Long Term Care Planning

Long Term Care or Extended Care Planning is the process of considering how you will care for someone if they require assistance performing the activities of daily living, which includes eating, bathing, dressing, remaining continent, transferring in and out of bed on ones own, or lack the cognitive ability to be on their own, for a period longer than 90 days.

 

In your process of planning, consider the following 10 top reasons for long-term care planning:

  • To maintain independence so you don’t have to depend on family members

  • To protect assets for spouse

  • To preserve children’s inheritance

  • To provide yourself with more options than just nursing home care

  • To pay for that nursing home care if needed

  • To preserve your standard of living

  • Purchase when you are in your early 50’s to save cost

  • Medicare does not cover long-term care

  • Medicare supplement policies do not cover custodial nursing care

  • To protect you if an unforeseen accident or illness will make you unable to care for yourself

Plan A - You Pay

Use your life long assets to pay for the Care you need and deserve. The average cost is not over $6500 per month at home or in a Nursing Home, if they have room at all. Not sure how many people you know that earn that much in social security every month?

Plan B - They Pay (Medicaid)

Some Misconceptions about Medicaid & Medicare

 

Medicaid

•Medicaid pays for health services for the very poor of any age.

•Qualifications for Medicaid vary by state.

•Being eligible for Medicaid does not guarantee placement in a nursing home.

•There may be long waiting lists for facility care.

•Depending on the state and facility, Medicaid patients often receive lesser-quality care than patients who are paying on their own.

•Under Medicaid, nursing home care is essentially the only option.

•Home care, assisted living facility care, adult daycare, outpatient services, and alternate caregiver services are not usually reimbursed under Medicaid.

 

Medicare

 

•Medicare pays for health care for people 65 and over and for those who are disabled.

•Medicare does not pay for long term medical service such as assisted living or adult day care.

•Medicare pays only the first 100 days of skilled care, such as physical therapy or nursing, which only accounts for 5% of all long term care costs.

•You are eligible for the care only if you have been in the hospital for at least three days.

•The personal care must relate to the treatment of an illness or injury.

•Medicare pays 100% for the first 20 days then you pay!

Plan C - Be Responsible

Plan Ahead!

  • Plan for your care.

  • Position your life long savings for your families use.

  • Have a frank discussion about what happens when you live longer than your ability to care for yourself.

  • Only one in three people will qualify for long term care Insurance. So that may not be your solution.

  • Plan to protect those you love from the financial, emotional and physical costs of caring 24 hours a day for an ill or incapacitated family member.

 

Download Free – Life Care Planning Documents …    Download Free – Kiplingers 3-Step Guide to Long Term Care Planning