Intro
You’ve decided to dive into long-term care (LTC). Kudos to you. 🙌🏼
This important topic affects almost everyone, even though most people would rather not think about it.
At Long Term What? we value your time. You can expect fun, practical guidance to help you take action on LTC.
LTC stands for long-term care, but here we also use it as an acronym for some goals: Learn about options, Talk with family, and Create a plan—so care recipients and caregivers can live their best lives. You’ll see these goals pop up throughout the posts.
Get ahead of the game. Dive into these posts, and you'll:
- Be confident in making the best care decisions
- Feel more at ease knowing you're financially ready
- Stay in control when care needs arise
We’ve got lots of posts in our Basics topic. If you'd like a guided tour, just hit the 'next post' button at the bottom of this (and every) post.
Post jargon
assisted living: a type of residential care that assists with ADLs
CCRC: continuing care retirement community; housing with many LTC services
hospice: end-of-life care (usually under 6 months)
LTC: long-term care
LTCi: long-term care insurance
nursing home: like a hospital, but with fewer doctors and for LTC
➡️ Explore all the LTC jargon
What is long-term care?
Statistically speaking, you'll probably age. Now, you may be thinking, "Yeah, but what about that one guy who got younger over time?"
In our 70s and 80s (and earlier), many of us need help with everyday tasks, like getting dressed and bathing, due to aging or conditions such as dementia. We need caregivers to provide long-term care to help us with these needs.
LTC isn't end-of-life care (that's hospice) or a brief visit to the hospital. Rather, LTC occurs daily for years while you can still live a full life enjoying your friends and family.
Explore more in this post:
Who needs it?
Surprisingly, a lot of people.
You or a loved one have a whopping 70% chance of needing long-term care at some point.
The reality is that you or a family member will need long-term care. You just don't know when and for how long.
The average person requires 3 years of long-term care. However, Alzheimer’s patients require 8 to 10 years, with some needing up to 20 years.
What about celebrities?
You might ask yourself, "Wait, are celebrities affected by long-term care?"
Well, yes. They're just like us. Watch this 2-minute video to learn how.
Why plan for it?
Long-term care doesn’t just affect the person who needs it—it deeply impacts their family as well. It's important to consider who often takes on the heavy lifting: spouses and kids.
Even with unconditional love, helping someone with everyday tasks—like getting out of the bathtub—can take a significant toll. Every. Single. Day.
Families care deeply for one another, but caregiving is a 24/7 responsibility that can create emotional, physical, and financial challenges. Planning ahead can help ensure that everyone’s needs—both the caregiver’s and the care recipient’s—are supported.
Where does LTC happen?
Roughly 80% of adults prefer to receive LTC in their homes, but many move to assisted living, nursing homes, or CCRCs as they or their caregivers need more help.
Who pays for it?
If your family doesn't provide assistance, professional care can be expensive. For example, home care averages $64,000 per year (based on 40 hours a week), while a year in a nursing home costs around $117,000.
If these numbers feel like Monopoly money, seriously consider where you'd get $100,000 today for just one year of nursing care. 😬
What about Medicare and that other thing?
- 🔴 Medicare doesn't pay for long-term care.
- 🔴 MedicAID only pays if you have severe financial hardship or a disability.
- 🔴 Private health insurance doesn't pay for long-term care.
- 🟢 Long-term care insurance pays for LTC.
So LTC is typically funded through personal savings or a long-term care insurance policy.
Long-term care insurance
Long-term care insurance (LTCi) can help cover the costs of professional care if you ever need it. The industry has evolved significantly, offering more options than ever before.
In our insurance posts, we’ll guide you through the differences between traditional and hybrid policies, help you determine if LTCi is the right choice for you, and explore specific policy options.
The Talk
Once you learn about your long-term care options, you can have "The Talk" with your family about caregiving plans. It's both important and super awkward.
Wrap up
Watch this cute 9-minute video from 2019 about family members discussing long-term care. It's a little long but worth it.
Thanks for taking the first step! Keep reading to feel confident and prepared for any care decisions ahead. 👍🏼