What You Need To Know About Long-Term Care

Read Time / 2 Minutes

Theme / Retirement

Many of us know elderly people that struggle with memory loss or have difficulty carrying out the daily activities of life.  As their prognosis deteriorates, these seniors will often need on-going assistance in the form of long-term care.  Almost 70 percent of people who reach age 65 will need some type of long-term care, with women needing care longer (3.7 years) than men (2.2 years).  

Long-term care can be provided in a variety of settings, including nursing homes, assisted living facilities, and at home.  Home care services are the most popular form of long-term care, with family members providing 70 percent of care.  Costs for long-term care vary depending on the level of care needed.  If family members provide the care, they may need to juggle caregiving with their employment and other family obligations, potentially negatively impacting their financial future and family relationships.  And costs can increase significantly if home-care providers are hired or a move into an assisted living facility or a nursing home is required.

Romans 15:1 reads, “We who are strong ought to bear with the failings of the weak and not to please ourselves.”  Whether we are aging adults potentially needing long-term care or are adult children concerned about providing care for our aging parents, we need to plan financially for long-term care.  Medicare is not the answer as it is not designed to cover long-term care needs.  Medicaid offers coverage for both home long-term care health services and nursing home facilities, but it is restricted to those who are low income and have negligible assets.  The best approach is to plan financially for long-term care.  Reach out to us at Christian Wealth Management and we can discuss your situation and tailor a plan to meet your needs.

Doug Hanson, MBA

Wealth Advisor

208.697.3699

doug@christianwm.com