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Planning early can help ensure that you have more control in receiving the type of care you want.
For most of us, it's unpleasant to envision a time when performing routine tasks may become difficult as the result of injury, illness or aging.
If the time comes when you need substantial assistance performing daily tasks, it's unlikely you will want cost to be the primary decision-making factor for your long-term care. Long-term care (LTC) services can be expensive.
Long-term care (LTC) includes a variety of services and supports to help meet personal care needs over an extended period of time. The services include help performing Activities of Daily Living (ADLs), such as: bathing, continence, using the toilet, transferring to/from a bed or chair, dressing and eating. LTC services are generally not covered under personal health insurance or Medicare because they're not intended to cure, improve or treat a specific medical condition. Medicaid may help individuals with income and assets below state requirements.1
Whether LTC services occur in a nursing home, assisted living facility or your own home, the costs can be a huge expense. The average stay in a nursing home is 835 days (2.3 years) and $183,700.2 The national median hourly rate for a home health aide is $20 and that can add up quickly.3
A variety of sources may be used when expenses do not qualify under Medicare or personal health insurance.
There are many alternatives to consider when preparing for the possibility that you may need long-term care. Generally, beginning early has advantages. First, at younger ages, you are more likely to be healthy and qualify for various types of insurance. Second, starting early means you may be able to meet your goal with lower installment savings amounts or annual premiums.
You don't have to prepare for long-term care expenses alone. Our Financial Services Representatives can review a variety of solutions that may help you meet your goals.
1 For more information regarding benefits provided by Medicare or Medicaid (Medi-CAL in California) visit www.cms.hhs.gov. Medicaid guidelines vary by state. Contact your local Medicaid office for details.
2 National Nursing Home Survey 2014, National Center for Health Statistics.
3 Cost of Care Survey, Genworth, June 2015.