5 NECESSARY STEPS IN PREPARING FOR LONG-TERM CARE NEEDS

LTC Options’ planning experts identify the essential steps for adults preparing for their future long-term care needs.

Location, Date - Planning experts from LTC Options, an informative resource for long-term care planning, have identified the five most crucial steps in being ready for the costs of long-term care in the future.

Because of the high likelihood of needing long-term care – 7 out of 10 individuals age 65 and above will need long-term care according to the Department of Health and Human Services – preparing for possible long-term care expenses is important for a comfortable retirement.

LTCOptions.com, which specializes in providing important long-term care information, outlines five key points in preparing for this need:

Learn about your care options. Long-term care services vary widely and can be provided at home or in more dedicated care settings. Though most individuals prefer to stay at home, certain medical conditions may require receiving care in other facilities. 

Check costs of care services in your area. By knowing how much long-term care services cost, individuals can calculate whether their savings and assets would be sufficient for their possible needs in the future. Moving to a different location in retirement can also be considered.

Determine how you will pay for care. Because care is expensive, paying out-of-pocket is not recommended as it could easily deplete life savings. Find out if getting long-term care insurance is financially sound or look at other alternatives. It’s also important to understand the limitations of federal programs such as Medicare and Medicaid.

Seek expert planning help. Retirement planning specialists can present solutions and provide advice that could be invaluable in formulating an effective plan for long-term care.

Finalize your long-term care plan. Once all options and considerations have been examined, follow through on decisions made during the process. The best time to take action is during the late 40s to mid 50s as there are more choices available for individuals and couples at this age.

Following these steps will help families in being ready for the challenges of needing long-term care in the future. For more information, visit https://www.ltcoptions.com/.

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LTC Options aims to educate the American public of the impending need for long-term care in the near future. Discover your long-term care planning options by visiting www.ltcoptions.com.