Did you know??
“70% of people turning 65 will require Long-Term Care services at some point”.
“Women need care longer (3.7 years) than men (2.2 years)”
“One-third of today’s 65-year-olds may never need long-term care support, but 20 percent will need it for longer than 5 years” https://acl.gov/ltc/basic-needs/how-much-care-will-you-need
What is Long-Term Care?
Long-term care is a range of services and supports you may need to meet your personal care needs. Most long-term care is not medical care, but rather assistance with the basic personal tasks of everyday life, sometimes called Activities of Daily Living (ADLs), such as bathing, dressing, using the toilet, transferring from a bed to a chair, caring for incontinence, and eating.
Other common long-term care services and supports are assistance with everyday tasks, sometimes called Instrumental Activities of Daily Living (IADLs) including housework, handling money, taking medications, preparing and cleaning up after meals, shopping for groceries or clothes, using the phone or other communication devices, caring for pets and responding to emergency alerts such as fire alarms. https://acl.gov/ltc/basic-needs/what-is-long-term-care
- Health insurance from an employer Does Not cover extended daily care and basically only covers doctor and hospital bills.
- LTCI (long-term care insurance) can help with the incurred expenses of long-term care.
- LTC can be in a facility or in your own home.
Does Medicare cover Long-Term-Care?
Generally, Medicare Does Not cover long-term care, and home care provided by Medicare is very limited.
- Medicare can provide skilled nursing care in a nursing home for up to 100 days following a hospital stay if you qualify.
Caregiving can be a financial and emotional burden on individuals as they age. It is noted that roughly 66% of caregivers utilize retirement and savings funds to pay for care.
What can you expect to pay for LTC?
What we see on average for our clients in Eastern NC is
- $250-300 a day for a private room in a Skilled Nursing Facility
- $180-200 a day for an assisted living facility (memory care is more expensive)
- $25-30 an hour for a home care services
- $18-25 for private caregivers
Being prepared with a long-term plan for assistance as you age is very important.