October is Long-Term Care Planning Month, which brings in the ideal opportunity to raise awareness for Long-Term care options and information. This month prompts preparation for your future care needs or that of a loved one. The need for long-term care solutions is critical and should not be postponed.
Long-term care involves a wide array of services that allow people with chronic diseases or disabilities to conduct activities of daily living. (you can check out our blog post on Activities of Daily Living (ADLs) to learn more about what those entail) Personal care or health services may involve assistance at one’s home or a nursing home. The costs can be quite considerable, and planning is important for seniors, their loved ones, and their caregivers.
Better Understanding Long-Term Care
1. What is Long Term Care?
Texas Health and Human Services defines Long-term care as needing someone else to assist a person with their physical needs over a long period. Long-term care covers a variety of services to help people with chronic diseases, disabilities, or age-related problems. These services are provided at home, in assisted living, or nursing homes.
Some Examples of Long-Term Care from Texas Health and Human Services:
* Someone to monitor your health or help you take medication
* Someone to help you bathe, dress, or use the bathroom
* Someone to prepare or deliver meals
* Someone to help you clean or maintain your home
* Someone to drive you to doctor appointments
* Someone to provide a break (also called respite care) for caregivers
2. Who Needs Long-Term Care?
While many think of long-term care as care for the elderly, younger disabled, and chronically ill persons also need these services, it is used primarily for seniors.
The Financial Aspect of Long-Term Care
1. Increased Costs
The cost of long-term care has gone up and will further increase. The costs of assisted living vary; however, the cost is heavy to carry and may become an overwhelming responsibility. It’s necessary to understand potential insurance coverage against these costs at different levels of care.
2. Insurance Options
Long-term Care Insurance: This insurance covers the costs of care not paid by regular health insurance or Medicare.
Medicaid and Medicare: Even though Medicare gives some coverage for skilled nursing facilities, Medicaid may be broader for anyone who qualifies under the income and funds criteria.
3. Savings and Investments
Consider setting up a separate savings fund or investment plan to cover future costs of care. It is advisable to consult with a financial advisor in determining the best strategies according to individual needs.
Key Steps in Planning
1. Assess Current Health Needs and Support Systems:
Assess current health status and available support networks. List present needs and future needs. This would include the degree of care each person will need with the view of determining how much future planning will be required.
2. Identify Care Preferences:
Discussion of preferences for the type of care desired; location, environment-in-home, facility-based care. Open discussions can help lessen a great deal of stress in the future. It helps to ensure everyone is on the same page when options of in-home care versus assisted living are discussed.
3. Legal and Financial Planning:
Consider the sources of financing, which include your savings, long-term care insurance, and government programs. All of these options have advantages and disadvantages, hence it will always be wise to consult a financial advisor.
• Power of Attorney: Appoint someone to make financial and health care decisions when you cannot.
• Advance Directives: Provide documents that detail your health care preferences and treatment decisions.
4. Assemble a Support Network and Care Plan:
Involve your family, friends, and professionals in this planning. It will bring multiple perspectives that can be of immense help when decisions need to be taken. After needs and preferences have been determined, assemble a comprehensive care plan and support network. This includes specifying what type of care is desired, who is capable of providing that care, and how one’s needs could financially be met. This step is just collecting all the information into one comprehensive plan.
5. Review and Revise Regularly:
Develop a habit of reviewing your care plan at least annually. Circumstances of life change, health conditions change, and preferences change a reason for a change in your plan. The needs for long-term care evolve with time. For this reason, reviewing the plans and changing them as needed can help ease the execution of the planning in the future.
Other Resources and Support:
No senior or caregiver has to deal with this process alone. Some financial planners specialize in elder care, support groups in every community, and so much more to help with planning. Reaching out to these resources will bring very valuable insights and advice.
- Local Agencies and Organizations:
Many agencies and organizations are focused on providing resources, support, and guidance on long-term care planning for families. Some local agencies or elder care resources may be contacted in your area. - Online Tools and Calculators:
Take advantage of online calculators that project possible long-term care costs and funding alternatives. Many financial websites have very helpful resources specifically regarding elder care planning. - Support Groups:
Another consideration is the support groups available for caregivers and seniors alike. The sharing of experiences and strategies will help with both emotional support and practical advice.
October reminds us how important it is to plan for long-term care. The proactive moves being made today will allow seniors and their families to avoid possible stressful situations and ensure resources will be available to meet whatever care needs the future may bring. We at Senior Industry Services want everyone to take this month as an opportunity to start a conversation about long-term care and develop a sound, plan.
Ready to get started with your long-term care plan or need additional resources? Your friends at Senior Industry Services are here to assist you. Together we can make central Texas the best place for seniors to age!
Written for Senior Industry Services by Lauren Hope Bartling
References:
What is long-term care? | National Institute on Aging. (2023, October 12). https://www.nia.nih.gov/health/long-term-care/what-long-term-care
What is long-term care? Texas Health and Human Services. (n.d.). https://www.hhs.texas.gov/services/aging/long-term-care/aging-disability-resource-center/what-long-term-care
