Cantissimo Senior Living Blog

Planning for long-term care expenses seems to involve a lot of wishful thinking for many. As noted in another Cantissimo Senior Living blog post, a survey found that about half of respondents said they had done little or no planning for these needs.

One example of wishful thinking is that government programs like Medicare or Medicaid will pay long-term care expenses.

Among the many ways of paying for long-term care, life insurance and annuities have been growing in popularity.

Life Insurance

In its original form, life insurance was intended only to pay beneficiaries upon the death of the insured. Since its inception, however, life insurance has evolved to include many additional options. Some of these options can help pay for long-term care.

When it comes to preparing for retirement, most consumers have only a vague idea about planning for potential long-term care expenses. Yet, well over half of Americans 65 or older will eventually require some form of long-term care.

There are multiple ways to pay for long-term care. However, the potentially enormous costs could quickly exhaust one's assets. An attractive alternative for managing this considerable risk could be long-term care insurance (LTCI).

The majority (76%) of those over 50 say they would prefer to continue living in their own home as long as they can. However, this is not always possible, and other senior living options like assisted living may need to be considered. Yet, such long-term care options can be costly. For instance, one year of assisted living can cost over $50,000. If memory care or skilled nursing is required, the annual cost can be twice as much.

Unless one has long-term care insurance or can qualify for Medicaid, most people will need to tap all their assets, to pay for long-term care. This may include the equity in one's home.

There are four ways to leverage home equity to finance long term care:

Most of us have heard of a Health Savings Account (HSA), but many don't understand the important details about these accounts.

HSAs were intended to provide a way for Americans to save money for out-of-pocket healthcare expenses before meeting the deductible of a high deductible health plan (HDHP). In fact, an individual or family must have an HDHP to open an HSA.

HSAs were primarily intended to soften the financial burden of healthcare expenses for HDHP account holders of all age groups. However, an HSA can be particularly advantageous in paying for long-term care expenses at age 65 or over.

The U.S. Department of Health and Human Services estimated in 2020 that 50-70% of those now turning 65 will eventually need some level of long-term care.

Yet, few people include a long-term care component in their retirement planning. It seems like more people plan for their children's college education than for the very costly and highly probable reality of long-term care. Assumptions that typically drive this lack of planning are:

Planning for in-home care is often an overlooked consideration for many individuals. However, it is essential to have a well-thought-out plan in place to avoid unexpected and unpleasant situations. To prepare for the care of a loved one, it is crucial to familiarize oneself with the signs and symptoms of aging-related challenges. As individuals grow older, everyday activities that were once routine may be neglected due to memory issues or physical difficulties. By understanding these challenges, we can proactively address them and ensure the well-being of our loved ones.

Falls, with their potential to cause traumatic injuries, are a serious concern that can have devastating consequences. Among the various hazards that pose a risk to older adults, stairs stand out as particularly treacherous. In fact, a study conducted in the United States has revealed alarming statistics: on average, one million emergency room visits annually are attributed to accidents that occur on staircases, resulting in approximately 12,000 deaths each year.

Considering the potential dangers associated with stairs, it becomes crucial for individuals with elderly loved ones residing in houses equipped with staircases to take proactive measures to ensure their safety. By implementing preventive measures and adopting helpful strategies, it is possible to significantly reduce the risk of trips or falls on stairs, enabling older adults to maintain their independence and live safely. In the following sections, we will delve into a range of practical tips designed to make stairs safer for older adults, helping you to create a secure environment for your loved one.

As we journey through life, our bodies undergo several physical transformations. As we grow older, these changes become even more pronounced, and one common challenge that many older adults face is swelling of the feet and ankles. This swelling, known as edema, is a result of fluid buildup in the tissues of the lower extremities and can be caused by several factors, including prolonged periods of standing or walking, pregnancy, and obesity.

While there are several treatment options available for edema, one simple yet effective solution is the use of compression socks.

The CDC's latest statistics reveal an alarming trend among older adults in the United States - falling incidents. Shockingly, almost one-third (28%) of all adults aged 65 and above suffer falls each year, leading to approximately 36 million falls. The consequences of such falls are potentially devastating, ranging from minor injuries to life-altering disabilities, and even death. Consequently, it has become increasingly vital for older adults to learn and implement effective fall prevention techniques to minimize the risk of falling. However, despite best efforts, falls can still occur, and it is crucial to be equipped with the knowledge of how to handle such situations. By being well-informed and prepared, older adults can minimize the potential for serious harm after a fall.