PLANNING FOR LONG-TERM CARE
Now is the time to start planning ahead for your future and making key care choices that will be beneficial to you and your family before you actually need the care.
When planning for your future, consider the following:
- Communicate with family and friends
- Compare and understand long-term care insurance options
- Decide who you can count on for help
- Establish clear legal directions
- Focus on your finances
- Learn what your community has to offer
- Make necessary home improvements
- Take control over your health and personal needs
Other areas to think about when planning for long-term care needs:
- Look into what the cost would be if you ever needed care in a nursing home, assisted living facility or in your home.
- Talk with your spouse, adult children, friends, and siblings about whether they would want to or be able to care for you if you became ill or disabled for a long period of time.
- Think about other living options available to you, such as moving in with family, an assisted living a facility, retirement community, or perhaps living in a low maintenance apartment or home.
- Consult with a trusted advisor or long-term care insurance agent about the options available to you when it comes to planning and financing for your long-term care.
- Think about how much of your current income and assets you could afford to set aside to pay for long-term care expenses.
- Set aside funds to pay for long-term care and do so in a way that you won't use these funds for anything else. This may include purchasing long-term care insurance.
- Talk with your doctor about the potential risk of someday needing long-term care based on your lifestyle and medical and family history.