Long term care is a big topic for many individuals today, especially with the growing concerns that surround it. Despite being a necessity, long term care planning has become impossible or most people. Because of the high, these individuals often turn a blind eye when it comes to long term care.
Naturally, this is becoming more alarming. Yes, the costs are high right now, but these numbers might increase in the coming years. With 70% of Americans expected to require care in the following years after turning 65, the high costs that they try to run away from will catch up with them eventually. And when that happens, the last thing anyone wants is to be unprepared.
As we go through the month of November and gear up for the upcoming festivities, join us as we take part in National Long Term Care Awareness Month. As part of the initiative to spread awareness, we will be featuring a three-part series. In these articles, we will be discussing the importance of long term care. We would also be highlighting how it is vital for all individuals in different situations, facing different challenges.
Long term care planning poses different concerns on every individual, and for part one of the series, we will be focusing on how it affects single individuals.
Family and Care
When care concerns arise, family members are the first to step up and attend to the needs of loved ones. In fact, as reported in Caregiving in the US by AARP and the National Alliance for Caregiving, 49% are caring for a parent or a parent-in-law while 1 in 10 provides care for a spouse or a partner. Moreover, 57% of caregivers have been caring for family members for more than three years.
Most have spouses and children that they can automatically turn to when the situation gets tough. For single people, however, this may or may not be a gray area. Turning to family members may not come as naturally as it does to individuals with spouse and children. Often, those relatives have their own families to worry about and care for.
Looking to the Community
Those who cannot look to family members have their communities to turn to. While it does not necessarily mean that they cannot be independent on their own, this all boils down to how no man is an island. No should survive alone, especially those who are growing old.
We have all seen it before, neighbors helping the elderly individuals in their communities or those who are battling a condition. We might even be that person who lends a helping hand, whether it is by mowing their lawn on weekends or driving them to the groceries. Communities have a way of looking out for each other. Most even have special programs in place to help elderly individuals with their day-to-day tasks.
Facing the Costs Alone
Financial matters, however, are a different matter. According to Genworth’s 2016 Cost of Care Survey, the average monthly costs of staying at a nursing home are $6,844 for a semi-private room and $7,698 for a private room. Assisted living facilities are priced at $3,628, and adult day health care services are not far behind at $1,473. The monthly prices of home health care are also steep at $3,813 for homemaker services and $3,861 for home health aide.
On average, women need 3.7 years of care and mean need 2.2 years. As you can see, the numbers are astounding, and prices vary in each state. People living in states, such as Alaska, would have to deal with costs that are much higher.
Additionally, facing these costs alone become more difficult for single women because of an age-old problem. Generally, women have lower incomes, fewer retirement savings, and the prospect of lower Social Security and pension benefits than men. What makes matters more off balanced is that women are often charged more for insurance premiums because they tend to live longer than men. Following that thought and referring to the numbers above, women tend to need care longer.
Finding Refuge in Long Term Care Insurance
It is no secret that long term care costs can severely deplete a person’s nest egg. This is why people are advised to plan as early as they can. Single individuals are also encouraged to be more proactive in finding coverage to help them safeguard their future.
Often, the top fear of individuals growing older is outliving their savings. With the costs mentioned above, it is no surprise that so many older individuals are facing this problem right now.
Although long term care insurance still costs money, these policies can soften the blow on your finances. These act as the crutch that will help you get through the care expenses you might accrue when the time comes. With these policies, you get to protect your future.
We’d Love to Hear From You Too
Long term care planning is not easy, but, sometimes, hearing about how other people are dealing with it helps immensely. Do you have any tips on how to conquer planning for long term care? Share in the comments section! After all, you never know how many people you end up helping by sharing your thoughts.