When is the right time to start thinking about future senior care needs? Even if this thought may not be at the top of your to-do list, the answer is now! The U.S. Census Bureau has estimated that by the year 2050, more than 21% of the U.S. population will be over the age of 65. And by the year 2025, $260 billion in expenses will be spent on long-term senior care (up from $102 billion in 2000). Not only that, but many people are unaware that Medicare will not cover the cost for most long-term care services. Planning ahead provides for greater dignity, control, and freedom regarding how future senior care needs are met.
This type of planning begins with exploring what the cost will be if senior care is needed: whether from in-home assistance, nursing home, or assisted living care. Also, having a conversation with a spouse, adult children, friends, and other family members about whether they would want to or be able to provide care if one of the group were to become ill or disabled for an extended period of time should be a part of the long-term care planning process.
Preparing for long-term care needs should also involve a visit with a financial planner, insurance agent, lawyer, or other financial advisor about how care services could be funded. A full review of current health care insurance is required to determine whether current coverage pays for senior care. If required, it’s important to begin to set aside funds to cover the cost for long-term care in a way that prevents these funds from being used for anything else.
Other options to consider include long-term care insurance, veterans’ pension funds for those who qualify, and a reverse mortgage.
Additional considerations to keep in mind when developing a long-term care plan:
- Determine what types of senior care services may be needed. Talk with family members and physicians and/or an in-home care professional (like those at Stay Home Care) and discuss potential long-term care needs.
- Compare and understand long-term care insurance options.
- Think through alternative living options.
- Ensure clear legal directions are in place.
- Focus on available finances.
- Research what is offered in the community.
- Make any needed home modifications for a senior who plans to continue to live at home.
- Take control of health and personal needs .
- Call Stay Home Care for assistance in planning care needs.
While creating a long-term care plan can seem overwhelming, Stay Home Care, the leaders in home care solutions in Nashville, TN and surrounding areas, can help! If you would like to learn more about planning to age in place for yourself or a senior loved one, contact Stay Home Care today at 615-964-7726.