What are my options for long-term care?

Whether you are decades away from retiring or you’re in the midst of it, you are wise to begin thinking about your options for long-term care plans. But by taking those steps to prepare for your future, you’re actually in the minority.

According to the U.S. Department of Health and Human Services, at some point, nearly 70 percent of Americans will need long term care. Yet, studies, such as the ones being conducted by the Associated Press-NORC Center for Public Affairs Research, find that most people have done little to no long-term care planning, financial or otherwise.

When contemplating living arrangements for aging adults, many assume that there are two options: nursing homes or living with a family member. But these days, there is a more expansive list of senior living choices to consider:

  • Independent living community: These can vary from a neighborhood of single family homes to an apartment building. They are for older adults who are generally able to care for themselves, while offering opportunities for socialization and group activities. Some even provide dining services or personal care assistance.
  • Assisted living: Assisted living complexes offer more extensive services than retirement communities usually do. From transportation to meals, managing medications or assisting with personal care, they provide more support than independent living options.
  • Nursing home: If an older adult requires ongoing medical assistance and daily living support, a nursing home has 24-hour, on-site staff.
  • Continuing care retirement community: These offer older adults with the opportunity to stay within the same setting for the duration. From single-family homes or condos to assisted living and nursing homes, there are options for every different phase while remaining in the same community.
  • At-home care: Also known as aging in place, there now exist more ways to stay in your own home. Hiring home health care workers or using remote monitoring systems, staying in the house you love is becoming a more safe and convenient choice.

No matter what decision is best for you and your family, chances are, it will be expensive. An experienced elder law attorney can help you figure out what is the best choice for you and your family as well as how to financially plan for it.

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Kevin Tharpe

With 25 years of experience, Kevin understands how estate planning, special needs planning, and government benefits programs work together. This is a crucial element of a thorough plan. He explains your eligibility for benefits programs and ensures that you do not make costly mistakes that may disqualify you or deplete your assets.

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