- Mar 11, 2003
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Some places here are upwards of $500 a day - and these aren’t luxury facilities. That’s about $15000 a month!
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That’s true. Many don’t factor in the familial and financial responsibilities their children have. This is something you plan for in their youth to allow the resources to grow and mature.
Assisted living has become a lucrative market and dementia facilities are on rise. I saw an article about a luxury facility being built in New York. There’s an obvious need across all socioeconomic levels.
There’s a disparity of hands in relation to the aging population were moving towards. I don’t know how it will turn out.
I don't think many of the yuppie baby boomers are going to be willing to put up with the subpar facilities that their parents put up with. At least not the ones who are of sound mind. They're going to want everything first class, from the food and decor to the care itself. I think that's going to strain the system in that private facilities are going to cater hard to the big dollar boomers at the expense of middle range facilities. I assume Medicaid facilities will remain the same. There's opportunity for the church here, hopefully it takes advantage.
"An estimated 70% of people currently turning 65 will require long-term care in their lifetime, and they will receive care for an average of 3 years."
I know we can pray to be healthy into old age
statistically, we may be one of the 70% needing care
as a Christian, how do we plan for aging needs?
My mother has vascular dementia. The arteries feeding her brain are damaged, she has lost brain"An estimated 70% of people currently turning 65 will require long-term care in their lifetime, and they will receive care for an average of 3 years."
I know we can pray to be healthy into old age
statistically, we may be one of the 70% needing care
as a Christian, how do we plan for aging needs?
Vascular dementia is the result of strokes, hardening of the arteries, clogged arteries etc. Good diet and exercise may lower the risk of being afflicted by dementia. My mother has dementia and can no longer walk. She spoke little. She was being cared for at home with a home health care worker assisting dad eight hours a day until dad had a stroke. Mom is in a skilled nursing facility. Dad regained enough memory after his stroke to be put in an assisted living facility. He can not do independent living. My brother has a durable power of attorney written by dad before his stroke. He took over their assets on their behalf and decided on where they should go. Some nursing homes charge over $100k per year.I agree with @nanookadenord .
Dementia in all forms is a horrible disease and eventually it often gets to the point that full time skilled care is needed. It is extremely difficult to see it happening to family members, as we’ve seen first hand with my grandma (right now).
Prayers for you all, both @christine40 with the stroke and @nanookadenord with the Alzheimers.
"An estimated 70% of people currently turning 65 will require long-term care in their lifetime, and they will receive care for an average of 3 years."
I know we can pray to be healthy into old age
statistically, we may be one of the 70% needing care
as a Christian, how do we plan for aging needs?
We need to get hot and figure out how to help that 70% of adults that are struggling. If we can't figure out how to help them, we're doomed.
People could almost entirely eliminate doctors, hospitals and Big PHARMA if they would only eat wholesome foods, preferably organic, drink alkaline water, CUT SUGAR (all forms), foods with a along list of ingredients (most processed food down every aile), with loads of sugar, salt, preservatives, artificial ingredients, keep your weight down, exercise, etc."An estimated 70% of people currently turning 65 will require long-term care in their lifetime, and they will receive care for an average of 3 years."
I know we can pray to be healthy into old age
statistically, we may be one of the 70% needing care
as a Christian, how do we plan for aging needs?
Some places here are upwards of $500 a day - and these aren’t luxury facilities. That’s about $15000 a month!
We were going to use in home care since she was supposed to get VA assistance (it wasn’t affordable without help, even with our family helping a lot), but they said it would be minimum a year waiting for expedited processing! She’s 97 and the dementia was getting much worse, so waiting a year didn’t work for us.even though Dr said our relative can't return home after rehab, looks like they're going to allow it
relative in charge told Dr places are too expensive
but in-home care is costly, also
plus caregivers are not reliable and call off
Among a number of designations I hold, one of them is the CLTC designation. It is true that 70% of people today will qualify for needing Long Term Care support."An estimated 70% of people currently turning 65 will require long-term care in their lifetime, and they will receive care for an average of 3 years."
I know we can pray to be healthy into old age
statistically, we may be one of the 70% needing care
as a Christian, how do we plan for aging needs?
Genworth has recently exited the LTC market, but they still have some really great information that I always recommend financial advisors review when calculating LTC expenses with their clients (no, I don't work for Genworth). Check out this site:if you have a stroke and have to go into a long term care facility and don't have enough for it (costs about 7,000/month), then going on Medicaid may happen
I'm actually sorry to hear that. I'm sure you're close to your mom and you love your mom, but caring for people who need LTC, especially when we're talking cognitive impairment can be a full time job. And you have a job. It's honestly not realistic many times for family to be expected to provide the proper care that they're parents or grandparents need.I know my mom has emphatically stated that I am to take care of her and she is not to go into a nursing home. However, she is also showing signs of Alzheimer's and while I am an EMT, there will come a time when even my ability to care for her will be limited due to the disease.
I would have to put her in a nursing home. There comes a time when you are given no other choice with this illness.
Personally, I think if you're going to be serious about planning for LTC, which all of us should be - then you need to look at LTC Insurance. Self-Funding is almost never as economical as getting a LTC policy. And there are different ways to fund for a potential LTC event. There is traditional LTC policies, there are hybrid life/LTC policies, there are Life policies with LTC riders, and there are even tax qualified annuity options.I agree it's complicated all the way around. My point was simply that the more money you have socked away for retirement the less likely it is that you will have to depend on others, particularly your children. There are obviously lots of complicating factors and varying situations. There's no one size fits all solution when and if long term care is needed.
My parents’ long term care insurance only covers part of their expenses. My aunt’s family tried to keep my uncle on life support in a coma too long and lost a fortune. She had to move in with her eldest daughter. You may need a living will to prevent them from using a feeding tube to keep you alive in a semi-vegetative state. My dad asked me to have a lawyer write one for myself. I studied nutrition with urgency to try to avoid dementia. Learning the Gospels helped with my prayer life.Among a number of designations I hold, one of them is the CLTC designation. It is true that 70% of people today will qualify for needing Long Term Care support.
The statistics are based upon LTC insurance, and what the triggering factors are that would qualify a person for LTC benefits.
The first is severe cognitive impairment. People with Alzheimers or dementia related impairments are one group. The second group fall under an inability to perform 2 out of 6 Activities of Daily Living, or ADLs. I always tell people to think of what they do typically within the first hour of waking up. the ADLs are:
If a person needs assistance with any 2 of the above, then they qualify for LTC benefits. The truth then is that currently, barring any sort of medical breakthrough - 70% of people are going to be in a position to which they would qualify for LTC benefits.
- Eating.
- Bathing.
- Dressing.
- Toileting (being able to get on and off the toilet and perform personal hygiene functions)
- Transferring (being able to get in and out of bed or a chair without assistance)
- Continence (being able to control bladder and bowel functions)
To go deeper into the statistic, 50% of people who qualify for LTC only last about a year. The other 50%, those that make it past a year, actually average 4 years. Those lengths are longer if we're talking cognitive impairment.
Genworth has recently exited the LTC market, but they still have some really great information that I always recommend financial advisors review when calculating LTC expenses with their clients (no, I don't work for Genworth). Check out this site:
Cost of Long Term Care by State | 2018 Cost of Care Report | Genworth
You can look up your area and see what the average cost of LTC is.
I'm actually sorry to hear that. I'm sure you're close to your mom and you love your mom, but caring for people who need LTC, especially when we're talking cognitive impairment can be a full time job. And you have a job. It's honestly not realistic many times for family to be expected to provide the proper care that they're parents or grandparents need.
Personally, I think if you're going to be serious about planning for LTC, which all of us should be - then you need to look at LTC Insurance. Self-Funding is almost never as economical as getting a LTC policy. And there are different ways to fund for a potential LTC event. There is traditional LTC policies, there are hybrid life/LTC policies, there are Life policies with LTC riders, and there are even tax qualified annuity options.
There are many ways to design a LTC insurance product. Some people look to fully fund for a LTC event, some people look to partially fund. It is certainly important to sit down with a financial advisor that can help you with your finances and make recommendations about properly planning for potential LTC events so that you don't lose a fortune.My parents’ long term care insurance only covers part of their expenses. My aunt’s family tried to keep my uncle on life support in a coma too long and lost a fortune. She had to move in with her eldest daughter. You may need a living will to prevent them from using a feeding tube to keep you alive in a semi-vegetative state. My dad asked me to have a lawyer write one for myself. I studied nutrition with urgency to try to avoid dementia. Learning the Gospels helped with my prayer life.
They have Genworth. I read Genworth has asked regulators for another rate increase. My brother chose an expensive skilled nursing home in order to be close enough to visit. Mom cannot feed herself and might lose the ability to open her mouth when queued as her disease progresses. They lift the spoon for her. Dad can find his way to a facility dining hall and back. I took him shopping and to lunch on the weekend. They may have saved enough, self insuring much of the expense. I met another care giver at the facility, the daughter of an 88 year old woman invalid since 81. She is Catholic and may be force feeding, I am not sure. Her mother does not seem to move at all. Not all long term care patients die within two years.There are many ways to design a LTC insurance product. Some people look to fully fund for a LTC event, some people look to partially fund. It is certainly important to sit down with a financial advisor that can help you with your finances and make recommendations about properly planning for potential LTC events so that you don't lose a fortune.
It's also important to have a living will in place because we just don't know what's going to happen, and if you are ever incapacitated, having something written with directives and a trusted person listed who can make decisions is necessary.
Genworth has recently exited the LTC market, but they still have some really great information that I always recommend financial advisors review when calculating LTC expenses with their clients (no, I don't work for Genworth).