How to Minimize Your Long-Term Care Risk

Watching a loved one struggle with living independently in their old age is hard — being the one struggling must be even harder.

Activities of Daily Living (ADLs) are used as a way of determining a person’s ability to live independently or see if they need help. That help can range from a family member who checks in and runs errands, to a part-time nurse, or even relocating the individual to an assisted living facility or nursing home.

While there is no way to predict whether a person will develop a condition that limits their ability to live independently, modern science has shown that there are things we can do now to help keep us healthy and more active and independent in the future.

Keep Moving

There is no shortage to the benefits associated with exercising. On top of helping you keep unwanted weight, depression, and mobility issues at bay, studies have shown that individuals who exercise regularly tend to be at a lower risk of developing cognitive impairment. The American Heart Association suggests a goal of 150 minutes of moderate-intensity aerobic activity a week — but it’s always important to talk to a doctor before starting a new exercise routine.

Eat Right

Much like exercise, maintaining a balanced diet is always a good idea. Diets rich in fruits and vegetables can provide you with a natural source of important vitamins and minerals. The foods we eat can also help boost our immune systems, bone health, and more.

Stay Sharp

Like our bodies, our minds require exercise as well. Learning a new skill, visiting a new place, staying on top of current events, and even playing games, can help keep your mind sharp and slow the rate of mental decline.

Plan Ahead

Just as there is no way to accurately single out individuals who will need long-term care in the future, there is also no foolproof way to prevent it. Accidents, lifestyle, and genetics are just a few of the things that ultimately determine how our minds and bodies age.

elderly couple weighing their long term care options at a dining room table

Dispelling 3 Myths of Long-term care

How much of our lives do we spend thinking about the future? When we’re kids, we think about what we’re going to be when we grow up, what our first car will be, whether or not we’ll get married or if we’ll have children of our own.

At some point, we stop thinking about the future—usually when it stops being fun to imagine. But this is when thinking about the future becomes the most important.

Common Misconceptions Regarding Long-term Care

Myth #1: Medicare will pay for it.

No. Medicare will not pay for your long-term care needs. While Medicare is designed to help those over the age of 65 keep on top of their healthcare needs, long-term care is not one of them according to the federal government. And while Medicare Supplemental plans are often touted to cover things that Medicare leaves behind, long-term care is still not one of them.

Myth #2: I won’t need long-term care.

While this may be true for some, according to Longtermcare.gov, if you were to turn 65 today, you would have almost a 70 percent chance of needing some form of long-term care service during your remaining years.

The generation currently facing the greatest growing need for long-term care services are the Baby Boomers. Born between 1946 and 1964, the Baby Boomer generation accounts for roughly 78 million Americans, and according to Medicare.gov, it is estimated that 12 million of them will require long-term care services by 2020.

Myth #3: My spouse or kids will take care of me.

According to the National Academy of Social Insurance, it is estimated that 25 to 30 percent of the baby boomer generation “will become divorced or widowed by the time they reach ages 55 to 64,” increasing the likelihood of needing to depend on one’s children to provide care.

However, studies have shown that rates of childlessness continue to rise. According to the Center for Disease Control, new data has shown that the birthrate has hit an all-time low. This statistic may not have as large of an impact on older generations who have more children than it will eventually for younger generations that do not.

Taking Control Of Your Future

According to an article from Forbes, “A private room in a nursing home now costs consumers more than $8,000 per month, or $97,455 per year… That’s an increase of 5.5 from just one year ago and a nearly 50% increase since 2004. A semi-private room is less expensive, but still carries a hefty price tag: $85,775 per year.”

Assisted living facilities are more affordable but the national average for a private room will still run approximately $45k a year — which is actually proving to be more affordable than in-home health aids ($49,192) and standard homemaker-type services ($47,934), according to the Genworth 2017 Cost of Care Study.

With the yearly cost of long-term care only continuing to rise, long-term care insurance can help both you and your family cover the cost of your care should you need it in the future.