Page 20 - Growing Old Without a Plan for Long Term Care is not for Sissies_Neat

2 Growing Old Without a Plan for Long Term Care is not for Sissies home). This care might include professional health services, personal care services, housing, meals, laundry and housekeep- ing. Generally we think of long term care as being provided by trained caregivers, but often it is provided informally by family members or volunteers. What are the typical options for long term care? Studies show that if you reach age 65 you have nearly a 70% chance that you will need some type of extended care before you die. Let’s assume for now that you will need long term care at some point in your life. What are your options for receiving and paying for this care? Receiving As we’ve mentioned, long term care can be provided in many locations and in many circumstances. You might receive care in your home or in your caregiver’s home. If your home caregiver is a family member and must work during the day, you may spend your day in an Adult Day Care Facility. You may move into one of the growing number of Assisted Living Facilities, replacing your home with an apartment that includes room and board and paid services. Your chronic illness may progress to the point that a Skilled Care Facility is the best and perhaps necessary way for you to receive care. Paying If you don’t have the option of unpaid caregivers (generally family members), how will you pay for the care you receive? Generally, there are three options: f Pay for the care yourself from your sources of income and/or savings and investments. This option can also include