Posts Tagged ‘long term care costs’
Long-Term Care Awareness: What You Need to Know
November is long-term care awareness month, in which we, and other organizations around the country, try to raise awareness of the need for long-term care and long-term care insurance. Most people will need long-term care at some point in their lives, but they either don’t know about long-term care insurance, or they don’t think they’ll need it. They assume their health insurance will cover the costs of long-term care, and while it might cover some of the costs, it won’t even begin to cover all of them. That leaves many people unable to pay for the long-term care they need, and unaware of how much financial trouble they’ll be in until it’s too late.
An Aging Population
Until 2030, 10,000 baby boomers will turn 65 each day, which means the need for long-term care and long-term care insurance are rising dramatically every day. Unfortunately, the number of people buying long-term care insurance is not going up at the same rate, even when people are aware of the need for it. Experts estimate that 7 out of 10 people will need long-term care at some point in their life, yet most of those people don’t have long-term care insurance.
The Costs of Long-Term Care
The costs of long-term care vary based on a variety of factors, including your geographic location and the level of care you require. To give you an idea of what you might need, the median cost for assisted living in 2019 is just over $4,000 per month.
According to a study conducted in 2018, almost 1/3 of respondents surveyed said that long-term care expenses were a top financial concern for them, and more than half (57%) said they needed long-term care insurance, yet only 15% of them had long-term care insurance.
Caregivers
An estimated 80% of long-term care is provided by unpaid caregivers who spend an average of 20 hours per week providing care. Most of the time, that means one of your children or grandchildren is taking care of you and sacrificing their career and/or personal life in order to do so.
It’s also less than ideal for you because your friends and family members are not professional caregivers, which means they’re more likely to make a mistake that could have serious consequences. By making sure you’re covered by long-term care insurance, you can hire a professional to give you the care you need and leave your friends and family members to spend more quality time with you when they visit, instead of worrying about a to-do list.
Medicare and Medicaid
Medicare and Medicaid do cover some of the costs of long-term care, but not every long-term care provider accepts Medicare or Medicaid. Do your research ahead of time to figure out which long-term care providers you’d prefer to use if you end up needing it, and what forms of insurance they accept. Even if they do accept Medicare or Medicaid, chances are those programs will only cover part of your costs, which means you’ll still need long-term care insurance to cover the rest.
Here at Stillwater Senior Living, we treat our residents like family. Our apartments include studio, one bedroom, and two bedroom suites, and we are pet friendly. They are designed with security features, maximum accessibility, and include walk-out patois with a full range of amenities for the entire family.
CONTACT US today for more information and a tour of our beautiful state-of-the-art community.
Are Your Parents Making Use of These Benefits for Veterans?
The Department of Veterans’ Affairs does a lot to take care of its veterans, both during and after their time in active duty, but those benefits don’t automatically appear. Most of them have to be applied for, but sadly, many veterans don’t even know all the options that are available to them. So, if you or a loved one is a veteran, make sure you know about these important benefits.
Affordable Healthcare
Healthcare is expensive, and that’s especially true if you’ve been wounded in the line of duty. You or your loved one might be eligible for healthcare that is either free or low cost through a VA hospital or medical facility.
This also extends to mental healthcare. It’s common for wartime veterans to suffer from PTSD and/or to require professional counseling, which can also be expensive. Fortunately, the VA provides both counseling and PTSD support to its veterans.
Disability Compensation
If you or a loved one was wounded in the line of duty in a way that left you disabled and unable to earn a living, you could be eligible for disability compensation through the VA.
VA Pension
The VA Pension is a program that provides income to veterans who have no or limited income and meet one of the following criteria:
- Is aged 65 or older
- Is permanently and totally disabled
- Is a patient in a nursing home
- Is receiving Social Security disability benefits
Long-Term Care Costs
If you struggle to pay for long-term care for a loved one who’s a veteran, the Aid and Attendance Program offers help with long-term care costs, including the costs associated with living in an assisted living community, a nursing home, or having a caregiver come to your house to care for you. The program also covers long-term care costs for the surviving spouses of veterans, so if the veteran in your family has passed on, but their spouse needs help paying for long-term care, they could be eligible for funding from the Aid and Attendance Program.
Life Insurance
The veteran in your life might have a hard time making sure you and the rest of their loved ones are financially stable after they’re gone because most insurance companies won’t sell them life insurance, especially if they were injured in the line of duty. The Servicemembers’ and Veterans’ Group Life Insurance Program offers life insurance to veterans with competitive premiums.
Free Tax Preparation
Taxes are complicated for most of us, but they can be especially complicated for veterans. The Volunteer Income Tax Assistance offices located on military bases offer free help for veterans filing their taxes. They have experience dealing with the complex tax issues unique to veterans, so not only is it free, it’s also a great way to get an expert on your side who knows the ins and outs of your particular situation.
Death Benefits
If you want to mark your loved one’s service to their country after their death, you can request an American flag to be draped over their casket and a Presidential Memorial Certificate, both of which will be paid for by the Department of Veteran’s Affairs. They can also provide a free headstone or grave marker for your loved one.
Here at Stillwater Senior Living, we treat our residents like family. Our apartments include studio, one bedroom, and two bedroom suites, and we are pet friendly. They are designed with security features, maximum accessibility, and include walk-out patois with a full range of amenities for the entire family.
CONTACT US today for more information and a tour of our beautiful state-of-the-art community.