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Long-Term Care: What are my Options?

Certified Financial Planner Financial Advisor Financial Services Long Term Care November 13, 2018 Author: Deborah Doyle
insurance - financial advisor

When planning for retirement a big mistake most people make is overlooking long-term care insurance and preparing for healthcare expenses– whether foreseen or not. Most people are not aware of what the costs are, how to prepare for them or where to even begin to save for these kinds of future expenses.

You’ve had discussions with your friends, family and financial advisor about long-term care insurance and have decided to take the next step to purchase it. So, you ask yourself, what are my options? There are five main types of long-term care living options to consider when purchasing long-term care insurance.

 

5 Main Types of Long-Term Care:

  1. Retirement Living/ Independent Living: Many communities mirror the structure of apartment buildings featuring amenities and housekeeping. The facility will offer planned activities, meal prep and very light care. This provides the most independent sense of living and is meant for self-efficient living seniors.
  2. Assisted Living: Assisted Living facilities have different options and offerings available but are mainly focused on providing care in a group environment. They will help seniors with medications, housekeeping, transportation and meal preparation.
  3. Nursing Homes: The most traditional and well-known type of long-term care services available that provides personal care and medical care. This includes helping with daily activities and functions such as: getting dressed, bathed, meal prep, medication and 24-hour supervision. Many residents of nursing homes choose this option due to mental illness or chronic physical conditions that require assistance.
  4. Memory Care Facilities: Those suffering from Dementia and Alzheimer’s require even more care and supervision. These facilities would be within a nursing home or assisted living. The atmosphere will focus on the individual separately and treat the seniors differently due to the variations in their conditions.
  5. Skilled Nursing Facilities: Focused on rehabilitation, speech and physical therapy. Nurses and physicians will always be on site. Most members will receive frequent and daily visits from both a nurse and physician. Seniors within these facilities require a lot of assistance with their daily activities and functions. A lot of their time will be spent within their rooms, in bed.

 

There is a major misconception that nursing homes are the only option available when seniors begin to age and need assistance. That is not true as there are various options available to seniors depending on the level of assistance needed. It is important to research the options available and find the most suitable fit for you or your senior’s needs.


The opinions voiced in this material are for informational purposes only and are not intended to provide specific advice to any individual. Consult your legal, tax, and/or financial advisor to determine what is appropriate for your situation.