Why you should care about long term care

WHY YOU SHOULD CARE ABOUT LONG

TERM CARE

www.aloveforlifellc.com

http://aloveforlifellc.com/

http://www.aloveforlifellc.com/

Our population is aging rapidly




• 1946 – 1964 • 76 million

babies • Largest

generation in history

Baby Boomers then




Baby Boomers now

• 50 – 68 years old • 20% of Americans




75% of seniors 65+ need long

term care




2014 45.5 million seniors


2050 110 million seniors



HOW do we take

care of this many seniors?




ALZHEIMERS PREVALENCE

200k under 65

1 in 9

65+ (11%)

1 in 3

85+ (33%)

5.2 million 65+




HOW do we take care of this many people with dementia and

other chronic medical conditions?




Alzheimer’s Cases Increasing


(thousands/annually)



Alzheimer’s Projected Increase for 65+




HOW DO WE PAY THE BILL?




Cost to Treat Alzheimer’s & Other Dementias

2050 $1.2 Trillion

2014 $214 Billion




WHO is going to take

care of US?




30% of seniors 65+ will need

specialized geriatric

care





There is a significant shortage of qualified geriatric professionals and caregivers



Currently 7500

17,000 needed now

30,000 needed by 2030




PAID CAREGIVERS High demand

Home health aides are the fastest growing occupation in NM

High turnover/burnout rates

Recruitment and retention challenging




UNPAID CAREGIVERS Usually family

High stress

Financially draining




Untold numbers of aging Americans won’t get enough care, and caregivers will suffer from stress and depression, endangering their own health.

The New York Times, October 2013




GOVERNMENT LEADERSHIP beginning

to recognize there is a problem




The Commission on Long Term Care report was

published in Sept. 2013 with 28 proposals for

action




However there is a serious lack of concern about this issue within

the general public




I’m young. I’ll worry about Long Term Care later.

I won’t need Long Term Care




SO WHAT ARE THE OPTIONS

FOR LONG TERM CARE?




Skilled Nursing Facilities (SNF)

Assisted Living Facilities (ALF)

In Home Care (Private Care)




WHAT WILL LONG TERM CARE COST?







We could not find anything suitable!

National Annual Increase for past 5

years (%)

New Mexico Annual Increase for past 5

years (%)

Private Room Nursing Home

$84,000 (4.45%) $80,000 (7%)

Assisted Living Facility

$39,600 (4.2%) $42,000 (7%)

In-home for home-maker services (per

hour)

$18/hour $19/hour (2.0%)

In-home, home health aide

$19/hour $20/ hour (3.0%) ~ $15,000/month

Cost of Care (annual median-2014)




HOW WILL WE PAY FOR LONG TERM

CARE? www.aloveforlifellc.com



Medicare will only help with short-

term payment for Skilled

Nursing Facilities (with restrictions)




Medicaid will cover long term care only after all

assets have been “spent-down” to a minimal amount (~$2000).





There is typically a long waiting list to qualify for Medicaid assistance



Many long term care facilities do not accept Medicaid due to low reimbursement. Finding a suitable long term care facility could take time




Those facilities that do accept Medicaid patients may only have a limited number of “Medicaid” beds




Other Payment Options


Medicaid represents all Medicaid funding for Long Term Care including the young, old, and chronically ill “Out-of-Pocket” is typically self-pay, fee-for-service “Other” typically represents Long Term Care insurance reimbursement



Our population is aging rapidly





The incidence of Alzheimer’s Disease and other types of dementia is significantly increasing



There is a significant and increasing shortage of Geriatric Professionals and other paid caregivers




The cost of care is increasing every year




There is very little governmental subsidy for long term care at this time.




ARE YOU PREPARED?

BE PROACTIVE

START PLANNING NOW!




THAT’S WHY YOU SHOULD CARE ABOUT LONG TERM CARE





Roann Sexson RN, MBA owns and operates two Assisted Living Homes in Albuquerque, New Mexico.

“As a registered nurse I have always had a passion in my heart for elder care. At times I see a sense of helplessness in elders; individuals that were once so vibrant, so productive in their professional and personal lives. The physical and mental ravages of age can be brutal. I wanted to use my professional skills and my passion to do something that would positively impact these individuals…I followed my heart and founded A Love For Life, assisted living homes for seniors.”

EMAIL

LINKEDIN

(505) 350-2563



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Why you should care about long term care

Healthcare

home care private care

long term care cost

long term care report

care of us

specialized geriatric

short term payment

private room nursing

unpaid caregivers