Explain How Long Term Care Is Another Key Component Of Retirement Planning

Current numbers show substantial growth from the eighties, and estimates suggest that the demand for long term care among the elderly will more than double in the next thirty years. (Feder, Komisar, and Niefeld) This growth will exacerbate concerns about balancing institutional and noninstitutional care, assuring quality of care, and most importantly adopting and sustaining financing mechanisms that equitably and adequately protect the elderly who need long-term care.

Due to financial constraints, employer-sponsored pension plans have evolved from being primarily defined benefit pensions (to which employees do not have to contribute their own monies) to

Medicare doesn’t pay the largest part of Long Term Care services or personal care. Medicare will pay for a short stay at a Skilled Nursing Facility, hospice care, or home health if an individual meets these conditions:

Then live another expected fifteen plus years past 65, and insurance that covers long-term care services will broaden to include more than institution care and will embrace a comprehensive selection of possibilities leaning towards home-based care services.

In many circumstances, people may move out of long-term care. Those recovering illness or injury may regain independence after they are well. Some may not every be able to live a life without long-term care again. It is noted that 40 percent of people over 65 will need two or more years of long-term care with half of those needing care for more than five years (Grote, 2011). Unfortunately, with today’s aging population, the numbers in the long-term care are most likely to keep increasing instead of transitioning people out. Of the 12 million people who need LTC, 6.6 million are age 65 or older and are likely to be Medicare beneficiaries and entitled to the LTC coverage that Medicare provides (Barton, 2006). That said, not everyone who

Long-term care is a result of people having terminal conditions, disabilities, illnesses, injuries, or being elderly. The purpose of long-term care is to provide services to people and to aid people at a time in their lives when they cannot depend on themselves to maintain daily activities. There are many variations of long-term care available – such as home care, adult day care, and independent and assisted living, personal care facilities, nursing homes, and hospice.

Some policies offer comprehensive coverage that include a wide range of healthcare settings, while other policies are facility-only. Which policy you choose will of course, depend upon your individual needs and the type of policy you can afford. You can also often choose to add enhancement coverages such as monitoring systems and in-home equipment, transportation to doctor's appointments and the like. Before purchasing a long term care policy, be sure to compare your available options and consult with a specialist to ensure you're getting the best deal.

In 1965, President Johnson signed Title XIX of the Social Security Amendments, which enacted Medicare and Medicaid (CMS, n.d.). Now, Medicaid is the single largest publically funded health coverage in the United States. The Medicaid program is federally and state funded. Currently, Medicaid covers 70 million Americans. Over 33 million children, 19 million low-income adults, and 16 million elderly or disabled persons are insured through the program. Medicaid also provides assistance to select Medicare beneficiaries, which is currently about 10 million individuals. Long-term care assistance is also a role of Medicaid, with 1.5 million institutional and 2.9 million community-based residents assisted. As visualized in Figure 1, of the almost 70

Due to the current aging population, this medical Practice intends to provide long-term needs for efficient patient care. Industry health experts advise that catering for long-term care needs is more profitable due to higher demands of medical and health services for the elderly and people with diseases (Borglum, 2014).

Very few people possess an ample enough financial position to afford long-term care from their own funds. A few have prepared by purchasing annuities or long-term care insurance, but these numbers are small. By the time that most people enter long-term care they have multiple chronic diseases and have exhausted their personal wealth on direct medical care. The great majority of people depend upon

Currently, Medicaid is the premiere funding machine for long term care services. However, Medicaid is a needs based program. In order for an individual to qualify for Medicaid they must be in an financial situation with a very low yearly income. Therefore, this program only covers a fraction of elderly people within the United States at the very beginning of their long term care journey. The only option for individuals who do not immediately qualify for Medicaid is to pay the full cost of these long term care services. These costs can range an upwards of $90,000. An average American will spend around 3 years of their life in a nursing home and the average retirement savings of a family in 2013 was $163,777 (Morrissey, 2016). Therefore a majority of individuals will ultimately deplete their savings and ultimately have to rely on Medicaid and other welfare programs to pay for their long term care and

Drug and health plans are major resources to long-term care. Medicare does not cover most of long-term care services, but it may pay a portion depending on selected coverage. Medicaid may step in and help pay as well. “The Medicare Plan Finder tool provides one central point to view and compare all available drug and health plan

This paper will review the many aspects of long-term care problems and many challenges there are within Long-Term care. We will look at rising costs within long-Term Care, patient abuse, will look at the quality of life, shortages of nurses and demand that the elderly are putting on the medical field. The type of care that Long-Term Care had been giving to its patients and the changes within Long-Term Care.

My idea would be better because it would allow families a piece of mind for care in the long-run. As mentioned before, many times the burden of long-term care falls on families members (Can Medicare, 2015). The pros would be less relying on government funding during retirement as the individual would basically have a savings account in place to cover these costs. Also, if they did not use this account for long-term care, it could go toward burial expenses or other medical costs down the road, unlike long-term insurance policies where the is no benefit if they do not use the coverage (Gresham, 2016).

Planning for retirement should not be based on Social Security alone, but rather by saving portions of personal earned wages and putting finances into long-term investments. Depending on Social Security as the only income after retiring is an unsafe and undependable way to prepare for retirement. People who contribute to Social Security are mandatorily putting money into the Social Security Reserve; this money is used for older generations that will file for these benefits before the younger people working, in the early 21 century, ever receive a chance. Money controlled by other’s hands will never be a guarantee for a secure future, yet money saved by an individual to put toward personal goals will reward greatly. By taking the time to