The time to think about long-term care is now

Source: GMN News
Have you ever thought about long-term care? What happens if you get sick and cannot take care of yourself? Don’t think your spouse or friend will take care of you. They have to take care of themselves first.
Instead of going into a nursing home, consider this … home care is less expensive than a nursing home and the surroundings are what you are familiar with.
These days, the costs for nursing homes are between $8,000+ for a shared room with a roommate and bathroom, to $10,000+ per month for a single room and bath. The issue is it is cheaper to have a long-term care policy and a caregiver, than it is for a bed in a nursing home.
Consider this as well. If you can afford the costs for the nursing home, you would not have the choices you have at home. You would be restricted to you room, the library and the social area to congregate with the other people there. That is great for getting to know others if you are interested, but maybe that’s not for you.
Consider spending a day or two visiting some of the nursing homes or multi-function senior residences in your area, enquire about the costs, and tour the facilities. This will give you an idea of what’s in store for you if you need to go there.
The United States Government Medicare Department say that 65 percent of people over 68 years of age will need some type of care. Why? Because you are living longer than your parents did, so therefore the possibilities that you will need some type of custodial care increases.
Break a hip, have a stroke or heart attack, suffer from incontinence, can’t dress or bathe or feed yourself, or develop Alzheimer’s symptoms — these are the issues that could happen to you. The average stay in a nursing or rehabilitation facility is 36 months. That could cost you or your family $260,000 or more. (36 months x $8,000 per month = $288,000). Do you have that amount of ready cash?
You have the power to make an intelligent decision. You have home, auto, fire, and maybe jewelry insurance coverage; what about long-term care?
There are new, lower-cost rates available from companies such as John Hancock, Genworth, Trans America, Mutual of Omaha and others.
If you are between the ages of 45 and 60 and are forward thinking, don’t forget to think about this one.

By Paul Onish, a licensed health and life insurance broker in Monroe. For more information, call 732-241-0800.

How to Raise a Caring Kid
Medicare and Medicaid will protect seniors in nursing homes from forced arbitration