A big part of getting older may mean needing regular help with everyday tasks. If you need help that lasts for longer than a few days or a single appointment, it may be time to explore your next steps. This type of help is called "long-term care." It lasts for a longer period of time and could go on for months (or even years) depending on your needs.
Why is this an important topic to think about? Long-term care can be expensive. In the United States, the average cost for at-home care is roughly $42,000 per year and may be even more depending on where you live. So, if you’re nearing retirement, now may be a good time to think about how this type of care will play a role in your family’s budget. Use this guide to learn more about the different types of long-term care so you can start planning for the future.
What long-term care services do seniors need?
The term "long-term care" covers a lot of different kinds of help. It's not just about doctors and hospital stays. It can also cover:
- Daily activities like bathing, dressing, and eating.
- Help with cooking, cleaning, and getting groceries.
- Taking care of medicine and making sure you take the right pills at the right time.
When thinking about the type of care you may need, it's important to remember that long-term care is different from short-term care. Short-term care is for things like a broken bone or a brief illness. Long-term care is ongoing. Short-term care can be covered by most insurance plans, but long-term care often needs a different kind of coverage.
If you have already enrolled or are planning to sign up for Medicare, learn more about what types of long-term care costs may be covered.
Types of long-term care
The cost of long-term care may change based on the kind of help you need and where you need to get it. The different types of long-term care include:
- Assisted living: This can be described as a mix of your home and a care facility. You get help with daily tasks, but you also can keep your independence. Costs for this type of care depend on both the location and services. Learn more about Medicare coverage and assisted living expenses.
- Nursing homes: This is for people who need more help, including ongoing medical care. It is usually more expensive than assisted living because of the type of care required. Get the details on how Medicare coverage can help cover the costs of nursing home care.
- Hospice: This type of care is for people who are nearing the end of their lives. It focuses on comfort and support. This may be covered by some insurances, including different parts of Medicare, but it is important to check.
- Home care: This is when a caregiver comes to your home to help. Costs depend on how many hours of help you need during the day or week. Learn more about how Medicare can help cover some home care expenses.
Each of these types of care could impact your financial future. When thinking about retirement, it's important to consider what kind of care you may need and how much it might cost before creating your budget.
How to prepare for long-term care costs before retirement
Planning ahead is often a helpful way to manage long-term care costs. Use these simple thought starters to begin the planning process:
- Think about your own needs: Talk to your doctor and family about what kind of care you need right now, and how that might change in the near future.
- Make healthy choices: Eating well, exercising, and not smoking could help you stay healthy and reduce your need for long-term care.
- Manage your chronic conditions: Chronic illnesses could add significant costs to your health care budget. It's important to work with your doctor to keep conditions like diabetes and heart disease under control, so you can stay as healthy as possible.
- Review your family history: Learn more about what health problems run in your family so you can plan accordingly.
- Choose the right insurance: After turning 65, find a Medicare plan that matches your needs. Research each plan type to make sure the one you choose provides the coverage you feel comfortable with.
The bottom line
Planning for long-term care is important for everyone as they age. Understanding the costs and options it could help you make smart choices for your future.
You might consider whether now is the right time to stop waiting and take action. Begin the planning process today to make sure you're ready for whatever the future brings.
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