By BEN ADEL | Special to the Palisadian-Post
October is Long-Term Care Planning Month—a time when seniors are encouraged to look at what help they might possibly need in the future and explore all the options that might be available to them.
Long-term care is non-medical care often required when you or an aging loved one is diagnosed with a chronic illness and then requires support. Some of the services that fall under the long-term care umbrella are basic everyday living tasks such as bathing, dressing and using the restroom.
Some providers also help with housekeeping, shopping, meal planning and personal care. Sometimes skilled medical care by a nurse and technologies used to increase independence fall under long-term care as well.
The Financial Realities of Long-Term Care
It’s difficult to predict if you or an aging loved one will require long-term care. However, if the need should arise, do not fall under the misconception that medical insurance will cover the costs.
Medicare, MediCal and Medi-Medi (Dual Eligibility) are designed to pay your medical health care costs, but they rarely cover non-medical expenses, such as in-home care or the cost of a nursing home. Medicaid covers the cost of long-term care only after an individual has depleted all of their assets. Even then, the services offered are limited.
Also, should the worst occur, searching for monetary help in long-term care becomes a difficult burden to navigate. Many long-term care policies will see the current situation as a pre-existing condition and reject coverage.
Why Plan Ahead?
While planning for long-term care isn’t fun, it’s important to think of the daily ins and outs of your life. Who would help assist in those tasks if you or your loved one were no longer able to accomplish those tasks alone?
According to LongTermCare.gov: “Someone turning 65 today has almost a 70% chance of needing some type of long-term care services and supports in their remaining years.”
The Administration for Community Living noted that 20% of today’s 65-year-olds may need long-term care support for longer than five years and “women need care longer (3.7 years) than men (2.2 years).”
Advanced planning for long-term care will provide more choices, savings, peace of mind and a better quality of life.
What Steps Can You Take?
Develop a plan you or your loved one would like to have in place in case the need for long-term care should arise. An effective plan should include everything from where you will live, how you will navigate finances and where you will have support. These decisions help maintain a sense of control over your future.
The main questions to take into consideration are:
Who will provide your care?
Where would you like to have the care administered? Would you rather have long-term care in your home for as long as possible, or is there another option to consider?
How will you pay for long-term care?
Once you have an idea in place, you can have a discussion with your health insurance and find out what is covered or determine if there are more benefits that can be added to your plan.
Reputable Home Care Companies Provide Long-Term Care Claim Management
Having a long-term care insurance policy in place will typically cover the costs of care needed due to a chronic illness or disability. It helps with costs that arise in personal care you might require through in-home care, a nursing home, or in a care and board facility.
You can seek the guidance of a certified financial planner who will often have information on various long-term care insurance policies available to you.
When the time comes to use your policy, you’ll want to call upon an experienced senior home care provider or group living organization with experience managing and fulfilling LTCI policies and claims.
Begin your conversation with seniors and caregivers this month. It is so important to develop a plan to meet the costs of long-term care.
Ben Adel is founder of Luxe Homecare, a Pacific Palisades-based homecare and home health agency with caregivers in Los Angeles, Orange County and Riverside. They offer round-the-clock support, including licensed clinical social workers, medical social workers, physical therapists, registered nurses (RN and LVN) and long-term care management. Background checks are required for all staff to give you and your loved ones the peace of mind you deserve. Contact the Luxe team at 310-459-3535 or visit luxehomecare.com.
This page is available to subscribers. Click here to sign in or get access.
