We are living longer lives, but this increases the need of long term care for most adults later in life. According to the Administration for Community Living, adults that are 65 now have a 70% chance of needing long term care. Of these 20% will need care for 5 years or longer. In this article, we will go over 8 types of long term care facilities that are available.
1. Independent Living
Independent living focuses on providing a self-sufficient lifestyle for seniors. The focus is on social needs versus medical needs. They are for healthy adults who to not require assistance with activities of daily living.
2. Assisted Living
Assisted living provides supervised care such as assistance with daily personal care. They may also provide meals and housekeeping services. There may be differing levels of care that the facility provides. Usually, these facilities provide a wide range of amenities. This could include swimming pools, gyms, spas, studios, movie theaters, and dining rooms.
3. Continuing Care Retirement Community
Continuing care retirement communities provide progressive long term care. With these type of facilities you can start residing in an independent living apartment. Then as your condition progresses, you can transition to an on site assisted living or nursing home facility.
4. Adult Family Homes
Adult family homes are also known as group homes or residential care homes. These are typically single-family dwellings that have been converted into care facilities. These are usually not for those that require skilled long term care. Rather, they are for those who need help with day-to-day activities such as eating, bathing, dressing, and toileting.
5. Medical Foster Care
Medical foster care is for veterans who have chronic medical conditions that need a nursing home level of care. These facilities are usually single-family homes staffed with trained caregivers. These can be good alternatives for veterans who want to avoid institutionalized care.
6. Nursing Home
Nursing home care provides services beyond what assisted living does. They usually provide nursing care, 24/7 supervision, assistance with daily living activities, and meals. These are for individuals who require a more intensive level of care.
7. Memory Care
Memory care is for those in the phases of Alzheimer’s and dementia. It is a type of assisted living that provides a secure environment for patients who are at risk of wandering off. These facilities may be located within a nursing home or assisted living facility.
8. Skilled Nursing Facility
Skilled nursing facilities provide a continuous presence of nurses and physicians. These facilities are for individuals who require a lot of medical assistance. This includes those who are bedbound or have other skilled care needs. Typically, these facilities provide occupational, physical, and speech therapy.
Long Term Care Costs
Whatever type of long term care you require, these are high costs associated with receiving care. Many are under the impression that Medicare covers the costs of these facilities. But this is not the case. This leaves you with a few different funding options. This includes Medicaid, self-funding, and long term care insurance.
Medicaid is only available to those under certain income limits. Self-funding is hard, as care can cost tens of thousands of dollars, so you need to have a large nest egg to accomplish this. Long term care insurance allows you to pay a monthly premium for coverage of a variety of long term care services. This provides coverage for those with too many assets to qualify for Medicaid and not enough assets to self-fund. A qualified insurance agent can help you find a policy that is best for you.
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