Needing long-term care isn’t something most people want to think about. That’s why it’s important to have a long-term care plan in place that will give you choice and control over where and how you can receive care should it be needed. The sooner you begin exploring your options, the sooner you and your family feel at ease knowing you’ll be ready. Here’s what a plan can do for you:
- Help protect against the significant impact that long-term care costs can have on your family, retirement lifestyle and legacy goals.
- Lessen the physical, financial and emotional strains that can come with the need for long-term care.
What is long term care? Long-term care includes services that can help meet your personal care needs over an extended period of time. Many of these services focus on assistance with routine tasks of everyday life including eating, bathing, dressing, toileting, transferring, and continence. Those who are chronically ill or in decline physically or cognitively may not be able to perform these everyday activities on their own. Having the proper support to perform activities of daily living is necessary to live as independently and safely as possible.
What causes the need for care? As we age, our bodies, minds and senses may decline, potentially, making us more susceptible to chronic diseases such as Parkinson’s, Alzheimer’s, osteoarthritis, or other chronic degenerative conditions caused by an illness, serious injury or accident. According to the U.S. Treasury, half of Americans who live to age 65 will have a need for long-term care services at some time in their lives. Here are several factors that can increase the risks of needing long-term care:
Age-generally, people need more care as they get older
Gender-women often live longer, increasing their need for care
Marital status-single people are more likely to need care
Lifestyle-poor diet and fitness can impact overall health
Family history-genetics can raise the risk of chronic disease
What are my options for care? You can receive long-term care in different places by different caregivers, depending on your needs. Most long-term care is provided at home by unpaid family members and friends. It can also be given in a facility such as a nursing home or in the community. Here are the most common options: home-based professional care, assisted living communities, nursing homes and continuing care retirement communities.
The best way to lessen the impact of needing long-term care for yourself, parents or family is to create a financial plan and designate the resources that execute that plan.
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