When it comes to securing long-term care for
our loved ones, many families find themselves in a crisis. My family was no
exception. When my grandmother was diagnosed with stage 3 breast cancer, my
aunt put her personal life (and professional goals) on hold to take care of
her. This care consisted of long nights at the hospital and full days tending
to her needs, refilling medications, and comforting her fragile emotional
state. Combined with the normal stresses of life such as work, bills, and
keeping a healthy home, it brought her to the brink of exhaustion. Sometimes
she would call me in tears because Grandma wouldn’t take her medicine. My
family was forever grateful for her loving sacrifice, especially me.
I couldn’t help her in the way that I wanted
to, having three children to watch over and living four states away. But I did
learn something very important: Responsible planning is crucial if we want to
comfortably transition our loved ones into long-term care. Especially when it
comes to the growing number of Americans who will need it in the coming years.
According to a 2019 survey by Genworth, “every day until
2030, 10,000 Baby Boomers will turn 65 and seven out of 10 will require
long-term care.”
Our parents did their best to create a safe
home for us when we needed it, and we’d like to do the same for them as their
needs change. As a financial professional, I have a saying that rings true time
and time again: “Those who fail to plan plan to fail.” So, I set out to learn
about the realities of long-term care so that I could be well equipped to help
my own mother and avoid some of the stress my aunt had to deal with.
During my search, I learned of a new approach
to home care in the Netherlands. There, instead of the typical large and
impersonal buildings with long and lonely hallways, the facility is built into
the local neighborhoods. Homes within the community are allocated specifically
for the care of the retirees. A single self-governing team of nurses provide
the full range of medical and support services rather than relying on multiple
different types of personnel, thereby providing high-quality home care at a
lower cost. When I learned about this, I pictured my own mother in a comfy
home, with pictures of her family on the mantel, making her favorite beef stew
and getting ready for her aqua aerobics class. I was excited, but I wanted to
be realistic about how much this quality of care would cost and if there was
something comparable to it here in the USA.
To my happy surprise, I met Tara, owner
of Cary Retreat,
a local adult care home in a residential neighborhood in North Carolina. Her
business is designed to provide long-term care assistance for 2-6 residents
with highly skilled nurses working 24/7. Because of the quality care ratio of 1
to 3, the majority of these facilities target wealthier residents and do not
accept state or federal subsidies such as Medicaid or Medicare. However, some
do accept Attended Care by the VA and indemnity long-term care insurance
policies.
Tara assures, “We know whenever one of our
residents sneezes. We love creating a familiar home environment where they can
thrive.” Her home retreat is a very cozy house with a
state-of-the-art kitchen and an herb garden in the backyard. It’s complete with
a recreational coordinator, personalized doctors house calls, and
transportation services. It reminded me of my grandmother’s living room.
On the other hand, there are some families,
like Juliette Dais and her family, who have opted to keep their parents in
their home. Juliette and her sister took turns taking care of their wonderful
mother, Adeline Willians-Dais, providing round-the-clock care. It was a lot of
work, but she was very thankful for the doctors’ house calls. She recalls, “Our
family utilized Doctors Making Housecalls.” This multi-faceted medical practice
is located in North Carolina. Not only was this a time saver, but it also gave
them peace of mind by keeping their mother out of the hospital, which protected
her from catching a virus or infection from another patient due to her frail
condition. “It’s a natural cycle of protective love,” Juliette said. “We are
giving just a little bit back of what our loving mother showered us with.”
When you take into account the personalized
menus, mentally stimulating activities, and living in close proximity to your
loved ones, the costs start to add up. So, how much should long-term care cost?
That answer gets clearer when you know what you want to get out of the care.
Factors to consider while selecting the best
care choice for your loved one:
·
How much family
support is available?
·
Do we need homemaker
services?
·
In-house doctors calls
·
Home health aid
·
Personal or
professional transportation services
·
What type of
environment are you hoping for?
·
Assisted living
facility
·
Adult day care
·
Luxury resort style of
living
·
Small retreat homes
(like Tara’s)
·
How much money are you
prepared to spend?
·
Family home care
(where the family provides the majority of the care) can
range between $50,000 and $100,000 annually.
·
In my experience,
local adult home care facilities like the Retreat at Cary cost between $81,600
to $105,600 annually.
·
The average cost of a
quality nursing home ranges from $80,156 to $102,204 annually, according to Genworth’s 2019.
Of course, there is no upward limit. Mrs.
Patti*, one of my clients, created a five-year plan for the most opulent living
situation. It cost her $2.1 million.
Whether I am helping my clients, planning for
my mother’s long-term care, or even planning my own, I often turn to Proverbs
15:22. Whether you are religious or not, the wisdom it offers is very urgent
and true: “Without counsel plans fail, but with many advisers they succeed.” I
urge you to consider the resources at your disposal and to meet with a
financial professional.
Discuss your options, talk about alternative
care, and formulate a plan with your loved one. With a plan, you are empowered
to create a living situation that allows you to create meaningful moments with
them in their golden years. With a plan, you can maintain their dignity while
also securing a stress-free arrangement for yourself. As I’ve learned on my
journey through the world of long-term care, there is a way to do both.
Resources
·
Eldercare Locator is a
nationwide toll-free service to find local services. www.eldercare.gov 1-800-677-1116
·
Administration on
Aging lists of long-term care services in each state www.aoa.gov 202-619-0724
*Client name has been changed.
This content is brought to you by Impact
PartnersVoice. Insurance and a broad array of other financial products are
offered through Paula (Andrea) DeLucia, NC Insurance License #17260134.
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