Preparing for Long Term Care
Being prepared for elder care is becoming more and more important as new medications and medical procedures allow us to live longer. Preparing for our "golden years" is not as easy as one might think since there are many phases and stages that we go through as we age. Even tougher is when we have to make decisions for someone else such as a parent or other relative. Deciding on whether or not to take your loved one to facility a is difficult at best. Once the decision is made, finding the right facility is even more difficult.
Having traveled this road ourselves, we have created this site in the effort to help others who find themselves embarking on this journey. Through sharing our own experience and knowledge of this process, it is our hope that the information you find here will help prepare you for the stages of the aging process. To better enjoy this time of life, being prepared can make all of the difference in the world.
There is a big difference between Independent Living, Assisted Living, and Skilled Nursing Care. Please see the "Differences in Facilities" tab for more information.
In our case, we started with Assisted Living, then moved to Memory Care, and ended up moving a third time to a Skilled Nursing facility. For us, even though we had to move my mom three times, it was the right decision for us.
Unfortunately the cost associated with getting older is high. We were fortunate that our mom was prepared by having a long term care policy. Your options become less and less if you do not have the proper fianances or insurance to cover the cost. Many people are forced to sell everything they own and go on Medicaid. This can be devastating to your loved one.
It is not our intent on this site to discuss financial advice for elder care. We suggest you contact an Elder Care Lawyer should you have questions. It IS our intent however, that the content on this site will prompt you to ensure that you are prepared when the time comes. There are many options available today such as cash benefits, life insurance riders, and long term care annuities. Ask your insurance agent, or contact us at 1/866/424/2167 and we can help you locate an agent who cares about your future! Do it for your children if not for you!
Will Insurance Pay?
When certain criteria is met, such as a three day stay in a hospital, Medicare pays for a short term stay in a long term care facility; however, Medicare does not cover the cost for long term care on a permanent basis.
Private insurance, such as a Long Term Care policy, purchased by an individual may pay part or all of the expense. This depends on the policy purchased and whether the individual meets the criteria.
Some policies cover up to $300.00 or more per day. Some policies cover only a partial amount of the daily cost and only a certain number of years. Usually the average a person lives in a facility is 2-3 years so some policies only cover a 2 to 3 year period.
Read the policy or check with the insurance company to see if the policy covers Assisted Living expenses. You don't want the benefit to
outlive the individual. In other words, if the policy covers it, turn it in. Pay now or pay later. The individual could die prior to receiving the full benefits of the policy if you wait until their condition worsens.
If you've been wondering whether or not YOU need a long term care policy, annuity or life insurance rider for yourself, the answer is absolutely YES! You do! Thankfully my mom had the foresight and determination to prepare for long term care years ago.
Independent Living, Assisted Living, or Skilled Nursing?