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Why Financial Planning Is Important

Many people don't realize that the costs associated with extended or long term care may be far greater than what is typically covered by insurance or through a physician. Early planning will provide the individual/family with more time to consider alternative funding options as well as organize their finances in anticipation of changing levels of care required. The goal of this type of financial planning is to assist you to:

  • Determine the cost of possible care needed.
  • Learn about various methods of paying for such care.
  • Preserve your personal financial security.
  • Decrease the burden of decision making for family members.
  • Plan for unforeseen changes in your health.
  • Be able to make thoughtful decisions about your future.

By taking an active role in planning ahead you should be able to minimize concerns related to receiving the best quality care while avoiding the worry of how much it will cost.

Factors That Influence Long-Term Care Costs

Many aspects contribute to the total cost of long term care in Seattle.

Type of Care

Cost is heavily influenced by how much care an individual needs. For example, home care; assisted living; adult family homes; memory care; and skilled nursing will all cost differently based on type.

Level of Assistance Needed

Those needing some help with their day-to-day tasks could be charged less than individuals that are completely reliant on another person for personal care and/or continued medical supervision.

Length of Care

Some people may just need temporary care after being discharged from the hospital or after having surgery. Others may need long-term assistance for many months or even years. How long you need to receive care can greatly effect your total cost.

Specialized Care Services

If an individual has a condition like Alzheimer's disease or another form of dementia they may require special memory care services. These services often include additional staff and support to assist in caring for these residents.

Location

Care costs can differ depending on what part of the city or state you live in. Where there is demand for care; and what local resources are available can also drive up costs.

Portrait illustration of a Seattle family evaluating the factors that influence long-term care costs, including type of care, level of assistance required, duration of care, specialized memory care services, and location, while planning financially for future long-term care needs with the Seattle skyline and Mount Rainier in the background.

Common Long-Term Care Options

Families should be able to understand the various types of care so that they are able to make comparisons on what is being offered by each type of service, as well as how much they will have to pay for these services.

In-Home Care

Care received at an individual's own home is referred to as in-home care. In-home care includes personal care; companionship; food preparation; cleaning and housekeeping; and Skilled Nursing Support, all provided while still allowing the individual to remain in their own home.

Assisted Living

An assisted living community offers its residents a place to live, meals, assistance with daily tasks (such as bathing); recreational activities; housekeeping; and transportation in a group setting. The primary goal of an assisted living community is to provide a safe, supportive living situation for its residents.

Adult Family Homes

Adult family homes provide individualized care in small residential settings. Adult family homes can be compared to extended family homes in many ways. They provide an atmosphere where adults can live in a more personal and home-like way than the typical large Assisted Living Community.

Skilled Nursing Facilities

A Skilled Nursing Facility provides round-the-clock nursing care, along with physical therapy, occupational therapy, speech pathology and social work services for adult residents who require ongoing nursing care due to illness or injury.

Memory Care

The memory care program provides structured activities designed specifically for individuals diagnosed with Alzheimer disease or related dementias. A memory care program also creates a safe and secure environment.

Ways Families Prepare for Long-Term Care Costs

Planning for future care often involves combining multiple financial resources.

Families commonly explore:

  1. Personal savings
  2. Retirement income
  3. Longterm care insurance
  4. Employer-sponsored benefits
  5. Government assistance programs
  6. Veterans benefits (when applicable)
  7. Financial planning with qualified professionals

Learning about these options before care is needed provides greater flexibility and allows families to make informed financial decisions.

Portrait illustration of a Seattle family planning for future long-term care expenses by reviewing personal savings, retirement income, long-term care insurance, employer-sponsored benefits, government assistance programs, veterans benefits, and financial planning strategies with the Seattle skyline and Mount Rainier in the background.

Tips for Planning Ahead

Families typically consider a combination of sources when developing plans for future care costs. Many people seek out:

1. Personal Savings

2. Retirement Income

3. Long-Term Care Insurance

4. Employer Benefits Programs

5. Government Assistance Programs

6. Veterans' Benefits (When Eligible)

7. Financial Planning from Qualified Professionals

Planning ahead allows you to adapt as your circumstances change over time.

Resources That Can Help

You can better prepare for the challenges of Long-Term Care Planning by utilizing Seattle area educational resources. These resources will provide you with information on how to plan for your future, financially prepare yourself, be a caregiver, and access community-based assistance.

Reliable information provides you with:

  1. Better understanding of what Longterm Care Services are available
  2. The ability to compare different types of care options
  3. Financial preparedness
  4. Information about Public Programs
  5. Assistance in Supporting Family Caregivers
  6. Making educated choices

Landscape illustration of a Seattle family exploring trusted long-term care planning resources, educational guides, financial planning information, caregiver support services, public assistance programs, and community resources to make informed long-term care decisions, with the Seattle skyline and Mount Rainier in the background.

Frequently Asked Questions

Care costs are affected by the form of care provided (e.g., in-home vs. institutional), the amount of assistance required, where you live, how long you will need care, and what special needs a person has.

Medicare may cover limited amounts of short-term, medically-related skilled care as part of its program, however, it generally does not cover day-to-day custodial long-term care. Understanding your current Medicare coverage and exploring alternative planning opportunities is very important.

Preparing for your future long-term care costs sooner rather than later gives you more choices. When you prepare in advance you can plan financially before there is a need for care.

No. WA Long Term Care Options provides education on long-term care planning and various alternatives for receiving long-term care. WA Long Term Care Options does NOT provide financial, legal, insurance or medical counseling.

Many different forms of care may require some type of financial planning, such as home-based care, assisted living, adult family homes, skilled nursing facilities, memory care and all of the other long term supportive services.

Yes. Planning for your future long-term care costs in advance can give you confidence, allow you to make better decisions about your future and also protect your loved ones from having to bear the expense of your future long-term care.

Plan for Tomorrow with Confidence

Understanding how much it will cost to get help with activities of daily living (long term care) over time helps us prepare for what we are going to need in the future. Learning about different types of help that may be needed, planning financially, and planning ahead, provides you with choices that fit your life style, and can give you a sense of comfort knowing that you have made smart decision for yourself and your family.