Caregiving Children: Don’t Neglect Your Own Long-Term Care

Dear Adult Children of Regency Nursing Residents,

First of all, we want to tell you we think you’re incredible. You come to visit as often as you can, you make sure your parent receives the care and compassion he or she deserves, and you handle any issue that comes up with composure and devotion.

You chose Regency Nursing because you love your parent and wanted the best for them. We’re deeply honored that your loved one is here with us.

But today, let’s talk about you and your future.

You know only too well how expensive aging can be. Your income is fixed, your health is declining, and the medical costs keep piling up. There are co-payments for drugs, hospital stays, doctor’s visits, and procedures. Not everyone can get on Medicaid, and if you need skilled nursing care, well, let’s hope you have a 3-day qualifying hospital stay so Medicare will cover it.

And of course, you know that custodial care—that is, non-skilled long-term nursing care—isn’t covered by Medicare at all. Nursing home stays in New Jersey average $100,000 a year. Will you be able to shoulder these costs in your retirement?

Dear friend, you may be perfectly healthy and feel a world away from facing these financial challenges. But the time to plan is now. Experts say it’s never too early to start planning for long-term care, and starting in your 50s, or even 60s, isn’t too late.

Here are two ways to fund your own long-term care that you might want to explore:

Long-Term Care Insurance

Traditional Long-Term Care (LTC) Insurance  is a separate insurance policy that covers home, hospice, nursing home, and assisted living care. You may also be able to add an LTC rider to a new or existing life insurance plan.

Self-Fund Your Long-Term Care

You can prepare for your LTC needs using a reverse mortgage, annuity, or trust. If you’re young enough, you can also start saving now using a high-interest account or stock portfolio.

We urge you to sit down with your financial planner to explore your options as soon as possible. You know the costs—both financial and emotional—of long-term health problems. You know these challenges are almost always an inevitable part of aging. Why wait?

For more information, check out this page from the Administration on Aging: Costs & How to Pay

Thank you for partnering with us in caring for your loved one, and we wish you a wonderful weekend!

Regency Nursing