How To Plan Your Long Term Care
Long term care planning is not as difficult as most people think it is. It only requires a positive attitude and an inquisitive mind. You cannot say you’re in the process of planning if you have not done any research yet. So get a pen and paper and list down the things that you ought to know.
Perhaps you are wondering why everybody should plan their future health care needs. Well, according to long term care (LTC) specialists the cost of care that is designed for elderly people and the disabled is too high because it usually goes on for years. While there are some people who would require only a few months of care, the average period for LTC is from three years to 10 years.
Without a definite LTC plan, you will not be able to receive the quality of care that is suitable for your health condition given the fact that the average annual cost for in-home care nowadays is $84,656. This amount is inclusive of homemaker services and home health aide services.
In-home care is highly in demand in the U.S. as 90% of Americans over 55 years old say they prefer to stay home rather than enter an LTC facility. Meanwhile, 10% of them are considering the possibility of entering an assisted living facility.
Assisted living facilities are designed for individuals that require more assistance in their day-to-day activities because they are living by themselves. Most of the residents of an assisted living facility maintain a multitude of medications to keep their health condition stable. If they remain in their homes where no one can remind them of their medications, they could miss a dose and this could aggravate the condition of their health.
In the U.S., the average monthly cost of an assisted living facility is $3,261 which translates into $39135 annually. Now a nursing home may be the least favorite of many people but in long term care planning it is not advisable to leave out this facility out as the Department of Health and Human Services said about 70% of the elderly population will enter a nursing home at some point in their lives.
Those who are currently receiving care in nursing homes are paying an average of $213 per day or $77,745 annually for a private room. Most people who require nursing home care are those with Alzheimer’s disease, heart diseases, hypertension, and other forms of chronic illnesses.
When drafting your LTC plan it is important to identify first the level of care that you will need in the future. For you to be able to accomplish this, see your doctor and undergo a thorough physical examination. Once you have already recognized your future health care needs, study the cost of care in your area. Although the overall cost of care in your state of residence should be referred to, it is important to familiarize yourself with the exact cost of care where you live so can accurately estimate your possible LTC costs.
Long term care planning is often thought to be complicated because most people make the mistake of inquiring about long term care insurance (LTCI) policies, hybrid LTCI policies, and the amount that they could
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