People who identify the specific services their loved ones need, haggle aggressively on price and explore alternative-care options can save money—or at least get more care for the money they do spend, experts say.
It’s no secret that people are living longer due to advancements in medicine. The cost for extended long-term care services, a direct result of people living longer, however, may not be so apparent to everyone. Significantly, over the past year, long-term care costs in a number of categories rose faster than inflation.
Long-term care includes a variety of health and daily-living services, either in facilities or in people’s homes, for people with chronic illnesses or disabilities. According to a recent article in the Wall Street Journal, “The Cost of Living Longer,” “[a] growing number of families are wrestling with the same dilemma: rising costs for long-term care and a mind-boggling array of options.”
The article offers some strategies families are using to stretch their long-term-care dollars further. The first step is to discuss how you will pay for the long-term care of a family member. Next, determine the level of care needed. The article discusses pros and cons of each option available – assisted living, independent living, home health care, adult-day services, respite-care, etc.
This article is a good starting point, but it does not replace the advice of a financial planner or an estate planning attorney.
Reference: The Wall Street Journal (October 26, 2012) “The Cost of Living Longer”