Types of care services

  • Skilled care is for medical conditions that require a medical professional, such as a nurse or a therapist. It's usually provided in a nursing home or other care center.
  • Personal care (sometimes called custodial care) helps you do routine activities. You can get personal care in your home or in a care center.

People are living longer than ever these days.

The big question is, what will the quality of your life be when your reach your 80s?

Assisted Living Facilities provide residential care for people needing personal care services, like meals, medication management, housekeeping and assistance with activities of daily living. These services do not require intensive medical care.

Nursing Home Care Facilities provide a higher level of supervision and care than Assisted Living Facilities. They generally offer nursing medical care 24 hours a day, as well personal care assistance, some therapies and rehabilitation.   

What would the impact of LTC be on your family be?

How do you plan to live in your latter years?
How do you plan to pay for LTC?

Fact: People often underestimate the risk of developing an illness or disability and needing long term services.
  • It’s estimated about half of people turning 65 today will develop an illness or disability in the future serious enough to require services.
  • Disability for more than five years can occur in one out of every seven adults.
  • Most will require help with personal tasks like eating, bathing and dressing - not medical care.
Myth
I won't need care as I age
Fact: It's difficult to plan the cost for an unexpected illness or disability in the future.
  • People turning 65 today could pay thousands in future costs.
  • Families help to pay about half of the out-of-pocket costs.
  • Less than a third of individuals, age 50 and older have enough savings for their care.
Myth
I will save enough to cover the cost of my care

Here's some facts

How would you answer these questions

LONG-TERM CARE (LTC)

LTC is for people requiring daily care, over an extended period of time, with chronic disabilities, illnesses or cognitive impairment. Traditional medical care treats or cures illnesses, while long-term care may help to maintain your lifestyle, but usually won't improve your medical condition. LTC provides services required to help meet personal or health needs, such as providing meals, bathing, medication management and general wellbeing supervision.

LONG-TERM CARE INSURANCE

Long-Term Care insurance (LTCI) works to help you pay for services, when you are unable to care for yourself. With insurance in place, you can receive services at your own home, adult day care center, assisted living facility or nursing home when you need it.

It’s good planning to purchase a policy while you're healthy, with flexible options. No one can predict what their future health care needs will be. 

An unexpected chronic illness or disability can occur at any age. If the need for long-term care arises, no one wants to place a financial burden on their loved ones or drain life savings, ending up on Medicaid.

IMPACT

Long-term care affects the whole family. Not only is the individual with the need for care dealing with the situation, all family members experience emotional, physical and possibly, a financial toll of caring for a loved one. Protecting your life savings is important. Plan ahead. Insurance is typically less expensive if you buy it when you're younger. While you are healthy and have an income, purchase a policy that you can contribute to monthly. Depleting your assets to pay the high cost of an extended long-term care need could be devastating for you and your family. Despite its many benefits, long-term care insurance is not right for everyone. Consider your financial limitations, objectives, and needs when reviewing these policies. This type of insurance is best for those who can afford the ongoing premium without sacrificing current standards of living.

1

LIVING LONGER

We all want to live a long healthy life, but few plan well for it. As we age, we will need more help with everyday activities. Most people don’t want to burden their spouse, children or others to help with ongoing tasks. It’s important to think about who you can rely on and where you want to live. 

2

PAYING

Long-term care can be very expensive. The cost can vary based on where you live and type of care you need. At assisted living centers, you can pay around $4,000 per month or more and approximately $6,000 a month or more for care at a nursing home. Keep in mind as you age, your care requirements increase, so does the cost for care provided. You may be unaware that Medicare or your health insurance isn’t available to pay for your long-term care services. So, the big question is… are you prepared to pay for the care you may need someday? Unless you have access to unlimited cash, you may want to consider a long-term care insurance policy. This way, you will be able to live where you want, with access to the care you need. You can also avoid depleting a lifetime of savings.

3

FINANCIAL CONSIDERATIONS

Start planning today. Ask yourself the following questions about your finances:
• What is my current annual income and how will it change in the future?
• What are my current assets and how will it change in the future?
• Can I pay the expense of a long-term care policy?
• Will I be able to pay the premiums when I will retire?
• How much does the policy cost?
• Will I pay the premiums now and in the future?
• Will someone be helping you with the cost?
• If I wait to buy a policy, how much will the policy cost?

More on topic: A Shopper's Guide to Long-Term Care Insurance