Happy Long-Term Care Planning Month! Each year in October, Long-Term Care Planning Month brings awareness to the resources and types of care that older adults may need—and how to plan for it.
What is Long-Term Care?
Long-term care is a variety of services that meet a person’s needs when they can no longer perform everyday activities on their own. For example, someone who has trouble bending over may need help with yardwork or keeping their home clean.
Long-term care can range from needing minimal assistance with specific tasks to round-the-clock care. It’s difficult to predict how much or what type of care a person may need, so the best course of action is to be prepared.
To get started, let’s break down a few things you’ll need to consider as you plan for the long-term care of yourself or your loved one:
Health
Discuss current and potential health needs to develop a comprehensive long-term care plan that addresses medical, physical, and cognitive concerns. Current health issues are a great starting point, but you can also schedule a physical and/or investigate family health history to get an idea of what your needs may be further down the line.
You never know what might happen, so simply sitting down and answering questions like, “What will we do if we have an unexpected health emergency?” or “What will we do if memory issues start to surface?” can take a lot of weight off your mind.
Finances
Long-term care costs can add up quickly, so it’s important to plan ahead and know where that money will come from. Here are some things to consider:
Long-Term Care Insurance: One option is purchasing long-term care insurance to help provide financial protection and cover costs. But be sure to pay close attention to the policy language—some plans may have coverage limitations.
Medicare/Medicaid: In the United States, Medicaid and Medicare are two government programs that may provide coverage for long-term care services.
Personal Savings/Investments: Set aside personal savings and investments to help with long-term care expenses. It may also be beneficial to work with a financial advisor who can help ensure that you’ll have the funds that you need when you need them.
Family and Friends: If family or friends are going to help with long-term care (either monetarily or through their labor), keep an open line of communication about expectations and contributions.
Lifestyle Needs
The type of long-term care that you choose will be informed by finances, health, and general lifestyle preferences. These options include:
Independent Living Communities: Someone might choose to go into an Independent Living Community if they don’t need daily assistance, but want to enjoy their golden years without the hassle of home and yard maintenance.
Assisted Living Facilities: Assisted living facilities offer a residence for individuals who need daily assistance with things like meals, bathing, dressing, and medication.
Skilled Nursing Facilities: A skilled nursing facility is designed for residents who need not only assistance but also some level of medical care on a daily basis.
Memory Care: Memory care sometimes falls under other care levels—like assisted living or skilled nursing—but is specifically for residents who experience memory issues (such as dementia). The type of care provided is tailored to meet those needs and keep residents safe.
In-Home Care: Sometimes called “aging in place,” in-home care allows an individual to stay in their home for as long as possible. Care may be provided by a family member or friend, or by a hired in-home care professional, like a nurse.
Some facilities, like The Chateau Girardeau, are Continuing Care Retirement Communities—meaning that they offer multiple levels of care on a single campus. No matter what you need as you grow older, you won’t have to worry about leaving The Chateau.
Legal Considerations
A comprehensive care plan developed with an elder law attorney will help ensure that your or your loved one’s wishes are respected and assets are protected. Here are a few legal considerations to keep in mind:
Durable Power of Attorney: This allows you to designate someone to make decisions on your behalf if you are unable to, ensuring that someone you trust will make decisions about your care if you cannot do so.
Healthcare Proxy: This is similar to a durable power of attorney in that it allows you to designate someone to make decisions for you, but a healthcare proxy is focused specifically on healthcare decisions.
Living Will: A living will outlines your wishes regarding end-of-life care to ensure that they are respected, even if you cannot communicate them yourself.
These are three of the main legal considerations that you’ll want to discuss with your attorney. They may make additional recommendations as well.
Planning for long-term care can be a challenge, but the effort will be more than worth it. If you haven’t started yet, why not jump in today? Long-Term Care Planning Month is the perfect time!