Long-Term Care: Will You Need It?
Welcome to the first part in our Long-Term Care series. Over the next several weeks we will look at some statistics about long-term care, discuss what programs will and will not pay for it, and how best to plan ahead for the potential need.
What is Long-Term Care?
Long-term care encompasses a wide range of services designed to assist individuals with chronic illnesses, disabilities, or aging-related needs who are unable to care for themselves independently for an extended period. These services are focused on providing help with the activities of daily living (such as bathing, eating, mobility, transferring and continence) and social support. Those with cognitive problems may also require long-term care.
Who will need long-term care?
Many of us will need help someday. According to the Administration for Community Living, someone turning age 65 today has almost a 70% chance of needing some type of long-term care services and supports in their remaining years. Who will need it, and for how long, varies tremendously, but typically women require long-term care for longer than men. The Administration for Community Living notes that while a third of today’s 65-year olds may never need long-term care, 20% will need it for more than 5 years.
New York Seniors
New York State is home to approximately 3.5 million seniors (65 and over). This population is more than the total population of 21 other states, and it continues to grow. As the number of seniors increase, the demand for long-term care services grow with it. The cost grows as well. Prices in the New York City and Long Island area are substantially higher than in most parts of the country, with the average for assisted living starting at close to $8,000 per month and goes up from there. Memory care starts at $8,000 to $10,000 a month. A semi-private room in a nursing home costs upwards of $15,000 per month. Costs in the New York metropolitan area can be substantial.
Will Insurance Pay? How Do I Plan Ahead?
Stay tuned! In our next installment we will look at common misconceptions about Medicare and Medicaid regarding long-term care. Later in this series we will discuss planning options. This is our business and we are pleased to be able to share this information with you.
