Skip to main content

4 Things You Should Know Before Deciding On Long-Term Care

Today is a good time for those who haven’t yet reached retirement age to begin considering some key factors related to health scenarios they might face later in life. 

“The bottom line is none of us knows ahead of time what our health will be in our 60s and beyond,” says Chris Orestis, Executive Vice President of GWG Life ( and author of the books Help on the Way and A Survival Guide to Aging. “Will you need long-term care? If so, to what degree, and how will you pay?”

Statistics suggest that long-term care could very well be in your future. Seventy percent of people over age 65 will require some type of LTC services during their lifetime, according to the U.S. Department of Health and Human Services.

Costs can be exceedingly high. The annual-median cost of a private room in a nursing home, for example, is more than $80,000 a year. 

On the flip side is the toll taken on family members when they provide personal home care. The National Family Caregivers Association reports that more than 75 percent of adults receiving home LTC are being cared for by family and friends. And 37 percent of those informal caregivers had to switch from full-time to part-time employment due to the LTC demands.

Orestis lists four questions people should ask when weighing LTC options:
  • Does Medicare or Medicaid pay for it? Medicare will not cover LTC for most seniors. It covers LTC only for rehabilitation requiring extended stays in a nursing home for about three months, or LTC for skilled in-home services for a limited period. Medicaid will pay for LTC, but the user’s income must fall below a certain level. “Long-term care service providers prefer private pay, such as savings, long-term care insurance or other income,” Orestis says. 
  • What does LTC include? Much of it is assistance with personal tasks, not medical care. Among those tasks are eating, dressing and using the toilet. Additional tasks LTC assists with are meal preparation, grocery shopping, money management and pet care.
  • When is the time to buy LTC insurance? Most advisors suggest the best time to buy LTC insurance is when you’re in your early- to mid-50s and in good health. About 25 percent of people in their 60s are turned down for LTC insurance. “There’s a significant risk in waiting too long, when your health status may disqualify you for coverage,” Orestis says.
  • How else can people pay for LTC? People who have failed to plan still have private pay options available. Orestis says veterans can access the VA Aide & Attendance Benefit, reverse mortgages for home owners can generate cash for home care, and the owner of a life insurance policy could exchange their death benefit for living benefits such as a tax-free LTC Benefit account, a lifetime income annuity or even take a lump sum of cash.

“For some, government assistance may be appropriate but limits your options,” Orestis says. “For others, their nest egg or private pay options may help take care of them. But first it’s important to understand what forms of long-term care are available and how you will pay for it.”

About Chris Orestis
Chris Orestis, Executive Vice President of GWG Life (, is an over 20-year veteran of the insurance and long-term care industries and is nationally recognized as a healthcare expert and senior care advocate. He is a former Washington, D.C. lobbyist who has provided legislative testimony; the author of two books: “Help on the Way” and “A Survival Guide to Aging”; a frequent columnist with a currently popular series entitled "The Healthcare Hunger Games"; and has been a featured guest on over 50 radio programs and in The New York Times, The Wall Street Journal, USA Today, Kiplinger’s, Investor’s Business Daily, PBS, and numerous other media outlets.


  1. Statistics suggest that long-term care could very well be in your future. Seventy percent of people over age 65 will require some type of LTC services during their lifetime, according to the U.S. Department of Health and Human Services. stdcheck coupon


Post a Comment

Popular posts from this blog

Copycat Boston Pizza's Bandera Bread

Have you ever had a craving for something but then once you looked at it you realized, I can make that myself for next to nothing? That's how I felt last night I thought about ordering in some food but then realized I really don't want to spend any money. I really wanted pizza bread from Boston Pizza. So I recreated it and oh my goodness was it ever good. Try some of these great recipes too!  Pizza Bread Dough 1 cup warm water 1 tsp instant yeast 1 tsp sugar 2 cups flour  Seasoning 1 tbsp melted butter 1 tsp garlic powder 1 tsp onion salt 1 tsp parsley 1 tsp rosemary 1 tsp basil 1 tsp oregano 1/2 tsp sugar 1. Combine the water, yeast, and 1 tsp of sugar in the mixing bowl and let stand for 5 minutes. Add the flour and salt and mix until a ball of dough forms. Roll ball onto a floured counter top and knead for a couple minutes.  2. Put dough in an oiled bowl and let rise for 30 mins in a warm place with a clean cloth draped over top. While your doug

Affordable Ways To Make Your Home Look Luxurious

How do they do it? Professional designers seem to pull it off so effortlessly, but how will you make your home look more luxurious? You could just employ a professional or you can personally undertake the task of transforming your home into a place of luxury on a budget. In order to save money on your purchases, be creative and vigilant in your pursuit for the perfect style. Follow our budget-friendly ways for making your home a vision of luxury. Think it through, choose a style Luxury look isn’t enough to go on, so before you start shopping and wasting your money on furniture and decorations you might not even use in the end, first do some research. Go online and do some window shopping and find which style is more to your liking . An elegant Victorian style or something more modern and chic? Don’t get me wrong, you may want to mix and match, but before you commit by buying anything, consider what look you are going for. White is the color of elegance Choosing white as yo


While shifting to your dream house, you may face a mountain of pre-move work, including downsizing, packing, hiring moving trucks, and other help. When you already have a list full of tasks, home improvements for the new house might be the last thing. However, handling the new house renovation before moving in is convenient for you in many ways. Planning home improvement is exciting and stressful both. If you are moving to a house that is not entirely ready, you have massive things to do. To make things smooth, create a list based on priorities. If you are shifting to a freshly build house, you do not need to make a lot of renovation, though you can add a little personal touch to it. When you make house changes before moving in, you can save your floor and furniture from paint spills. You will have an open space to plan the house interior. You can protect yourself and your family from hazardous odors and dust. There are several home improvements like removing popcorn ceil