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Planning for Long-Term Care is a Necessity

 S Suben




by Susan Suben

Susan Suben is the Long Term Care Insurance Consultant
for Canandaigua National Bank & Trust. 

What is your plan for living a long life? Living a long life means that you will get old, when you get old, you get sick, and when you get sick, you will need care. How will you pay for that care and what will the financial and emotional consequences be on your family?

What is long-term care (LTC)?

LTC refers to services known as custodial care that you need when a chronic illness, cognitive impairment or disability limits your ability to perform daily activities. Care can be received at home, in an adult day care center, assisted living facility or nursing home.

Why don’t people plan for LTC?

Denial: If you are healthy and active and have never experienced a LTC situation, being disabled is the last thing on your mind. Therefore, you don’t see any urgency in being prepared.

  • Misinformation about Medicare and Medicaid: Medicare pays for limited care in a nursing home, up to 100 days. It does not pay for adult day care or assisted living. Home care has to be skilled or rehabilitative. Medicare does not pay for custodial care.
  • Medicaid provides medical assistance for individuals with low income and limited assets. You must spend-down your assets or complete a five year look-back period for transferring assets otherwise you are ineligible for coverage.
  • Medicaid pays for limited home care, does not pay for adult day care, and rarely pays for assisted living. It pays for the one place you do not want to be – a nursing home.

My family will take care of me: Does your spouse or significant other work? Do your adult children care for their own children? Your family will always be there for you but do you want to change their lives because you need care?
It’s a difficult conversation: How many of you have talked to your own parents about LTC?

So, what are the consequences of not planning for a long life?

The biggest impact is on your family. The stress on the primary caregiver would be immeasurable. Consider the loss of assets and income, the tax implications of liquidating assets to pay for care, and the negative impact on the standard of living of the well spouse/family member.

It’s very easy to put off thinking about LTC especially when you are young and healthy. But time is not infinite and every day you’re getting older.

For more information please contact one of our Personal Bankers today at 585-394-4260.
