Save money on long-term health care.
Many elderly Americans need some form of long-term health care. While most of them remain in their homes and are able to function to a relatively good degree, some require the assistance of outside professional care, or formal long-term health care. This same long-term care is also needed by the disabled, the mentally ill, those who have been in accidents.
History
There was a sudden increase by 37 percent in the elderly population between 1980 and 2000, according to a 2008 report called Formal Home Health Care, Informal Care and Family Decision Making. By the year 2030, this report claims, demographers expect the elderly population to reach 71 million, which will then be 20 percent of the population.
Significance
Before 1980, seniors were largely taken care of in their own homes, or in the homes of relatives. These family members and relatives performed most of the needed senior heal care services, which enabled seniors to continue to live at home. With a greater occurrence of both spouses working, this is an option that is ruled out in many situations. As a result, there is a rapidly growing dependence on formal long-term health care services.
Function
Elder care is primarily divided up into two categories: the Activities of Daily Living (ADL), and the Instrumental Activities of Daily Living (IADL), according to a brochure from the University of Illinois Extension called Consumer and Family Economics. ADL activities consist of things that include getting out of bed, dressing, bathing, eating, walking. The IADL's consist of things that require more non-personal issues, such as assisting with money management, shopping, managing medications, preparing meals, housework.
Types
Formal long-term exists anytime pay is offered for services, whether it is in the home or in a nursing home. While some things are performed by the family, often to keep costs low, professionals are brought in from time to time in an increasing occurrence to meet the needs of the elderly. The U of I brochure states that only 5.1 percent of people older than 65 are in nursing homes, but five times this number receive some kind of formal nursing home care in their home.
Identification
Formal long-term is given primarily by three types of individuals. This includes home health aides or some kind of homemaker, which are usually sent out by a home care agency, a nurse, and a therapist. A 2007 eport for the National Commission for Quality Long-Term Care estimates that 63 percent of those needing long-term care are older than 65, and most are older than 85.
Considerations
Elder care can be very expensive, especially if a nursing home is required for long-term care. According to a government brochure called Guide to Long-Term Care (LTC) Insurance, one year in a nursing can easily cost more than $50,000. It may also easily be twice that in some communities, depending on where you live. Assisted living may be another option, which typically costs about $2,000 a month, including rent. When considering the value of formal long-term care in the home, if an aide comes in three times a week for two or three hours at a time, this would be about $1,000 a month, or $12,000 per year.
Warning
Many long-term health care scams are out there when it comes to buying long-term health care insurance. You should carefully investigate the company, the quality of care that is given and be sure to compare health care plans to find a good program for your loved one.
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