Are You Prepared For Long Term Care?

Courtesy Rambling Oaks Courtyard Assisted Living Residence

Are you nearing retirement? Chances are you’ve probably spent countless hours planning for this moment, but how much thought have you allocated to your long term care needs? Long term care is a spectrum of services and supports available to meet your personal care needs. Most of this care is not medical, but rather it is assistance with simple, personal tasks an individual performs on a daily basis, also known as Activities of Daily Living (ADLs). These can include bathing, dressing, toileting, transferring, managing incontinence, and eating. Additional everyday tasks can also include housekeeping, money management, medication management, meal preparation, shopping, and emergency preparedness.

Many people assume they’ll never be afflicted by conditions that keep them from living independently, such as dementia, COPD, or rheumatoid arthritis. The truth is that such conditions are diagnosed every day among the senior population and the costs associated with the additional long term care required to meet these personal care needs can be expensive.

The cost of long term care depends on several factors including the type of care needed as well as the duration, the provider you use, and where you live. Additionally, the cost can be affected by certain factors such as time of day and variable rates in some community programs.

Investing in a Long Term Care (LTC) Insurance Policy may be a viable solution. LTC policy premiums are typically based on one’s age and health at the time of application; therefore, it is usually recommended to invest in a plan long before such benefits are needed. The average age of a person who buys long term care insurance today is about 60.

Most policies on the market today are comprehensive. They typically allow you to use your benefits in an array of settings including your home, adult day service centers, assisted living facilities, Alzheimer’s facilities, and nursing homes. In the home setting, comprehensive policies generally cover skilled nursing care, rehabilitation therapy, and help with personal care like bathing and dressing.

Start thinking about how you will handle your need for long term care. Long Term Care Insurance may be something you should consider.