To most people, arranging for the care that they will need when they are old and weak isn’t something that bothers them. The need seems far away and irrelevant. However, research suggests that most older people need long-term or senior home care at some point. According to the US Department of Health and Human Services, if you’re 65 or over, there is a three-quarters chance that you will need long-term care.
Long-term care is a term that is used to refer to the assistance that older adults need with basic activities such as cooking, visiting the toilet, mobility, or bathing. Usually, long-term care is provided in the recipient’s own home, or at an assisted living facility. Wherever it is provided, care can be costly. Some studies indicate that it can cost as much as $5,000 a month.
Many seniors do not plan for as much expense. For this reason, often, they need to cut back on the amount of care that they receive and get by with only a little care.
If you’re over 40, you need to think about how you will take care of yourself when you’re old and weak. It can especially help to determine to avoid the top three mistakes that people make regarding long-term care.
The first mistake: Avoiding the subject of long-term care
It isn’t pleasant to discuss the subject of retirement homes or memory care with your spouse or children. It can be hard to think about moving yourself to an assisted living home. It’s important to remember, however, that your family is an important part of your long-term care plan. In the early stages of an age-related disability, family members are the ones who help.
Usually, care by family members starts with help with activities such as shopping, cooking, and cleaning. Over time, seniors can begin to need intimate care with visits to the toilet, the shower, or for following doctor’s advice for treatment. In some cases, people are forced to depend on their family members for help with these activities.
Many seniors discover that their loved ones are unable to offer as much care as they would like. It’s important to talk about how much time they may have and to work out alternatives.
The second mistake: Depending on Medicare or Medicaid for your long-term care
Medicare provides valuable healthcare for the elderly. It can offer health coverage for everything from visits to the doctor to prescription drugs and even hospitalization. Many people believe that Medicare offers coverage for long-term care, but it may not. The reason people believe it does is that Medicare often pays for nursing care for a few days after hospitalization. They take this to mean that nursing care is always covered.
When care by nursing staff or other caregivers is needed for frail health, rather than for recovery from an illness, Medicare doesn’t usually help. Medicaid may be able to pay for long-term care, but it doesn’t apply to care provided in the home, and recipients need to have nearly no income and no assets to qualify. It’s important not to believe that you can rely on Medicare or Medicaid for your long-term care needs.
The third mistake: Not planning ahead of time
Failing to plan altogether is the worst mistake that you can make. When people are strong and able-bodied, old age can seem too far away to need to worry about. Sometimes, they do think about it, but move on to other subjects, because it makes them uncomfortable.
Since long-term care can cost thousands of dollars a month, it’s important to begin saving for it as early as possible. It isn’t too early to begin in your 20s. It’s a good idea to buy a long-term care insurance policy. Premiums tend to be low when you are young.
Long-term care in old age can be a major expense. It may be scary to think about it or to plan for it, but it’s important that you find a way to become more comfortable with the subject. It may help to talk to a financial planner, who may be able to give you a financial roadmap for your life and help you determine exactly how to plan for when you’re old.
