We all have those moments with our loved ones, when we realize a discussion about long term care planning is going to be necessary… soon. The other night my husband and I took his mother out for dinner. Every time we see her, she seems a bit slower, a tad more fragile, and her breathing has concerned me for some time. On this particular outing she mentioned she’s having a hard time keeping up with all of her housework. Then we got an additional health diagnosis a few days later, and I suggested my husband get together with his siblings, and begin some discussions about her future.
"We all have those moments with our loved ones, when we realize a discussion about long term care planning is going to be necessary… soon."
Each and every one of us should do our own long term care planning, before our loved ones have to meet and discuss it without us. Here are ten things you should know.
- Seven out of 10 people will require long term care in their life. Think of ten friends your age; seven of them will require assistance.
- Almost 7 million Americans are living with Alzheimer’s. That number is expected to rise to 13 million by 2050.
- Currently the annual median cost for an Assisted living facility is $66,126. That number is expected to rise to $88,868 by 2034 and $119,431 by 2044.
- Medicaid will only cover long term care costs in available facilities once you’ve spent down most of your assets. And most Medicaid facilities have a wait list.
- 10,000 Baby Boomers will turn 65 every day until 2030. Many are referring to this as the Silver Tsunami. How many Baby Boomers are part of your life? Family? Friends? Neighbors?
- African Americans are almost twice as likely to have Alzheimer’s. Hispanics are almost one and a half times as likely.
- For people born in the year 2000 in the US, men are expected to live on average to the age of 74.1 and women to the age of 79.3. Is there longevity in your family?
- Medicare is health insurance for people age 65 or older and covers medically necessary care only – not long term care.
- Many states are looking to create payroll taxes to fund long term care. Washington was the first to implement it; California, Massachusetts and Minnesota are researching.
- Caregiving for someone who requires long term care has many costs. Physical, mental, emotional, and financial. Planning ahead saves relationships.
Long term care insurance can provide peace of mind by protecting your assets, creating a plan, and ensuring that your family won’t be burdened with your care. LTC Consumer has a team of long term care specialists who can answer your questions, run you quotes, and advise you on the best plan for you and your family. They have decades of experience, and access to a portfolio of options with a variety of price ranges and coverage. Want to see what others are saying? Check out our Testimonials page, and read for yourself.
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