Are you considering long-term care for yourself or a loved one? Choosing the right long-term care option is a big decision. The choices may seem overwhelming. Yet the earlier you assess your current condition and how it may change over time, the better chance your needs will be met and your wishes honored for your long-term care.
Begin by learning about available in-home care services and long-term care facilities in your area. Consider the costs associated with each option. Then think about your specific needs, assess your finances and use local resources to help you decide which option is right for you.
To choose a long-term-care placement, determine what type of care you or your loved one needs. For example, if you need help to manage insulin treatment for Diabetes, you’ll need a caregiver qualified to provide medication management. If your loved one suffers from Alzheimer’s disease, they’ll need a caregiver or facility that supports memory care. Consider skilled nursing facilities for critical care needs.
Long-term care can be expensive. Most people rely on a combination of resources to pay for long-term care. Learn about benefits you may be able entitled to under your healthcare plan or federal insurance plan. Consider all financial resources including private long-term care insurance, pension plans, dividends from investments, 401(k) or IRA payments, personal savings and others. Then make a budget to balance the costs for options that meet your needs with your available financial resources.