Occupancy rates also increased year over year, from 77%. According to the Administration on Aging (AOA) of the Department of Health and Human Services (DHHS), about 70 percent of people over 65 will need long-term care services at some point in their lives. This means they'll need help doing at least two activities of daily living (ADL), such as eating, dressing, or bathing. Some may need an even higher level of care, such as skilled nursing care.
One of our most popular blog posts of all time is entitled: “So I'll probably need long-term care, but for how long? This is really the million-dollar question, right? How long will I need help with the ADL or will I need nursing care? The problem, of course, is that no one can see the future to know if they will be the “average person” or an exception, whether in the high or low end. And if you end up needing care, how much is it going to cost you? With all this in mind, some people choose the peace of mind that comes with moving to a retirement community with continuing care (CCRC, or life plan community), especially those who don't have family members who live nearby or who don't want to be a burden to them. CCRCs offer their residents a full range of care services, ranging from independent living to assisted living and full-time skilled nursing care. In many cases, care services are provided in their own health center, allowing members who have different care needs to stay close to each other of others.
Medicare generally doesn't cover long-term care and will only pay for home care in very limited circumstances. The 5 most expensive and least expensive states in terms of health care were calculated based on average average costs. The cost of long-term care depends on the type and length of care you need, the provider you go to, and where you live. After all, caregiving can affect loved ones both emotionally and financially that it's worth planning for long-term care now.
A plan that offers combined benefits (meaning it covers more than one type of long-term care service) will set a total dollar amount for the various services you receive. Arkansas is the fifth most affordable state in terms of long-term care and has the fourth most affordable private nursing home costs in the United States. Long-term care expenses vary widely depending on location, care environment, and level of care provided, but can be substantial. Many older people have seen their premiums skyrocket in recent years, as LTCi service providers have had to adjust prices to cover the rising cost of care and the number of claims being paid.
With long-term care costs rising, your retirement savings may not be large enough to cover these expenses. When considering costs, don't forget to consider inflation as well: the cost of care today can be much higher in the future if you need it. The cost of long-term care can be expensive and vary greatly depending on the type of care you receive, where it's provided, and where you live. While Medicare may cover short-term specialized care in a nursing home for brief periods after a hospital stay (up to 100 days), it doesn't provide long-term custody care.
And because of the high cost of long-term care, 66% of caregivers end up using their own retirement funds and savings to pay for care. According to the latest AOA research, the average woman needs long-term care services for 3.7 years and the average man for 2.2 years.
