Long-term care is often needed due to aging, chronic illness or injury, and with people living longer, most of us will need it for at least some time before we die. But it is not just for the elderly—a good number of younger, working-age adults are currently receiving long-term care due to accidents, illnesses or injuries. It is better to assume you will need long-term care and plan for it than to simply hope it doesn’t happen to you or a family member.
Long-term care can be provided in your home, in an assisted living facility or in a nursing home. All can become very expensive over time. Costs for long-term care are hard to estimate. The actual costs will depend on the kind of care you need, how long you require it, and where you live. Expect these costs to increase as the cost of medical care continues to rise.
Long-term care expenses are not covered by health insurance, disability income insurance, or Medicare. If you do not plan for these costs, and you or a family member requires long-term care, the results can be financially devastating for your family.
Actions to Consider
- Find out what costs are for long-term care in your area. Your financial and/or insurance advisor will be able to give you some parameters. You can also ask friends and neighbors; you probably know someone who has a family member receiving care at home or in a facility.
- Have an honest discussion with your spouse (and possibly other family members) about these costs and your desires about long-term care, should you need it. Most people want to stay in their homes. Find out what it would cost to make that happen. For example, you may need renovations to your home, home health care, or other resources.
If you have questions about planning for long-term care, please do not hesitate to contact my office.