Would you prefer to age in place at home, a 55+ community, or other type of community setting?  Should your health decline, would you prefer to bring someone into the home to care for your needs or would you prefer to move to a community setting ?  Determine what your personal desires are and make them known to family and friends.

2. When are you considering hiring services or moving to a community?

While some communities have current availability, there are other communities in Lancaster that have over 5 year waiting lists and longer.  Once you determine what your personal desires are, be sure to start putting a plan into place for yourself.  Would you desire to move into a two bedroom cottage?  If so, consider placing your application on a waiting list.

3. How much can you afford to pay for services?

You may often hear that in-home care is half the cost of long term care in a nursing home.  This is not always the case!  You may be paying $432 for around-the-clock care at home opposed to $250 per day in a nursing home.  Make an informed decision for yourself regarding the care that is needed and desired by the individual and his or her family.

4. Who can you turn to for trusted advice and further direction?

Make sure you have good trusted relationships formed with your children and other trusted relatives and friends, your attorney, financial planner, and geriatric care manager.  These professionals can often provide you and your family with further direction as it pertains to planning ahead for the potential need for long term care.

5. Are you aware of ALL options available to you in your community?

In-home care and retirement communities are NOT the only options available to you.  Adult day services, medication devices, emergency call systems, home renovations, and therapy are just a few of the many options out there that may be available to your loved one.  Additionally, explore all of the funding options that may help subsidize the cost of care.

The CLASS (Community Living Assistance Services and Support) Act Law, which is part of the Health Care Reform, will be set up as a voluntary national insurance program to help pay for long term care at home.  This    Both part-time and full time employees will have the option to take a payroll deductions, which again, will go towards paying for long term care at home.  They will be eligible for an average of $75 per day, should they reach the point where they are not able to perform the basic Activities of Daily Living, which include bathing, dressing, continence, toileting, transferring, and eating.   This money can be used to pay for a wide variety of services from non-medical to home modifications and more.   Keep in mind, an individual must pay into this program for five (5) years before benefits are payable.

Please use the following link as a resource.

http://www.lifecarefunding.com/blog/file.axd?file=2010%2f5%2fCLASS+Act+Summary+-+UNUM+5+10.pdf

There are many services available in the home from live-in care, companion care, medical care, and even behavioral care.  In addition, there are many forms of technology out there, in turn, keeping seniors safer in their homes longer.

Do you have a contingency plan in place?  Should your loved one need long term care, are you aware of ALL of the options out there?  Do you grasp how long waiting lists are these days?  Are you aware of what financial resources are available to help subsidize the costs of long term care at home or in a retirement setting?  And, does  your loved one meet the financial qualifications required by the community of preference?

While many individuals want to age in place (and that is a realistic possibility), it is important to make sure your loved ones are not on the borderline of qualifying for a community of their choice.  If they are close to not qualifying now and assets are tapped into for in-home care, a few months from now, they will likely not qualify. EDUCATION and having a plan in place needs to be the #1 priority!

Many of you are asking how the Health Care Reform is going to affect you, your families, our community, and nation as a whole.  The National Council on Aging, a nonpartisan, nonprofit service and advocacy organization, recently provided a document with some Straight Facts for Seniors that you can read here.

5 Facts Include:

• The law will provide health coverage for millions of uninsured Americans – plus extra protections for most people who currently have insurance.
• The law will not cut any benefits provided under traditional Medicare – and it will even improve some benefits.
• The law will help you find and afford long-term care at home.
• The law will improve care for older Americans in other ways.
• The law will reduce Medicare spending growth – and it’s fully paid for.

Click here to read more.  Feedback is welcome.

Do you have enough money saved for retirement?  Start planning ahead now by setting aside money for retirement and considering Long Term Care Insurance so that all of your assets are not depleted on Long Term Care, but on things you enjoy!

According to the U.S. Department of Health and Human Services, the average costs in the U.S. (in 2009) are:

• $198/day for a semi-private room in skilled nursing
• $3,131/month for care in a Personal Care Home (for a one-bedroom unit)
• $19/hour for Homemaker services
• $21/hour for a Home Health Aid
• $67/day for care in an Adult Day Health Care Center

Do you have enough saved to support these expenses at retirement?  Click here to see what you need to save for retirement.