Aging can be challenging, but it doesn’t have to be so stressful. Creating a long-term care plan can lessen the impact of foreseeable (and avoidable) stresses and help you bring together the proper resources and support team.
If you or an aging loved one experiences an unforeseen medical event, such as a fall or sudden onset of illness, it can be difficult to put together a care plan in the spur of the moment. Having a plan already in place greatly increases the likelihood of a successful recovery.
While the plan may need some adjusting depending on the situation, it is often to modify a plan than to create a new one from scratch. Even a simple list of resources is a great start to care plan; knowing who to call can help immensely under unfortunate circumstances.
When creating a care plan, you will need to consider how much care you require currently and forecast how much you may need in the future.
Daily help may be necessary to achieve the independence you desire—whether that be due to a disability or the progression of a chronic illness. Medical or non-medical care may be needed for a few months, years, or even a lifetime.
Individuals and their families will have to make a lot of important considerations. Decisions surrounding where a person wants to live, what kind of care they can afford, and how involved family members will be are all essential to a well-rounded care plan.
Before diving into the specifics of care plans, let’s take a closer look at long-term care planning in general.
What is Long-Term Care Planning?
IN THIS ARTICLE
Long-term care planning is the process of preparing for the care that may be needed in the future due to age, illness, or disability.
It is a crucial aspect of financial planning, as the costs of long-term care can be substantial.
Long-term care planning involves evaluating the available options, including in-home nursing care, nursing homes, assisted living facilities, adult day care, and residential care, and determining the best course of action based on the individual’s needs and financial situation.
Defining Long-Term Care
Long-term care refers to a wide range of services that are necessary for people who suffer from debilitating health conditions or disabilities.
These services are designed to help individuals with activities of daily living, such as bathing, dressing, and eating.
Types of Long-Term Care Services
There are several types of long-term care services available, depending on the individual’s needs and preferences. Some of the most common types of long-term care services include:
- In-home care: This type of care is provided in the individual’s home by an in-home private nurse and can include assistance with activities of daily living, as well as medical care.
- Nursing home care: This type of care is provided in a nursing home and is typically more intensive than in-home care. It can include 24-hour medical care, as well as assistance with activities of daily living.
- Assisted living: This type of care is provided in a residential setting and is designed for individuals who need some assistance with activities of daily living but do not require the level of care provided in a nursing home.
- Adult day care: This type of care is provided on an outpatient basis and is designed to provide socialization and activities for individuals who are unable to care for themselves during the day.
- Residential care: This type of care is provided in a residential setting and is designed for individuals who need some assistance with activities of daily living but do not require the level of care provided in a nursing home.
Overall, long-term care planning is an essential aspect of financial planning, as it can help individuals prepare for the care that may be needed in the future.
By evaluating the available options and determining the best course of action based on their needs and financial situation, individuals can ensure that they receive the care they need without compromising their financial security.
How to Plan for Long-Term Care
Planning for long-term care is an essential step in ensuring a comfortable and secure future for oneself or a loved one.
It involves assessing needs and goals, creating a long-term care plan, and considering factors such as finances, insurance, health care, personal care, activities of daily living, and advance care planning.
Assessing Needs and Goals
The first step in planning for long-term care is to assess one’s needs and goals.
This involves considering factors such as age, health status, living situation, and support systems. It is essential to think about what kind of care one may need in the future, such as assistance with activities of daily living, medical care, or personal care.
It is also crucial to consider one’s goals for long-term care.
For example, some individuals may wish to age in place and receive care in their own homes, while others may prefer to move to a retirement community or assisted living facility.
Creating a Long-Term Care Plan – 5 Steps
Once one has assessed their needs and goals, the next step is to create a long-term care plan. This plan should include details such as preferred living arrangements, preferred care providers, and financial considerations.
Here is an outline of some of the key decisions to consider when creating a long-term care plan.
1. Housing Decisions
Deciding where to live as you age is one of the decisions at the forefront of people’s minds.
You should understand how your place of residence can support your needs best, especially as it becomes more difficult to care for yourself. Here are some living options:
- Aging in Place. When someone wants to remain in the comfort of home, there are a few things to consider.
- Skilled vs. unskilled care. While some may simply need care with bathing, dressing and other activities of daily living, others may require a higher level of skilled care. Determine whether medical or non medical care will satisfy your long-term needs.
- Frequency and duration of care visits. How often will you need care? Home care agencies and private duty nursing providers offer weekly wellness checks, which can be valuable if there are no family or friends living nearby. If you foresee the need for 24/7 care, consider what agencies offer that and the associated costs.
- Home modifications. If you want to stay at home, you may want to consider some home modifications to enhance your safety. Read these tips on home modifications to fall proof your home.
- Assisted living facilities, nursing homes, continuing care retirement communities… These are all good options for someone who requires a higher level of support. Consider what facilities offer the specific services you’re interested in and the pricing options.
It is possible for a person who participates in long-term care planning to remain at home for much longer than others who do not plan ahead.
The majority of individuals would rather stay at home for as long as possible before transitioning to a long-term care facility. You need to determine the amount and type of care that best suits your needs in order to choose a housing option that is the best fit.
2. Health Decisions
Aging is associated with an increased risk in falls, susceptibility to sickness, cardiac issues, and a slew of other chronic conditions.
If you have been diagnosed with a chronic, progressive disorder like Alzheimer’s or Multiple Sclerosis (MS), the diagnosis should be taken into consideration when considering long-term care options.
Consider your family medical history and consult your primary care physician to help you create your care plan.
As you create your long-term care plan, open up the discussion with family and friends about whether or not they would be able and willing to provide support or care.
Can they help you by cooking meals once a week, or driving you to medical appointments? Do you foresee a need for more skilled care, such as medication management or infusion administration?
Determine whether this is something your family and friends will be able to support you with, or if you will have to find outside resources. Remember that maintaining a healthy lifestyle can help delay or prevent health issues down the line.
Again, it may be important to consult a medical professional about your current lifestyle and what your goals are for the future in terms of your health and independence. Your doctor can work with you to maintain or achieve your desired health outcomes.
3. Long-Term Care Costs
Long-term care can be expensive, but there are various financial strategies that can be used to plan and arrange the care needed. Here are some of the most common financial considerations for long-term care planning:
Some forms of long-term care may be covered by long-term care insurance or government health insurance programs like Medicare or Medicaid.
Others may be private pay. It’s important to address every aspect while creating your plan: your current and future care needs, health goals, and financial situation. A fiduciary can be extremely valuable in helping you find the resources that best fit you.
Long-Term Care Insurance
Long-term care insurance is an insurance policy that covers the costs of long-term care services. It can be a good option for those who want to protect their assets and ensure that they have the financial means to pay for long-term care.
However, it is important to note that long-term care insurance can be expensive and may not be available to everyone.
Medicaid and Medicare
Medicaid and Medicare are government programs that can help pay for long-term care.
Medicaid is a needs-based program that provides health coverage to low-income individuals and families.
Medicare is a federal health insurance program for people who are 65 or older or have certain disabilities. While Medicare does not cover long-term care, it may cover some short-term care needs.
Alternative Funding Options
There are several alternative funding options for long-term care, including reverse mortgages and annuities.
A reverse mortgage allows homeowners to borrow against the equity in their home to pay for long-term care. An annuity is a financial product that provides a regular income stream in exchange for a lump sum payment. It can be used to pay for long-term care expenses.
When planning for long-term care, it is important to have a comprehensive financial plan that takes into account all of your assets, life insurance policy, investments, and income.
A financial advisor can help you create a plan that meets your specific needs and goals.
4. Legal and Medical Preparations
When it comes to long-term care planning, it’s important to consider both legal and medical preparations.
These preparations can help ensure that your medical wishes and life decisions are respected, even if you are unable to communicate them yourself.
Advance Directives and Wills
One important legal preparation is the creation of advance directives and wills. Advance directives are legal documents that outline your medical wishes in the event that you are unable to communicate them yourself.
This can include things like whether or not you want to be kept on life support, what kind of medical treatments you want to receive, and who you want to make medical decisions on your behalf.
Wills, on the other hand, are legal documents that outline how you want your assets to be distributed after your death.
This can include things like your home, savings, and other possessions. Having a will can help ensure that your wishes are respected and can also help minimize conflicts between family members after your death.
Health Care Proxies and Power of Attorney
Another important legal preparation is the appointment of a health care proxy and power of attorney.
A healthcare proxy is a person who you designate to make medical decisions on your behalf if you are unable to make them yourself. This can be a family member, friend, or other trusted individual.
Power of attorney, on the other hand, is a legal designation that gives someone the ability to make financial and legal decisions on your behalf.
This can include things like paying bills, managing investments, and making legal decisions.
Overall, these legal and medical preparations can help ensure that your wishes are respected and that your loved ones can make decisions on your behalf if you are unable to do so.
5. Know Your Resources
Above all else, the number one thing you can do is know your resources. It can be difficult—and almost impossible—to prepare for unforeseen circumstances.
The best thing you can do is to create a possible list of resources, which includes home care agencies, nursing providers, and case managers that can help guide you through any situation.
In the age of the internet, there are plenty of resources online. Know which websites you can trust and add these to your care plan, too.
NurseRegistry matches people with nurses for private duty care at home. NurseRegistry can be a helpful resource for people who see a need for in-home medical care as part of their long-term care plan.
NurseRegistry offers a full range of services and has nurses available in a range of specialties, including RNs certified in Case Management. A Case Management Nurse can be incredibly valuable when navigating the healthcare space—especially under unforeseen circumstances.
If a loved one experiences a sudden and unexpected hospitalization, our free Hospital Discharge Planning Guide can be a valuable tool in navigating the hospital discharge process. The guide includes a link to resources like our Hospital Discharge Planning Checklist, which can greatly simplify the process.
NurseRegistry nurses can provide care in the comfort of home, accompany you to medical appointments, and provide supplemental care at acute or long-term care facilities. Put simply, NurseRegistry can send a nurse to you wherever care is needed most.
Many people plan for their retirement in a financial sense, but few plan for their retirement in a healthcare sense. Consider how your health may change and take steps to prepare for your future. You’ll be glad you did.
If you would like to learn more about NurseRegistry as a care resource, click below to speak with one of our Nurse Coordinators.
Frequently Asked Questions about Long-Term Care Planning
What are the key benefits covered by long-term care insurance?
Long-term care insurance covers a range of services, including nursing home care, home health care, and assisted living facilities. It can also cover the cost of personal care services, such as help with bathing and dressing. Some policies may also cover the cost of adult day care and hospice care.
How can one calculate the potential costs of long-term care insurance?
The cost of long-term care insurance can vary depending on a number of factors, including the individual’s age, health status, and the level of coverage they require. It is important to obtain quotes from multiple providers and compare the costs and benefits of each policy to determine the best option.
At what life stage should one consider long-term care planning?
It is recommended that individuals begin considering long-term care planning in their 50s or 60s, as this is typically when health issues begin to arise. However, it is never too early to start planning for long-term care, as the cost of care can be significant and can quickly deplete retirement savings.
What are the distinct types of long-term care facilities available?
There are several types of long-term care facilities, including nursing homes, assisted living facilities, and memory care facilities. Nursing homes provide around-the-clock medical care and supervision, while assisted living facilities provide more independence and support with daily activities. Memory care facilities are designed specifically for individuals with Alzheimer’s or other forms of dementia.
What factors should be considered when choosing a long-term care insurance provider?
When choosing a long-term care insurance provider, it is important to consider the company’s financial stability, reputation, and customer service record. It is also important to compare the costs and benefits of each policy to determine the best option for the individual’s needs.
How does one effectively structure a long-term care plan?
A long-term care plan should be structured to meet the individual’s specific needs and budget. It should include a comprehensive assessment of the individual’s health status and potential care needs, as well as an evaluation of potential long-term care options and costs. It is important to work with a knowledgeable financial advisor or insurance agent to develop a plan that meets the individual’s needs and goals.
How do you create a long-term care plan?
Creating a long-term care plan involves several steps, including assessing the individual’s health status and potential care needs, evaluating potential long-term care options and costs, and identifying sources of funding for long-term care. It is important to work with a knowledgeable financial advisor or insurance agent to develop a plan that meets the individual’s needs and goals.
