Many of us hold on to an idyllic vision of our golden years, imagining we’ll be in good health and living self-sufficiently. But nearly 70 percent of 65-year-olds will eventually need some form of long-term care, according to the Department of Health and Human Services. Here are some things to consider when preparing for possible long-term care:
• Consider costs. A private room in a nursing home costs an average $6,965 per month and a semi-private room $6,235 in 2010, compared with $3,293 for a one-bedroom apartment at an assisted-living facility.
• Understand Medicare and Medicaid. Medicare will pay for long-term care if your doctor prescribes rehabilitation or other skilled services. Medicaid covers a wider scope of care services.
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Decide how to pay. Generally, there are three options: Tapping retirement savings, seeking insurance coverage or relying on Medicaid and Medicare.
• Don’t put it off. The best time to start preparing for possible long-term care costs is while you’re in your late 40s to mid-50s. The Associated Press
