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Long-Term Care Pre-Planning Strategies

Female financial advisor talking to elderly couple about funeral trust policies

Long-Term Care Planning Month

October is Long-Term Care Planning Month, a time to raise awareness about the importance of planning for long-term care needs. As life expectancy rates continue to rise with advancements in medicine and technology, long-term care costs have also risen to unprecedented levels. Planning ahead is vital to protecting assets, maintaining independence and dignity, and ensuring peace of mind for loved ones.

The cost of care is one of the most pressing concerns in the United States today. It is estimated that a couple just entering retirement will need $315,000 after taxes to afford long-term care expenses. Additionally, 2021 data from Genworth estimates that the annual median cost of a nursing home facility is $108,405.

In-home care, community and assisted living, nursing home facilities, and other services that are likely not covered by insurance or Medicare pose a significant financial burden. These steep, sometimes sudden, medical costs can be overwhelming for families who have not planned for long-term care.

Planning for long-term care needs is important for several reasons. First, it helps protect assets from long-term care costs – transferring risk to insurance companies instead. Second, it can help maintain independence and dignity, allowing someone to choose the type of care that they want and where they want to receive it. Third, it can provide peace of mind for families, knowing that they are prepared for the future.

As an organization that specializes in long-term care pre-planning strategies, we come together to recognize Long-Term Care Planning Month. Even if you’re perfectly healthy now, it’s never too early to start planning. We’re here to put safeguards in place so you can enjoy the life you’ve earned, instead of worrying about whether you can afford it.

 Contact us today to schedule your free consultation.

nursing home

The Cost of Care

The cost of care is one of the most pressing concerns for aging individuals and families in the United States today.

Long-term care costs – which encompass in-home care, community and assisted living, and nursing home facilities – have risen to unprecedented levels. As these costs continue to soar, additional expenses such as medical bills, prescription drugs, and specialized therapies can create even more financial uncertainty.

Breaking Down the Costs

Hundreds of billions of dollars are spent on healthcare each year. In 2021, $181.3 billion was expended on nursing care facilities alone. At a household level, it is estimated that a retired couple in their mid-sixties will need $315,000 in savings, after taxes, to afford for long-term care expenses today.

The cost of care can vary based on an individual’s needs and their geographical location. Homemaker services, home health aides, assisted living facilities, private rooms and more all come with distinct price tags in different states.

According to 2021 data from Genworth, the annual median cost of a nursing home in the United States is $54,000. Other annual median costs include:

  • Homemaker Services: $59,488
  • Home Health Aide: $61,776
  • Private Room: $108,405

With costs trending upwards year-over-year, notably is the jump in in-home care costs due to staffing shortages. Homemaker services costs rose by 10.64% from 2020, while home health aide costs jumped by 12.5%.

The annual median cost of an assisted living facility in Wisconsin is $55,200. Other annual median long-term care costs in Wisconsin include:

  • Homemaker Services: $66,352
  • Home Health Aide: $68,640
  • Private Room: $116,800

To explore the cost of care in other states, click here.

Receiving the Care You Need

While healthcare costs are steep and only getting steeper, having a plan in place can guarantee the care you need without depleting your hard-earned assets. By acting now, you can make informed decisions that will positively impact yours and your family’s future.

At Elder Life Group, we’re here to guide you through the complex landscape of care options. We’ll help you navigate the costs of aging with confidence and ensure that your golden years stay golden.

 Reach out for a free consultation today so we can start writing you a rulebook that guarantees your welfare and your estate.

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10 Communication Tips for Alzheimer’s Caregivers

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Heather Gonska is Elder Life Group’s VP of Business Development. She recently wrote this blog based on her long-term care experience as a healthcare professional as well as information from the Alzheimer’s Association.

Serving as a caregiver is an amazing act of sacrificial love. At the same time, working with those who have memory issues such as Alzheimer’s can be challenging and requires careful communication.

Those living with Alzheimer’s experience memories differently than the average individual—their brains store information differently, degenerating in reverse order from present to past. Often, they retain behaviors, habits, and memories from decades ago while having no recollection of activities performed the day before.

Knowing the difficulty of providing quality care to those affected, here are 10 tips that caregivers can use to communicate more effectively.

  1. Never argue; instead find ways to agree: It is common for those with Alzheimer’s to want to “go home” or request a visit with a deceased loved one. While it may be tempting to correct them, disagreement can create confusion and stress. Find ways to validate their feelings without arguing, and you can manage better together.
  2. Avoid unnecessarily trying to reason: As Alzheimer’s progresses, the reasoning capabilities decline. Instead of engaging in futile discussion, it is best to change the subject or divert attention to meaningful activities that the person enjoys.
  3. Never shame or embarrass them: Although someone’s judgment may be impaired, his or her feelings are not. Those with Alzheimer’s are often easily embarrassed by judgmental expressions or comments even though they may not understand what they did to cause those reactions.
  4. Never lecture; instead provide reassurance: Since Alzheimer’s damages the frontal lobe, those with the disease struggle with impulse control and good manners. It can be easy for a caregiver to get frustrated and start lecturing the patient—which can unfortunately trigger patient aggression or combative situations. A useful approach is to apologize and change the subject, even if you did nothing wrong.
  5. Avoid saying things like “Don’t you remember?”: Asking direct questions can cause confusion and stress for the person with Alzheimer’s, who most likely doesn’t know the answer. A more meaningful communication strategy is to make statements, which can invite a person in and make them feel valued. If you’re reviewing photos together, instead of asking, “Who is in this picture?” try making a statement like, “This is the time Tom went to Disney World.”
  6. Be patient when needing to repeat or regroup: One of the most stress-inducing issues for caregivers involves repetitive behaviors, questions, or comments from a patient. Whenever a caregiver feels stressed, it is time to regroup. This could be as simple as walking out of the room and returning when calm or counting to ten before responding.
  7. Don’t say “You can’t”; instead, tell them what they can do: Those with Alzheimer’s have some level of understanding of what they can’t do. Find out what they can do and provide access to those activities. For example, if a person can safely put on a blouse, allow the opportunity to put the blouse on rather than taking over and assisting.
  8. Never command or demand; instead model the behavior: Those with Alzheimer’s do not respond well to demands when things need to get done. As the disease progresses, their bodies cannot do what they want them to, even on command. If you want something done, model the behavior. For example, if eating is an issue, sit down in front of them and show them how to eat.
  9. Don’t condescend; instead provide encouragement and praise: When visiting the doctor and discussing your loved one’s issues in front of them, address the doctor as a united front by using the word we. Otherwise, your loved one can feel ignored or patronized. This way, they will be more likely to participate, and the doctor will know to include their patient in the conversation.
  10. Never force them to do something: When a person is forced to do something, the “fight or flight” response kicks in, which often leads to dangerous situations in which someone gets hurt (subsequently, the person with Alzheimer’s can be labeled as a danger to themselves or others). It is best to use encouraging words and positive reinforcement to achieve goals. Sometimes, simply waiting and trying again when the person may be more compliant is best.

When caregivers use considerate and creative communication strategies, successful interactions with those suffering from Alzheimer’s and other dementias can enhance relationships and improve care.

For more caregiving ideas and resources, visit: www.alz.org/help-support/caregiving.

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Difficult Conversations with Mom and Dad

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As your mom and dad get older, it is important to keep an eye out for red flags that may signal declining health, mobility and/or cognitive function. And if you’re spending time with your parents this holiday season, now might a good time to be on the lookout.

Red flags to look out for:

  • Weight Loss: This is one of the most obvious signs of poor health and/or nutrition. This may be caused by something physical like cancer or simply lacking the energy to prepare nutritious meals, or it might be something related to their mental health like depression.
  • Balance and Mobility: Changes in gait, pain during movement or just not wanting to walk can be signs of joint, muscle or neurological problems. And if they are unsteady, they have a higher risk of falling which very often leads to further injury. The fear of falling can make your loved one withdraw, which leads to increased frailty and susceptibility to falls.
  • Mood and Behavior: It can be difficult to see changes in mood and behavior over the phone so when visiting in person it is important to notice changes in their normal schedule or routine. Is your loved one staying active, engaging in social activities, maintaining their personal hygiene?
  • Home and Environment: Be aware of changes in their environment too. Things such as a mess when they were normally tidy or unpaid bills can hint that something is amiss. Additionally, it may be wise to check the expiration dates on their medications and try to determine if they’re taking them as prescribed.

So you’ve noticed a number of possible issues? The next step is preparing for the conversation. The holidays may not be the best time for that, but instead be sure that you are collecting any necessary information that will be helpful for that conversation. It is vital to have a plan and be organized since this conversation will likely be difficult for you and for your loved one.

One aspect of that plan will be to talk about financial needs. The costs of nursing homes can exceed $100k per year. Do your parents have a plan in place in case one of them gets sick or requires care? Long-Term Care Pre-Planning Strategies can supplement Medicare or Medicaid, and can help prepare for the costs of aging before they become a concern. Other questions to consider include:

  • What are your parents’ monthly expenses? Can they continue to meet their needs through guaranteed income sources as their expenses might start to increase?
  • Have your parents been protecting assets through preservation, looking at long-term income strategies to meet their needs? As your parents gets older, retention of investments becomes more critical than high returns.
  • Do your parents have a financial advisor or an attorney to help them create a plan?

 

You have options, and you don’t have to figure them out alone:
Talking to your mom and dad about their health and finances can be difficult, but you can feel relieved afterwards, knowing that your parents’ future needs can be met.

At Elder Life Group, we’ve guided thousands of people to financial confidence over the years and understand the value of having a plan in place.

To speak with an Elder Life advisor about helping your parents, contact us today.

Alz-Awareness-Month

Alzheimer’s Awareness and Long-Term Care Awareness Month

November is National Alzheimer’s Awareness and National Long-Term Care Awareness Month. Alzheimer’s Awareness Month is a time to learn more about and openly discuss Alzheimer’s disease and show support for the more than 6.2 million Americans living with it. National Long-Term Care Awareness Month spreads the word about nursing home abuse and neglect so residents of long-term care facilities stay safe. It also encourages adults to put a care plan in place for their future.

Alzheimer’s disease is a progressive brain disorder that impacts memory, thinking and language skills, and the ability to carry out the simplest tasks. It is also the most common cause of dementia. Dementia itself is not a disease, but a term used to describe symptoms such as loss of memory, loss of judgment and other intellectual functions.

Long-Term Care Awareness Month was started in November 2001 to raise awareness about planning for elder care before it’s needed. It is an opportunity to check in with loved ones who live in nursing homes and ensure the care plans in place are effective. And it is a great reminder to make a plan that can save you and your loved ones from unnecessary stress as you age.

As an organization committed to helping protect you, your assets, and your family from the high costs of aging, we fully support both of these initiatives. Putting a plan in place before Alzheimer’s sets in or long-term care is needed is key. For decades, we’ve seen what happens when seniors don’t account for the high costs of aging. The wealth they’ve worked so hard to accumulate over a lifetime can all but vanish due to long-term care expenses. If you have questions, give us a call. We’re here to give you peace of mind.