When it comes to long-term care options, there are several to consider.
Each one of them have their own benefits and considerations.
The most commonly chosen options are nursing homes, assisted living facilities, and in-home care. I’d like to help you understand the differences between these three options and to ultimately help you in your decision-making for long-term care.
Nursing Homes:
Nursing Homes provide the most comprehensive care a person can get outside a hospital.
They offer 24-hour supervision, meals, activities, health management and support.
Nursing homes are for people who can’t be cared for at home and need a higher level of care, often including on-site medical care.
The down side of this type of comprehensive care is that they often lack the personal touch that you would want your family member to be receiving.
Also, nursing home costs can be very expensive and may not be covered by standard health insurance plans. In other words, to cover the high costs of nursing home care you will have to make sure that you have done the proper financial planning ahead of time.
We, at Kabb Law, may be able to help you with some names. Call us at 216-991-5222.
Assisted Living:
Assisted living facilities are for people who need help with daily care, but not as much help as a nursing home provides.
These facilities offer a community environment with a greater level of independence.
Services include meals, housekeeping, medication management, and assistance with daily activities.
We, at Kabb Law, may be able to help you with some names. Call us at 216-991-5222.
In-Home Care:
Aging in place, or In-home health care allows individuals to receive help with daily activities in their own home. This can range from a few hours a week to round-the-clock care.
In-home care services can include personal care, such as bathing and dressing, household help, companionship, and healthcare services.
Because there is no accommodation or facility fees, in-home healthcare is often less expensive than nursing homes or assisted living facilities.
But you need to consider several factors such as the possible need to modify your loved one’s home to accommodate their individual needs.
We, at Kabb Law, may be able to help you with some names. Call us at 216-991-5222.
Financing Long-Term Care Options:
Long-term care can be a financial burden. It is vital to plan ahead to make sure that you have adequate funding. Here are some sources of financing long-term care.
1. Personal Savings:
If possible, some people save and plan to use their personal savings or retirement funds to cover long-term care costs.
2. Long-Term Care Insurance:
This type of insurance can help cover the costs of care not covered by regular health insurance or Medicare. It’s best purchased at a younger age before any health issues arise that may disqualify a person from coverage.
3. Medicaid:
For those with limited income and assets, Medicaid may cover the cost of long-term care. It’s the largest payer of nursing home stays and certain in-home care services.
4. Medicare:
While Medicare doesn’t typically cover long-term care, it may cover a short stay in a nursing home or a limited amount of at-home care after a hospitalization.
5. Reverse Mortgages and Annuities:
These financial tools can provide additional income to pay for long-term care by leveraging equity in a home or turning a lump sum of money into a regular stream of income.
Legal Aspects of Long-Term Care Planning:
There are important legal considerations when planning your long-term care options.
1. Power of Attorney:
Establishing a power of attorney allows an individual to appoint someone to make financial and healthcare decisions on their behalf if they’re unable to do so.
2. Living Wills:
Also known as an advance directive, a living will specifies a person’s wishes regarding medical treatment if they’re unable to communicate.
3. Trusts and Estate Planning:
Setting up trusts can help manage and protect assets for long-term care needs and can play a crucial role in estate planning.
4. Guardianship:
If an individual becomes incapacitated without having legal documents in place, the court may appoint a guardian to make decisions on their behalf.
In Conclusion:
Choosing the right long-term care options for your family member takes a great deal of careful planning.
Whether you decide upon a nursing home, assisted living facility, or in-home health care, you need to consider factors such as cost, level of needed care, personal preferences, and legal considerations.
When you and your family need help understanding the differences between these options call Kabb Law at 216-991-5222 to help you make the informed decisions you need to ensure the best possible long-term care options for your loved ones.
