“A medical revolution has extended the life of our elder citizens without providing the dignity and security those later years deserve.” John F. Kennedy, Los Angeles, 15 July, 1960

My long-term care premium has just increased – by 40%.  I was given the choice of reduced benefits or paying the increased premium.  I chose to pay the increased premium.

Long-term care insurance is like accident insurance, one of those things you buy but hope to never use.  I bought it, because when I started as a financial planner, I learned about the costs associated with care for the elderly.  Now, as someone born in the first half of the last century, I am approaching the status of “elderly”.  I don’t like it, but the alternative is even less appealing.  By the way, I much prefer being referred to as “senior” rather than “elderly”.

Why is long-term care more expensive?  The short answer is that the care is becoming more and more expensive, and many insurance companies that used to offer long-term care no longer do because of the expense and poor profit potential.

The most expensive care is the one I consider the last resort – care in a long-term care facility, what we know as a nursing home.  My observations over time about nursing homes is that they share a common problem.  They are short-staffed and the people who have the most contact with the elderly clients in a nursing home are the lowest paid and most over worked.  Salaries and working conditions improve the farther away from the patient/client.

So, what are the alternatives?  Glad you asked.  I do advocate long-term care insurance with the caveat that you perform due diligence to make sure the insurance company is sound and will be there when/if you need the benefit.  However, consider some other options for care for yourself or a loved one who may no longer be able to care for themselves without help.

We usually learn that care is needed after the fact.  There has been a fall, or some other incident, that suddenly highlights the fact that we are no longer able to live safely on our own.  To live safely we need assistance.  That assistance may come from family, either we move in with family, or a family member moves in with us.  To me, that is the best solution, but may not always be possible.  Depending on the care needed, it may be more practical to consider assisted living.  Assisted living allows us to live independently while receiving help with what is known as activities of daily living, abbreviated as ADLs.

Speaking personally, and I am sure, for most of my age group, I want to remain independent as long as possible and not have to rely on someone else to bathe, dress or groom me or help me to and from the bathroom.  But, life happens.  If I do need that help, an assisted living facility would be my choice.

I recently became aware of an outstanding website that provides thorough and understandable information on all aspects of senior care: Caring.com which is a leading senior care resource for family caregivers seeking information and support for aging parents, spouses, and other loved ones.

There is some great information on assisted living.  See the links:

https://www.caring.com/senior-livingassisted-living/how-to-pay/

https://www.caring.com/senior-living/assisted-living/

Included is information on ways to make assisted living more affordable:

• Veteran’s Benefits
• Life Insurance
• Pooling Family resources
• Long-Term Care Insurance
• Annuities
• Reverse Mortgage
• Renting Your Home

The information makes great sense, is easy to read and understand and includes ideas that I had not thought of.

Also, the website Caring.com has a lot of helpful information on senior care and senior living, to include:  assisted living, memory care and home care, as well as help for caregivers.

Now I am going to put my financial planner hat on and give some great advice.  Use this website.  In a previous blog I advised planning, not just for retirement, but also for getting old.  Caring.com gives you the tools to plan for old age, to include the costs associated with the various alternatives – care at home, independent/assisted living, and nursing homes.

You are going to grow old whether you want to or not.  Learn all you can now and plan for it.  Include your family.

A Chinese proverb states that “Man fools himself.  He prays for a long life, and he fears an old age.”  Plan and prepare now.  Don’t fear old age.