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Long Term Care

According to the U.S. Administration on Aging, at least 70% of people over age 65 will require some long-term care services at some point in their lives. The older you are, the more likely it is that you will need long-term care. For example, a growing problem among the elderly is a cognitive impairment (memory loss, confusion, or disorientation) that can result from Alzheimer’s disease.

Although Americans age 65 and older use the most long-term care services, a young or middle-aged person who has been in an accident or suffers from debilitating illness might also need long-term care.

You may never need long-term care, but you should be aware of the following facts from the federal government:

• 40% of people who are currently receiving long-term care are between the ages of 18 and 64.
• People age 65 have at least a 40% risk of entering a nursing home during their lifetime.
• More than 50% of people age 85 or older have an impairment that requires long-term care.

Long-term care insurance provides care for those who need long-term assistance in a nursing home, care at home or adult daycare. What it also provides, though, is peace of mind that yourself or loved ones will be able to afford the help that might have been provided by family or friends in years past. Although long-term care insurance has been around since the late 1970’s, the popularity emerged during the 80’s and 90’s.  With more and more Americans needing this service, it is important to be informed of your options. While Medicare covers only short stays in a nursing facility, Medicaid can fill in the gap but only after you have depleted your financial accounts.