A Guide to Long-Term Care Planning: Preparing for a Secure Future
October is Long-Term Care Planning Month, a timely reminder of the importance of planning for the future, especially when it comes to healthcare and long-term support. As a leading senior living provider, Benchmark Senior Living is here to help offer resources and support to families, seniors and healthcare professionals through this often-overlooked process, so that you consider your loved one’s well-being and financial security when they’re ready for senior living at Benchmark.
What is Long-Term Care Planning?
Long-term care planning involves preparing for the personal and financial aspects of aging, specifically in relation to healthcare and daily living assistance. While many assume that Medicare or traditional health insurance will cover these needs, the reality is quite different. These programs often have limited coverage, and many people are surprised to learn that long-term non-medical care, like help with daily activities (bathing, dressing, eating) – which is what Benchmark includes in our senior living communities – isn’t included.
In fact, an estimated 8.3 million people in the U.S. currently need some form of long-term care, and that number is expected to grow as the baby boomer generation ages. Without proper planning, families can face significant financial and emotional burdens if and when care needs arise.
Long-Term Care Planning Resources and Information
At Benchmark, we understand the complexities of long-term care planning, and as leaders in the industry, we’re here to offer important resources to help guide you in your journey to senior living. Below are a range of services designed to assist families in navigating these challenges for senior care options:
- Long-Term Care Insurance: This insurance is one of the most popular ways seniors pay for senior living and long-term medical care. Long-Term Care insurance “helps cover the costs of that care when you have a chronic medical condition, disability or disorder such as Alzheimer’s disease” (source). To learn more about Long-Term Care insurance for you or a loved one, click here.
- Financial Evaluation and Assistance: Understanding the cost of assisted living is a critical first step when it comes to financial planning for seniors. In the Northeast, the median monthly cost of assisted living exceeds $6,000. That’s why we identified a Financial Concierge Service to help new and current residents navigate funding options. Whether it’s exploring long-term care insurance, bridge loans, or veterans’ benefits, our team can refer you to experts who can help you find the best solutions.
- Alternative Funding Solutions: There are multiple ways to cover the costs of senior living, including life insurance, home sales, or working with Senior Real Estate Specialists (SRES) for downsizing. Benchmark has identified a team of professionals who specialize in these areas, offering services such as real estate assistance, moving discounts, and financial advice to bridge the gap while waiting for benefits or sales to finalize.
- Veterans’ Benefits: Veterans may be eligible for the Aid and Attendance Benefit, which can provide up to $25,000 annually to offset assisted living costs. We offer a resource that can help veterans and their families navigate the complex enrollment process to ensure they receive the financial support they deserve.
The Importance of Starting Early
As you may be planning for yourself or a loved one, one of the most important factors in successful long-term care planning is starting early. By planning ahead, you not only reduce the financial burden on yourself and your family but also have more options for care. Securing long-term care insurance earlier in life can significantly reduce future costs, and it allows you to choose the level of care you desire.
Families should start these conversations sooner rather than later. Assessing your own personal plans and also having open discussions with your loved ones about their future needs and financial planning is a crucial step. Our blog on having the conversation about senior living provides more insights into how to approach these sensitive topics.
Taking the Next Step with Benchmark
At Benchmark, we are committed to helping families find the right solutions for their unique needs, and as leaders in the senior living industry, our team is here to offer resources and support for Long-Term Care Planning. To learn more about our Benchmark communities and how we can support you and your loved ones with independent living, assisted living or mind and memory care, click the link below to find a community near you.
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