As a dentist, caring for patients and managing the practice likely dominate your thoughts during the workday. And if you are pursuing a work-life balance, your time away from the office is probably filled with family, friends, hobbies and the business of daily living. With so much on your plate, it’s only natural if you’ve only had time to plan a list of groceries for next week’s meals.
That’s why CDA is introducing a topic that you’ve possibly delayed thinking about or haven’t even considered: long-term care planning. New long-term care options are available for CDA members at affordable rates through Oct. 25.
Thinking about a future that includes not being able to take care of oneself isn’t easy, but the truth is that 70% of individuals ages 65 and older will need some form of long-term care. Even younger people can experience accident or illness that leaves them impaired. Unfortunately, many people wait until it’s too late to start planning. As life expectancy continues to grow because of medical and technological advancements, more and more dentists should start planning now for an unexpected chronic illness or disability or simply growing older.
What is the likelihood of needing long-term care?
The chances that you’ll need long-term care services are high, but how do they stack up against other unexpected life events?
- Fire damaging your home: 1 out of 3,000 (.03%)
- Automobile accidents: 1 out of 63 (1.6%)
- Being called down on “The Price is Right”: 1 out of 36 (2.8%)
- 20-year-olds that will suffer short term disability before they retire: 1 out of 4 (25%)
- Needing long-term care assistance in your lifetime: 1 out of 2 (50%)
Anyone can experience the need for long-term care, no matter how old they are or what their health is like. Being prepared for the possibility that you may need long-term care services at some point in your life is an important step to take.
Common signs you may be at risk of needing long-term care
Many people mistakenly believe that only older adults need long-term care. While the need for long-term care can arise at any age, certain risk factors may make it more likely that someone will require this type of care:
- Family history. If your parents or grandparents needed long-term care, you may be more likely to need it as well.
- Age and gender. Women tend to live longer than men, and the older you get, the greater your odds of needing long-term care.
- Lifestyle choices. Poor lifestyle choices can raise your risk for several chronic conditions, and severe chronic conditions increase your chances of needing long-term care.
By knowing the factors that increase your risk, you can make informed decisions about your health and plan for the future accordingly.
A case study
George and Ida purchased a long-term care insurance policy with inflation protection years ago, when they were younger and healthier. Because they planned when they were still healthy, they were able to qualify for meaningful coverage at a rate they could afford over the long term. That decision gave them access to a greater pool of benefit dollars than if they had tried to self-fund their care.
Now in their early 70s, George and Ida are experiencing the effects of a devastating diagnosis: George has Alzheimer’s disease.
When George was first diagnosed, Ida and family members were prepared to coordinate their schedules to help him. As his condition progressed, Ida found it increasingly difficult to manage her husband’s needs — even with the help of their adult children. The decision years ago to purchase long-term care insurance provided enormous relief once it became clear that George needed the help of home health aides.
The benefit dollars will have a significant impact on Ida and George’s overall retirement savings. When they started initial planning, the annual cost for an assisted living facility was $20,000. Now, the average cost for that same facility is nearly $54,000 per year, but George’s cognitive care will cost more. Plus, the cost is projected to grow at approximately 5% per year.
A long-term care insurance plan brought this couple and their family tremendous peace of mind at a sensitive time. Ida is especially grateful for the burden it takes off their adult children. Planning for care well before you need it can have a profound impact on overall cost, your care options and your family’s freedom from worry.
How do you plan for long-term care?
The best time to plan for long-term care is long before you need it. That way, you’re more likely to have choices about how and where you receive care.
Here are some considerations to help guide your planning:
- Will your current location be able to meet your changing demands as you age? Think about what type of care you might need and where you would like to receive it. Home care and community-based services can help you stay in your own home, while nursing home care can provide a more structured environment. Also, assisted living facilities and continuing care retirement communities offer a range of services, from independent living to skilled nursing care.
- Since the lifestyle choices you make now can have a major impact on your long-term health and well-being, you might consider your current lifestyle through a future lens. Are you willing to make any changes now to reduce the risk of illness or impairment? If not, what extra preparations do you need to make to compensate for future needs and expenses?
- With location and lifestyle in mind, learn more about the long-term care costs you may face and find solutions to cover those.
- By creating legal instructions and a financial power of attorney, you can make sure that you have control over decisions about your care and finances.
Protect your future today
The Dentists Insurance Company Insurance Solutions has worked with BuddyIns to develop a special offering for CDA members: long-term care with life insurance benefit by Chubb. Maximize your CDA member benefits by setting up your policy during long-term care enrollment, ongoing until Oct. 25. Purchase coverage during this special enrollment period with guaranteed approval and affordable premiums. This is a policy that you can keep for the rest of your life and use anywhere in the U.S.
Visit CDA’s enrollment page to:
- View a benefits summary
- Use the Build Your Benefit calculator
- Get answers to long-term care insurance FAQ
- Enroll in a policy
Having a long-term care plan before your family needs it will ensure that your wishes are carried out. A plan that includes a long-term care plus life insurance benefit can provide you and your family with more care options when that time comes.