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Assisted Living Week: Protecting Grandparents with Long-Term Care Insurance
Today we are celebrating National Grandparents’ Day, which always falls on the first Sunday after Labor Day. September 10 also marks the start of Assisted Living Week this year.
Similar to Mother’s Day and Father’s Day, Grandparents’ Day is an entire day dedicated to grandparents. It is an opportunity to treasure the special connection between grandparents and children, which has been proven to be beneficial to both. National Grandparents’ Day began in 1978 when Congress passed legislation. President Jimmy Carter signed a proclamation declaring that this special holiday would be celebrated on the first Sunday after Labor Day.
National Assisted Living Week takes place on September 10 through September 16, 2023. This year’s theme from the National Center for Assisted Living (NCAL) is “Season of Reflection.” This annual national observance provides an opportunity to recognize residents in assisted living, their families and caregivers, and the bonds they share. Assisted living communities throughout the county are encouraged to host events to honor these individuals while adhering to infection control precautions.
What Role Does Long-Term Care Insurance Play in Senior Care?
People are living longer today than they did 50 years ago due to modern medicine. The U.S. population over the age of 65 had reached 55.8 million – 16.8% of the entire population – by the 2020 Census. Although no one wants to give up their independence, many older people need some assistance with daily living to stay healthy and safe.
Buying long-term care insurance is a way to prepare for that possibility. It covers a number of services that are not covered by standard health insurance, including assistance with daily activities, such as bathing, dressing, and getting in or out of bed. It covers the costs of care for chronic health conditions and disabilities, such as Alzheimer’s disease. Medicare only covers short stays in nursing homes and limited amounts of home health care in certain situations. Most long-term care policies will cover care in a variety of locations, including your home, an adult day care center, an assisted living facility, or a nursing home.
When Is the Best Time to Buy Long-Term Care Insurance?
Long-term care costs should play a role in your long-range financial planning, particularly if you are in your 50s or older. Buying coverage when you need it is not an option. You will not qualify to purchase a policy if you have a debilitating condition. Generally, long-term care insurance companies will not approve applicants over the age of 75. Most people buy long-term care policies during their mid-50s to mid-60s.
Costs of long-term care can rapidly deplete your savings. A semi-private room in a nursing home can run nearly $95,000 a year. The more you can afford to spend, the more choices you will have, and the better the quality of care you will receive. If you are forced to rely on Medicaid, you will be limited to nursing homes that accept those payments. Meet with our knowledgeable agent for help find an affordable long-term care insurance policy.
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