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Long-Term Care Planning and Resources

Main Themes:

1. The Need for Long-Term Care: A significant portion of the population will require long-term care services at some point in their lives. This need can arise from aging, disability, or chronic illness.
2. Understanding Long-Term Care: Long-term care encompasses a broad spectrum of services, ranging from assistance with daily living activities like bathing and dressing to skilled medical care.
3. The Cost of Long-Term Care: The financial burden of long-term care is substantial, with various service options carrying diverse costs. Planning for these expenses is crucial to avoid depleting personal assets.
4. Funding Long-Term Care: Navigating the complexities of funding mechanisms, such as Medicare, Medicaid, and long-term care insurance, is essential for securing necessary care while safeguarding financial well-being.

Most Important Ideas and Facts:

Prevalence and Impact:

• "70% of people over the age of 65 will need long-term care services." (American Council of Life Insurers, Long-Term Care Insurance cited in Wiser Women's guide)
• "Women spend twice as many years in a disabled state as men do: 2.8 years if they live past 65, 3 years if they live past 80." (Wiser Women)
• Women are disproportionately affected as both caregivers and recipients of long-term care. (Wiser Women)

Cost of Care:

• In 2019, the average annual cost of a private room in a nursing home was "$102,200" while home care averaged "$4,385 per month." (Genworth Cost of Care Survey 2019 cited in Wiser Women's guide)
• The WA Cares Fund notes that "the vast majority of Washington workers near retirement don’t have enough saved to cover their living expenses once retired, much less to pay the high costs of long-term care."

Funding Options:

• Medicare's coverage for long-term care is "very limited," mainly for skilled care following a hospital stay. (Wiser Women)
• Medicaid covers long-term care for low-income individuals, often requiring the depletion of assets to qualify. (Wiser Women, NIA)
• Long-term care insurance can help cover costs and provide choices in care settings. (Wiser Women)
• The WA Cares Fund, starting in 2026, will offer Washington workers a "modest benefit" for long-term care. (WA Cares Fund)

Planning Recommendations:

• Begin planning for long-term care early, ideally in your mid-50s. (Wiser Women)
• Understand the different types of care available and their associated costs. (NIA, WA Cares Fund)
• Research various funding options and their eligibility criteria. (NIA, Wiser Women)
• Have open conversations with family and loved ones about your wishes and financial plans. (WA Cares Fund)
• Document your long-term care plan and keep it with other essential legal documents. (WA Cares Fund)

Key Resources:

• National Clearinghouse for Long-Term Care Information: longtermcare.gov (Wiser Women, NIA)
• Eldercare Locator: 800-677-1116 or eldercare.acl.gov (NIA, Wiser Women)
• WA Cares Fund: wacaresfund.wa.gov (WA Cares Fund)
• Florida SHINE Program: 1-800-963-5337 or floridashine.org (Florida SHINE)
• National Care Planning Council: longtermcarelink.net (NCPC)

Quotes Highlighting Specific Considerations:

• Long-term care insurance: "Choose coverage for the maximum number of days or amount of benefits that you can afford, but at least one year of care

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