Registered Nurse | Healthcare Experience Since 2009
A vast majority of seniors will need
long-term care for at least a short amount of time. And while Medicare does a
good job helping seniors pay for the increasing costs of healthcare, Parts A
and B do not cover long-term custodial
care. The amount a person will need to pay for long-term care depends on what
type they need, how long they will be in care, and where they live. However,
seniors can count on paying tens of thousands of dollars for just a year of
assisted living. The AARP provides a helpful long-term care calculator
caregivers can use to determine how much is needed based on the senior’s
situation.
Table of Contents
The Different Types of Long-Term Care
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In-home care is a very popular
option because it allows sick or disabled seniors to recover in the comfort of
a familiar environment. In-home care is also comparatively affordable versus
other long-term care options.
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Adult day care is helpful for
caregivers who cannot provide supervision during work hours. These programs
offer social activities, recreational activities, meals, and transportation
that overall improve a senior’s quality of life.
●
Assisted living facilities have
staff to help seniors with hygiene, dressing, eating, and walking as well as
housekeeping, laundry, and transportation needs. This type of long-term care is
for seniors who need some help but not necessarily 24/7 medical care.
●
Nursing homes are for seniors who
have special care needs and cannot live independently. They provide skilled care and assistance 24 hours a day.
Planning for Long-Term Care Costs
As the majority of seniors need this type of
safekeeping at some point, it’s important for anyone over 65 to consider their
options when it comes to insurance, savings, and other options available.
Coming up with a plan for how to pay for long-term care takes
the burden of paying off your family’s shoulders. Furthermore, having fundings
means you will have options when it comes to the kind of care you want to
receive should you become incapacitated.
Medicare Advantage Plans
Medicare Advantage plans sold through private
insurance companies can help people over 65 deal with expenses regular Medicare
does not cover– things like prescriptions, dental, and vision. They also cover
long-term care costs differently. The majority of advantage plans only ask for
an up front copayment before covering nursing home costs 100 percent after.
However, Advantage plans may only cover about 20 percent of the home care costs
that traditional Medicare pays for. Whether you should get a Humana Medicare
Advantage plan versus simply receiving Medicare and possibly using Medigaps
depends on your health and care needs, so look into options before the vital Medicare open enrollment periods.
Life Insurance Policies
Parents often buy life insurance as a way to make
sure their children will be financially taken care of in case of a tragic loss.
Once you’ve entered your senior years and the kids are grown and buying life
insurance plans of their own, yours may have another way to help out. Selling life insurance, or getting
your life settlement, can provide enough cash to pay for long-term care needs.
The seller can either get it in one lump payment or in gradual installments
while also saving money as monthly premiums stop.
Long-Term Care Insurance
Long-term care insurance is the easiest way to secure funding. While it can cost as much as
$2,000 a month, investing in this insurance makes sure you have all options
available should you need long-term custodial care. Of course, for many
seniors, such a high premium is simply too costly, so other options should be
considered.
As people age, they may need more assistance
for medical needs and day-to-day activities. While most seniors know they will
need some type of long-term care in the future, many do not plan ahead for the
ever-rising costs. Even in-home care (the most affordable option) can cost
thousands of dollars a month. To pay for these costs, look into long-term care
insurance versus other options like Medicare Advantage Plans and receiving a
life settlement.
Written by Dana Brown of healthconditions.info
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