The great unknown in retirement.
As you can see from the diagram, LTC can be many things.
Depending upon your personal needs, the service will vary.
Not listed is Independent Living. Independent Living is having your own housing such as an apartment. You are independent, but have other services readily available to you.
The first 3 questions asked about LTC.
• What do I need ?
• Where do I go ?
• Who pays for it?
If you have reached the point of asking these 3 questions.
Time may not be on your side.
What do I need ?
We advocate planning. Assume that at some time in your lives, you may need some form of LTC. There is a 70% chance of needing some form of LTC if you are over the age of 65. That is not as ominous as it may sound. You may NEVER need any such care.
That 70% includes the very minor care, such as Adult Day Care.
Your Physical or Mental needs will determine the level of care needed. IF any LTC is in your future, it normally is a period of time as your needs progress.
Where do I go ?
LTC can often be provided within the home. Family support is a major factor in any care. Do you have family close or are they some distance away ? As your needs go beyond the ability to stay in the home. Your Doctor will guide you to what is recommended or available in your area.
Who pays for it ?
There are only 3 ways to pay for the cost of LTC.
• Government pays
• Insurance pays
• Personal Assets
Sadly, many people seldom think far enough ahead to consider LTC. How to pay for LTC is a major conversation.
Please contact us to schedule a conversation regarding this “What If”. There are many factors to reviewing your options. We will discuss the costs involved, locations, options to cover the cost, and the effects on the family. I can not stress enough, the importance of having a conversation about LTC, I have seen both those who have planned and have not planned for such an event.
I highly recommend receiving our free booklet on Long Term Care. It will give you some insight about LTC.
As I tell everyone.
The person needing the care, will receive it.
It then become’s a matter of who will pay for.
Additional resources that may assist you
Many Seniors have the impression that Medicare will also cover their LTC Needs. That is ot true. Medicare will cover your Medical needs, not the LTC needs.
Follow this link to the Medicare site
To start the conversation about LTC. Please use the Button to the right to send us your information. We can meet either in person or via Zoom.