WHY SOONER CAN BE BETTER
Home Health Options
While none of us want to dwell on a time when we're no longer able to take care of ourselves, the truth is that the earlier that we consider our future needs and plan for them, the more likely we are to be prepared and to minimize the stress felt by our families and ourselves when the time does come. In addition, financial planning prior to long-term care needs begin will give you a greater choice of intervention, and put you in the driver's seat.
Home Care Defined
The majority of people are most comfortable in their own environment where they feel safe and close to the things they love, and home care is the long-term care option that promotes the individual's independence and ability to continue with the normal, daily routine as long as possible. The goal of home care is to provide in-home care for those who need it, and to allow an individual to remain living at home as long as possible, regardless of age or disability.
Home care services cover a wide range of needs, from homemaking and companionship to meal preparation and medication reminders. They may also include personal care services, or those that help with the activities of daily living, including home care services like bathing, dressing, and grooming. To promote a safe and functional lifestyle, a caregiver can help you brush your teeth, secure the buttons on your shirt, or stand-by while you bathe to make sure you do not fall.
Many don't know that there are significant benefits to purchasing long-term care insurance earlier in life. For one, the price of long-term care insurance premiums is significantly lower when you are younger. For the same policy, yearly premiums for policies purchased at the age of fifty are significantly less than premiums purchased at the age of seventy. In addition, the earlier you purchase your policy, the more likely you are to have your application approved.
By planning ahead, you will be best prepared to secure an affordable policy that helps you stay at home when the time comes. In addition, many policyholders wait longer than necessary to start using their benefits. They intend to save their benefits for when they need them more, but in actuality, intervening with home care earlier in a disease or aging process can help prolong one's ability to stay at home, and stave off the need for a higher level of care or relocation to a nursing home.
It is important to know that the cost of long-term care is expected to grow significantly over the next few decades. In the next thirty years, the annual cost of long-term care is expected to increase over 330% to over $300,000 a year for a home care aide and even more for a nursing home or assisted living facility. For most of us, that means that the care we need as we age will be more than we are able to save through investments or other private sources, making Long-term care insurance a smart investment in our future independence and safety.