Post on 15-Jul-2015
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.”
(505) 350-2563