Regardless of age, preparing and planning for long-term care isn’t something most people think about. But, for a person over the age of 65, it’s an important conversation to have. There is a 52 percent chance that they will need long-term support and services. That means it is never too soon to start planning how you want to handle that situation—for yourself and for loved ones.
Planning for long-term care is one step, deciding how to pay for it is another. For seniors, preparing for this is crucial to enjoying your golden years with independence and dignity. For family members, planning for long-term care can help you understand your role as a caregiver. In 2013, unpaid caregivers — mostly comprised of family members — spent 37 billion hours providing long-term care. Being a caregiver is rewarding, but can often be stressful and physically draining.
“Being a kind, compassionate caregiver is one of the greatest gifts you can give to a senior loved one,” says June Duncan, co-founder of Rise Up for Caregivers and author of the upcoming book The Complete Guide to Caregiving: A Daily Companion for New Senior Caregivers. While family caregivers play an essential role in our society, they often do so without much-needed support and guidance. June’s book fills that gap by offering a helping hand on everything from how to assess your loved one’s medical needs to how to work self-care into your busy days.
Self-care is just one aspect of planning for long-term care. Planning out the potential steps can be a huge benefit to seniors and their loved ones, even if they don’t wind up needing care at all. You can plan for long-term care by:
● Assessing the likelihood you or a loved one will require long-term care. There are a few reasons long-term care could be in your future. For example, if someone in your family suffered from hereditary illnesses such as Alzheimer’s, you may be at a higher risk. Be sure to plan for in-home care or pick out an assisted living facility to help care for your needs.
● Making lifestyle choices to reduce the risk of injury or onset of illness. Regular exercise, a good diet and consistent good sleep are three lifestyle choices that are critical for healthy seniors. From prolonging the onset of dementia to promoting healthy knees, hips and joints, all three impact your physical and mental health. Start walking, join a gym or sign up for yoga classes.
● Plan for future home modifications you need to make. Most seniors want to age in-place, meaning they want to stay in their homes for as long as possible. Planning for long-term care means planning for independence and safety. If the house is two-story, consider moving all essential rooms to the first floor. Install non-slip flooring in bathrooms and kitchens. These modifications will prevent accidents that could make long-term care a reality, as well as create a home environment that supports independent living.
Planning for long-term care also involves insight into the costs involved. Some ways to pay for long-term care include:
● Retirement options. If you can, consider postponing retirement and staying on at work for another year to boost up your savings. You can also take out an additional retirement policy specifically to cover potential health care issues.
● Purchasing long-term care insurance. Many insurance companies offer special long-term care insurance policies. Keep in mind— the younger and healthier you are when you purchase this type of insurance, the lower your premiums will be.
● Selling a life insurance policy. Selling a life insurance policy can help pay for daily living expenses and medical care. This can give you cash in hand to cover the costs of an in-home caregiver, home modifications or medical equipment you need that Medicare doesn’t cover.
Planning for long-term care is not a simple conversation to have, but it doesn’t have to be too complicated if you start talking about it now. Make sure your family and friends know your wishes, so that, if the time comes, you’ll receive the care you want and deserve.
Contributed by: Marie Villeza, ElderImpact.