According to a study by the U.S. Department of Health & Human Services, approximately 70% of seniors over 65 will need long-term care at some time in their lives. Many Americans don’t think about this or the possible need for long-term care insurance until it is too late.
Some people believe that family members will take care of them, but that isn’t always possible, no matter how much love there is.
Mother approached a time when we knew she could not continue to care for her personal needs. My brother and I investigated available options but found nothing acceptable and affordable. Mother begged us not to place her in a nursing home, not realizing a decent one wasn’t an option for our budgets. To make matters worse, she fell and fractured her pelvis. After she was hospitalized for 5 weeks, I was told by the hospital social worker other arrangements must be made, because her insurance was running out.
My brother and I were already assisting her financially. He worked irregular hours and often spent nights out of town. I had space for Mother but couldn’t lift her. Dementia ravaged her mind. The broken pelvis rendered her unable to stand or walk without someone holding her on each side. She needed a long-term care facility.
Mother passed away two days before her insurance expired, and the decision was taken from us. Had she lived, our only option would have been for her to live with me. With my own health issues at the time, would her physical care have been manageable? I’ll never know.
If you cannot afford long-term care insurance, start planning now for the years when you won’t be able to care for yourself. You cannot depend on family to care for you. If you are young enough to still be able to afford the insurance, consider it. Look at all your options and decide if the insurance or a special savings account would be your better choice. Think about who would actually take over your care, should it become necessary. Would it be a family member? Is she or he willing? Is she or he physically able to lift and move you, should it become necessary?
Do you have enough savings to cover your needs? As a general guide, the cost of elder care in the United States averages $205 per day or $6,235 per month for a semi-private room in a nursing home. Home health aides average $21 an hour in some areas. You could pay as much as $67 a day for an adult daycare facility. Rates will vary according to where you live, but the projected cost for long-term care in Florida runs $40,841 – $43,472, annually.
Medicare will NOT pay for all your needs. It pays for only medically necessary care and focuses on acute care, such as doctor visits, drugs, or hospital stays. It also pays for short-term situations where recovery is expected, such as physical therapy following a stroke. Medicare does NOT pay for personal care needs, such as bathing or someone to supervise you to make sure you don’t fall.
Understand the available options where you live. Along with full-care nursing homes, there are assisted living group homes where housing is provided, along with personal assistance and meals. Public housing may be available for low-to-moderate incomes and elderly or younger persons with disabilities. Sometimes, a staff member will assist with some services.
Continuing Care Retirement Communities (CCRC’s) offer a range of housing from individual apartments or villas, to assisted living to full-care nursing, all on the same property.
Investigate costs and possibilities while you are still physically able to do so. Don’t leave such an important decision in the hands of your family members. You might not like their choices.
