Senior Spotlight: Long-Term Care Awareness Month

Benjamin Franklin once said that "In this world, nothing is certain except death and taxes.” He forgot one thing that happens along the way… aging. It is inevitable that our health and lifestyle needs will change as we age; we don’t when or how – but the reality is that we will all need help in some capacity as we age. In honor of Long-Term Care Awareness Month being observed in November, we wanted to share some considerations for your own planning purposes.

According to an AARP survey, only 28% of adults over 50 have given a lot of thought as to how they can continue to live independently as they age. The Department of Health and Human Services reports that 1 in 5 of us will need significant long-term support as we age. While full long-term care refers to help with basic daily activities as bathing, dressing, cooking/eating and driving – there is also a range in between of moderate help that is often needed.

Critical long-term care considerations include:

-  As my health needs change, do I have a family caregiver to help me? Will this support be paid or unpaid?

-   What types of care does insurance and/or Medicare cover?

(According to AARP: “Traditional Medicare, the public health insurance program for people 65 and older and disabled individuals who are younger, doesn’t cover long-term care beyond some skilled care right after hospitalization for an injury or illness. Some Medicare Advantage plans from private insurers offer limited supplemental coverage for services like meal delivery and rides to medical appointments.”)

- If you are a veteran, have you looked into long-term care through the US Department of Veterans Affairs?

- Have you openly talked with your family about who will make health and financial decisions for you if you are unable?

- Are you aware of the average costs of in-home help, assisted living and skilled nursing?

- When is the last time you talked to your financial advisor about planning for how to pay for long-term care, and how much you may need?

Life care planners have shared that the two biggest challenges in long-term care planning are waiting until it’s too late and being misinformed or making assumptions about what Medicare will pay for.

Jennifer Crowley, a registered nurse, life care planner and author, states that “If you wait too long, decisions are more likely to become someone else’s decisions, not your own.” The article How to Talk to Your Loved Ones About Long-Term Care Planning offers some helpful guidance for starting a conversation with your loved ones and moving past denial into action.

Proactivity can truly lead to a more purposeful and prepared process as you age. Being able to manage what we can, while accepting what is out of our control, is a delicate balance that cannot be achieved unless we live with intention.

Cheers to planning for peace of mind,

Bobbi

Bobbi Decker
DRE#00607999

Broker Associate
650.346.5352 cell
650.577.3127 efax
www.bobbidecker.com

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