December 15, 2005
Common Sense on Long-Term Care
Americans are living longer – and healthier – lives due to amazing breakthroughs in medical technology in recent years. Diseases and conditions that would have limited mobility, impaired our daily activities, or led to premature death can now be managed with help from prescription medications, new medical devices, and healthier lifestyle choices.
As our life spans increase, it becomes more likely that we may need long-term care or home-based care at some point in our future. Unfortunately, both long-term and home-based care can be expensive. The AARP estimates that on average, the cost of living in an assisted living facility runs between $2000 and $2500 per month. Nursing home care is even more expensive, about $4500 per month.
Most of us have not thought very much about how to pay for long term care. We’ve been too busy paying bills, sending our children to college, and planning for retirement. A recent report by the Kaiser Commission on Medicaid and the Uninsured found that only a quarter of Americans have seriously considered how they might pay for long-term care. However, as long-term care becomes more necessary for many Americans, it is essential that we plan ahead. Here are some things you can do:
Assess your health and your lifestyle. Understanding your current health and what problems you might encounter in the future will help you predict what kind of care you might need.
Examine your retirement plans to see if you are putting any savings toward long-term care expenditures.
Investigate long-term care insurance. There are many options available through private insurers that will cover a broad range of services from home health care to more intensive care in a facility. Many of these plans can be expensive, but you may find one that is right for you.
Sit down with your family and assess their ability to help as you grow older. Not all families can easily care for a loved one with a chronic or debilitating disease.
As we grow older, we all want to know that we will be taken care of if our health declines. Asking the right questions and making plans now is the best way to ensure that we can be secure throughout our golden years.