Five Reasons To Put ALong Term Care Plan In Place
You and your loved ones can have a sense of security knowing they'll be taken care of.
Aging, and how to prepare for it, is one of the most pressing issues of our time and it will only get more urgent as the nation ages. While people are living longer, many have little idea about the added pressures of a long life, both financially, emotionally, and physically.
As we age, the cost of care will increase, which makes it important to plan now. Start talking about long term care with your spouse, loved ones, and your parents to see what might be best for you and your family. The following are five important reasons to start planning for long term care now rather than later.
Consider these important statistics: There are over 54 million Americans over the age of 651, and 70% of people over the age of 65 will require long terms care services and support at some point in their lives.2
Health insurance and Medicare generally don't cover the costs of long term care needs: Healthcare insurance and Medicare may cover some costs of care for seniors, if any. Start researching the cost of nursing homes, assisted-living facilities or in-home care. These are services many require in their late years. The majority of these costs are out-of-pocket expenses until assets are depleted.
A durable power of attorney provides assurance: A durable power of attorney allows you or your loved one to select someone to manage affairs when needed.
Consult with an attorney to understand what documents your family may want to have in place.
Good health is not a given: Anyone’s health status can change in a blink of an eye. By having a long term care plan in place, you can help assure you and your family can have the care they need and want.
Waitlists for facilities can be lengthy: Many facilities have waiting lists, some of which require future residents to be able to live independently prior to moving in.
The smaller challenges can take a toll: It isn’t always the big health problems that affect quality of life in golden years. In fact, the seemingly minor challenges such as having difficulty hearing, the inability to continue pursuing a much-loved hobby, or the fear of falling can take a bigger toll. As you consider long term care options, discuss these “minor” challenges and address them.
Start planning for your long term care needs today so you can account for rising costs, inflation, and other variables with confidence. The sooner you start planning, the easier and more cost-effective it can be in the future.
1. U.S. Census Bureau (www.census.gov/quickfacts/fact/table/US opens in new window), July 1, 2019.
2. 2020 U.S. Department of Health and Human Services (https://acl.gov/ltc/basic-needs/how-much-care-will-you-needopens in new window). Site accessed 04/19/21.
Next Steps: Plan for Long Term Care