As more and more baby boomers reach retirement age, the number of people living in nursing homes or other long-term care facilities is expected to increase by 35 percent. But while some people see retirement years as a time of rest and relaxation, others see it as a time when they need to be extra careful about their health to ensure they don’t run out of money too soon. This is why it’s important for people in their golden years to consider their options when it comes to long-term care. If you’re one of them, let us introduce you to the world of long-term care.Long-term care is an umbrella term that refers to services offered by professionals that assist people who cannot care for themselves at home because of illness or injury. This assistance may be provided in a home, a hospital or an institution. Whether you prefer a home or a nursing home, here are some important details you should know about both types of long-term care facilities.Long-term care facilities for retirees are not the “homes” they used to be. Before you make any decisions about where you’d like to spend your golden years, it’s important to understand the difference between these two types of care facilities.
What is in a nursing home?
A nursing home is a place where people who need long-term care can receive assistance with their daily needs, including eating, bathing and toileting. In addition, nursing homes offer round-the-clock care and can be staffed by nurses and other professionals. Some nursing homes even offer specialized care that’s tailored to the needs of certain patients.Retirement communities typically include a retirement home and a few additional buildings, such as a dining room, a fitness center and a library. Residents of these communities may choose to live in one of the buildings or they may prefer to remain in the main residence.Retirement communities are also called adult communities, adult communities and adult care communities. These types of long-term care facilities offer a wide variety of services, including health care, meals, social activities, transportation and housekeeping.Retirement communities are not-for-profit facilities that are usually tax-exempt. This means that residents pay no income tax on the amount they receive in benefits and any profit they earn is reinvested in the community.Adult communities are not-for-profit organizations that are often affiliated with a church or religious organization. Adult communities often receive funding from church members, who contribute to the facility’s operating budget.
What are the benefits of living in a nursing home?
If you need 24/7 care due to a chronic illness or a disability, a nursing home may be the best option for you. If you are considering a nursing home, it’s important to understand what the facility’s policies and services are like, as well as its financial assistance policy.Nursing homes also offer a wide range of special services for patients with Alzheimer’s disease or other forms of dementia. These include one-on-one care, group activities and specialized care plans.Because nursing homes are designed to provide long-term care for patients who need assistance with daily activities, they can often be more cost-effective than other types of long-term care. However, the cost of care at a nursing home varies widely depending on the facility, its location and the needs of the patients in the facility.
What is the difference between a nursing home and a retirement community?
The main difference between a nursing home and a retirement community is that a retirement community is designed to offer independent living, while a nursing home is focused on providing full-time care. Retirement communities may also offer short-term care, which is ideal for patients who need a short period of time to recover from illness or injury but don’t need long-term care.Retirement communities are not-for-profit organizations that are often tax-exempt. As a result, residents pay no income tax on the amount they receive in benefits and any profit earned by the community is reinvested in the facility.Adult communities are often owned and operated by for-profit organizations. As a result, residents may have to pay rent or a fee for each month they live in the community.
When should you consider long-term care?
If you are diagnosed with a chronic illness, a condition that is likely to last for a long period of time or that may cause you to need regular medical care beyond what you can do at home, then you may want to consider long-term care.There are many factors to consider when making this decision, including your current health, your income and your current financial situation.If you are concerned about the financial implications of long-term care, it’s a good idea to start a financial planning routine as soon as possible. This can help you to develop a financial plan for your retirement years, which includes making decisions about your long-term care options.
Summing up
Long-term care is an umbrella term that refers to services offered by professionals that assist people who cannot care for themselves at home because of illness or injury. This assistance may be provided in a home, a hospital or an institution.Whether you prefer a home or a nursing home, here are some important details you should know about both types of long-term care facilities. Retirement communities are not-for-profit organizations that are often tax-exempt. Retirement communities typically include a retirement home and a few additional buildings, such as a dining room, a fitness center and a library. Adult communities are often owned and operated by for-profit organizations. There are many factors to consider when making this decision, including your current health, your income and your current financial situation.