There is no guarantee that you’ll live your entire life without the need for help from others. I & E planning helps create a plan for where the money will come from to provide for the costs of care. Where will you will live and who your caregivers will be can be part of the plan.
Long-term care is assistance with (ADLs) Activities of Daily Living – bathing, continence, dressing, eating, toileting and transferring (getting up from a bed or chair). Long-term care also includes assistance services provided to a person who has a severe cognitive impairment (such as Alzheimer’s or dementia).
An illness or disease, accident, or severe cognitive impairment could make it difficult or even impossible for you to carry out normal activities of daily living without help. But long-term care is not just about the elderly or nursing homes. It includes many different types of care services that can be provided at home, an adult day care, assisted living facility or a nursing home.
Odds of Needing Long Term Care?
We are living longer lives vs. previous generations. As life expectancies grow so does the need for long-term care. Estimates state that SEVEN IN 10 AMERICANS older than 65 will require long term care for an average of three years. And there are currently more than 65 million people in the U.S. providing over 20 hours per week of care for a chronically ill, disabled or aged family member or friend. The odds are that at some point in your life you will either be caregiver for a family member or be the one requiring care. There is also a chance you could be both!
Your parents plan for long term care will impact your future. Will you have them live with you? Will you live with your parents? How will your siblings contribute? Where will the money come from?
When you are ready to start your plan or have questions about the process, I & E Planning advisors can help you. We navigate the many options around long-term care Insurance and how it relates to a specific family member.