Long-Term Care

Long-term care is an expensive proposition, and it’s a concern most of us will need to contend with at some point in life. If you or someone you love needs assistance, how will you pay for it? There are practical ways to cover the expenses, and they all start with preparation and planning.

With Desert Mobile Medical, you can receive the best medical care from the comfort of your own home. To schedule a house call with a doctor, call (480) 452-0086.

Covering the expense of long-term care

How much are we talking about? Many Americans have misconceptions regarding the expense of long-term care. In fact, Forbes notes the national median for long-term care costs $3,861 for an in-home aide, and that’s for a single month. It works out to $46,332 annually. A private room in a nursing home comes to $92,378 for one year; a semi-private room is a little less, coming in at $82,125. Medicare can assist with medical care. You should also consider custodial expenses, such as feeding, dressing, and bathing, which are not part of Medicare coverage but make up a substantial portion of long-term care expenses.

Payment options: There are several options available to those needing to cover long-term care expenses. When thinking through your choices, here are some things to consider:

Timing of retirement: The closer you are to retiring, the more quickly you need to generate funds to cover long-term care expenses.

Available savings and insurance: Several options might be in place should you or a loved one needs long-term care:

  • Reverse mortgage. A reverse mortgage is a viable option for many people and can be a great way to free up cash, but you should weigh your circumstances carefully. There are age limitations, your home must be your primary residence, and you should think carefully about your estate and whether anyone else lives in the home.
  • Health savings account (HSA). An HSA is designed to help pay for medical and health-related expenses, and any costs you incur during long-term care can be paid for with this sort of account.
  • Long-term care insurance. Just as it sounds, long-term care insurance is focused on paying for long-term care expenses. However, it’s generally advisable to invest in a policy while you are young and healthy, as the costs rise with age and some medical conditions can prevent you from gaining coverage.
  • Life insurance. Many people choose to sell a life insurance policy to pay for long-term care expenses, but you are depleting the benefit you would leave to loved ones.
  • Self-coverage. Some people are able to pay for care out-of-pocket, or they can sell assets.
  • Selling your home. If you’re a homeowner, you could help pay for long-term care by selling your home. Homes in Scottsdale are currently being sold for a median price of $637,000.

Making a plan for long-term care

Have you weighed how likely it is you or a loved one will need long-term care? Think about these issues:

  • Lifestyle choices. Many people engage in behaviors that could increase the chance of needing long-term care. For instance, smoking cigarettes increases your risk for several debilitating health conditions, such as heart disease, stroke, and lung cancer.
  • Reducing risks. Could you make choices to reduce your risk of needing long-term care? As an example, OnHealth explains obesity is linked to numerous health problems such as arthritis, heart disease, diabetes, and some cancers. Losing weight could lower the risks.
  • Safe housing. You might need to make home modifications to help stay independent as you age.
  • Family history. Do you have a family history of illnesses or health conditions that might affect you? Certain issues such as diabetes, heart disease, and some cancers can run in families.

There are several methods for meeting the expenses of long-term care. Creating a practical plan can help you navigate should a need arise. Know your risks and prepare accordingly.

Desert Mobile Medical – House Call Physicians

Desert Mobile Medical is a House Calls practice. We are 100% mobile, meaning a house call doctor will come to you, either to your home or to your office! You no longer have to wait in a doctor’s office to get the best care you deserve. Currently serving the Greater Phoenix Metro Valley Area. Insurance is not required to join our medical practice. We cut out the middleman (Health Insurance), so that we may dedicate all of our time to YOU, the patient. You receive the best-in-class medical care that there is to offer for you and your loved ones. If you have questions regarding our services, we would be happy to discuss them. Call (480) 452-0086 today!