Long-term care planning for the future involves considering your financial, medical, and personal support needs. This includes funding for various care options and establishing legal documents. This also includes making healthy living and eating habits today to impact your quality of life as you age.
The average hourly rate for companion home care starts at $35 per hour
The average monthly cost for assisted living ranges from $4000-$10,000
The average monthly cost for a skilled nursing facility starts at $10,500
Medicare does not pay for any of these long-term care options
There are several options for payment, including long-term care insurance, private pay, VA Benefits, or, if you qualify, Special Assistance or Medicaid.
There are several things to consider and make a plan for:
- Can you get around in the home if you use a walker or wheelchair? This includes accessing the kitchen and bathroom, as well as getting in and out of the home
- Do you have the funding to pay for support in the home, for example, home care (Companion care is not paid for by Medicare)
- Do you have legal documents prepared in case you are unable to make decisions on your own (or are incapacitated for a period of time)? This would be a Medical and Financial Power of Attorney.
- Have you discussed your plan with your spouse or children
- If you are aging alone, do your friends or loved ones know your wishes
- Are all your wishes written down and documented
- Have you visited any assisted living or skilled nursing homes ahead of time to check them out for yourself
As care managers, we have seen many situations where the aging senior wanted to wait to make these decisions until they “needed” to. The problem with that is that, often by that time, they are no longer physically or mentally capable of providing their input and participating in the decision-making process. So, for all of you who are aging (that’s all of us), now is the time to make decisions and put a plan in place.