Making the Best of Senior Care Facilities
While watching the morning news today, I saw a headline that over 50% of all COVID-19 deaths were in Senior Care facilities. My immediate thought was this cannot be true, but after a quick search on Google, I believe that it may be true. The first confirmation came from the New York Times that stated that 42% of all deaths come from Nursing Homes. This is lower than 50% but I realized that it was only Nursing Homes and did not consider the large number of people living in Senior Care facilities. In recent years, these facilities have grown rapidly, and it is easily could account for the other 8% of deaths. The median age for death was also 78. I think we have learned a costly lesson on the vulnerability of our senior population and may have learned that these facilities are not the best location for people when a health event like COVID-19 hits. The question I had was why do so many people wind up in nursing homes? The answer is simple. They cannot afford any other options. I believe that if we could ask them they would say it was not their first choice but was their only choice. For many close to age 80 there is little that can be done, but for those between age 50 and 80 depending on your current health there are many options. Surveys indicate that 57% of people say they need long-term care, yet only 14% have purchased it. The reasons for so few having coverage even when they know they need it is cost. I’m sure you have heard the phrase you can pay me now or pay me later. With the increasing cost of Long-Term Care, waiting is one of the worst options you can have. There are many options available and for most some coverage is better than no coverage. I work with clients to help them find the best option for their needs and budget. Most importantly I want to help them avoid having no choice when they need it most. I have been working with clients and Long-term care for over 20 years. Not once have any of them said I wish I did not purchase coverage. I have however had those that did not purchase Long-Term Care say they wish they did. There is no cost at looking at your options and my goal is to give you alternatives when you need it most. I have a new scheduling link on my website and on my McDowell Chamber of Commerce site, so schedule your appointment now or give me a call in my office. (828) 559-0299.
Steve Gaito, CFP®
Retirement Resource Management