Source from Home Care Daily Newsletter
It’s a story that is repeating itself time and time again across the country. Elderly individuals build a solid retirement account, spend a few years enjoying their retirement, and then a major health crisis occurs and within a few short years, all of that money is gone and the rest of the family struggles to provide some level of in home or other type of long-term care for them.
The majority of people don’t think about the possibility that they may require any type of in home care in the future. They may plan for their retirement, putting money away every month throughout their working life, and have dreams of traveling the world and getting to do all of the things that they hadn’t been able to do before. They just don’t see that they might be one of the millions of people over the age of 65 who will require any type of long-term home health care.
However, the government estimates that approximately 70% of Americans over the age of 65 will require some form of long-term care. That’s nearly three out of every four elderly Americans and that’s a staggering number when one considers how few actually plan for this type of care need. Simply put, for those who plan their retirement, odds are that they will require some form of long-term care, which includes potentially home health care.
Long-term care insurance helps to pay for a variety of long-term care that elderly individuals may require at some point in their life. This could include hiring an in home care provider, moving into an assisted living community, and even nursing home care. The cost for assisted living is far less than nursing home care and it can still exceed $3,000 or $4,000 a month. In home care can vary, depending on the needs of the individual, though it is less than both of these other care options, on average.
“According to a 2010 poll by the SCAN Foundation and the UCLA Center for Health Policy Research, most Californians age 40 and older don’t have long-term care insurance, which typically covers extended care provided at home, in an assisted living facility or in a nursing home. Commonly included are services for people who need help getting dressed, bathing, driving and managing medications (LA Times).”
It’s a staggering statistic and when you take into account that few people actually understand that Medicare does not cover long-term custodial care, it means that few people understand the importance of long-term care insurance.
For those who plan for their retirement, they should also plan for long-term care needs, including potentially in home care.