Do you really want to think about long-term care? The short answer is no. Even if you realize you may require this type of care in the future, it’s not something you want to think about.
That being said, if you ignore long-term care planning today, it could come back to haunt you in the future. And that’s not a risk you want to take.
There’s a lot you need to know about long-term care, including the following:
- You may never require long-term care: Even if you plan for this, you may never need it. There’s a possibility you could remain in your home for the duration of your life, never requiring regular outside care.
- It’s costly: One of the primary reasons to plan for long-term care is the cost associated with it. For example, the average annual cost of long-term care nationwide is $80,000. Your long-term care plan should outline how you’ll pay for such expensive care. Options include but are not limited to Medicaid, long-term care insurance, and personal resources.
- Medicare doesn’t cover long-term care: While Medicare covers many of your healthcare expenses in retirement, long-term care is not one of them. This is why you should learn more about Medicaid and long-term care insurance early on.
Along with the above, learn more about the different types of long-term care. For example, you may require a stay in a nursing home, such as after a surgical procedure. Or perhaps you want to receive long-term care at home, as this allows you to stay in the place where you’re most comfortable.
These are just a few of the many things you should remember about long-term care. When you plan in advance, you won’t have nearly as many concerns about the future.
Contact us if you want to discuss long-term care planning and related matters.