Do you know that by 2050, the proportion of elderly persons in India will increase by 20.8 per cent? A study by UNFPA published in the Economic Times has revealed so. It makes the need for proper long-term care solutions paramount.
While loans for immediate care like an ICICI Bank personal loan are helpful, the need for prolonged assistance also matters. As harsh as it sounds, with age, people lose many physical and mental abilities. They require support to feel well.
In this blog, we’ll describe different ways of planning for such expenses.
Look Deep Into The Future
Yes. You read it right. Planning for long-term care expenses means turning into your soothsayer. Assess your personal health and medical history. Do take stock of your current lifestyle. Then, you can gauge the issues you may experience ahead of time.
So, for example, you are currently pre-diabetic. Your family history is also rife with people who have dealt with diabetes. Also, you love fast food and cannot prevent yourself from ordering it three times a week. In such a case, your chances of dealing with chronic diabetes in old age increase.
Put On Your Glasses To Discover Best Type Of Care Service
How wise are you? A lot if you’re reading this article. You know you need to plan for long-term care and also finance it. However, confusion may arise when choosing a specific type of service.
In India, the following options are available for senior citizens:
| Type of Service | Type of Support |
| Assisted living facilities | Provide care with activities of daily living to people in a group |
| Adult daycare | 24/7 support given to the elderly |
| Nursing homes | Medical monitoring and periodic health reviews |
| Adult family homes | Personal care assistance with meals, bathing, grooming, and management of medication |
Find a Savings-Friendly Care Service
How would you feel if you were asked to make a massive payment right now? Let’s say you have saved Rs. 5 lakhs in your retirement fund. How would you feel if the charges for care service is Rs. 1 lakh yearly?
Not good.
Usually, assisted living facilities and adult family homes are friendlier to the pocket than nursing homes. In some states, you can even find government aid that helps with cost coverage. Some residential care facilities admit and support elderlies for free.
Explore As Many Funding Options As Possible
When you plan for long-term care expenses, ‘’zyada bhi kam hai.’’
You should explore every option to ensure that you or your loved ones get decent care. Self-funding as a part of retirement planning needs no explanation. But you should look into the following as well:
- Long-term health insurance plans
- Government policies like the National Pension System.
- Investment in mutual funds
- Health savings account
Conclusion
The thought of long-term care can feel overwhelming, particularly in this age of rising inflation. But don’t let it deviate you from planning properly. The expenses for prolonged care can be high. But it’s here that early planning will benefit you. Use the tips above and set yourself up for adequate finances in the future.
FAQs
- What is a long-term care insurance?
Long-term health insurance covers your continuous care expenses if you cannot do essential daily activities. These include dressing, eating, going to the toilet, and bathing.
- How do I begin planning my finances for long-term care expenses?
Begin saving money from your income early in your life. You can start saving an amount of Rs. 5,000 in your mid-20s. Further, you can invest this amount in different assets. So, Rs. 2,500 can be invested in one asset and the remaining amount can be used to invest in another asset.
- What are the advantages of assisted living services?
Assisted living services have programs that help elderlies who do not require intense nursing care improve their daily functioning. These programs are conducted by skilled and certified people. So, the family members feel assured of having their loved ones under the best care.
- How much do home care services cost?
The cost of home care services depends on the extent of care. If it is basic assistance in daily tasks, the average cost is Rs. 15,000 monthly. But if you require specialized services along with it, the cost can go up to Rs. 25,000.
