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.
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.
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.
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.
What exactly is a guardian? Who needs one? How do you ask the court to appoint one (and do you want to be given the job)?
Many people now live well into their 90s, even to 100 years old. Healthy and wealthy individuals are not the only people blessed with longevity. People from all walks of life may live well past the average ages projected by researchers.
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.
Medicare health insurance is an invaluable resource to help ensure that older individuals can afford to receive appropriate medical care throughout their golden years.
Medicare is a government-subsidized health insurance for many Colorado residents age 65 and over, and certain disabled individuals. However, there is a monthly premium for Medicare Part B for most seniors.
The American Health Care Act, with its proposed cuts to Medicaid, could have a major impact on elderly people's ability to get much-needed care.