Today's Practice: Changing the Business of Medicine TP2018Q2DigitalEditionWeb | Page 68

F I NA NCE
The Real Impact of
Long Term Care Insurance
A better understanding of a critical element in your financial plan.
By Matthew Dean
67
The consequences of needing assistance with everyday
tasks, such as bathing, and dressing, can have an impact
both financially and emotionally. Unfortunately, some
doctors may spend a lifetime caring for others while
failing to take steps to be prepared to care for them-
selves. Beyond the dollars spent on care, there is concern with
finding the right care in the right setting. Perhaps you
want home care, or need to be in an extended care
community or even a skilled nursing facility. Securing
the best type and quality of care can seem daunting, and
is often left to loved ones to figure out.
Financially, the cost of long term care can compromise
even the strongest of financial plans. The national
median price of a single home health aide is currently
$4,100 a month for about 44 hours of care.1 You will
pay more if you need more hours of care or if you need
more specialized nursing care. And if you need skilled
nursing, the national average private room currently
costs $8,120 a month1 –expect to pay even more to
receive care with above average amenities. As these are
national averages. Costs are typically much higher in
areas of the country associated with higher costs of
living. Fortunately, long term care insurance can help ease
some of these burdens. In addition to providing funds
to help pay for care, most policies today offer claims
coordination services. These services act like a concierge
to help you match your needs with the services in your
community. They can help your family identify service
providers in your area for such things like home care
services from nurses and therapists. They can even help
your family identify home modifications to make the
home more suited to your needs, such as the need for
grab bars, wheelchair ramps, or specific durable medical
equipment
TODAY ’ S P R A C T I C E: C H A N G I N G T H E B US I NES S OF M EDI C I NE