Aging with Disability
Aging with Disability: Affording Long-Term Care as You Age
People with disabilities are living longer. While that’s great news for the longevity of those with physical disabilities, a growing population of older disabled adults poses new challenges in long-term care. Adults with disabilities are more likely to require long-term care and require care for more years than non-disabled seniors. Long-term care, however, can be expensive. With costs that rise to over $100,000 per year, long-term care is something most families struggle to afford. For adults with disabilities, who face higher unemployment rates and lower pay than people without disabilities, affording care can seem impossible.
Elders Center presents some information about long-term care that you need to keep in mind as you age.
The Costs of Long-Term Care
The cost of long-term care depends on a few factors, including setting, location, and needs.
In-Home Care
In-home care is the least restrictive long-term care setting, but that doesn’t necessarily make it more affordable. According to the latest Genworth Cost of Care Study, the median cost of home health care nationwide is $52,620 per year. Not only that, but in-home care costs are rising faster than any other category of long-term care. In addition to care costs, people who opt for in-home care may require home modifications to maintain accessibility.
Not everyone requires full-time in-home care, however. Relying on part-time in-home care cuts costs in half while preserving the option to increase the level of care in the future.
To receive in-home services, Wyoming residents need to be on the Medicaid LTC waiver. If you live in the Western part of the state, you can apply for the waiver with Wyoming Services for Independent Living; Eastern Wyoming residents can apply via Wyoming Independent Living.
Assisted Living
Assisted living offers a higher level of care, with meal services, social activities, and 24/7 staffing in addition to daily living supports. Compared to nursing homes, assisted living lets residents maintain a higher level of independence. Assisted living is best suited to people who require full-time personal care but don’t have extensive medical needs. Since communities vary widely in amenities and price, people should tour communities well before they need to move — ideally in their 50s — to make their decision without the pressure of imminent need.
Median assisted living costs are $48,612 as of 2019, coming in slightly lower than full-time in-home care. However, these prices are rising too. When touring communities to find the one best suited to their disability, adults should be mindful that while a deposit may secure a spot in the community, it won’t secure the current price.
Nursing Homes
Nursing homes are the most expensive care option, with median prices over $90,000 for a semi-private room and $102,000 for a private room. However, since nursing homes primarily house people with complex medical needs who require a high level of care, most residents don’t remain in nursing homes long. Only one in five nursing home residents stay for five years, while around half of all nursing home residents remain for less than a year. When you begin looking for a nursing home, make sure you spend time touring and reading up on different facilities.
Paying for Long-Term Care
Six in 10 nursing home patients are covered by Medicaid. That’s because, by the time they need nursing home care, most people have used up their assets on other types of long-term care. Wyoming residents can apply for Medicaid here.
Unfortunately, not every facility accepts Medicaid. For people with disabilities who have complex care needs, this makes it difficult to choose the best facility.
Long-term care insurance solves both problems: Not only does an LTC policy expand a person’s choice of care settings, but it also allows people to access the care they need without draining bank accounts and selling homes. That’s especially important for people with disabilities who may have a healthy spouse or even children still at home.
As with other long-term care decisions, LTC insurance is something to look into before you need it. That’s because insurers take health into account when determining insurability and premiums. The healthier and younger an applicant is, the more likely they’re offered coverage with favorable premiums. For those who don’t qualify for LTC insurance due to disability, alternatives exist. Annuities and life insurance policies with long-term care riders offer coverage with less stringent medical underwriting than traditional LTC policies.
If possible, start saving up as soon as possible for possible long-term care needs. You could look for ways to save for LTC, such as turning one of your hobbies into a side business. Many people use second jobs and small businesses as an extra source of income, so if you have a hobby you can monetize, don’t rule out this possibility. Just remember that if you do decide to start a side business, you’ll need to understand how to legally register with the state. So, research Wyoming LLC registration information to ensure you know what you need to do.
While both LTC premiums and the alternatives can be costly, it pales in comparison to the full cost of extended long-term care. However, by securing coverage, adults with disabilities can head into their later years knowing they can receive the care they need without putting their family’s financial stability at risk.
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