Planning Ahead for Long-Term Care Costs

April 30, 2024

Long-term support and services include any kind of assistance that helps a person who cannot help themselves due to cognitive, physical or chronic health conditions.

These services include instrumental activities of daily living such as eating, bathing and getting dressed.

Long-term care may also include stays in assisted living facilities or nursing homes for those who can no longer live safely in their own home.

Medicare is an invaluable federal insurance program that helps cover the increasing costs of health care seniors need as they age.

Medicare covers a lot of common health care costs, and supplemental Medicare Advantage plans can help seniors deal with even more expenses, including prescriptions, dental care and vision.

However, it does not cover long-term care. Seniors must take action to save or insure themselves in the likely chance that they will need long-term care at some point.

How much do you need?

The costs of long-term care vary depending on where you live, which services are needed, and the amount the time you require them.

So, how do you secure the finances needed to fund long-term care and services?

Long-Term Care Insurance

Long term care insurance helps cover the costs of care when you have a chronic medical condition and Medicare or private insurance won’t cover them.

It can be expensive, but the earlier a person invests in a policy, the cheaper it will be.

Long-term care insurance gives seniors choices. It also helps protect financial assets and relieves family members of the burden of covering the costs and duties of long-term care.

Many people like to bundle their long-term care insurance with final expense insurance as a way to save money on both policies. Final expense insurance pays for all the costs incurred, including funeral costs or medical bills.

When you bundle final expense insurance with long-term care, it provides you with the peace of mind knowing your family will not be financially encumbered when you pass away.

Unpaid Caregivers

People who do not have the means to pay for nursing homes or assisted living facilities tend to rely on family members to act as caregivers, which is just a term that sugarcoats the fact that these friends and family members are not paid.

Not only do they perform custodial care for free, but they also take on many unforeseen costs.

Furthermore, caregivers tend to lose career opportunities and income because the work is so physically and emotionally draining.

Final Thoughts

The majority of seniors will need some kind of long-term care at some point, and Medicare does not cover these costs. Many people depend on their loved ones to act as unpaid caregivers, but that can still cost a lot of money and take an emotional toll on all involved.

Investing in long-term care insurance gives you options when it comes to long-term care and protects your family from having to take on a very expensive financial burden.

Get in touch with the UROne Benefits™ team to ask about the advantages of Final Expense, Long-Term Care policies and other coverage you may need. Call 800-722-7331.

This post was originally published in October 2018; updated April 2024.