Elder care and long-term care planning

Elder care and long-term care planning

| Sep 3, 2020 | Estate Planning

Your life will change in a variety of ways as you age. For example, you may soon realize that you’re not able to get around nearly as well as you once did. As a result, you have concerns about your health, well-being and ability to keep up with your home.

Elder care and long-term care planning can go a long way in putting your mind at ease. While you hope that you can remain independent well into the future, you never know what will happen.

Here are some things to keep in mind:

  • Elder care is expensive: All forms of elder care and long-term care are expensive. For example, the national average is $6,844 per month for a semi-private room in a nursing home. Without pre-planning, you may have serious concerns about how you’ll pay for this care should it be necessary.
  • There are options available: There’s more than one way to pay for elder care. For example, you could purchase long-term care insurance, which kicks in should you require any type of long-term care, such as an in-home nurse. Or maybe you realize that you qualify for Medicaid now or will in the future. This is another way to pay for some or all of your expenses.
  • Planning in advance is a must: When you plan in advance, it’s easier to have positive thoughts about the future. You have a strategy in place for receiving and paying for care, all in a manner that won’t cause too much stress in your life. For example, buying long-term care insurance when you’re young and healthy allows you to secure a more competitive rate. Conversely, if you wait until later in life, you’re likely to receive quotes that don’t fit into your budget.

Regardless of your age or current health situation, don’t overlook the benefits of tackling all aspects of elder care and long-term care planning. There are big expenses awaiting you, so you don’t want to put this off.

It’s the decisions you make today that will protect you, your loved ones, your finances and your legal rights in the future.

 

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