What is Long-Term Care?
Long-term care (LTC) is the assistance you may need when you are too ill to do some of the basic activities of daily living (ADL’s) and safely take care of yourself. The standard Activities of Daily Living are:
- Moving in and out of bed
Today, the majority of people require long-term care services due to an illness or accident. However, in the coming years, most long-term care services will be received by by those who are getting older and experiencing a cognitive impairment, like Dementia. According to the Alzheimer’s Association, 1 out of every 2 citizens over the age of 85 will suffer from some sort of cognitive impairment. This disturbing number tells us that getting ready for LTC should be a vital piece of your retirement portfolio.
While the majority of long-term care is given by unskilled caregivers in the patient’s home, services can also be provided in the community, in an assisted living facility or in a nursing home. It is crucial to remember that you may possibly need long-term care even at a young age.
Currently, close to nine million men and women over 65 years old will receive long-term care. By 2020, 12 million older Americans will require long-term care services. Most will be cared for in the home. Home health care is responsible for most LTC. 70% of those needing care are currently being taken care of by family and friends at home.
A study by the U.S. Department of Health and Human Services indicates that folks who reach age 65 have a 40% chance of going into a nursing home. Almost 10% of the people who are confined to a nursing home will remain there five years or more. Unfortunately, most retirees have not included a plan for their long-term care needs when they are constructing their retirement. The majority end up using their life savings trying to provide care for themselves or their spouse.
Providing long-term care can be time consuming, expensive and exhausting. Help protect your family and get the facts you need to see if long-term care insurance should be a part of your planning process. Contact Sun Coast Legacy Advisors and let our knowledgeable agents design a plan for you.