2020 is the year to plan! If you are between the ages of 45-65, you need to have a plan for potential care you will need as you age. For some people this plan is to spend down assets and let Medicaid take care (the majority of people end up in this situation), others plan to have family take care of them (make sure you and your family members have the same expectations about who will provide care) and others decide to purchase Long-Term Care insurance to meet their future needs. You need to have a plan! Going without a plan can cause frustration, hassle, and heartache for you and your family.
Long-Term Care Trends in 2020
Trends in Long-Term Care have remained stable over the past couple of years. Most people are still using Medicaid (and spending down all their assets) to get Long-Term Care services. However, most people are in this situation because they have no other choice, they have no LTC insurance and cannot afford the cost of care.
People still greatly prefer and want to receive care in their homes (over 90%). There are a wide variety of home health care services available. These care providers vary greatly in both cost and quality of care. A great benefit of getting LTC insurance is that it affords you the ability to get the provider you want.
Our population is still aging, people are living longer, and healthcare technology is advancing. This means that the need to LTC services is still growing and will continue to grow for some time. You may notice that there are many elder care facilities being built in your area.
Long-Term Care insurance remains an attractive option for middle class Americans. Long-term care insurance is affordable, has great benefits and is encouraged by state governments. Georgia offers qualified Long-Term Care plans partnership benefits that can be quite attractive.
A newer trend is that new Elder Care facilities are starting to offer more and more in the way of advanced amenities. Facilities are starting to offer built in spas, personalized apartments and rooms, transportation, comprehensive classes and social activities, fine dining, physical therapy and advanced garden etc… This is a great trend for those that can afford nicer facilities. As innovation increases the quality and standard of care for seniors, those who made the investment into Long-Term Care insurance will be some of the main people enjoying the benefits!
The last major trend in 2020 is the ever increasing roll that technology will play in Long-Term Care. This ranges from having state of the art care facilities in both medical care an entertainment/quality of life. Many facilities are being built with the idea that their members and their family want to be connected! This can range video chats, apps, alarms etc… Families can now enjoy greater involvement and connection to their loved ones in almost every aspect of their live due to technology.
Technology also influences home healthcare. Home healthcare workers have a greater range of technology that they can bring to a client’s home. This plus the increased connectedness to doctors and hospitals means that certain aspects of care that had to be done in facilities and doctor’s offices can now be done from your home! This trend will only continue as technology gets smarter, smaller and faster.
2020 Guide to Long-Term Care
I encourage you to head over to our Long-Term Care guide HERE:
This is an in-depth guide to Long-Term Care in 2020. It covers topics such as what is long-term care, discussing LTC with your family, cost of LTC, government assistance for LTC, partnership plans for LTC, rate increases f or LTC plans, tax advantages of LTC insurance and more! Additionally, you can schedule an appointment with Daniel at your convenience using this link: