Starting the Long Term Care Discussion

According to AARP “About 60 percent of people over age 65 will require at least some type of long term care during their lifetime”. With statistics like these it is more important than ever to start the long term care discussion with your family.

Long term care or (chronic care) is custodial care. This type of care is for people who are chronicle ill, have been injured or become so frail due to advancing age they need assistance with activities of daily living. Unless a person dies in their sleep there is a high probability of needing this type of care at some point in their lifetime. The unanswerable questions are when, what and for how long will the chronic condition be for. When the need for care arises it is important that everyone in the family understand the wishes of the ill or injured party. This can be a very emotionally trying time for any family. Having a plan in place that everyone understands will reassure family members so they can act accordingly.

The financial cost of receiving long term care services can be expensive. Understanding these costs is important. Low income individuals have certain rights but they vary from state to state. In Arizona we have state aid for low income individuals and a program for others to spend down all their assets to become eligible for state aid. Every family should understand their options and devise a plan based upon their economic realities. A common misconception about who will pay for long term care or chronic care is that Medicare will cover the costs. Medicare will not pay any costs for custodial care which is what long term care is all about. The state will pay, but only after an individual or couple has liquidated the bulk of their assets.

What should a person wishing to create a plan do first? Luckily due to the internet there is a wealth of information. The U.S. Department of Health and Human Services has created a department called the National Clearinghouse for Long-Term Care Information. They also have created a website http://www.longtermcare.gov where these topics are discussed in detail. They even have a long term care planning guide that can be ordered free of charge to assist concerned citizens on how to start their long term care plan. They recommend that each plan first and foremost consider their finances. By coming to a conclusion on how to pay for a long term care event families will be led to what must be done next.

My clients are often shocked when they find out how affordable long term care insurance can be. However, there is more than one way to pay the cost associated with chronic care. For more information on these important financial health care issues click here, fill in the confidential quote request form, and I will be glad to contact you and discuss your options.