Planning ahead for long-term care cost

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Many people don't really think about needing long-term health care services until they are a necessity. In America, someone who is 65 years old has a 70 percent chance of needing some type of long-term care. This can include assistance with performing everyday tasks, such as eating or bathing, medication management, palliative care, and skilled nursing. There are many ways to prepare for potential long-term care costs, which will save you and your loved one's peace of mind down the road.

Things to consider when planning

When planning out your long-term care, it's impossible to plan your future down to the last little detail. However, it is crucial to have at least some plans that you or your loved ones want to achieve. It's normal to think that you or your loved one can plan alone without assistance throughout aging, but that is rare. Almost everyone at one point needs some help.

Here are some options to think about when planning:

1. Advance Directive: If you or your loved one loses the ability to speak, you or your loved ones need to have a trusted person who can carry out your or your loved ones' wishes. If not, your healthcare proxy can step in to advocate for you with healthcare professionals.

2. Rehabilitation: It's a short-stay community that is designed to help you or your loved ones recover from an illness or accident.

3. Housing Options: Many people never think about having to leave at some point, but sometimes it's their only option. This could be caused by in-home care becoming too expensive or difficult to manage safely.

Medicaid and government programs

There are ways to cover your long-term care costs through government programs. One example is Medicaid. Medicaid is the largest payer toward long-term care services. Medicaid assists certain groups who are low income or those with limited assets pay their medical and long-term care bills.

Planning for the future

The best route to prepare for long-term care costs is to start saving up. Saving will provide you with greater flexibility when looking into senior care communities and long-term options. These are some other plans that can cover long-term care:

1. Long-Term Care Insurance: It is designed specifically to cover some of the long-term costs. Depending on the policy you or your loved ones buy, it can cover for an assisted living facility, care at home, or in a nursing home.

2. Life Insurance: It provides cash to pay for long-term care. Some policies may be able to borrow or withdraw money. As well as allow people with terminal illnesses to have access to some of their death benefits early.

Finding a financial professional

When planning for long-term care, it is important to find a financial professional you can trust. There are several organizations that are willing to assist in connecting you and your loved ones with appropriate resources.

Here is a list of some professionals who can help you develop that perfect long-term care plan.

1. Financial Planners: These financial planners assess every aspect of your and your loved ones' finances. This can include, investment, savings, retirement, and estate planning.

2. Investment Advisers: Investment Advisers focus heavily on managing your or your loved ones' investments.

3. Insurance Agents: These agents help you or your loved ones go through options for life insurance, annuities, and long-term care insurance.

Explore your options at Carmelite System communities

At Carmelite System communities, all residents have the assurance of being honored, treated, respected, and cared for. With our history in senior care, you can count on us to provide personalized services and care customized to your or your loved one's individual needs. Likewise, with our foundation in the church, we celebrate faith-based senior care and welcome residents of all religious backgrounds.

The Carmelite System is a family of over a dozen communities nationwide, four of which are in the greater Boston area:

St. Patrick's Manor in Framingham, MA, offering Memory/Dementia Care, Post-Acute Care, Long-Term Care, Rehabilitation, and Respite Care.

Carmel Terrace in Framingham, MA, offering Assisted Living, Independent Living, and Respite Care.

D'Youville Life and Wellness Community in Lowell, MA, offering Independent Living, Assisted Living, Memory/Dementia Care, Post-Acute Care, Long-Term Care, Rehabilitation, and Hospice.

Marian Manor in South Boston, MA, offering Post-Acute Care, Long-Term Care, Rehabilitation, and Respite Care.

Visit to learn more about our faith-based communities and locations!