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A: Vivian's not the only person asking this question. There
are more seniors now and they're living longer than ever. By the end of this decade 17
million people will be over the age of 75. And, unfortunately, with age comes more
sickness and a decreased ability to take care of ourselves.
The result is that over $1 billion a year is spent on nursing home care in the U.S. And
about one third of that is paid for by individuals.
As Vivian pointed out, not everyone will need professional long term care. Many retirees
do fine on their own without any help. Others will rely on family to provide extra care.
Only one in ten adults over age 65 will go to a nursing home. And half of them will return
home. But, the other half will stay the rest of their lives.
As we grow older the likelihood of needing medical or custodial care increases.
Twenty-five percent of adults over age 85 go into a nursing home and remain the rest of
their lives.
For those who do stay in a nursing home for extended periods the costs can be
breathtaking. Approximately 70% of the people in nursing homes have used up their
savings within one year.
The cost of a stay in a nursing home averages about $110 per day. That
works out to a little over $40,000 per year. With more people living into their 80's and
even 90's, it's not uncommon for someone to spend ten or more years in a nursing home. So
it's not surprising that a lifetime's worth of savings can be wiped out.
And nursing home care isn't the only possible expense. Many, like Vivian's friend, need
extended stays in the hospital or require home health care.
To help define patients' needs the insurance and medical industries have generally agreed
on three levels of care. Skilled care is performed under a doctor's orders. It's generally
provided by a licensed registered or practical nurse. The nurse must be available around
the clock. Thus most skilled care is provided in a hospital setting. The expectation is
that the care will help the patient to recover and get well enough to resume a normal
life.
Intermediate care differs from skilled care in that the nurse is only available on a
periodic basis. The care may be given in a rehabilitation center or the patient's home.
Often it's a matter of administering injections or changing bandage.
Custodial care is provided to meet a person's physical (not medical) needs and can be
provided by non-medical personnel. Assistance with eating, bathing, dressing would fall
within this category.
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