Everyone wants to thrive in their community, not just live in it. Picking a place that is right for you is essential.
Unfortunately, a person’s financial situation can loom over their decision, potentially ruining the best of plans. Knowing your options and doing the research is crucial in making it possible to receive the best care.
Envisioning how you want yourself or your loved one to be cared for in their older years is an important first step. And when it comes to senior care, preparation should start early.
What can you reasonably afford already? How do you plan to fund long-term care if you need it? What is your insurance situation and will it cover or partially cover long-term care? Consider some of the following:
- Learn the average costs of senior services in your state.
- Talk with a financial planner about your specific situation. Everyone’s circumstances are different, and your advisor might be able to suggest options you wouldn’t otherwise know about.
- Understand the differences between Medicare and Medicaid. Medicare covers long-term care if it is prescribed by a doctor for rehabilitation or certain specific “skilled services.” Medicaid is administered through the state, so eligibility for long-term care costs may vary. Find out what you qualify for. Understanding the benefits you are qualified to receive through Medicare and Medicaid can play a big role in understanding your future options.
- Consider a long-term care insurance policy, which can cover services that other insurances do not cover. This type of insurance typically requires specific qualification standards, such as a need for assistance with ADLs (“Activities of Daily Living”). These include eating, bathing, dressing, and more. It is common for insurance policies to require that policyholders need help with two ADLs in order for the policy to apply. It is important to look into all insurance options and understand what your choices are.
- Consider your health situation realistically. What kind of care and services would you need now? What kind of care might you need in the future? Health can change unexpectedly, so it’s important to think ahead.
Some facilities, including Continuing Care Retirement Communities (CCRCs) like the Holland Christian Home, combine multiple levels of care into one organization. This makes it easier to plan for future care, especially if you want to remain in the same place as you age. At a select few CCRCs (including the Home), you can even choose a Life Care payment model. This unique option allows you to secure all of the organization’s care and services for as long as you live.
That’s why residents of the Holland Christian Home do not owe more money to the Holland Christian Home when they need more care. As a Life Care CCRC, our services are covered for residents’ full length of stay. And with three straight deficiency-free surveys from the NJ Department of Health, our multiple levels of care are best-in-class.
No matter your financial situation, receiving the highest quality care is a non-negotiable when planning your future. Don’t wait – start preparing today. Your future self will thank you!