Have you talked to your parents about their long term care plan? Maybe you’ve seen other families care for an aging loved one. Long term care needs can take a physical, mental, emotional, and financial toll on families.
It’s estimated that 70% of people will need long term care at some point in their lives. In addition, 70% of seniors will need long term care services for a physical or cognitive impairment. With the odds so high, it’s important to think about the future and talk to your parents about their long term care plan.
Why Is It Important?
For centuries, families have cared for elderly in their own homes. Today, many families are spread out across the country and generations cohabitating together can be challenging. Talking about the important issue of long term care and creating a plan now offers you and your parents peace of mind and a future with fewer surprises.
Common Options for Long Term Care
You and your parents have a few options for long term care. It’s important to consider each scenario and decide what’s best for your family.
Community Services & Adult Day Services:
Research community services in your area for elderly help and support. In addition, adult day services allow you to drop off a loved one who needs care during the day and you pick them up in the evenings.
Inviting Your Parents to Live with You:
You may decide to make room in your home to care for your parents. They may need their own ground-level space in the house and modifications for ramps, wheelchairs, wider doorways, grab bars in showers, etc. In some cases, caring for elderly can be a full-time job lifting, cooking, bathing, and more.
Home health care nurses can be hired for a few days a week as needed for relief or when 24-hour care is needed. Depending on the level of service and where you live, home nursing services can average $4,500 per month.
Living in an Assisted Living Facility:
At an assisted living facility, residents have access to three meals a day, activities, and care services. Additional care can be provided as symptoms progress. The cost for assisted living can average $3,000 or more per month plus more for additional care services.
Paying for Long Term Care Services:
Home care, assisted living, and nursing home care (in later stages) can be a financial burden for many families. Long Term Care Insurance helps pay for assistance when your parents need it most. By making a plan now and researching your options to pay for care, you and your parents will be better prepared when the need arises.
As the holidays arrive and bring families together, now is the best time to talk to your parents about their long term care plan. Share your concerns and ask how they envision their future. Long Term Care Insurance may be a great solution to know your family is protected.
Need a few talking tips to get you started? Check out this short video to start the conversation with your parents.
Curious what LTC Insurance costs? Try our online quote calculator today.