Introduction:

Long term care is an option for those who have a prolonged illness. It is different from medical care in that improving or correcting ones health ailments isn’t necessarily the primary goal. The primary goal of long term care is to care for a patient as they are. Long term care provides assistance with activities of daily living in all settings from nursing homes to assisted living facilities and more. Needless to say, the location where care is given is flexible. Under the “umbrella” of long term care are two types of care services, skilled care and personal care. Skilled care is more intensive than personal care in that it requires round the clock nursing aides and a personalized care plan for the patient. Personal care is more custodial and encompasses assistance with life’s daily activities

Cost of Long Term Care

The cost of long term care is dependent upon the type of care, where it is given, and the necessary amount of care needed. As stated earlier, the location(s) where long term care is received is flexible. But in general, care is received in nursing homes, assisted living facilities, or in the patient’s home. Nursing homes costs are the largest (about $70,000 to $80,000 annually) and are growing the fastest (4% to 5% annually). Assisted living facilities are less expensive (about $40,000 annually) but do not come with the level of care one would receive in a nursing home. The cost of home care varies, depending on whether the caregiver is a home health aide or an actual registered nurse and the number of visits each week.

Paying for Long Term Care

There are multiple ways to fund long term care. Many pay out of pocket (savings accounts, selling assets). Others resort to Medicare; however Medicare doesn’t cover personal care and barely accounts for skilled care. Another option is Medicaid, but qualification for Medicaid requires ones income/assets to be at or extremely close to zero.

Long Term Care Insurance

Due to the fact that government funding is unreliable and that the ability to self insure (out of pocket) isn’t an option for the majority of senior citizens, resorting to long term care insurance has become a preferred choice for many individuals. The advantages of long term care insurance are vast. It can be a means of paying for all or the majority of your long term care needs and offers comprehensive coverage for nursing homes, assisted living, home care, and more; leaving the choice up to the policy holder. Certain long term care insurance packages are also “tax qualified”, which means that a large portion of benefits paid out to the policy holder do not count as income and are thus “tax free”.

Conclusion

The need for long term care services is rapidly growing, with more than 70% of people calling for it at some point in their lifetime. Funding long term care can be difficult. However, there are options. Long term care insurance is reliable, proven, and an outlet for financial health in retirement for the person in need and their legacy.

For up to date Consumer Information on long term care costs and long term care resources, see at www.ltcfp.com

Find the most up to date information and resources at http://www.ltcfp.com/

Author Bio: For up to date Consumer Information on long term care costs and long term care resources, see at www.ltcfp.com

Category: Medicines and Remedies
Keywords: long term care insurance, long term care cost, long term care,