October is the Perfect Time to Start Planning for Long-Term Care

Have you started to think about how you will pay for long-term care if you need it in the future? If you haven't given it much thought, now is the perfect time to start. October is National Long-Term Care Planning Month, an initiative designed to raise awareness about the importance of planning for future care needs. As an estate planning and elder care law firm, Kimbrough Law has played a major role in the planning process for thousands of families in northeast Georgia. In this blog post, we will explore why long-term care planning is essential, the different care options available, how to create a comprehensive plan, and tips for navigating the complexities of financing care.

What is Long-Term Care?

Let's start with a definition. Long-term care refers to a wide range of services that support individuals who need assistance with everyday tasks due to chronic illness, disability, or the natural process of aging. Planning for these needs in advance is crucial not only for personal well-being but also for protecting one’s finances and ensuring family peace of mind.

Why Planning for Long-Term Care is Important

As life expectancy increases, more people are finding themselves in need of long-term care. According to the U.S. Department of Health and Human Services, nearly 70% of individuals over the age of 65 will require some type of long-term care in their lifetimes. Unfortunately, many people underestimate the likelihood of needing care or the significant costs associated with it.

Without proper planning, long-term care can quickly deplete savings and place an enormous financial burden on families. Long-term care insurance, Medicaid, and personal savings are the primary ways to cover these costs, but navigating these options without a plan can be challenging. Moreover, unanticipated health changes can force decisions to be made in crisis mode, often leading to less desirable outcomes. Arrangements made at the last minute almost always cost more than arrangements made in advance.

October’s designation as National Long-Term Care Planning Month is a reminder that preparation is key. Whether you’re thinking about your own care needs or planning for a loved one, starting early gives you more flexibility and better financial options.

Types of Long-Term Care Services

Long-term care includes a range of services that can vary based on an individual's needs. These services can be grouped into five categories:

1. In-Home Care: In-home care includes help with daily activities such as bathing, dressing, meal preparation, and managing medications. Home health aides and family caregivers often provide this type of support.
   

2. Community-Based Care: This includes services like adult day care programs, which offer structured activities, meals, and sometimes medical services in a community setting. It allows family caregivers a break while ensuring that loved ones receive care in a supervised environment.
   

3. Assisted Living: For individuals who need more help than can be provided at home but do not require constant medical supervision, assisted living facilities offer a balance between independence and support. These facilities provide assistance with daily activities, meals, and some medical care.
   

4. Memory Care: Specialized facilities for individuals with dementia or Alzheimer’s disease offer secure environments with staff trained to provide the necessary care and support.
   

5. Skilled Nursing Care: For those with more serious health conditions, nursing homes provide round-the-clock care, including medical services, rehabilitation, and assistance with all daily activities.
   

How to Create a Long-Term Care Plan

Creating a plan for long-term care involves assessing needs, exploring options, and making important financial decisions. Here are the steps you should follow to develop a thorough plan:

1. Assess Needs: Consider the potential health risks that run in your family and your personal preferences for care. Do you want to stay in your home as long as possible? Would you prefer an assisted living community where you may have more opportunities for social engagement through planned activities?
   

2. Understand the Costs: The cost of care can vary widely depending on the level of service needed. For example, the annual cost for a private room in a nursing home in Georgia now averages more than $120,000, while the cost of an assisted living community is typically much lower. It’s important to get estimates for the types of care you’re likely to need.
   

3. Explore Financing Options: There are several ways to pay for long-term care:
   

   • Long-Term Care Insurance: This insurance helps cover the cost of services not covered by health insurance, Medicare, or Medicaid.
     

   • Medicaid: Medicaid covers long-term care for individuals with limited income and assets but has strict eligibility requirements.
     

   • Personal Savings and Assets: Some people choose to pay for care through savings, investments, or even reverse mortgages.
     

   • Veteran Benefits: Veterans and their spouses may qualify for additional support through the Department of Veterans Affairs. [Kimbrough Law has helped more than 1,000 veterans and surviving spouses access VA benefits.]
     

4. Legal and Estate Planning: Long-term care planning should also include legal considerations, such as designating power of attorney, creating advance directives, and ensuring your estate plan is up to date.
   

The Importance of Starting Early

It’s easy to put off long-term care planning, especially if you’re currently healthy. However, the best time to plan is when you have the luxury of time to make informed, unhurried decisions. Starting early also means you can take advantage of long-term care insurance when premiums are more affordable, and you may be in better health to qualify for certain coverage. In addition, early planning spares your family the emotional and financial stress of making decisions on your behalf during a time of crisis.

Get Started Now

National Long-Term Care Planning Month is a reminder that most of us will deal with challenges created by aging and health problems. Being proactive about your long-term care needs allows you to maintain control over your future and protect your financial well-being. Use October as an opportunity to evaluate your needs, explore care options, and start conversations with your loved ones about long-term care. A well-thought-out plan today can provide peace of mind for years to come. When you're ready to start planning, Kimbrough Law can help you with every aspect of the process. Call Kimbrough Law at 706.850.6910 to book a consultation.