According to the U.S. Department of Health and Human Services (HHS), at least 70% of people over the age of 65 will require some long-term care services at some point in their lives*.
You risk losing your life savings if you don't properly prepare your estate before you or a loved one becomes ill. The average annual cost of a nursing home in the U.S. is $77,745 per person per year, and the average stay in a U.S. nursing home is 30 months.** Do the math, and the cost per person during that time period would average $194,363!
live in caregiver services
I can't afford that. And, if you're like me, you probably don't want to be a financial burden on your family as you get older. In fact, you may be more concerned about being a financial burden than about dying.
The 2012 survey conducted by Genworth Financial showed that death was the least worrying (10%). More worrisome were fears of living in a nursing home (25%), and the depletion of lifetime savings (12%). The same survey also showed that nearly 90% of retirees have not discussed their long-term care issues with their spouse or children.
Remember that you only have three care planning options in case you find yourself in a situation where you are unable to care for yourself physically or mentally.
One is live in caregiver services where a companion will prepare and serve your meals, do your shopping, do any necessary household chores, take care of all business matters, pay your bills, and provide entertainment. He or she can hire a home health care agency to help with most of these tasks. This agency will also give you injections or therapy, changes your dressings, and monitor your vital signs as needed.
Option 2 of health care planning is to move to an assisted living community. Assisted living is often seen as a bridge between home care and skilled nursing care.
Residents live independently, but have access to service professionals as needed. These communities are designed to provide residents with assistance with basic needs, such as bathing, grooming, and dressing, and administering medication.
One of the main advantages of living in an assisted living community is the social environment and interaction with other residents and staff.
The third option, of course, is to move into a nursing home. This would be for patients who require care at a much higher level, and if necessary, care 24 hours a day. The staff would include specialized nurses 24 hours a day, as well as diagnostic services such as lab tests, x-rays, and EKG readings.
Some nursing homes will also provide special wings for patients with memory problems who suffer from dementia or Alzheimer's. Mental capacity provides unique challenges beyond physical illness, and whenever possible it is best for the patient to be grouped with other patients who may have similar conditions.
Facing the realities of long-term care is often difficult, but "Care Planning," as I call it, is extremely important and relevant to our lives. We all need to learn more about it!
