why you should care about long term care

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WHY YOU SHOULD CARE ABOUT LONG TERM CARE www.aloveforlifellc.com

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WHY YOU SHOULD CARE ABOUT LONG

TERM CARE

www.aloveforlifellc.com

Our population is aging rapidly

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• 1946 – 1964 • 76 million

babies • Largest

generation in history

Baby Boomers then

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Baby Boomers now

• 50 – 68 years old • 20% of Americans

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75% of seniors 65+ need long

term care

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2014 45.5 million seniors

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2050 110 million seniors

HOW do we take

care of this many seniors?

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ALZHEIMERS PREVALENCE

200k under 65

1 in 9

65+ (11%)

1 in 3

85+ (33%)

5.2 million 65+

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

other chronic medical conditions?

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Alzheimer’s Cases Increasing

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(thousands/annually)

Alzheimer’s Projected Increase for 65+

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HOW DO WE PAY THE BILL?

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Cost to Treat Alzheimer’s & Other Dementias

2050 $1.2 Trillion

2014 $214 Billion

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WHO is going to take

care of US?

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30% of seniors 65+ will need

specialized geriatric

care

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There is a significant shortage of qualified geriatric professionals and caregivers

Currently 7500

17,000 needed now

30,000 needed by 2030

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PAID CAREGIVERS High demand

Home health aides are the fastest growing occupation in NM

High turnover/burnout rates

Recruitment and retention challenging

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UNPAID CAREGIVERS Usually family

High stress

Financially draining

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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

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GOVERNMENT LEADERSHIP beginning

to recognize there is a problem

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The Commission on Long Term Care report was

published in Sept. 2013 with 28 proposals for

action

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

the general public

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

I won’t need Long Term Care

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SO WHAT ARE THE OPTIONS

FOR LONG TERM CARE?

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Skilled Nursing Facilities (SNF)

Assisted Living Facilities (ALF)

In Home Care (Private Care)

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WHAT WILL LONG TERM CARE COST?

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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)

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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)

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Medicaid will cover long term care only after all

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

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www.aloveforlifellc.com

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

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

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Other Payment Options

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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

www.aloveforlifellc.com

www.aloveforlifellc.com

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

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The cost of care is increasing every year

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

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ARE YOU PREPARED?

BE PROACTIVE

START PLANNING NOW!

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THAT’S WHY YOU SHOULD CARE ABOUT LONG TERM CARE

www.aloveforlifellc.com

www.aloveforlifellc.com

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