October Is Long-Term Planning Month, Assisted Living Locators Encourages Seniors, Caregivers To Have Plan To Meet Long-Term Care Costs

“Long-term care is a range of services and supports seniors may need to meet their personal care need,” said Angela Olea RN, Assisted Living Locators CEO. “For the most part, a majority of long-term care costs are not covered by most health insurance plans or Medicare. That is where planning for long-term care becomes so important. Research has found that nearly 40 percent of people underestimate their future costs for assisted living, and many wrongly believe that Medicare will cover the expense,” she added.

“The median monthly rate for a one-bedroom unit in an assisted living community is $3,500 per month and in some regions it’s even higher,” said Olea. “Many families are understandably concerned about how to pay for assisted living, and I advise they learn about creative financial resources that are available.”

Personal savings and investments, along with the proceeds from selling a home, may help fund a move. Olea suggests for people whose homes are on the market, bridge loans can provide temporary funds.

“Most people use their pension or Social Security benefits to help pay monthly fees and other expenses,” Olea explained. “Family members may choose to assist with the costs of moving or help with ongoing fees. In some cases, veterans’ benefits may help defray costs for individuals with military service.”

Olea stated that long-term care insurance policies typically pay some portion of fees for assisted living, and some people cash out life insurance policies to put the proceeds toward their move.

“Have a discussion with your family and make a plan,” urged Olea. “Advance planning offers seniors more choices and decision-making opportunities. Taking steps now can help prepare for a smoother tomorrow.”