looming college expenses
or other challenges. Many of these children live far away or have
full-time jobs, and will not be in a position to provide intensive
daily support, if it is needed. What's more, the concept of an older
parent moving in with the children has become less popular with many
families.
However, the bright news is that there exists an increasing number
of quality alternatives for long term care, and early planning can
help assure that, should you ever require support in daily living,
you'll be in an excellent position to maintain your dignity, independence
and a good portion of your assets.
Early preparation for the faraway possibility of long term care
is largely a matter of planning how to fund such care. If you decide
to purchase a long term care insurance policy, which is an increasingly
popular choice among people with assets to protect, you should also
look ahead at the types of care you may need or prefer. Long term
care insurance typically covers assisted living or nursing home
care when individuals meet the criteria for collecting benefits.
Many plans also offer options for coverage of care provided at home
or through a community care service, but may require you to elect
this coverage when you purchase the long term care insurance policy.
staying at home
According to the resource web site carepathways.com
(Dec 10, 2003), when seniors are asked about their preferences for
housing and long term care during retirement years, they will often
reply, "I want to stay in my own home."
However, the ability to fulfill this wish may eventually depend
on having significant assistance. This assistance may include frequent
visits from a nurse or aide, live-in care, and perhaps even a homemaker
or therapist. Perhaps your home may require modifications including
ramps, wheelchair access, a senior-friendly shower or other alterations
that allow you to stay there. Someday, you may even need to take
part in an adult day care program, which will provide the care and
companionship from which many older people greatly benefit.
These services are expensive. The
Health insurance Association of America estimates that just
three visits per week by a home health aide cost a national average
of $12,000 per year, with some areas of the country costing nearly
twice that amount. Of course, many people need more care than simply
three visits a week from an aide.
While home and community care service expenses are high, being
able to pay them may allow you to continue living in your own home
for longer than you would otherwise be able to. In addition, the
services you pay for will save your spouse or children from shouldering
the full responsibility for your day-to-day care.
For this reason, many people considering a long term care insurance
plan elect a policy that covers home and community care services
in addition to assisted living and nursing home care. This plan
still allows you to consider (and potentially use your insurance
to fund) assisted living, which often becomes an appealing alternative,
if staying at home proves to be too difficult. Of course, your policy
should also cover all qualified expenses for nursing home care when
you meet eligibility requirements for benefits. Even the senior,
who elects home or community care services, may eventually require
a short or longer-term nursing home stay.
The Assisted living alternative
Choosing a long term care insurance policy
that covers home and community care services may be a wise choice
if you suspect that you will want to stay home as long as possible.
Remember, though, that assisted living has become the long term
care option of choice for an increasing number of seniors. For many,
assisted living provides a good lifestyle that helps meet important
needs including comfort, security, socialization, and health care.
It can help avoid the isolation some seniors may experience living
at home during their later years.
As you consider long term care options, you may feel that, once
your ability to live independently declines, you will be best served
by the community setting of assisted living. If you are confident
that you will elect assisted living as opposed to staying at home
when you need long term care, you may want to consider purchasing
a long term care insurance policy that covers nursing and assisted
living care but not home and community care services. This choice
will likely save you premium dollars.
Smart Choices
Perhaps the most important step in early long term care planning
is thinking about the way you like to live, how flexible you are
about moving to a new setting, and how your spouse and family feel
about the issues of long term care. You can’t predict the
future, or the health circumstances you may face. But you can make
informed decisions about your lifestyle in the future, and the time
to make these decisions is when you are healthy, relatively young
and can allocate some of your financial resources to help protect
your future independence, comfort and destiny.
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