Do you have a choice of where you will be taken care of?
By, Rob Morrow, Account Executive, LTC Solutions
If something should happen to you or one of your employees today that required Long Term Care, do you, or they, have a choice in where the care is received?
Seventy percent of us will need long term care once we reach age 65. Consequently, it’s not IF we will need care, it is WHEN and WHERE we will receive care.
The question for you is, do you know where that would be for you? In a home setting, in an assisted living facility or in a nursing home?
When we think about Long Term Care, we need to consider where we would want to live to support the needs we might have if we can no longer care for ourselves fully.
Here are the most common locations where people receive care:
- In the Home – most preferred choice, about 76% of people receive care here and average cost is $52,000/year. In general, Medicaid will not pay for this type of care.
- Assisted Living Facility / Adult Day Care – about 14% of people receive care here and average cost is $43,000/year. In general, Medicaid will not pay for this type of care.
- Nursing home – only about 10% of people receive care here and average cost is $88,000/year. Most of those who spend down their assets to qualify for Medicaid will receive care in a nursing home.
It can be a difficult decision. One that you really need to have with your family/loved ones. Sometimes staying at home is no longer an option based on illness, injury or advancing age. If the condition comes on suddenly, you and/or your family may not have time to look for the best place to provide your care. Other times, you may be able to seek out the most ideal location and take the time to make the decision.
Expressing your desires about where you would like your care received is essential in taking control of your future care. By offering a LTCi benefit to your employees, you are giving them the options to be able to choose the type of care they want to receive.