Lifecare: An Effective Way to Manage the Cost of Long Term Care in an Unpredictable Market

Finding comfortable and affordable long-term care for you or for loved ones can be a confusing and frustrating process. The options are seemingly endless, difficult to compare, and in recent years, prices for some long-term care options have skyrocketed, far faster than the rise of inflation.

At the same time, long term care insurance companies, realizing that their policies were money-losers, have begun cutting benefits and increasing premiums – leaving the elderly and their families to foot the bill. So how can aging Americans protect their children from the burden of long-term care expenses?

For many, the answer is lifecare.

According to a study by MetLife Mature Market Institute, the average cost of assisted living rose by 17% per annum over the past five years, and the average cost of skilled nursing rose 4% each year. In contrast, the cost of lifecare at Piper Shores (a continuum of care from independent living to skilled nursing care, provided on an as needed basis for a predictable monthly fee) has increased only 2-3% per year, remaining consistent with the rise of inflation.

Choosing lifecare as part of a long-term care planning process leads to more predictable and manageable costs, because the monthly fee is the same for independent living as it is for assisted living or nursing home care. In traditional long-term care settings, residents see significant increases in monthly fees as they require higher levels of care. At Piper Shores, however, lifecare ensures that monthly fees remain consistent and predictable from independent living through skilled nursing care. This consistency allows for more precise financial planning, and it can prevent children and significant others from being burdened by the cost of a loved one’s long-term care.

To find out more about lifecare, and long-term care at Piper Shores, contact Andrea Killiard at 207- 510-5207.