Long-term care is the wild card that can severely impair your quality of life and of your family in the future. Because of the financial impact and emotional toll of long-term care, it is imperative to plan for it. However, long-term care planning is far from being a walk in the park. In fact, it requires research and a careful evaluation of the different aspects your life. To help you create the best strategy for LTC, here are three tips to help you.
1. Plan Early
You may or may not need long-term care. Of course, nobody would wish to experience a long-term care event, but simply hoping that you will not need any form of care service is not advisable.
The best time to plan for long-term care is way before you need it. Typically, the need for long-term care arises when a person gets older. However, you need to plan for it years ahead so that you will have time to explore your options and determine how you will pay for care services. In addition, it’s important to note that statistics show that 41 percent of individuals between 18 and 64 will also need some form of care. This goes to show that planning should be done as early as possible.
The best time to plan for long-term care is way before you need it. Typically, the need for long-term care arises when a person gets older. However, you need to plan for it years ahead so that you will have time to explore your options and determine how you will pay for care services. In addition, it’s important to note that statistics show that 41 percent of individuals between 18 and 64 will also need some form of care. This goes to show that planning should be done as early as possible.
2. Talk to your Family about the What Ifs
Long-term care also concerns your family and it’s important that you involve them in the planning. Tell them what your preferences are in terms of how you would want to be taken care of if you become ill or disabled. You also need to know how much support you can expect from them.
Determine who will act on your behalf if you are incapable of making legal and end-of-life decisions. Put in paper your financial and health preferences, and discuss with how you can create a power of attorney and an advanced directive with your lawyer.
Talking about the “what ifs” with your family can be uncomfortable, but it’s essential to talk about them even before a crisis happens.
Determine who will act on your behalf if you are incapable of making legal and end-of-life decisions. Put in paper your financial and health preferences, and discuss with how you can create a power of attorney and an advanced directive with your lawyer.
Talking about the “what ifs” with your family can be uncomfortable, but it’s essential to talk about them even before a crisis happens.
3. Decide how you’re going to pay for Care Services
Long-term care comes with an ever-increasing cost. Genworth’s Cost of Care Survey shows that the cost of different long-term care services is getting steep. Experts say that these rates are expected to hike up even more as demand for care increases in the years to come. That’s why it’s important to determine how you’re going to handle long-term care expenses and avoid a strain on your finances.
Do a financial evaluation and determine how much you can afford. When you become aware of your financial capability, it would be easier for you to strategize on how you’re going to pay for care services
Long-term care can be paid through different ways. You can pay out-of-pocket, purchase long-term care insurance, make a reverse mortgage or rely on public policies for financial assistance. Each payment option comes with its own set of pros and cons, and that’s for you to weigh. It’s important to note that minimizing your financial risk is the key. Choose the one that will help you in doing that.
Do a financial evaluation and determine how much you can afford. When you become aware of your financial capability, it would be easier for you to strategize on how you’re going to pay for care services
Long-term care can be paid through different ways. You can pay out-of-pocket, purchase long-term care insurance, make a reverse mortgage or rely on public policies for financial assistance. Each payment option comes with its own set of pros and cons, and that’s for you to weigh. It’s important to note that minimizing your financial risk is the key. Choose the one that will help you in doing that.
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