{"id":1378,"date":"2018-09-06T20:26:22","date_gmt":"2018-09-06T20:26:22","guid":{"rendered":"https:\/\/stockchase.com\/discover\/?p=1378"},"modified":"2018-12-01T23:19:18","modified_gmt":"2018-12-01T23:19:18","slug":"at-65-you-might-need-long-term-care-services-are-you-ready","status":"publish","type":"post","link":"https:\/\/stockchase.com\/discover\/at-65-you-might-need-long-term-care-services-are-you-ready\/","title":{"rendered":"At 65+ you Might Need Long-Term Care Services. Are you Ready?"},"content":{"rendered":"<p><i>This is a guest post by Jim McKinley.  Jim is a retired banker with almost 30 years of experience. He created <a href=\"https:\/\/moneywithjim.org\" target=\"_blank\" rel=\"noopener\">MoneywithJim<\/a> to share his advice and other resources on a variety of financial topics.<\/i> <\/p>\n<p>[adinserter block=&#8221;4&#8243;]<\/p>\n<p>&nbsp;<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Discover What&#039;s Inside<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/stockchase.com\/discover\/at-65-you-might-need-long-term-care-services-are-you-ready\/#70_of_people_aged_65_and_over_will_need_some_long-term_care_services\" >70% of people aged 65 and over will need some long-term care services<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/stockchase.com\/discover\/at-65-you-might-need-long-term-care-services-are-you-ready\/#Planning_for_long-term_care\" >Planning for long-term care<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/stockchase.com\/discover\/at-65-you-might-need-long-term-care-services-are-you-ready\/#Financing_long-term_care\" >Financing long-term care<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/stockchase.com\/discover\/at-65-you-might-need-long-term-care-services-are-you-ready\/#Be_mindful_of_your_habits\" >Be mindful of your habits<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"70_of_people_aged_65_and_over_will_need_some_long-term_care_services\"><\/span>70% of people aged 65 and over will need some long-term care services<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>While none of us want to think about being sick, the reality is <a href=\"https:\/\/www.forbes.com\/sites\/wadepfau\/2015\/12\/22\/the-importance-of-planning-for-long-term-care\/\" target=\"_blank\" rel=\"noopener\">70 percent<\/a> of people aged 65 and over will need some form of long-term care services to help with bathing, eating, dressing, bathroom issues and transport. <\/p>\n<p>Burying your head in the sand until a crisis occurs is not an option, as bankruptcy may be your only option if you don\u2019t plan properly for illness. While it\u2019s a daunting topic, there are some specific measures you can take so you can live out your golden years as stress-free as possible.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Planning_for_long-term_care\"><\/span>Planning for long-term care<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>While saving money is one of the most important things you can do from a planning perspective (more on that later), how you\u2019re taking care of yourself now can greatly affect how soon you\u2019ll need long-term care. <\/p>\n<p>Talk with your loved one about what hereditary illnesses you should both be aware about. Be diligent about getting <a href=\"https:\/\/www.cancer.org\/healthy\/find-cancer-early\/cancer-screening-guidelines\/screening-recommendations-by-age.html\" target=\"_blank\" rel=\"noopener\">regular screenings<\/a> at the doctor for diseases such as cancer. <\/p>\n<p>Try to keep yourself healthy by maintaining a healthy weight, eating a nutritious and balanced diet, exercising regularly, getting enough sleep, and limiting your alcohol intake. <\/p>\n<p>[adinserter block=&#8221;2&#8243;]<\/p>\n<p>Manage your stress levels by learning how to say \u201cno,\u201d practicing yoga, or meditating. <\/p>\n<p>It\u2019s never too early to start these good habits, so don\u2019t wait until your senior years to adopt a healthy lifestyle, because prevention is key.<\/p>\n<p>If you\u2019re already reaching your senior years and are struggling with mobility issues, implement any necessary home modifications, such as adding grab bars in the bathroom, a ramp at the entryway, levered faucets and door knobs, widened doors, non-skid flooring, a stair chair lift and increased lighting, to prevent costly injury.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/stockchase.com\/discover\/wp-content\/uploads\/2018\/09\/unspecified-1-1.png\" alt=\"Financing Long-Term Care\" border=\"0\" width=\"794\" height=\"496\" \/>[adinserter block=&#8221;4&#8243;]<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Financing_long-term_care\"><\/span>Financing long-term care<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>It\u2019s never too early to <a href=\"https:\/\/www.bankrate.com\/finance\/senior-living\/save-on-long-term-care-for-seniors-1.aspx%23slide=2\" target=\"_blank\" rel=\"noopener\">start saving<\/a> for long-term care. <\/p>\n<p>To get an idea of how much to save, start researching the costs for different types of care in your area or a region you\u2019re considered moving to after retirement. <\/p>\n<p>Implement a monthly monetary goal, and put these funds into a health savings account. <\/p>\n<p>Money rolls over each year and withdrawals are tax-free if they\u2019re used for long-term insurance premiums\/care and approved medical expenses. Here are a few options for getting the funds you need to pay for long-term care.<\/p>\n<p><span style='text-decoration:underline;'><b>Reverse Mortgage<\/b> <\/span><\/p>\n<p>These loans allow homeowners who are 62 years or older to borrow against the equity they\u2019ve built into their home to pay for living expenses.<\/p>\n<p>There are <a href=\"https:\/\/www.consumersadvocate.org\/reverse-mortgages\/best-reverse-mortgages\" target=\"_blank\" rel=\"noopener\">pros and cons<\/a> to this option, so be sure to do your research to see if this is the best route for you. <\/p>\n<p>What\u2019s great about them is you only need a modest credit score in order to qualify and you can get a lump sum payment immediately. On the downside, the loan becomes due as soon as the homeowner \u201cbecome[s] delinquent on property taxes or insurance, the home falls into disrepair, they move, or sell the home,\u201d according to ConsumersAdvocate.org.<\/p>\n<p><span style='text-decoration:underline;'><b>Government Aid<\/b><\/span><\/p>\n<p>Take advantage of veterans\u2019 benefits, such as adult day care, respite care and in-home care.<\/p>\n<p><span style='text-decoration:underline;'><b>Medicaid<\/b><\/span><\/p>\n<p>Providing the financial requirements are met,<b> <\/b>seniors may qualify for Medicaid benefits (like staying in a nursing home, for example) with assets as little as $2,000.<span class=\"Apple-converted-space\">\u00a0<\/span><\/li>\n<p><span style='text-decoration:underline;'><b>Long-Term Care Insurance<\/b><\/span><\/p>\n<p>US News advises adults to purchase a policy <a href=\"https:\/\/money.usnews.com\/money\/personal-finance\/saving-and-budgeting\/articles\/2018-04-13\/6-ways-to-pay-for-long-term-care-if-you-cant-afford-insurance\" target=\"_blank\" rel=\"noopener\">when you\u2019re younger<\/a> so you\u2019ll be more apt to save money. <\/p>\n<p>While this is just one example (it depends on age, location, customization, etc.), a 40-year-old couple can pay $1,433 per year, while someone who is 60 would pay $2,202 for the same policy.<\/p>\n<p><span style='text-decoration:underline;'><b>Medicare Supplemental Plans<\/b> <\/span><\/p>\n<p>Medicare offers a lot of different supplemental plans for seniors of all different financial abilities. The <a href=\"https:\/\/www.medicareadvantage.com\/humana\/humana-medicare-advantage-plans\" target=\"_blank\" rel=\"noopener\">Humana Medicare Advantage<\/a> plan is a particularly popular program (it has about 3.3 million people enrolled). <\/p>\n<p>According to MedicareAdvantage.com, these plans \u201cprovide the same coverage as Original Medicare (Medicare Part A and Part B) and some plans may include additional benefits such as coverage for prescription drugs, dental and vision.\u201d<\/p>\n<p><span style='text-decoration:underline;'><strong>Life Insurance<\/strong><\/span><\/p>\n<p>One option to raise cash is to sell your your life insurance policy. <\/p>\n<p>As some companies are <a href=\"https:\/\/www.nytimes.com\/2016\/12\/09\/your-money\/combine-long-term-care-with-life-insurance-do-the-numbers-first.html\" target=\"_blank\" rel=\"noopener\">announcing<\/a> they will no longer be selling long-term care insurance, one should consider the option of settling your life insurance policy to pay for care \u2014 there are also hybrid policies that cover both life and long-term care insurance so you don\u2019t have to sell your entire policy to make ends meet.<\/p>\n<p><span style='text-decoration:underline;'><strong>Downsize Your Home<\/strong><\/span><\/p>\n<p>While most seniors want to stay in their homes (aging in place), making the decision to <a href=\"https:\/\/myageingparent.com\/life\/coping-life\/downsizing-fund-parents-long-term-care\/\" target=\"_blank\" rel=\"noopener\">downsize<\/a> can make it easier to offset long-term care costs while making it easier to maintain your surroundings from a mobility standpoint, thus reducing injury.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Be_mindful_of_your_habits\"><\/span>Be mindful of your habits<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Like retirement, putting aside money for long-term care can help you live a better quality of life in your golden years. It also reduces the burden on your loved ones should you not be in a place to take care of yourself or spouse due to poor planning or your own physical or mental affliction. Adopting a healthy lifestyle also reduces your risk for needing long-term care earlier than necessary, so be mindful of your habits.<\/p>\n<p><b>Photo Credit:<\/b> <a href=\"https:\/\/unsplash.com\/\" target=\"_blank\" rel=\"noopener\">Unsplash<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This is a guest post by Jim McKinley. Jim is a retired banker with almost 30 years of experience. He created MoneywithJim to share his advice and other resources on a variety of financial topics. [adinserter block=&#8221;4&#8243;] &nbsp; 70% of [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":1386,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"cwp_meta_box_check":"","cwp_rev_product_name":"","cwp_rev_product_image":"","wppr_links":[],"cwp_rev_price":"","wppr_options":[],"wppr_pros":[],"wppr_cons":[],"footnotes":""},"categories":[34],"tags":[16],"class_list":["post-1378","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing-tips","tag-baby-boomers"],"wppr_data":[],"_links":{"self":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts\/1378","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/comments?post=1378"}],"version-history":[{"count":0,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts\/1378\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/media\/1386"}],"wp:attachment":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/media?parent=1378"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/categories?post=1378"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/tags?post=1378"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}