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Do Think Twice About Long-Term Care

November 30, 2022

How important is long-term care?

It is important enough for you to plan it.

It is important enough for you to do it.

It is important enough for you to think twice.

That is why we observe National Long-term Care "Planning" Month in October, followed by National Long-term Care "Awareness" Month in November. The double reminder tells us that long-term care is critical in creating a healthy financial picture. It can be a meaningful gift that enhances peace of mind to the very end for you and your loved ones.

In the previous article, we discussed the following:

  1. How long-term care is not as scary as you think
  2. Long-term care as part of your wealth management plan
  3. Why plan early for long-term care

Let's now expand the long-term care conversation to explore the most common questions people ask to help you gain clarity on the next steps.

What is long-term care, and why is it important?

Long-term care involves various services designed to meet a person's health or personal care needs during a short or long period. These services help you live as independently and safely as possible when you can no longer perform everyday activities independently.

What are the three basic levels of long-term care?

Care is usually provided in three main stages: independent living, assisted living, and skilled nursing. Nursing homes offer care at home or in the community. Nursing homes provide skilled nursing care, rehabilitation services, meals, activities, help with daily living, and supervision.

What is the monthly cost of long-term care?

According to Genworth's year 2021 data, monthly median costs for Minneapolis Area are $11,708 for a semi-private room in a nursing home facility. Homemaker services: $7,055.

How long do most people live in long-term care?

According to the latest AOA research, the average woman needs long-term care services for 3.7 years, and the average man for 2.2 years.

What are the significant trends in long-term care?

An AARP survey revealed that 90% of adults over 65 would prefer to remain in their homes as long as possible. This statistic should be significant to long-term care facilities because they must consider including in-home health care to meet changing consumer preferences.

What is commonly offered at long-term care facilities?

These services typically include nursing care, 24-hour supervision, three meals daily, and assistance with everyday activities. Rehabilitation services, such as physical, occupational, and speech therapy, are available. Remember that you might stay at a nursing home for a short time after being in the hospital.

Why is long-term care growing?

An aging population and the increasing prevalence of chronic conditions will drive up demand for long-term care services, including assistance with the activities of daily life.

What is the purpose of a long-term care policy?

Owning a long-term care insurance policy aims to help you maintain your lifestyle as you age. Medicare, Medicare supplement insurance, and the health insurance you may have at work usually won't pay for long-term care.

Thank you for exploring this important topic with us. For a complimentary long-term care plan review, schedule a time with an Echo Wealth Management team member. Together, let's identify possible action items to help you deliver continued peace of mind for your family.

Schedule a No-Obligation Discovery Call

Managing your wealth is a very personal subject, one we should discuss in a more personal setting.