By Chris Orestis
Americans are living longer, which means more time with the grandchildren, more time to travel to those places they didn’t see when they were younger and more time to devote to leaving their mark on the world.
But a longer life expectancy also comes with problems.
At least 70 percent of Americans will eventually watch as an aging loved one’s life is taken over by a growing list of impairments that could mean there’s a need for long-term care. And many family members will be unprepared both financially and emotionally to make decisions about what’s best for that person they care about so much.
Too many people wait until they are in the middle of a crisis before they start trying to figure out how the world of long-term care works. That’s why it’s important to have a game plan mapped out ahead of time, and there are key things people need to be thinking about.
Such as, can the family recognize the need for care? The first step in providing long-term care is identifying that a loved one needs the care. Sometimes this need can sneak up on people slowly or it can happen overnight. Some of the telltale signs include cognitive impairment, such as forgetfulness or confusion; a house that is not as tidy or organized as it once was or has objects in odd places and physical deterioration, such as marked weakness, loss of strength and stamina, difficulty balancing or drastic weight loss.
Also, what is the right kind of care? There are four types of long-term care. Home health care allows someone to remain in their own home while receiving care by licensed or unlicensed workers, as well as designated family members. Assisted living is housing for someone unable to live independently, but who just needs midlevel custodial care, medication support, lifestyle activities, transportation and meals. Nursing homes are for those who need higher level skilled care. Finally, hospice care is for people in the final six months of life.
Lastly, is the family prepared to pay for it? The cost of long-term care can devastate a family’s finances. The annual cost of nursing home care, for example, is more than $80,000. Generally, there are three options for paying for long-term care: tapping into retirement savings, buying long-term care insurance or relying on Medicaid and Medicare.
Most seniors don’t want to be a burden on their families, and yet too often families are unprepared for how long-term care will have an impact on them. That’s why it’s important to plan for that day and not wait until the middle of a crisis.