Information on Long-Term Care

Long-term care is quickly becoming a growing concern for millions of aging Americans today. With advances in medical technology, we can expect to live longer than previous generations. But living well into your 80s or 90s means you’re also highly likely to require LTC services.

Quick Facts about LTC

Long-term care planning is a process and it involves going through a myriad of issues and factors to consider. But that shouldn’t stop you from starting today. Here’s essential information that you could use in order to set LTC planning in motion.

  • What is long-term care?

Long-term care refers to the services and support that a person may need due to an illness, disability, or frailer health. It may range from custodial care—such as help in daily activities such as eating, bathing, dressing, and transferring—to skilled care such as rehabilitation and therapies.

  • Who needs long-term care?

When you’re young, healthy, and in great shape, it’s easy to say that you will not need long-term care. However, it poses such a very big risk and simply hoping that it won’t happen to you is not enough to protect you from it.

Here are some statistics that show that the need for LTC can arise for anyone at any time:

– 70 percent of individuals who are 65 and older will need long-term care.

– 41 percent of individuals between the age of 18 and 64 will also require care at some point.

– Every year, 8,357,100 people receive care services from home health agencies, nursing homes, hospices, residential care communities, and adult day service centers.

  • Who provides long-term care?

Depending on your need, long-term care can be provided by family members, loved ones, and paid professionals.

Most long-term care support come from loved ones. In fact, there are 65.7 million family and informal caregivers in the US who are providing care to an ill, disabled or aged person.

When a long-term care event happens to someone in the family, the spouse, children or another family member assume the role of a family caregiver. Though this is usually done out of concern, it can result to income loss, health problems, and relationship conflicts for the caregiver. Having a long-term care plan protects them from all of these.

  • Where can I receive long-term care?

Most people find long-term care off-putting because they think that it is all about nursing homes. But that is not simply the case. In fact, you can receive long-term care within the comforts of your home and in other care settings such as adult day care centers and assisted living facilities.

  • How much does LTC cost?

It depends on your location. The cost of different care services vary from state to state. For instance, in Alaska, the monthly average cost of staying in an assisted living facility is $5,703 whereas in Illinois it’s just $4,050.

To have an overview of long-term care costs in the United States, here’s the average cost of care services and settings based on Genworth’s Cost of Care Survey for 2015.

– Homemaker services – $20 per hour

– Home Health Aide Services – $20 per hour

– Adult Day Health Care – $69 per day

– Assisted Living Facility – $3,600 per month

– Nursing home (semi-private room) – $220 per day

– Nursing home (private room) – $250 per day

  • How can I pay for long-term care?

You can pay for long-term care through several ways. Depending on your financial situation, you can self-insure or pay out-of-pocket, purchase long-term care insurance, or use combination products such as life insurance and annuities that has a long-term care feature.

Medicare and Medicaid are two government programs that most people think expect to foot the bill of their care expenses, However, Medicare only provides limited assistance, while Medicaid only helps those who meet its asset ceiling—which happens to be very low. That means that your assets should be near to depletion before you can qualify.

The best way to pay for long-term care is dependent on your financial situation. Your strategy may involve only one payment option or a combination of two or three other ways. It’s all up to you. Remember that the best choice is the one that matches your needs and goals, so you need to be clear on what those are.

Making Smart Decisions

Long-term care planning involves making a series of decisions, and these can help strengthen your retirement plan or not. That’s why it’s important that you make wise choices that are backed by a clear understanding of what long-term care is. can help you with that as it provides extensive and updated information about long-term care and other important information related to it

In this website, you can:

  • Access resources that explain how big an impact long-term care can have in your life, and what you can do to be ready.
  • See how a long-term care plan can make the difference between enjoying your retirement and worrying about your finances.
  • Learn how to secure your future by determining the best way to finance LTC according to your requirements and budget.
  • Find helpful articles on long-term care and topics that are related to it.

Secure your future today. Start planning for long-term care and ensure the best quality of life for you and your loved ones.