Long-Term Care
Long-Term Care Consultant - Annuity Representative - Financial Guide“You only live once – so make your life count”
The concept of ‘you only live once’ is directly related to ‘faith’ in what you believe…….that your life matters. Within the Insurance and Financial World, we believe that our services and products serve people’s greater goals and aspirations.
With the ability to navigate several areas of Insurance and Financial spaces…we seek to give each client ‘peace of mind’ and a ‘strategy’ that moves them into a more significant position of influence, whether in their business or personal lives.
We encourage you to have a conversation with us (no-cost consultation), so that we can identify your desires, goals, and concerns are addressed and the pieces of the puzzle are put together correctly within our areas of expertise.
Long-Term Care is a very serious need when crisis hits and unexpected health issues take full-time care to bring stability and balance to one’s life. With only 3 out of 10 having Long-term Care in place – this is a serious issue facing our society as we are living longer and 80% have health events that require short and long term care coverage.
NOTE: Please understand that Medicare, Supplements, Advantage Plans are NOT Long-Term Care coverage.
There are limitations to medical coverage and the need for Long-Term Care is highly important to discuss your options. Do not underestimate a valued conversation that would be able to set you, your spouse or family member up with top quality Long-Term Care options.
Long-Term-Care Key Features
Key Features of Long-Term Care
- Types of Services:
- Personal Care: Assistance with activities of daily living (ADLs) such as bathing, dressing, eating, and toileting.
- Home Care: Support provided in the individual’s home, which may include personal care, homemaking, and skilled nursing services.
- Assisted Living Facilities: Residential settings that offer personal care and support services while promoting independence.
- Nursing Homes: Facilities that provide 24-hour medical care and assistance with daily activities for individuals with significant health needs.
- Memory Care Units: Specialized facilities for individuals with Alzheimer’s disease or other dementias, focusing on safety and specialized support.
- Duration of Care:
- Long-term care can be temporary (short-term rehabilitation) or ongoing, depending on the individual’s needs.
- Who Needs Long-Term Care:
- Individuals of all ages may require long-term care, but it’s more common among older adults due to age-related conditions or disabilities.
- People with chronic illnesses, cognitive impairments, or recovery needs after surgeries may also require long-term support.
- Funding Long-Term Care:
- Long-term care can be expensive, and various funding options may include:
- Personal Savings: Out-of-pocket payments for care.
- Long-Term Care Insurance: Policies specifically designed to cover long-term care costs.
- Medicaid: A state and federal program that covers long-term care for eligible low-income individuals.
- Medicare: Limited coverage for short-term skilled nursing care, but not for long-term custodial care.
- Care Planning:
- Early planning for long-term care needs is crucial. This includes discussing options with family members, evaluating potential services, and considering financial resources.
- Advance directives, such as living wills and powers of attorney, can help ensure that healthcare and financial decisions align with the individual’s wishes.
- Choosing a Care Option:
- When selecting a long-term care option, consider:
- The level of care needed (personal assistance vs. skilled nursing).
- Location and proximity to family and friends.
- Cost and funding sources.
- Quality and reputation of facilities or providers.
- Individual preferences for lifestyle and independence.
Conclusion
Long-term care is essential for individuals who require ongoing assistance due to health-related challenges. Understanding the different types of services, funding options, and planning strategies can help individuals and their families make informed decisions about their long-term care needs.
The reality is that Long-Term-Care is essential because when crisis hits, unexpected health issues strike deeply, and care is required – you want to have the best LTC in place before any major concerns unfold.
Long-Term-Care-Statistics
Long-term care statistics worldwide
- Every day until 2030, 10,000 “Baby Boomers” will reach the age of 65. (Genworth, 2022)
- Seven out of every 10 people will require long-term care. (Genworth, 2022)
- Denmark, Norway, the Netherlands, and Sweden spend the most on long-term care. (Organisation for Economic Co-operation and Development, 2020)
Long-term care statistics in the U.S.
- In 2016, roughly 8.3 million people received long-term care services in a regulated facility. (National Center for Health Statistics, 2019)
- In the United States, there are nearly 1 million licensed beds with an average of 33 licensed beds per assisted living facility. (AHCA/NCAL, 2015)
- The Western region of the U.S. has the most assisted living communities (41%) followed by the South (28%), Midwest (23%), and the Northeast (8%). (AHCA/NCAL, 2015)
- There are more than 800,000 people in assisted living throughout the United States. (AHCA/NCAL, 2015)
- Of 3.9 million Americans receiving care in a skilled nursing facility, 78% received long-term care for 100 days or more. (American Health Care Association, 2015)
- There are only 1.7 million assisted living employees in the U.S. to care for the 3.9 million residents. (American Health Care Association, 2015)
Long-term care statistics by facility type
In 2016, there were approximately 65,600 regulated long-term care facilities in the United States. Long-term care services were provided by:
- 28,900 assisted living and similar residential care facilities
- 15,600 nursing home facilities
- 12,200 home health agencies
- 4,600 adult day care centers
- 4,300 hospice agencies
National Center for Health Statistics, 2019
Most assisted living communities offer 24-hour supervision and assistance, wellness programs, housekeeping, meals, medication management, transportation, and personal care services. The following are examples of personal care services:
- 64% of assisted living residents need help bathing
- 57% need help walking
- 48% need help dressing
- 40% need help with going to the bathroom
- 29% need help with bed transfer
- 19% need help eating
These statistics must MOVE PEOPLE to action because as we are living longer……more long-term-care is going to be needed to prevent major financial stress to individuals, spouses and families.
We have LTC specialists to search out the best plans and policies available across the United States for my clients.
The three major questions on the minds of those seeking LTC coverage are;
1/ Can I offer LTC when it strikes? (ie: self-funding can be deceiving and not enough)
2/ How long will this type of LTC last to care for my loved one? (ie: many plans offer several options to discuss/confirm)
3/ Can I protect assets from being taken in a ‘spend-down towards Medicaid? (ie: leaving a legacy while receive LTC)
We take the time, find the greatest options, make sure eligibility is secure, and the result of ‘peace of mind’ in the hearts of our clients.