The new year is a perfect time to set new goals and make resolutions. Have you thought about the need for long term care in 2016 and the years ahead? Make 2016 the year to banish your fears about long term care and make a plan for you and your family.
Unlike many goals that remain unfinished at the end of the year, long term care planning doesn’t have to be one of them. Here are four easy ways to banish your fears about long term care in 2016.
- Talk to Your Family
It starts with a conversation. After all, 70% of people over age 65 will need some form of long term care services in their remaining years. Women typically live longer than men and require more care – almost twice the duration as men.
Don’t avoid the conversation any longer. Sit down together to explore your options and express your wishes. Once you approach the conversation, your family will become comfortable with the topic and you will too.
- Make a Plan Will your family provide care? Do you prefer home care or assisted living services? How will you pay for care?When considering your options, it’s important to understand that many families with dual income earners have a difficult time providing the level of care a loved one needs. Studies show lost income and benefits over the lifetime of a caregiver can range from $283,716 for men to $324,044 for women, or an average of $303,880. Unfortunately, you can’t rely on the government to provide for care either. Medicare and health insurance don’t cover long term care expenses and Medicaid requires spending down your assets to become eligible. Get assistance from expert planners to educate you on the best options to pay for care.
- Get Expert Advice Long term care specialists are a great resource for learning about the high cost of care and having the best plan in place for the future. These experts offer personalized consultations and shop the market for you to find the best insurance coverage to meet your needs. Coverage for long term care is based on your age and your health, so planning ahead is important to ensure you’re covered when a long term care event strikes.
- Secure Your Future
Long term care services are expensive. No one enjoys seeing their hard-earned savings dwindle at a rate of $3,000 to $10,000 per month for care. When you choose LTC insurance, you’re protecting your assets by transferring your risk. LTC insurance offers you peace of mind for a secure future.
Now is the time to face your fears about long term care in 2016. Start with a conversation, then make a plan to secure your future. Speak with an expert about long term care planning today.