As we and our loved ones age, long-term care (LTC) becomes an increasingly important consideration. This type of care is designed to pursue health or personal needs over a more extended period, particularly for those who require assistance with daily activities such as bathing, dressing, or taking medications. This article addresses some of the top questions and concerns about LTC and provides related answers.
Question #1- “Who may need LTC services?”
The reality is that anyone at any age could need LTC because of a chronic illness, a disability, or following a severe medical event such as a stroke or heart attack. However, the probability of needing LTC increases with age. According to a recent study, someone turning 65 today has almost a 70% chance of needing LTC services in their remaining years.
Question #2- “How much does LTC cost?”
A significant concern for many people considering long-term care services is the cost. Indeed, LTC can be expensive, and the cost varies widely. It all is depending on the type and duration of care needed, the provider, and where you live.
While some people may qualify for Medicaid, which sometimes pays for LTC, it depends on low-income qualifications, and many do not qualify.
Medicare only covers LTC for a period if you require skilled services or rehabilitative care, and even then, the coverage is limited. For this reason, some people choose to purchase LTC insurance to help cover out-of-pocket expenses.
Question #3- “What types of long-term care are available?”
LTC includes a broad range of services that support medical and nursing care. It also includes help with custodial care tasks like bathing, dressing, and eating. These services can be provided at home, in the community, or at a facility. Depending on one’s health status and preferences, LTC may include home health care, respite care, hospice care, adult day health care, and nursing home or assisted living facilities. The policy type and some of these options are available at additional cost as policy riders. Therefore, it’s essential to work with insurance and financial professionals. So that you can make an informed decision before purchasing an LTC policy and policy riders.
Question #4- “Will privacy be compromised in an LTC facility?”
Personal privacy may be another concern when considering LTC. Feeling worried about the loss of privacy that may come with receiving care is entirely natural. However, professional LTC caregiver training provides care with dignity, respect, and confidentiality. Furthermore, many care facilities offer private rooms, allowing residents to maintain privacy.
Question #5- “How can I vet an LTC facility?”
Many individuals may be concerned about the quality of care their loved ones receive. Look for licensed facilities and providers with positive reviews and a good reputation in the community. Visit the facility, ask questions, and familiarize yourself with its procedures and the services it offers.
Considering LTC is a significant decision, and questions and concerns are warranted. Being informed and prepared is also essential since LTC can significantly enhance the quality of life of loved ones and provide financial independence for all parties involved. Understanding LTC’s costs and types and how to ensure quality are excellent first steps in making an informative and crucial decision.
4028539-1124b This information is provided as general information and is not intended to be specific financial guidance. Before you make any decisions regarding your personal financial situation, you should consult a financial or tax professional to discuss your individual circumstances and objectives.
Our family financial services firm, August H. Velten & Associates, has been in business for 12-years in Melbourne, FL. August Velten (CLU) is a 40-year veteran of the Financial Services industry. August is a former instructor for the Life Underwriter Training Council and once occupied the legislative seat for the Maine Association of Life Insurers. In Brevard County, you may have seen him on local access TV or read one of his articles in a local area magazine. Jessica Waterhouse, August’s daughter, left her own practice to join the firm in 2019. Jessica is a Florida licensed insurance producer, securities licensed (Series 65), a long term care specialist (CLTC) and holds certification as a National Social Security Advisor. Both August & Jessica are instructors for financial literacy workshops in both Brevard and Indian River County offering education in Social Security and Financial Planning. Contact the office today to schedule an introductory meeting or review of your current financial plan.
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