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Perhaps you’ve recently had firsthand experiencing with finding and placing a loved one in long-term care. Or maybe you finally have the time to begin to wonder about your own future care. Where would I stay? Who would look after me? How much would it cost and how would I pay for it? These are all questions that may come to mind when you begin to consider what your future long-term care may look like. Additionally so, you might wonder what your options are in terms of long-term care services, housing, and insurance. Many of the answers you are looking for will have to be  made for yourself or as a family unit. Some individuals would like to be cared for by a loved one whereas, other may feel they do not wish to burden family or even have family readily available for their care. Additionally so, you will have to decide which options best fit your needs and lifestyle. We are here to however, offer some insights into some of the questions you may need answered in order to make an informed decision surrounding you care.

What are the costs of long-term care?

You may have heard before that long-term care can cost a fair amount within any facility. Your individual cost will vary dependent upon a variety of factors such as your specific state, needs, condition, and desired level of care however, here are some average costs to consider:

Breakdown of what some common services will cost you

What Are my options?

Long-term care services were designed to help those who can no longer perform all or two or more of their daily living activities completely independently. This service was designed to help aging individuals continue to live a quality life. The level of care and services will vary dependent upon each individual as some may require more extensive care than other. Some common long-term care types include:

  • Congregate Housing – Involves a shared space between older residents which offers ltc services
  • Independent living- Involves any type of independent living unit (apartment, mobile home, condo) usually within a retirement community
  • Residential care- Involves room and board within a facility along with regular supervision and personal care
  •  Nursing Homes- Skilled nursing facilities offer personal care needs in conjunction with skilled nursing services as needed
  • Continuing Care Communities-  Extend housing and long term care services in exchange for a large entry fee along with a monthly maintenance fee

How will I pay for care ?

Determining how to cover the costs of your future care can be the most pressing question regarding your future long-term care. Given, that this type of care is quite costly long-term care is usually an expense most would like to have planned and allocated for. Failure to do so can leave many with debt, poor care, or financial burdens on your loved ones. Planning for this cost can make all the difference but knowing your options can help significantly. The main ways individuals typically choose to pay for care is typically:

  • Out of Pocket- Meaning you use your own cash or savings to fund whatever the costs of your care may be. You should expect this cost to be a large lump-sum amount and therefore should have liquid assets available to cover specifically these costs.
  • Long-term care insurance- Just like any other insurance this insurance was designed to help you shoulder the steep costs of cares without depleting your retirement and savings. This type of insurance typically involves selecting  a policy, medical underwriting, approval/non approval, and ltc benefits in exchange for a premium amount. Click here to learn more

If you or someone you love is interested in Long Term Care Insurance be sure to visit: LTC TREE for more information.