Are You Prepared For Long-Term Health Care?

By Timothy Barber, CEO/President

Barber D.M.E. Supply Group

. http://www.barberdmestore.com/

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Are You Prepared For Long-Term Health Care?

A recent study conducted on behalf of AARP found the average private cost of a nursing home stay to be $70,000 per year but can exceed $100,000 in some locations. Assisted living homes average a cost of $34,000 per year, and hourly home care cost can range from $20 to $50 an hour, depending whether the aide is Medicare-certified or not. These are unavoidable costs that many seniors will be affected by in the future. About 70 percent of people over the age of 65 will require some type of long-term health care (LTHC) services during their lifetime. More than 40 percent will need care in a nursing home. Things that increase their risk or make it more likely that they will need long-term care include

Age The older you get, the more likely you'll need help.

Living alone If you live alone you're more likely to need paid care than if you're married or single and living with a partner.

Gender Women are more likely to need LTHC than men, primarily because women tend to live longer.

Lifestyle Poor diet and exercise habits increase the chance of needing LTHC.

Personal History Health and family history increase the chances you'll need LTHC.

Long-Term Health Care includes the care and related expenses associated with an extended illness or injury, including rehabilitation and maintenance for people who are disabled and cannot care for themselves and are expected to need care for an extended period of time.

For seniors entering their twilight years, LTHC planning is often overlooked. It's an area that we want to believe we will never have to face. But the fact that you have not planned for LTHC doesn't mean that all is lost (just a bit trickier). It's a fact that LTHC is very expensive, and the longer you wait the more you limit your options. Fortunately, there are a number of public programs which help pay for LTHC services. Each program has specific rules about what services it covers, how long you can receive services, how you can qualify for services, and in some cases, how much you have to pay out-of-pocket. Please be aware that these resources are limited, and the earlier you begin your due diligence, the better off you will be.