January 18, 2025 • 18 mins
Long-Term Care Planning and Resources
Main Themes:
- 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.
- 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.
- 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.
- 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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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Welcome back everyone .
We're diving deep today, reallydeep into long-term care
planning.
Speaker 2 (00:05):
Yeah.
Speaker 1 (00:06):
And we've got a whole bunch of sources here.
We've got websites, articles,even a handbook for caregivers.
Ooh, mixed bag it is.
It is, yeah, yeah.
Our mission today is to unearththose little golden nuggets,
those aha moments that are goingto help all of you make
informed decisions about yourfuture.
Speaker 2 (00:25):
It's a topic many people avoid.
Speaker 1 (00:27):
Oh, I know, I know.
Speaker 2 (00:29):
But planning ahead can really make a big difference
.
Speaker 1 (00:31):
Absolutely, absolutely yeah.
Speaker 2 (00:32):
Yeah.
Speaker 1 (00:33):
So let's start with the basics.
What exactly are IAS, long-termcare?
I mean, what are we eventalking about here?
Speaker 2 (00:39):
So think of it like a spectrum right.
Speaker 1 (00:41):
Right.
Speaker 2 (00:45):
A whole range of services and support to help
people who are having troublewith like everyday tasks, you
know, because of aging, illnessor a disability.
Speaker 1 (00:51):
Gotcha.
Speaker 2 (00:52):
It could be help with things like bathing dressing or
even more complex medical care.
Speaker 1 (00:56):
So it's not just about nursing homes then.
Speaker 2 (00:58):
No, no, not at all.
There are so many differenttypes of long-term care services
.
Like what many different typesof long-term care services.
Speaker 1 (01:06):
Like what Well, you've got home health care
assisted living, adult daycare,the list goes on.
Speaker 2 (01:13):
Yeah, okay, so it really does depend on the
individual situation then rightAbsolutely Individual
circumstances.
Speaker 1 (01:17):
So just how common is this need for long-term care?
Like how many people are weactually talking about?
Speaker 2 (01:22):
Well, according to the American Council of Life
Insurers, it's a lot.
Speaker 1 (01:26):
OK.
Speaker 2 (01:27):
A whopping 70 percent of people over 65 will need
some form of long term careduring their lifetime 70 percent
.
Speaker 1 (01:37):
That's a huge number.
I had no idea.
Speaker 2 (01:39):
It is it's significant.
Speaker 1 (01:40):
Yeah, yeah.
And with that many peopleneeding care, what sort of
impact does that have, you know,on society, on, like the health
care system as a whole?
Speaker 2 (01:48):
Well, first off, it puts a lot of strain on families
.
Speaker 1 (01:51):
Right.
Speaker 2 (01:52):
Both emotionally and financially.
Speaker 1 (01:53):
Yeah, that makes sense.
Speaker 2 (01:54):
Many families.
They're just not prepared forthe demands of caregiving.
Yeah, the time commitment, thefinancial resources.
Speaker 1 (01:59):
Right, right, it's a lot, it's a lot yeah.
Speaker 2 (02:02):
And for the health care system.
Well, the increasing demand forlong-term care really stretches
our resources thin.
I bet.
Potentially leading toshortages in facilities and
qualified caregivers.
Speaker 1 (02:15):
So we're almost looking at a caregiving crisis,
then, aren't we?
Speaker 2 (02:17):
It's a possibility.
Speaker 1 (02:18):
Yeah, yeah.
Speaker 2 (02:19):
Definitely a concern.
Speaker 1 (02:20):
And you know what's interesting, our Wiser Women
source.
It highlights how women,especially, are affected by
these long-term care needs.
Speaker 2 (02:28):
Oh, absolutely, that's a crucial point.
Speaker 1 (02:29):
Yeah.
Speaker 2 (02:30):
Women tend to live longer than men, so they're more
likely to need long-term care.
Okay, but they also often havelower lifetime earnings and
retirement savings, which makesit much harder to afford that
care.
Speaker 1 (02:43):
So it's like a double whammy for women.
It is, yeah, it is.
Speaker 2 (02:46):
They're more likely to need it, but less likely to
be able to afford it.
Speaker 1 (02:48):
Exactly.
Speaker 2 (02:49):
And on top of that, they're usually the ones doing
the caregiving for other familymembers.
Speaker 1 (02:53):
Exactly, which then impacts their own careers and
their own financial security.
Yeah, so it's a whole cycle,right?
It's not just about thefinancial burden of needing care
, but it's also the hit thatwomen take when they become
caregivers themselves.
Speaker 2 (03:09):
Absolutely.
Speaker 1 (03:10):
Okay, so we've talked about the need, the scope of
this, the challenges.
Speaker 2 (03:15):
Yeah.
Speaker 1 (03:15):
Now let's talk about how do people actually pay for
long-term care?
Speaker 2 (03:20):
Right, right.
That's the big question, isn'tit?
Speaker 1 (03:22):
It is yeah.
So when it comes to paying forthis care, I think a lot of
people just assume Medicare'sgot them covered, right, maeve,
that's a big misconception.
Unfortunately, it is.
Speaker 2 (03:32):
Medicare does cover some skilled nursing care and
rehab services, but only verylimited.
Speaker 1 (03:37):
Okay.
Speaker 2 (03:37):
And it doesn't usually cover long-term
custodial care.
Speaker 1 (03:41):
So that's what people really need, right that
long-term help.
Speaker 2 (03:43):
Exactly.
Speaker 1 (03:44):
Yeah, care.
So that's what people reallyneed, right?
That long-term help, exactly,yeah, okay.
So if Medicare is not really areliable option here, then what
are the alternatives?
Like, how do people actuallypay for this?
Speaker 2 (03:52):
Well, the Wiser Women source.
It breaks down the paymentoptions into four main
categories.
You've got out-of-pocketpayments, medicare, medicaid and
then long-term care insurance.
Speaker 1 (04:04):
Okay, so let's dive into those a little bit.
Speaker 2 (04:06):
Sure.
Speaker 1 (04:06):
Starting with out-of-pocket.
I mean that sounds pretty scary, especially given these costs
we've been talking about.
Speaker 2 (04:11):
Yeah, it can be a huge burden.
Speaker 1 (04:13):
Yeah.
Speaker 2 (04:13):
The Genworth Cost of Care Survey, one of the sources
you gave me, shows the medianannual cost for a private room
in a nursing home is over$100,000.
Speaker 1 (04:24):
$100,000.
$100,000?
Speaker 2 (04:26):
A year, a year, oh my gosh, that can wipe out savings
pretty quickly.
Speaker 1 (04:30):
That's a lot of money , yeah, and we know Medicare is
not going to cover most of that.
Speaker 2 (04:34):
Right.
Speaker 1 (04:34):
So let's talk about Medicaid.
Speaker 2 (04:35):
OK.
Speaker 1 (04:36):
What role does that play in long-term care?
Speaker 2 (04:38):
So Medicaid's a joint federal and state program OK,
and it can help cover some ofthese long-term care costs.
Speaker 1 (04:47):
Okay, but only for individuals with limited income
and assets, I see, so there aresome pretty strict requirements
there.
Speaker 2 (04:51):
There are yeah, definitely.
Speaker 1 (04:52):
And I've heard about this what is it called A spend
down requirement?
Can you explain what that is?
Speaker 2 (05:00):
So basically, to qualify for Medicaid, you have
to spend down most of yourassets.
Speaker 1 (05:06):
So that means like using up your savings.
Speaker 2 (05:09):
Yeah, pretty much.
Wow, you have to fall below acertain asset threshold to
qualify.
Speaker 1 (05:15):
So you're telling me you could have worked your whole
life, saved all this money.
Speaker 2 (05:19):
Right.
Speaker 1 (05:19):
And then you have to basically deplete your life
savings just to qualify forgovernment assistance.
Speaker 2 (05:26):
It could be a tough situation for a lot of people.
Speaker 1 (05:28):
It's a catch-22, isn't it?
Speaker 2 (05:29):
Yeah, it can feel that way.
Speaker 1 (05:31):
Yeah.
Speaker 2 (05:31):
It's complex and it can be emotionally draining.
I bet People have to make toughchoices like selling their
homes or transferring ownership.
Speaker 1 (05:38):
Just to qualify, just to qualify, yeah, okay, so
that's Medicaid.
Definitely not a simplesolution.
No, not at all.
So that kind of leaves us withwhat was the last one Long term
care insurance.
Speaker 2 (05:49):
Right, yeah, that's the other big one.
Speaker 1 (05:51):
Is that a more viable option for people like more
people can qualify for that.
Speaker 2 (05:55):
It can be, yeah.
For a lot of folks, it's a wayto protect your assets and make
sure you can get quality carewhen you need it.
Speaker 1 (06:02):
But I imagine those policies probably have their own
complexities, right oh?
Speaker 2 (06:06):
they definitely do.
Speaker 1 (06:07):
Yeah.
Speaker 2 (06:08):
It's super important to really think about your
specific needs and circumstances.
Speaker 1 (06:12):
Okay, so what are some key things to keep in mind
when we're talking about thesepolicies?
What should people be lookingfor?
Speaker 2 (06:18):
The Wiser Women's Source has a great checklist
Actually 10 questions to askbefore buying a policy.
Speaker 1 (06:24):
Okay, and what kind of stuff are we talking about
here?
Speaker 2 (06:26):
So things like inflation protection, what types
of care are covered?
The benefit period, theelimination period, all that
good stuff.
Speaker 1 (06:34):
What is?
Can you explain, like, what'sthe importance of that inflation
protection thing?
Speaker 2 (06:40):
Oh, yeah, that's Because the cost of care is
always going up right, it makessense.
So let's say you buy a policytoday that covers like $100 a
day for care.
Okay, 10 years from now, thatsame care could cost $200 a day.
Speaker 1 (06:53):
Because of inflation.
Because of inflation.
Speaker 2 (06:55):
Yeah, and suddenly you're stuck with a huge bill.
So it's like you got tofuture-proof your policy,
exactly, oh okay, you want thosebenefits to keep up with the
rising costs.
Speaker 1 (07:04):
That makes sense.
And what was that other thingyou mentioned, the benefit
period.
Speaker 2 (07:08):
Right.
So that's how long the policywill actually pay out those
benefits.
Speaker 1 (07:11):
Gotcha.
Speaker 2 (07:11):
Some policies have limits, others offer lifetime
coverage.
Speaker 1 (07:15):
Oh wow, so there's a big difference there, huge
difference yeah.
Speaker 2 (07:18):
It really depends on your situation and what you
think your long-term care needsmight be.
Speaker 1 (07:22):
I see.
So how do you figure out what'sthe right benefit period for
you?
Speaker 2 (07:27):
That's where a good financial advisor comes in Okay,
someone who specializes in thiskind of planning?
Okay, they can help you look atyour options and choose a
policy that fits your goals.
Okay, so, speaking of financialadvisors, the Wiser Women
source they also mentionedfinding an advisor who doesn't
work on Commission.
Speaker 1 (07:46):
Oh yeah, that's super important.
Yeah, why is that so crucial?
Speaker 2 (07:49):
well, you want unbiased advice.
Right when an advisor isworking on Commission, they
might be tempted to recommendproducts that make them the most
money instead of what's reallybest for you.
Speaker 1 (08:00):
I see, so it's all about like making sure your
needs are really beingprioritized.
Speaker 2 (08:05):
Exactly yeah.
Speaker 1 (08:06):
Okay, that makes sense.
So we've talked about long-termcare insurance, but our WA
Cares Fund checklist it remindsus that financial planning is
only one piece of this wholepuzzle.
Speaker 2 (08:17):
Right, it's just the start.
Speaker 1 (08:19):
Right.
Speaker 2 (08:19):
You also need to think about the legal side of
things and the emotional aspectsof needing care.
Speaker 1 (08:24):
Okay, like what kinds of things?
Speaker 2 (08:26):
So talking openly with your family about your
wishes.
Speaker 1 (08:28):
Oh yeah, those conversations can be tough.
Speaker 2 (08:30):
They can be, but they're so important, yeah, and
having legal documents in place,like advanced directives and
powers of attorney.
Speaker 1 (08:37):
So that everyone knows what you want.
Speaker 2 (08:39):
Exactly yeah.
Speaker 1 (08:40):
Okay, so how do you even begin to approach those
kinds of conversations, likewith your family, about these
sensitive topics?
Speaker 2 (08:47):
The WA Cares Fund checklist.
They have some good tips.
Speaker 1 (08:51):
Like, start by telling your family you love
them and that you're doing thisbecause you care about their
well-being.
Speaker 2 (08:55):
Okay.
Speaker 1 (08:56):
And make sure to listen to their concerns too.
Speaker 2 (08:58):
Right, it's a two-way street.
It is, yeah, so it's aboutcreating a plan that works for
everyone involved.
Speaker 1 (09:04):
Exactly A collaborative effort.
Speaker 2 (09:06):
And that's where you know, having that open
communication from the startreally comes in.
Speaker 1 (09:10):
Absolutely.
Speaker 2 (09:11):
So we've talked about the financial side, the legal
stuff, the emotional aspects.
Are there any governmentprograms or resources that
people should be aware of, likeanything they can help with this
?
Speaker 1 (09:24):
Oh, yeah, definitely.
For veterans there's the VA.
They offer a range of benefits,including long-term care
services.
Speaker 2 (09:30):
Okay, great.
And what about here inWashington State?
Anything specific to ourlisteners here?
Speaker 1 (09:35):
We have the WA Cares Fund.
Speaker 2 (09:37):
Okay, tell me about that.
Speaker 1 (09:38):
It's a brand new program actually.
Oh, okay, and it's designed togive a basic level of long-term
care coverage.
Speaker 2 (09:43):
Gotcha.
Speaker 1 (09:44):
Starting in 2026.
Speaker 2 (09:46):
So it's not quite up and running yet.
Speaker 1 (09:48):
Not yet, but it's coming soon.
Speaker 2 (09:49):
And it's for eligible workers.
Speaker 1 (09:50):
Okay, so how does it work?
Speaker 2 (09:52):
Well, it's state-run, funded through payroll
deductions and eligible workers.
They'll have access to alifetime benefit of $36,500 to
help with those long-term carecosts.
Speaker 1 (10:04):
That's pretty good.
Speaker 2 (10:05):
It's a good safety net for those who might not be
able to afford private insurance.
Speaker 1 (10:08):
I see, that's great.
Speaker 2 (10:09):
But it's important to remember it does have
limitations.
Oh, okay, the benefit amount,it might not cover all the costs
Okay, so it's still importantto consider other options like
private insurance or saving up.
Speaker 1 (10:21):
So it's like another layer of protection, but not
necessarily a complete solution.
Speaker 2 (10:25):
Exactly You've got.
Speaker 1 (10:26):
Okay, so this is a lot of information.
Speaker 2 (10:29):
It is.
Speaker 1 (10:35):
Yeah, are there any like resources available, places
where people can go to learnmore and kind?
Speaker 2 (10:37):
of navigate all of this.
Yeah for sure.
The National Clearinghouse forLong-Term Care Information.
Speaker 1 (10:42):
Okay.
Speaker 2 (10:42):
They have a website longtermcaregov.
Speaker 1 (10:44):
Okay.
Speaker 2 (10:45):
Tons of resources there fact sheets, articles,
even a savings calculator.
Speaker 1 (10:50):
Oh wow, that's handy.
Speaker 2 (10:51):
Yeah, it helps you estimate potential costs.
Speaker 1 (10:53):
Okay, anything else.
Any other organizations thatmight be helpful?
Speaker 2 (10:57):
The Eldercare Locator .
Speaker 1 (10:58):
Okay.
Speaker 2 (10:59):
Their website is eldercareaclgov.
Okay.
They can connect you with localservices and support.
Speaker 1 (11:04):
Oh, that's great.
Speaker 2 (11:05):
Including area agencies on aging.
They offer tons of programs forolder adults and their families
.
So many resources older adultsand their families.
Speaker 1 (11:11):
So many resources.
Speaker 2 (11:12):
So many resources.
Speaker 1 (11:13):
It's amazing, but you know, even with all of this
information available, it seemslike people still avoid thinking
about this.
Speaker 2 (11:20):
I know it's not the most fun topic.
Speaker 1 (11:22):
It's not no, but.
Speaker 2 (11:22):
But the more you prepare the less stressful it'll
be when the time comes.
Speaker 1 (11:26):
Right, it's all about being proactive.
Speaker 2 (11:28):
Exactly.
Speaker 1 (11:29):
Yeah, okay, so we've talked about a lot.
Speaker 2 (11:31):
We have.
Speaker 1 (11:32):
We've talked about long term care insurance, but I
feel like there's still more tounpack there.
Speaker 2 (11:37):
Oh, definitely, we barely scratched the surface.
Speaker 1 (11:39):
Yeah, ok.
So for example, the WiserWomen's Source, they mentioned
something called hybrid longterm care insurance policies.
Speaker 2 (11:47):
Right, right.
Speaker 1 (11:48):
What are those all about?
Speaker 2 (11:49):
So those policies?
They combine longterm carebenefits with other financial
products.
Speaker 1 (11:54):
Okay.
Speaker 2 (11:55):
Like life insurance or annuities.
Speaker 1 (11:57):
So it's like a two-for-one kind of deal.
Speaker 2 (11:59):
Kind of yeah, but you've got to understand the
tradeoffs Okay.
They usually require a biggerupfront payment and they can be
more complicated.
Speaker 1 (12:06):
Than traditional long-term care insurance, right,
okay, so I guess that's where afinancial advisor could really
help, right?
Definitely they can help youdecide if it's right for you.
Okay, so it seems like there'salways this trade-off, right?
Like with everything.
Speaker 2 (12:19):
There is yeah.
Speaker 1 (12:20):
Like the cost of insurance versus the risk of
draining your savings.
Speaker 2 (12:23):
Right.
Speaker 1 (12:24):
Or the complexity of a hybrid policy versus a simpler
one.
Speaker 2 (12:28):
It's all about finding that balance.
Speaker 1 (12:30):
Yeah.
Speaker 2 (12:30):
What works best for you.
Speaker 1 (12:31):
And that's where those resources we talked about
can really come in handy.
Speaker 2 (12:34):
Exactly yeah, they can give you the guidance you
need to make those decisions.
Speaker 1 (12:38):
Okay, so much good stuff here.
I'm feeling so much moreinformed now than I was when we
started.
Speaker 2 (12:43):
Good, I'm glad to hear that.
Speaker 1 (12:44):
It's definitely a complex topic.
Speaker 2 (12:46):
It is.
Speaker 1 (12:47):
But I think breaking it down like this has made it
feel a lot less overwhelming.
Speaker 2 (12:51):
It's all about taking it step by step.
Speaker 1 (12:53):
Right.
Speaker 2 (12:53):
And finding the support you need.
Speaker 1 (12:54):
Absolutely.
And speaking of support thatCaregiver's Handbook.
Speaker 2 (12:58):
Oh yeah, the Handbook .
Speaker 1 (12:59):
From San Diego Mental Health Services.
It really highlights howimportant it is to support
caregivers.
Speaker 2 (13:04):
Oh, absolutely, caregivers are essential.
Speaker 1 (13:06):
They really are.
Speaker 2 (13:07):
Yeah, they do so much .
Speaker 1 (13:08):
And it's not easy, right?
No, not at all.
The handbook talks about howdemanding it can be.
Speaker 2 (13:13):
Yeah, both physically and emotionally.
Speaker 1 (13:15):
Right and that it can really take a toll on the
caregiver's own health andwell-being.
Speaker 2 (13:20):
It's so important for caregivers to take care of
themselves too.
Speaker 1 (13:23):
I love that they emphasize that yeah.
Speaker 2 (13:25):
self-care is crucial.
Speaker 1 (13:26):
Right, you can't pour from an empty cup, right.
Speaker 2 (13:29):
Exactly.
And the handbook it gives somegreat tips for caregivers.
Speaker 1 (13:34):
Oh, like what.
Like setting realisticexpectations, making sure you
have boundaries, looking intorespite care.
Speaker 2 (13:41):
Those are all great and connecting with support
groups or even gettingcounseling.
Speaker 1 (13:45):
It's all about recognizing that caregiving is a
really demanding role.
Speaker 2 (13:49):
It is, and it requires support and self-care.
Speaker 1 (13:51):
So if you're out there and you're a caregiver and
you're feeling overwhelmed orburnt out, please reach out.
Speaker 2 (13:56):
Don't hesitate to ask for help.
Speaker 1 (13:58):
Right, there are resources available.
Speaker 2 (14:00):
There are.
Speaker 1 (14:01):
Okay, so we've covered so much ground here.
Speaker 2 (14:04):
So much.
Speaker 1 (14:04):
We've gone from understanding what long-term
care even is to the financialand emotional aspects of
planning for it.
We've really dug deep we have,we have, we have, and it's
amazing, you know all theresources that are out there to
help people with this.
Speaker 2 (14:18):
There really are.
Speaker 1 (14:19):
Yeah, it's clear that this is something we should all
be thinking about, absolutelyRegardless of our age or health.
Speaker 2 (14:25):
The sooner the better .
Speaker 1 (14:26):
Yeah.
Speaker 2 (14:26):
You'll be more prepared and empowered.
Speaker 1 (14:28):
Right.
And it's not just aboutplanning for the worst case
scenario.
It's about ensuring ourwell-being, maintaining our
independence, our quality oflife.
Speaker 2 (14:37):
That's a great way to put it.
It's about living your bestlife.
Speaker 1 (14:40):
And with that, let's wrap up this deep dive with some
final thoughts and someactionable steps our listeners
can take.
Speaker 2 (14:46):
Sounds good.
Speaker 1 (14:47):
Wow, we've really gone deep, haven't we?
Speaker 2 (14:49):
We have, yeah, a real deep dive into long-term care
planning.
Speaker 1 (14:53):
Yeah, I'm feeling a lot more informed about it all.
Speaker 2 (14:55):
Me too.
Speaker 1 (14:55):
And I hope our listeners are feeling that way
too.
Speaker 2 (14:58):
I hope so.
Speaker 1 (14:59):
So, to wrap things up , let's try to distill some key
takeaways.
Speaker 2 (15:04):
Right.
Speaker 1 (15:04):
First and foremost, I think it's clear that long-term
care is it's a reality for mostof us.
Speaker 2 (15:10):
It is.
Speaker 1 (15:11):
And the costs.
They can be pretty scary.
Speaker 2 (15:14):
Yeah, they can be pretty scary.
Yeah, they can be substantial,that's for sure.
Speaker 1 (15:16):
And I think what we've learned is there's no
one-size-fits-all solution.
Speaker 2 (15:20):
Absolutely not.
Speaker 1 (15:20):
It's really about creating a plan that works for
your individual needs.
Speaker 2 (15:25):
Right, and that's where all those resources we
talked about come in.
Right exactly Websites likelongtermcaregov, eldercareaclgov
, organizations like the AreaAgencies on Aging.
Speaker 1 (15:37):
Yeah, so many great resources that.
Speaker 2 (15:39):
Handbook for Caregivers, all of that.
Speaker 1 (15:41):
Yeah, and it's empowering to know that there's
help out there.
Speaker 2 (15:44):
Absolutely.
Speaker 1 (15:45):
So, if our listener, if they were to take just one
action today to get started withthis planning, what would you
recommend?
Speaker 2 (15:53):
I think the first step is to really think about
your values what's important toyou when it comes to your future
care.
Speaker 1 (16:00):
Yeah.
Speaker 2 (16:00):
Like do you want to stay in your home?
Speaker 1 (16:02):
Okay.
Speaker 2 (16:03):
Or would you prefer a community setting?
And once you've thought aboutthose things, then you can start
exploring the different options.
Speaker 1 (16:11):
Right.
So it's not just about thepractical stuff, it's about like
your vision for your future.
Speaker 2 (16:15):
Exactly what kind of life do you want to live as you
age?
Speaker 1 (16:18):
Yeah, and don't forget to involve your loved
ones in these conversations.
Speaker 2 (16:21):
Oh, that's so important.
Speaker 1 (16:22):
Right, get everyone on the same page.
Speaker 2 (16:24):
Absolutely.
Their support can make all thedifference.
Speaker 1 (16:26):
Yeah, we've definitely learned that open
communication is key here.
Speaker 2 (16:30):
For sure.
Speaker 1 (16:31):
And remember, this isn't something you do once and
then you're done Right, it'ssomething you need to revisit.
Speaker 2 (16:36):
As your life changes, your needs change.
Speaker 1 (16:39):
So don't be intimidated by this.
Speaker 2 (16:41):
No, take it one step at a time.
Speaker 1 (16:43):
Yeah, start with something small, explore those
resources we mentioned, or evenjust take some time to think
about your priorities.
Speaker 2 (16:51):
Your future self will thank you.
Speaker 1 (16:52):
Absolutely Well.
I don't know about you, but I'mfeeling a lot more confident
about this whole long-term carething.
Speaker 2 (16:57):
Me too.
It's been a great conversation.
Speaker 1 (16:59):
It has been Really informative, thanks to you.
Speaker 2 (17:02):
Oh well, thanks for having me.
Speaker 1 (17:03):
It's been a pleasure and, to our listeners, we hope
you've learned a lot from thisdeep dive, as well.
Remember, you're not alone inthis journey.
There's support out there.
Speaker 2 (17:12):
Absolutely.
Don't hesitate to reach out forhelp.
Speaker 1 (17:15):
We'll be back next time with a brand new topic.
Looking forward to it.
Until then, keep learning, keepgrowing and keep taking care of
yourselves.
Speaker 2 (17:24):
See you next time.
Speaker 1 (17:25):
Bye everyone.
Welcome back everyone .
We're diving deep today, reallydeep into long-term care
planning.
Speaker 2 (00:05):
Yeah.
Speaker 1 (00:06):
And we've got a whole bunch of sources here.
We've got websites, articles,even a handbook for caregivers.
Ooh, mixed bag it is.
It is, yeah, yeah.
Our mission today is to unearththose little golden nuggets,
those aha moments that are goingto help all of you make
informed decisions about yourfuture.
Speaker 2 (00:25):
It's a topic many people avoid.
Speaker 1 (00:27):
Oh, I know, I know.
Speaker 2 (00:29):
But planning ahead can really make a big difference
.
Speaker 1 (00:31):
Absolutely, absolutely yeah.
Speaker 2 (00:32):
Yeah.
Speaker 1 (00:33):
So let's start with the basics.
What exactly are IAS, long-termcare?
I mean, what are we eventalking about here?
Speaker 2 (00:39):
So think of it like a spectrum right.
Speaker 1 (00:41):
Right.
Speaker 2 (00:45):
A whole range of services and support to help
people who are having troublewith like everyday tasks, you
know, because of aging, illnessor a disability.
Speaker 1 (00:51):
Gotcha.
Speaker 2 (00:52):
It could be help with things like bathing dressing or
even more complex medical care.
Speaker 1 (00:56):
So it's not just about nursing homes then.
Speaker 2 (00:58):
No, no, not at all.
There are so many differenttypes of long-term care services
.
Like what many different typesof long-term care services.
Speaker 1 (01:06):
Like what Well, you've got home health care
assisted living, adult daycare,the list goes on.
Speaker 2 (01:13):
Yeah, okay, so it really does depend on the
individual situation then rightAbsolutely Individual
circumstances.
Speaker 1 (01:17):
So just how common is this need for long-term care?
Like how many people are weactually talking about?
Speaker 2 (01:22):
Well, according to the American Council of Life
Insurers, it's a lot.
Speaker 1 (01:26):
OK.
Speaker 2 (01:27):
A whopping 70 percent of people over 65 will need
some form of long term careduring their lifetime 70 percent
.
Speaker 1 (01:37):
That's a huge number.
I had no idea.
Speaker 2 (01:39):
It is it's significant.
Speaker 1 (01:40):
Yeah, yeah.
And with that many peopleneeding care, what sort of
impact does that have, you know,on society, on, like the health
care system as a whole?
Speaker 2 (01:48):
Well, first off, it puts a lot of strain on families
.
Speaker 1 (01:51):
Right.
Speaker 2 (01:52):
Both emotionally and financially.
Speaker 1 (01:53):
Yeah, that makes sense.
Speaker 2 (01:54):
Many families.
They're just not prepared forthe demands of caregiving.
Yeah, the time commitment, thefinancial resources.
Speaker 1 (01:59):
Right, right, it's a lot, it's a lot yeah.
Speaker 2 (02:02):
And for the health care system.
Well, the increasing demand forlong-term care really stretches
our resources thin.
I bet.
Potentially leading toshortages in facilities and
qualified caregivers.
Speaker 1 (02:15):
So we're almost looking at a caregiving crisis,
then, aren't we?
Speaker 2 (02:17):
It's a possibility.
Speaker 1 (02:18):
Yeah, yeah.
Speaker 2 (02:19):
Definitely a concern.
Speaker 1 (02:20):
And you know what's interesting, our Wiser Women
source.
It highlights how women,especially, are affected by
these long-term care needs.
Speaker 2 (02:28):
Oh, absolutely, that's a crucial point.
Speaker 1 (02:29):
Yeah.
Speaker 2 (02:30):
Women tend to live longer than men, so they're more
likely to need long-term care.
Okay, but they also often havelower lifetime earnings and
retirement savings, which makesit much harder to afford that
care.
Speaker 1 (02:43):
So it's like a double whammy for women.
It is, yeah, it is.
Speaker 2 (02:46):
They're more likely to need it, but less likely to
be able to afford it.
Speaker 1 (02:48):
Exactly.
Speaker 2 (02:49):
And on top of that, they're usually the ones doing
the caregiving for other familymembers.
Speaker 1 (02:53):
Exactly, which then impacts their own careers and
their own financial security.
Yeah, so it's a whole cycle,right?
It's not just about thefinancial burden of needing care
, but it's also the hit thatwomen take when they become
caregivers themselves.
Speaker 2 (03:09):
Absolutely.
Speaker 1 (03:10):
Okay, so we've talked about the need, the scope of
this, the challenges.
Speaker 2 (03:15):
Yeah.
Speaker 1 (03:15):
Now let's talk about how do people actually pay for
long-term care?
Speaker 2 (03:20):
Right, right.
That's the big question, isn'tit?
Speaker 1 (03:22):
It is yeah.
So when it comes to paying forthis care, I think a lot of
people just assume Medicare'sgot them covered, right, maeve,
that's a big misconception.
Unfortunately, it is.
Speaker 2 (03:32):
Medicare does cover some skilled nursing care and
rehab services, but only verylimited.
Speaker 1 (03:37):
Okay.
Speaker 2 (03:37):
And it doesn't usually cover long-term
custodial care.
Speaker 1 (03:41):
So that's what people really need, right that
long-term help.
Speaker 2 (03:43):
Exactly.
Speaker 1 (03:44):
Yeah, care.
So that's what people reallyneed, right?
That long-term help, exactly,yeah, okay.
So if Medicare is not really areliable option here, then what
are the alternatives?
Like, how do people actuallypay for this?
Speaker 2 (03:52):
Well, the Wiser Women source.
It breaks down the paymentoptions into four main
categories.
You've got out-of-pocketpayments, medicare, medicaid and
then long-term care insurance.
Speaker 1 (04:04):
Okay, so let's dive into those a little bit.
Speaker 2 (04:06):
Sure.
Speaker 1 (04:06):
Starting with out-of-pocket.
I mean that sounds pretty scary, especially given these costs
we've been talking about.
Speaker 2 (04:11):
Yeah, it can be a huge burden.
Speaker 1 (04:13):
Yeah.
Speaker 2 (04:13):
The Genworth Cost of Care Survey, one of the sources
you gave me, shows the medianannual cost for a private room
in a nursing home is over$100,000.
Speaker 1 (04:24):
$100,000.
$100,000?
Speaker 2 (04:26):
A year, a year, oh my gosh, that can wipe out savings
pretty quickly.
Speaker 1 (04:30):
That's a lot of money , yeah, and we know Medicare is
not going to cover most of that.
Speaker 2 (04:34):
Right.
Speaker 1 (04:34):
So let's talk about Medicaid.
Speaker 2 (04:35):
OK.
Speaker 1 (04:36):
What role does that play in long-term care?
Speaker 2 (04:38):
So Medicaid's a joint federal and state program OK,
and it can help cover some ofthese long-term care costs.
Speaker 1 (04:47):
Okay, but only for individuals with limited income
and assets, I see, so there aresome pretty strict requirements
there.
Speaker 2 (04:51):
There are yeah, definitely.
Speaker 1 (04:52):
And I've heard about this what is it called A spend
down requirement?
Can you explain what that is?
Speaker 2 (05:00):
So basically, to qualify for Medicaid, you have
to spend down most of yourassets.
Speaker 1 (05:06):
So that means like using up your savings.
Speaker 2 (05:09):
Yeah, pretty much.
Wow, you have to fall below acertain asset threshold to
qualify.
Speaker 1 (05:15):
So you're telling me you could have worked your whole
life, saved all this money.
Speaker 2 (05:19):
Right.
Speaker 1 (05:19):
And then you have to basically deplete your life
savings just to qualify forgovernment assistance.
Speaker 2 (05:26):
It could be a tough situation for a lot of people.
Speaker 1 (05:28):
It's a catch-22, isn't it?
Speaker 2 (05:29):
Yeah, it can feel that way.
Speaker 1 (05:31):
Yeah.
Speaker 2 (05:31):
It's complex and it can be emotionally draining.
I bet People have to make toughchoices like selling their
homes or transferring ownership.
Speaker 1 (05:38):
Just to qualify, just to qualify, yeah, okay, so
that's Medicaid.
Definitely not a simplesolution.
No, not at all.
So that kind of leaves us withwhat was the last one Long term
care insurance.
Speaker 2 (05:49):
Right, yeah, that's the other big one.
Speaker 1 (05:51):
Is that a more viable option for people like more
people can qualify for that.
Speaker 2 (05:55):
It can be, yeah.
For a lot of folks, it's a wayto protect your assets and make
sure you can get quality carewhen you need it.
Speaker 1 (06:02):
But I imagine those policies probably have their own
complexities, right oh?
Speaker 2 (06:06):
they definitely do.
Speaker 1 (06:07):
Yeah.
Speaker 2 (06:08):
It's super important to really think about your
specific needs and circumstances.
Speaker 1 (06:12):
Okay, so what are some key things to keep in mind
when we're talking about thesepolicies?
What should people be lookingfor?
Speaker 2 (06:18):
The Wiser Women's Source has a great checklist
Actually 10 questions to askbefore buying a policy.
Speaker 1 (06:24):
Okay, and what kind of stuff are we talking about
here?
Speaker 2 (06:26):
So things like inflation protection, what types
of care are covered?
The benefit period, theelimination period, all that
good stuff.
Speaker 1 (06:34):
What is?
Can you explain, like, what'sthe importance of that inflation
protection thing?
Speaker 2 (06:40):
Oh, yeah, that's Because the cost of care is
always going up right, it makessense.
So let's say you buy a policytoday that covers like $100 a
day for care.
Okay, 10 years from now, thatsame care could cost $200 a day.
Speaker 1 (06:53):
Because of inflation.
Because of inflation.
Speaker 2 (06:55):
Yeah, and suddenly you're stuck with a huge bill.
So it's like you got tofuture-proof your policy,
exactly, oh okay, you want thosebenefits to keep up with the
rising costs.
Speaker 1 (07:04):
That makes sense.
And what was that other thingyou mentioned, the benefit
period.
Speaker 2 (07:08):
Right.
So that's how long the policywill actually pay out those
benefits.
Speaker 1 (07:11):
Gotcha.
Speaker 2 (07:11):
Some policies have limits, others offer lifetime
coverage.
Speaker 1 (07:15):
Oh wow, so there's a big difference there, huge
difference yeah.
Speaker 2 (07:18):
It really depends on your situation and what you
think your long-term care needsmight be.
Speaker 1 (07:22):
I see.
So how do you figure out what'sthe right benefit period for
you?
Speaker 2 (07:27):
That's where a good financial advisor comes in Okay,
someone who specializes in thiskind of planning?
Okay, they can help you look atyour options and choose a
policy that fits your goals.
Okay, so, speaking of financialadvisors, the Wiser Women
source they also mentionedfinding an advisor who doesn't
work on Commission.
Speaker 1 (07:46):
Oh yeah, that's super important.
Yeah, why is that so crucial?
Speaker 2 (07:49):
well, you want unbiased advice.
Right when an advisor isworking on Commission, they
might be tempted to recommendproducts that make them the most
money instead of what's reallybest for you.
Speaker 1 (08:00):
I see, so it's all about like making sure your
needs are really beingprioritized.
Speaker 2 (08:05):
Exactly yeah.
Speaker 1 (08:06):
Okay, that makes sense.
So we've talked about long-termcare insurance, but our WA
Cares Fund checklist it remindsus that financial planning is
only one piece of this wholepuzzle.
Speaker 2 (08:17):
Right, it's just the start.
Speaker 1 (08:19):
Right.
Speaker 2 (08:19):
You also need to think about the legal side of
things and the emotional aspectsof needing care.
Speaker 1 (08:24):
Okay, like what kinds of things?
Speaker 2 (08:26):
So talking openly with your family about your
wishes.
Speaker 1 (08:28):
Oh yeah, those conversations can be tough.
Speaker 2 (08:30):
They can be, but they're so important, yeah, and
having legal documents in place,like advanced directives and
powers of attorney.
Speaker 1 (08:37):
So that everyone knows what you want.
Speaker 2 (08:39):
Exactly yeah.
Speaker 1 (08:40):
Okay, so how do you even begin to approach those
kinds of conversations, likewith your family, about these
sensitive topics?
Speaker 2 (08:47):
The WA Cares Fund checklist.
They have some good tips.
Speaker 1 (08:51):
Like, start by telling your family you love
them and that you're doing thisbecause you care about their
well-being.
Speaker 2 (08:55):
Okay.
Speaker 1 (08:56):
And make sure to listen to their concerns too.
Speaker 2 (08:58):
Right, it's a two-way street.
It is, yeah, so it's aboutcreating a plan that works for
everyone involved.
Speaker 1 (09:04):
Exactly A collaborative effort.
Speaker 2 (09:06):
And that's where you know, having that open
communication from the startreally comes in.
Speaker 1 (09:10):
Absolutely.
Speaker 2 (09:11):
So we've talked about the financial side, the legal
stuff, the emotional aspects.
Are there any governmentprograms or resources that
people should be aware of, likeanything they can help with this
?
Speaker 1 (09:24):
Oh, yeah, definitely.
For veterans there's the VA.
They offer a range of benefits,including long-term care
services.
Speaker 2 (09:30):
Okay, great.
And what about here inWashington State?
Anything specific to ourlisteners here?
Speaker 1 (09:35):
We have the WA Cares Fund.
Speaker 2 (09:37):
Okay, tell me about that.
Speaker 1 (09:38):
It's a brand new program actually.
Oh, okay, and it's designed togive a basic level of long-term
care coverage.
Speaker 2 (09:43):
Gotcha.
Speaker 1 (09:44):
Starting in 2026.
Speaker 2 (09:46):
So it's not quite up and running yet.
Speaker 1 (09:48):
Not yet, but it's coming soon.
Speaker 2 (09:49):
And it's for eligible workers.
Speaker 1 (09:50):
Okay, so how does it work?
Speaker 2 (09:52):
Well, it's state-run, funded through payroll
deductions and eligible workers.
They'll have access to alifetime benefit of $36,500 to
help with those long-term carecosts.
Speaker 1 (10:04):
That's pretty good.
Speaker 2 (10:05):
It's a good safety net for those who might not be
able to afford private insurance.
Speaker 1 (10:08):
I see, that's great.
Speaker 2 (10:09):
But it's important to remember it does have
limitations.
Oh, okay, the benefit amount,it might not cover all the costs
Okay, so it's still importantto consider other options like
private insurance or saving up.
Speaker 1 (10:21):
So it's like another layer of protection, but not
necessarily a complete solution.
Speaker 2 (10:25):
Exactly You've got.
Speaker 1 (10:26):
Okay, so this is a lot of information.
Speaker 2 (10:29):
It is.
Speaker 1 (10:35):
Yeah, are there any like resources available, places
where people can go to learnmore and kind?
Speaker 2 (10:37):
of navigate all of this.
Yeah for sure.
The National Clearinghouse forLong-Term Care Information.
Speaker 1 (10:42):
Okay.
Speaker 2 (10:42):
They have a website longtermcaregov.
Speaker 1 (10:44):
Okay.
Speaker 2 (10:45):
Tons of resources there fact sheets, articles,
even a savings calculator.
Speaker 1 (10:50):
Oh wow, that's handy.
Speaker 2 (10:51):
Yeah, it helps you estimate potential costs.
Speaker 1 (10:53):
Okay, anything else.
Any other organizations thatmight be helpful?
Speaker 2 (10:57):
The Eldercare Locator .
Speaker 1 (10:58):
Okay.
Speaker 2 (10:59):
Their website is eldercareaclgov.
Okay.
They can connect you with localservices and support.
Speaker 1 (11:04):
Oh, that's great.
Speaker 2 (11:05):
Including area agencies on aging.
They offer tons of programs forolder adults and their families
.
So many resources older adultsand their families.
Speaker 1 (11:11):
So many resources.
Speaker 2 (11:12):
So many resources.
Speaker 1 (11:13):
It's amazing, but you know, even with all of this
information available, it seemslike people still avoid thinking
about this.
Speaker 2 (11:20):
I know it's not the most fun topic.
Speaker 1 (11:22):
It's not no, but.
Speaker 2 (11:22):
But the more you prepare the less stressful it'll
be when the time comes.
Speaker 1 (11:26):
Right, it's all about being proactive.
Speaker 2 (11:28):
Exactly.
Speaker 1 (11:29):
Yeah, okay, so we've talked about a lot.
Speaker 2 (11:31):
We have.
Speaker 1 (11:32):
We've talked about long term care insurance, but I
feel like there's still more tounpack there.
Speaker 2 (11:37):
Oh, definitely, we barely scratched the surface.
Speaker 1 (11:39):
Yeah, ok.
So for example, the WiserWomen's Source, they mentioned
something called hybrid longterm care insurance policies.
Speaker 2 (11:47):
Right, right.
Speaker 1 (11:48):
What are those all about?
Speaker 2 (11:49):
So those policies?
They combine longterm carebenefits with other financial
products.
Speaker 1 (11:54):
Okay.
Speaker 2 (11:55):
Like life insurance or annuities.
Speaker 1 (11:57):
So it's like a two-for-one kind of deal.
Speaker 2 (11:59):
Kind of yeah, but you've got to understand the
tradeoffs Okay.
They usually require a biggerupfront payment and they can be
more complicated.
Speaker 1 (12:06):
Than traditional long-term care insurance, right,
okay, so I guess that's where afinancial advisor could really
help, right?
Definitely they can help youdecide if it's right for you.
Okay, so it seems like there'salways this trade-off, right?
Like with everything.
Speaker 2 (12:19):
There is yeah.
Speaker 1 (12:20):
Like the cost of insurance versus the risk of
draining your savings.
Speaker 2 (12:23):
Right.
Speaker 1 (12:24):
Or the complexity of a hybrid policy versus a simpler
one.
Speaker 2 (12:28):
It's all about finding that balance.
Speaker 1 (12:30):
Yeah.
Speaker 2 (12:30):
What works best for you.
Speaker 1 (12:31):
And that's where those resources we talked about
can really come in handy.
Speaker 2 (12:34):
Exactly yeah, they can give you the guidance you
need to make those decisions.
Speaker 1 (12:38):
Okay, so much good stuff here.
I'm feeling so much moreinformed now than I was when we
started.
Speaker 2 (12:43):
Good, I'm glad to hear that.
Speaker 1 (12:44):
It's definitely a complex topic.
Speaker 2 (12:46):
It is.
Speaker 1 (12:47):
But I think breaking it down like this has made it
feel a lot less overwhelming.
Speaker 2 (12:51):
It's all about taking it step by step.
Speaker 1 (12:53):
Right.
Speaker 2 (12:53):
And finding the support you need.
Speaker 1 (12:54):
Absolutely.
And speaking of support thatCaregiver's Handbook.
Speaker 2 (12:58):
Oh yeah, the Handbook .
Speaker 1 (12:59):
From San Diego Mental Health Services.
It really highlights howimportant it is to support
caregivers.
Speaker 2 (13:04):
Oh, absolutely, caregivers are essential.
Speaker 1 (13:06):
They really are.
Speaker 2 (13:07):
Yeah, they do so much .
Speaker 1 (13:08):
And it's not easy, right?
No, not at all.
The handbook talks about howdemanding it can be.
Speaker 2 (13:13):
Yeah, both physically and emotionally.
Speaker 1 (13:15):
Right and that it can really take a toll on the
caregiver's own health andwell-being.
Speaker 2 (13:20):
It's so important for caregivers to take care of
themselves too.
Speaker 1 (13:23):
I love that they emphasize that yeah.
Speaker 2 (13:25):
self-care is crucial.
Speaker 1 (13:26):
Right, you can't pour from an empty cup, right.
Speaker 2 (13:29):
Exactly.
And the handbook it gives somegreat tips for caregivers.
Speaker 1 (13:34):
Oh, like what.
Like setting realisticexpectations, making sure you
have boundaries, looking intorespite care.
Speaker 2 (13:41):
Those are all great and connecting with support
groups or even gettingcounseling.
Speaker 1 (13:45):
It's all about recognizing that caregiving is a
really demanding role.
Speaker 2 (13:49):
It is, and it requires support and self-care.
Speaker 1 (13:51):
So if you're out there and you're a caregiver and
you're feeling overwhelmed orburnt out, please reach out.
Speaker 2 (13:56):
Don't hesitate to ask for help.
Speaker 1 (13:58):
Right, there are resources available.
Speaker 2 (14:00):
There are.
Speaker 1 (14:01):
Okay, so we've covered so much ground here.
Speaker 2 (14:04):
So much.
Speaker 1 (14:04):
We've gone from understanding what long-term
care even is to the financialand emotional aspects of
planning for it.
We've really dug deep we have,we have, we have, and it's
amazing, you know all theresources that are out there to
help people with this.
Speaker 2 (14:18):
There really are.
Speaker 1 (14:19):
Yeah, it's clear that this is something we should all
be thinking about, absolutelyRegardless of our age or health.
Speaker 2 (14:25):
The sooner the better .
Speaker 1 (14:26):
Yeah.
Speaker 2 (14:26):
You'll be more prepared and empowered.
Speaker 1 (14:28):
Right.
And it's not just aboutplanning for the worst case
scenario.
It's about ensuring ourwell-being, maintaining our
independence, our quality oflife.
Speaker 2 (14:37):
That's a great way to put it.
It's about living your bestlife.
Speaker 1 (14:40):
And with that, let's wrap up this deep dive with some
final thoughts and someactionable steps our listeners
can take.
Speaker 2 (14:46):
Sounds good.
Speaker 1 (14:47):
Wow, we've really gone deep, haven't we?
Speaker 2 (14:49):
We have, yeah, a real deep dive into long-term care
planning.
Speaker 1 (14:53):
Yeah, I'm feeling a lot more informed about it all.
Speaker 2 (14:55):
Me too.
Speaker 1 (14:55):
And I hope our listeners are feeling that way
too.
Speaker 2 (14:58):
I hope so.
Speaker 1 (14:59):
So, to wrap things up , let's try to distill some key
takeaways.
Speaker 2 (15:04):
Right.
Speaker 1 (15:04):
First and foremost, I think it's clear that long-term
care is it's a reality for mostof us.
Speaker 2 (15:10):
It is.
Speaker 1 (15:11):
And the costs.
They can be pretty scary.
Speaker 2 (15:14):
Yeah, they can be pretty scary.
Yeah, they can be substantial,that's for sure.
Speaker 1 (15:16):
And I think what we've learned is there's no
one-size-fits-all solution.
Speaker 2 (15:20):
Absolutely not.
Speaker 1 (15:20):
It's really about creating a plan that works for
your individual needs.
Speaker 2 (15:25):
Right, and that's where all those resources we
talked about come in.
Right exactly Websites likelongtermcaregov, eldercareaclgov
, organizations like the AreaAgencies on Aging.
Speaker 1 (15:37):
Yeah, so many great resources that.
Speaker 2 (15:39):
Handbook for Caregivers, all of that.
Speaker 1 (15:41):
Yeah, and it's empowering to know that there's
help out there.
Speaker 2 (15:44):
Absolutely.
Speaker 1 (15:45):
So, if our listener, if they were to take just one
action today to get started withthis planning, what would you
recommend?
Speaker 2 (15:53):
I think the first step is to really think about
your values what's important toyou when it comes to your future
care.
Speaker 1 (16:00):
Yeah.
Speaker 2 (16:00):
Like do you want to stay in your home?
Speaker 1 (16:02):
Okay.
Speaker 2 (16:03):
Or would you prefer a community setting?
And once you've thought aboutthose things, then you can start
exploring the different options.
Speaker 1 (16:11):
Right.
So it's not just about thepractical stuff, it's about like
your vision for your future.
Speaker 2 (16:15):
Exactly what kind of life do you want to live as you
age?
Speaker 1 (16:18):
Yeah, and don't forget to involve your loved
ones in these conversations.
Speaker 2 (16:21):
Oh, that's so important.
Speaker 1 (16:22):
Right, get everyone on the same page.
Speaker 2 (16:24):
Absolutely.
Their support can make all thedifference.
Speaker 1 (16:26):
Yeah, we've definitely learned that open
communication is key here.
Speaker 2 (16:30):
For sure.
Speaker 1 (16:31):
And remember, this isn't something you do once and
then you're done Right, it'ssomething you need to revisit.
Speaker 2 (16:36):
As your life changes, your needs change.
Speaker 1 (16:39):
So don't be intimidated by this.
Speaker 2 (16:41):
No, take it one step at a time.
Speaker 1 (16:43):
Yeah, start with something small, explore those
resources we mentioned, or evenjust take some time to think
about your priorities.
Speaker 2 (16:51):
Your future self will thank you.
Speaker 1 (16:52):
Absolutely Well.
I don't know about you, but I'mfeeling a lot more confident
about this whole long-term carething.
Speaker 2 (16:57):
Me too.
It's been a great conversation.
Speaker 1 (16:59):
It has been Really informative, thanks to you.
Speaker 2 (17:02):
Oh well, thanks for having me.
Speaker 1 (17:03):
It's been a pleasure and, to our listeners, we hope
you've learned a lot from thisdeep dive, as well.
Remember, you're not alone inthis journey.
There's support out there.
Speaker 2 (17:12):
Absolutely.
Don't hesitate to reach out forhelp.
Speaker 1 (17:15):
We'll be back next time with a brand new topic.
Looking forward to it.
Until then, keep learning, keepgrowing and keep taking care of
yourselves.
Speaker 2 (17:24):
See you next time.
Speaker 1 (17:25):
Bye everyone.
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