What You Need to Know About Long Term Care

Long term care refers to services that aim to help people who need assistance in performing basic daily activities such as dressing, eating, ambulating, toileting and bathing. Decades ago, most of us thought that this type of care only applies to the elderly. Today, however, with the growing number of people under the age of 65 who have conditions that require LTC services, many younger individuals are starting to include LTC planning in their retirement preparations.

The following are three of the most important things you need to know about long term care:

long term1. Long term care can happen to anyone at any point. At least 40% of those who are receiving custodial care in different LTC settings are aged 18 to 64 based on the report released by the National Care Planning Council. As a matter of fact, Christopher Reeve, better known as the world’s Superman, was just 43 years old when he became a quadriplegic after a nearly fatal equestrian accident. He needed LTC until a complication claimed his life 9 years after. His story tells us that LTC can affect anyone regardless of age and stature.

2. Lonterm care is very expensive. If you are not prepared financially, you can easily end up living on welfare. Below is the result of the 2012 Costs of Care Survey commissioned by Genworth Financial, a leading LTC insurance provider.

Types of Long Term Health Care Services

National Median Rates According to Genworth Financial

Homemaker Services

$18 per hour

Home Health Aide Services

$19 per hour

Adult Day Care

$61 per day

Assisted Living Facility

$39,600 per year

Nursing Home Semi-private

$73,000 per year

Nursing Home Private

$81,030 per year

3. The government has very limited long term care coverage. Medicare’s website specifically stated that they, in general, do not pay for care services that are custodial in nature like LTC. They only pay for short term rehabilitative care received in a skilled nursing facility. And while Medicaid provides LTC coverage, it only grants benefits to people who have met the poverty criteria of their states.

Sources

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