Millions of Americans will need long-term care when they get older. One widely-cited study found that 70% of Americans who make it to age 65 will need long-term care at some point in the remainder of their lives. This kind of care, whether it’s at-home or in a nursing home or other facility, can be extremely expensive.
Just thinking about these issues can be stressful, but before getting wrapped up in doom and gloom, it’s a good idea to assess your potential long-term care options and how to pay for them.
In this post, we wiil look at some of your long-term care options so that you have a better idea of what you might have to plan for. That will give you direction as you engage in nursing home care and/or MassHealth planning as well as estate planning.
Assisted living
Assisted living care is for those who need help but don’t require care at all times. The focus of assisted living isn’t on providing you with medical care, but rather on giving you the support needed to live your daily life. For example, if you have limited mobility that prevents you from bathing and dressing yourself, but you’re otherwise capable of getting around and doing things on your own, then assisted living might be right for you. The staff at an assisted living facility can also help you prepare meals, track your medication, and even carry out your daily chores.
Because assisted living facilities are aimed at helping you live a productive life, there are often social activities for residents, and most facilities provide residents with their own units that are apartment-like.
The basics of nursing home living
Nursing homes are a good fit for those who have extensive medical needs that require constant care. Someone with Alzheimer’s disease, for example, may need consistent assistance in getting through the day. Those with severe mobility issues can also benefit most from a nursing home, where staff can help avoid bedsores and ensure that basic living needs are met.
Unlike an assisted living facility, a nursing home does not provide as much autonomy and freedom of movement. Residents oftentimes must share rooms with others, and there are usually fewer activities for residents to engage in on a regular basis.
The basics of home healthcare
With home health care, an individual visits you at your residence to help you with whatever needs you may have. As with an assisted living facility, a home health care professional can help you with cooking, cleaning, bathing and dressing. Many people like the idea of home health care because it allows them to age in place, Realistically though, in many instances the level of care provided at home simply doesn’t meet an individual’s needs, especially if they suffer from a significant medical condition.
Paying for care
The cost of long-term care tends to depend on the extent of your needs. For example, the costs of assisted living facilities often start with a base rate for a basic level of care, but the cost goes up when you need additional services. Full-time care is often significantly more expensive.
Private long-term care insurance can help pay for these costs, if you have it, but many people depend on government programs to help them pay for long-term care. In Massachusetts, the MassHealth system can help people to pay for their long-term care, but its eligibility requirements are quite strict. Many Massachusetts residents must start making preparations years in advance to make sure they are eligible for MassHealth when they need it.
That’s why now may be the time to engage in effective MassHealth planning that ensures that you’ll have access to government benefits while still protecting your assets as much as possible. By doing so, and by keeping in the mind the costs of the most expensive care possible, you’ll ensure that your long-term care needs will be met.