Which is the Perfect Long Term Care Setting for You?
Long term care planning should not only involve your finances even though it’s really about asset protection since the cost of care nowadays is too high. Importance should also be given on the different types of long term care facilities since each offers specialized care for individuals with a specific set of health care needs.
Years ago, when a person qualifies for long term care (LTC) only one place can provide him this service and it’s a nursing home. These days, LTC is not only provided in nursing homes but also in assisted living facilities, adult day care health centers, continuing-care retirement communities, and even in one’s very own home.
You can receive care in one of the above-mentioned LTC settings or, perhaps, in two or more. At the onset of care, a person would usually require in-home care or assisted living. If he eventually develops a chronic illness which is associated with aging folks and he inevitably has to receive 24-hour care and monitoring, he can opt for nursing home care or remain at home for as long as his place is equipped with the necessary medical equipment, communication devices, security grips and handrails, and wheelchair ramps to ensure his safety, protection and comfort.
That’s called Aging in Place. When you don’t need to enter a nursing home even though your health condition says so because your house had been integrated with the necessary medical equipment which nurses and doctors use in nursing homes and hospitals, you are qualified to age in place. You can hire a caregiver to help you with your various activities of daily living (ADLs), while a skilled nurse and your personal physician can schedule their visits or just appear on your doorstep whenever you need them.
Cost of Long Term Care Facilities
However ideal, aging in place will cost a lot of money. If you really want this kind of LTC you need to save up for it, perhaps start at the age of 50.
Better yet, consider a comprehensive long term care insurance (LTCI) policy because inflation is too tough to beat. By the time your health starts to change for the worse and you feel that it’s time to modify your place and install the necessary stuff to make aging in place possible, the cost of home modification, medical equipment, communication systems, and elderly safety handrails, shower grips and others would’ve increased a great deal.
Now if you think Plan B, which is probably nursing home care, would be more cost-effective you couldn’t be more wrong. If you failed to work out Plan A which is in-home care or aging in place, there is absolutely no way for Plans B, C, D, and so on to work.
You cannot ask for a catalogue of long term care facilities a day before you’ll need one. Your choice of LTC facility or setting should be included in your LTC plan otherwise you risk spending all of your hard earned money.
Processing your request, Please wait....
