Long-term care involves more than just care for the elderly. At any point during your life, you could need long-term care.

In a study by the Center for Disease Control and Prevention, 8,357,100 people in the U.S. receive long-term care services each year. This includes nursing homes, home health agencies, hospices, adult day cares and adult day service centers. Another worrisome statistic: 37% of Americans needing long-term care are below the age of 64. You may need long-term care much earlier than expected; are you prepared?  

8,357,100 Americans Need Long-Term Care Annually: Are You Prepared?

May 26, 2017

Prepare for your future by investing in long-term care insurance.

In a study by the Center for Disease Control and Prevention, 8,357,100 people in the U.S. receive long-term care services each year. This includes nursing homes, home health agencies, hospices, adult day cares and adult day service centers. Another worrisome statistic: 37% of Americans needing long-term care are below the age of 64. You may need long-term care much earlier than expected; are you prepared?

Long-term care involves more than just care for the elderly. At any point during your life, you could need long-term care. The Family Caregiver Alliance® explains why you may need long-term care before your golden years:

"Individuals need long-term care when a chronic condition, trauma, or illness limits their ability to carry out basic self-care tasks, called activities of daily living (ADLs), (such as bathing, dressing or eating), or instrumental activities of daily living (IADLs) (such as household chores, meal preparation, or managing money).” Selected Long-Term Statistics Article

You can’t predict your long-term care needs, but you can be prepared to handle the situation if it arises. Here are three tips to help you prepare for any long-term care needs that may come down the road.

Have a plan

The best way to prepare for any situation? Have a plan. Meet with a professional who understands long-term care to help you create a plan. A few things you need to include in your plan: how will you pay for long-term care? Will a family member help care for you? What facilities will you use? How will your insurance help cover costs? You can find an extensive list of what to consider for your plan at longtermcare.gov.

 

Talk with your family

A report by the National Alliance for Caregiving in collaboration with AARP found that an estimated 65.7 million people in the U.S. have served as unpaid family caregivers. It’s important to discuss the possibility of long-term care needs with your family to understand what roles may need to be filled. Who will help you if you cannot dress, feed, or bathe yourself? Will you hire help, or will someone in your family take the role of caregiver? Be open and honest with family members and decide together how roles will be filled.

 

Understand the costs

According to the National Care Planning Council, the average annual cost for one year of home health care is $42,000. The cost for a nursing home can be almost double that. Knowing these statistics can give you an understanding of what the financial burden of long-term care might be and help you plan for ways to deal with the cost.

Have more questions about how to plan for long-term care needs? Learn more about long-term care planning and hear the answers to the most asked questions about long-term care at our upcoming Long-Term Care Seminar. Our experts will walk you through the many details of long-term care and what should be included in your care plan. RSVP here to save your seat!

One in four people over the age of 45 do not feel financially prepared if they suddenly needed long-term care, an AARP study found. Start preparing today by talking with your family and your financial advisor to make a long-term care plan that works for you.

Planning for Your Long-Term Care Needs

Did you know that 40% of long-term care insurance claims are paid to someone under the age of 64? You might need long-term care earlier than you think. Learn more about long-term care at our upcoming seminar. 

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