Long-Term Care Assessment
As we get older, sometimes there are things we just simply can’t do as well as we used to. Sometimes we just need help, or more care than we want, or that our loved ones can give us. When that becomes the case (especially around the age of retirement), it is possible that we should start looking into our options for long-term care as we age. This is true even if we don’t know if we’ll need it later on- it’s always better to be safe than sorry. And while we won’t cover everything about the assessment in this article, we’ll at least cover the basics so that you have a better idea of things.
Before we get started thinking about the assessment, we’ll need to look over the basics of LTC. When you know all that you need to about the process, and you know it early, it can help rid some of the hassles we might otherwise face, including:
- Not understanding the policy
- Having issues with costs like unaffordable premiums
- Not going with the right company
- Not getting the right coverage or services in the policy
- Paying for coverage you won’t ever use
It’s important that you do a self-assessment of your own potential needs before you retire, such as the possibility of experiencing hereditary conditions in later adulthood. So here are some questions you can ask yourself when doing a self-assessment for LTC insurance:
- 1. Do I know what Long-Term Care is?
A lot of people still think that long-term care is only for people who are retired or for those who cannot take care of themselves. The reality is that it’s used by those who don’t have the ability to survive on their own, no matter their age.
This may include people who suffer from disabilities, cognitive conditions, and chronic diseases. And it doesn’t only include medical services; it covers all services for the activities of daily living, and it is not exclusive to medical facilities. It may also be received at home.
- 2. Is there a way to know if I need it?
There are a lot of ways to know whether or not you might need long-term care in the future, such as:
- People who live longer are likelier to need long term care.
- Women often outlive men, which means they’re at a higher risk of needing it.
- Looking over family medical history can help easily identify risks.
- The frequency of being hospitalized may point to a need for long term care.
- Some factors may be external, such as getting a disease or having a severe accident.
- 3. How much will it cost?
Some sample figures of costs include:
- A year in a nursing home costs anywhere from $35,000 to $45,000.
- A day in an adult day care may cost up to $80.
- Home health care can cost anywhere from $4 to $7 an hour depending on the provider.
- 4. How will I pay for it?
Paying for long term care can be done out-of-pocket or through long-term care insurance coverage. The main difference is that buying LTCI means you have to answer to the possibility of requiring long-term care.
A lack of planning and anticipating future needs is a common mistake made by retirees. A lot of them assume that they will be able to survive by relying on savings, but not being prepared comes with consequences.
While there is a lot more to deciding whether or not to get long-term care, the purpose of this article was to get you jump-started thinking about the idea. Look over these questions, go over them with family members, and do your own research. That way, you’ll be better equipped to make an informed, conscious decision about what’s best for you or for someone you love, whether your need is imminent or a little ways away.