With the costs of both long-term care and long-term care insurance increasing, we are seeing a corresponding uptick in concern and questions from our clients about how and where they will live if they lose the ability to care for themselves. The good news is that there are ample housing options that have been designed to match differing care needs and price points.
Nursing homes seem to be the first thing our clients think of when we discuss long-term care. Often, the clients will express a negative perception of these facilities and a desire to avoid them. Nursing homes are designed to provide a high level of care to residents who need medical as well as daily living assistance. As a result, they are generally more expensive than other housing facilities.
Assisted and Independent Living Facilities
Assisted and Independent Living Facilities are designed for older individuals who need or desire some level of assistance with their day-to-day activities but do not require skilled nursing care. These facilities usually offer a range of services and activities, such as medication management, meal preparation, and community excursions. The cost of assisted or independent living usually depends on which services are included by the facility or selected by the resident.
Continuing Care Retirement Communities
A continuing care retirement community is a place that provides independent living, assisted living, and nursing home care all at one site. This allows residents to increase their level of care (and monthly payment) as their care needs grow. These communities can be a good solution for a married couple where one of the spouses needs significantly more care than the other.
Staying at home and having caregivers come to them is the most desired care option among our clients. There are a variety of in-home care companies, just as there are different types of long-term care facilities, based on the level of care needed. In-home care can be a cost-effective solution when an older person just needs assistance with tasks such as cooking and bathing, but can become cost-prohibitive when skilled nursing care or 24-hour supervision is necessary.
At Cramer Law Center, our trust planning process includes comprehensive planning for possible disability. We help you provide instructions on how you may be declared disabled, and by whom, and on how you would like to be cared for during a disability (including your housing option preferences). We also discuss planning for payment of possible long-term care expenses with you and your trusted advisors.