One of the greatest fears of older Americans is that they will end up in a nursing home losing their personal freedom and life savings. When asked, most people say they will never go into a nursing home, but in reality many will. Close to fifty percent of Americans age sixty-five years and up will spend some time in a skilled nursing facility, and for one out of every ten that stay will be five years or longer.
Those odds, one out of ten, may seem an acceptable risk, but consider this. The odds of your home burning to the ground tonight are about one in five hundred, and yet most homeowners would not think of not insuring against this risk. However, most of us have not even thought about our long term care much less planned for it.
Naturally, older Americans prefer to stay at home rather than go to a nursing home, and most care of the elderly is provided at home, whether by family or hired help. If the family provides this care at home and the elderly person requires assistance with activities of daily living, such as walking, eating and toileting, the caretaker will quickly become exhausted. In many situations the level of care required cannot be adequately provided at home.
In
Many people
think that Medicare is going to pay for their long-term care, but this is a
mistake. Medicare is not designed to pay for long term care. Others have
decided to let Medicaid pay their way, but they do not know that practically
all of their assets must be spent before they qualify for Medicaid. With proper
planning you can be prepared for your future. Another article discusses both
proactive as well as crisis planning. Call David Dunn at 662-327-4211 to beginning planning for your future or for long term
care crisis assistance.
W. David Dunn © 2007
