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Long Term Care Planning Archives

Helping your parents make medical care plans for the future

As your parents are getting older, you might need to have some difficult discussions with them. One of these discussions is about what types of health care they want when they can't make the decisions for themselves.

Do you need long-term care insurance?

The answer is that everyone should do long-term health care planning, but long-term care insurance is debatable. According to Colorado State University, 70 percent of people 65 or older will need some type of long-term care. It may be home care, adult daycare, assisted living care or nursing home care.

Will you have to pay for your parents' health care costs?

Did you know that you may be responsible for paying your parents' medical bills and long-term care expenses? In certain circumstances, filial laws allow nursing homes and other types of care facilities to seek payments from you. If you live in Colorado but your parents live elsewhere, you may fall into that group.

What you may not know about long-term care planning

Did you know that 30 percent of seniors in Denver live on less than $20,000 per year? And 24 percent of those 60 years old or older receive food stamps? That is a whopping number of the aged population that probably have not planned for long-term health care.

Considering long-term care insurance?

The expenses of round-the-clock nursing home care are exorbitant. Even mid-tier facilities in the Denver area with semi-private rooms can cost between $9,000 and $10,000 per month. According to a study by Genworth Financial, private rooms in high-end nursing homes in the huge Denver-Aurora-Lakewood metropolitan area can cost upwards of $230,000 annually.

Will you be paying for your loved one's long-term care?

A study published this summer in the Journal of the American Geriatrics Society shows that the average cost to care for a dementia patient for just five years is more than $320,000. The cost of caring for a loved one who does not have dementia is over $130,000 on average. Unfortunately, the bulk of long-term care expenses are typically paid by the patients' families.

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