Planning for Long-term Care
How much do you know about long-term care (LTC) and how you would pay for those services, if needed? Take the Health Mart Quiz and also, the Test Your Knowledge quiz from the American Association of Retired Persons (AARP). No doubt you’ll find that you don’t know as much about LTC as you think you do – and nowhere near as much as you and your family probably should.
Of course, no one likes to think about the day when they – or a loved one – may need to go into an LTC situation due to a chronic illness or disability. But there is a strong chance it will happen. According to Medicare, 9 million men and women over the age of 65 will need LTC this year. By 2020, 12 million older Americans will need LTC. Most will be cared for at home, while many others will have to go into assisted living facilities or nursing homes. And even though LTC is associated primarily with older adults, it could happen to a person of any age.
So, how do you plan for LTC? Following are some online resources for learning more about LTC options, and how you might start preparing now to cover the financial costs of that care in the future.
LTC Resources
Medicare.gov: The official Medicare website provides a “Long Term Care Planning Tool” for determining what LTC services are available in your area,how much you can expect to pay for LTC, and what financing options are available to support your LTC costs. It also features a step-by-step guide for choosing the type of LTC that is right for you or your loved one.
USA.gov: The "Senior Citizens Resources" section of the U.S. government’s user-friendly information site covers senior-oriented topics related to LTC such as “Consumer Protection for Seniors” (e.g., advocates for nursing home residents) and “Health for Seniors” (e.g., health care facilities, Medicare).
America’s Health Insurance Plans: The AHIP website has brochures and other information about LTC insurance costs and options. You also can request this information by calling AHIP at 1-800-424-3410.
AARP.org: The AARP website has a wealth of information, including studies and news articles, about LTC planning, providers, costs and insurance. It also offers a State-by-State Guide to nursing home performance data.
Long Term Care Link: This site from the National Care Planning Council is “dedicated to helping the American Public plan for long term care.” It provides information on everything from “Long Term Care Benefits for Veterans” to “Long Term Care at Home,” and includes links to useful LTC resources and state care planning councils.