Ask anyone who has had a family member who needed help caring for themselves and you quickly find out.
I am one of those family members currently experiencing the challenges of finding appropriate care for my 94 year old mother and also figuring out how to pay for it. 1 in 1.4 people older than 65 will need long term care according to the U.S. Department of Health and Human Services. In other words, 70 percent of all older adults will require sustained custodial care at home, in an assisted-living facility or in a nursing home. Stated another way, between you and 9 of your friends, 7 will need some form of long term care. That’s a statistic not to take lightly.
Long term care is a range of services and supports you may need assistance with to take care of basic personal tasks of everyday life. These tasks are called Activities of Daily Living (ADL’s) and can include tasks such as bathing, dressing, eating or even help in moving around a room. The need for assistance may be due to physical problems resulting in declining health (i.e stroke, heart attack, accidents) OR from the progression of dementia and Alzheimers.
If you happen to be among the 70 percent, think seriously about how you will pay for an expense that could cost between $45,000 and $85,000 per year ( based on 2016 statistics).
Medicaid and Medicare are not designed to provide long term care coverage plus these government programs have strict guidelines for anyone who may try to qualify for some assistance.
Are you relying on your retirement savings and /or are you relying on family members to take care of you?
Fortunately, you have an option that protects your assets and doesn’t impose on family members by disrupting their lives and their jobs.
The solution is Long Term Care Insurance. I call it “Peace of Mind” insurance because once you have the coverage in place you can rest knowing you’ve done the right thing for yourself and your family.