There is more to long-term care planning than meets the eye. If you neglect to take every detail into consideration, you could miss out on something that’s important to you, your loved ones, and your financial circumstances.
Here are three things you need to know about long-term care planning (that you may have overlooked to this point):
- It starts early: Don’t assume that you can tackle long-term care planning only if the need arises. It’s best to start early by answering a variety of key questions, such as those related to where you want to receive care and how you’ll pay for it. If you don’t plan in advance, you could find yourself lost and looking for answers without notice.
- Money matters: While obtaining the best care is a must, there will be a variety of financial questions and concerns on your mind. The average cost of long-term care planning in the United States is roughly $100,000/year. If you don’t plan for this type of expense, you may not be able to receive the care you want or need.
- Medicare doesn’t help: Medicare is good for short-term care, such as a brief stint in a nursing home. However, when it comes to long-term care, it won’t do anything for you. You can’t rely on this government program to assist with your long-term care bills. Better options include Medicaid (if you qualify) and long-term care insurance.
These are the types of things you should think about in regards to long-term care planning. Don’t assume that since you’re healthy now, you’ll remain healthy in the future. There could come a point when you have no choice but to receive some type of long-term care.
Should you need any help with long-term care planning, contact us for more information and advice. We’ll make sure you have a plan in place that you can trust at all times.
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- What’s the Best Way to Pay for Long-Term Care? - November 7, 2020
- How to Begin the Estate Planning Process - November 7, 2020
