Long-Term Care Planning Month takes place in October. The month creates awareness among senior citizens and their caretakers to understand and prepare for the outrageous costs of healthcare for adults. Unfortunately, this is not something that people plan for, and many are unaware that most insurance plans do not cover long-term non-medical care and assistance for senior citizens and their daily activities.
History of Long Term Care Planning Month
Long-term care plans have existed since the late 1970s. But it wasn’t until the early 1990s that the concept caught on, even though there weren’t many insurance companies offering many options for long-term care insurance.
Long-term care is non-medical, referring to the personal care and services required by the elderly for accomplishing routine activities to have a quality of life. Services include personal grooming, dressing, bathing, eating, and other physical activities. Accommodation is also part of long-term care that may or may not include the aid of skilled nurses.
It is impossible to rely on the go-to sources of income or insurance plan for a comfortable life later. Previous generations relied on their retirement savings, pensions, social security, and other benefits plans for support. Times have changed, and many monetary benefits no longer exist for covering long-term care. Problems now affect adults who are not under the senior citizen bracket living from paycheck to paycheck.
Savings plans require that you start early. The sooner you begin, the more effective it will be. It is not too late to start, and this is what this month aims for.
Long Term Care Planning Month timeline
President Lyndon B. Johnson establishes the Medicare and Medicaid programs on July 30.
The concept of long-term care insurance is established.
Additional options for long-term care emerge.
Long-term care insurance becomes a hot commodity.
Long Term Care Planning Month FAQs
When should I start planning for long-term care?
Experts recommend that customers begin planning for long-term care well in advance years before they will actually need it. Ideally, the age bracket is 40 to 50 years.
What is long-term care planning?
Long-term care is non-medical, referring to the personal care and services required mostly by the elderly for accomplishing routine activities to have a normal quality of life.
What are the three main types of long-term care facilities?
Long-term care facilities provide assistance and care for skilled nursing, assisted living, and independent living.
How to Observe Long Term Care Planning Month
Visit with family and make a plan
If you don’t have a long-term care plan, you are not alone. But now is a great time to start. Gather your family and discuss everyone’s needs, then select a savings plan that’s best suited to your family.
Explore options and discover what is available to you
Discover the long-term care plans available. Take advice from experts, see which plans align with your family’s needs, and start as soon as possible.
Use the #LongTermCarePlanningMonth hashtag
If you didn’t know about this, chances are many others don’t either. Share your knowledge about Long-Term Care Planning Month on social media and let others know that they need to act now.
5 Facts About Long-Term Care Planning You Should Know
You are likely to need it
An estimated 8.3 million people living in the U.S. require some form of long-term care.
Medicare or Medicaid are not enough
They’ve limited periods for covering hospice care, home health services, or stays at nursing facilities.
An increased demand
Aging baby boomers will impact long-term care services in the next two decades.
The younger you start, the better
Long-term care insurance will greatly ease the financial burden on you and your family.
You may need to liquidate your assets
Generally, to be eligible for Medicaid, an individual needs to have only $2,000 in countable assets.
Why Long Term Care Planning Month is Important
It gives us a head start
Long-Term Care Planning Month provides a head start to plan for the upcoming caretaking costs in the future. It is important to be prepared, otherwise, the financial costs will be extremely difficult to maintain.
It ensures better care for seniors
Investing in long-term care insurance plans is not only better for financial stability, but also ensures that senior citizens get the care and due diligence that they need.
The month creates awareness
Long-Term Care Planning Month creates awareness among adults and senior citizens, and encourages them to look into long-term care plans. There are many packages available, and the month-long observance serves as a way to inform and educate people about this.
Long Term Care Planning Month dates