How to Prepare for a Long Term Care Event

Regardless of when or how a long term care event strikes, these times can be challenging for families. Because 70% of people may need long term care at some point in their lifetime, everyone should have a long term care plan. Make sure you and your family are protected by preparing for a long term care event in advance.

Start the Conversation Your Family

Whether you are concerned for your parents, yourself, your spouse, or your adult children, it’s time to get the conversation started.

If your parents or spouse haven’t talked about their long term care plan, it’s not too late to make one. Open the conversation by sharing a story about someone who recently experienced a long term care event. Explain how it made you think about the future and ask what they envision for their future care needs. Share your personal concerns about long term care and see where the conversation may lead.

In addition, it’s a good time to talk with your adult children about the future and your wishes. If you would like your children to be involved in your care, now is a great time to ask them.

Choose Where You Want to Receive Care and From Whom

Since there’s a 70% chance of needing care in your lifetime, it’s important to decide where you want to receive care. Will you stay in a home? Do you prefer the community setting of an assisted living facility? What if your health digresses and you need to be in a nursing home? While no one enjoys thinking about these things, it’s important to consider different scenarios in case life has other plans.

Decide How You’ll Pay for It

Care services in your home or a facility require income or assets to pay for it. If you’re not sure how much care costs, review the online cost of care map and choose the state you live in or the state you plan to retire. Keep in mind, these are current costs of care and costs will continue to rise with inflation based on when you may need care in the future.

Options to pay for care include:

  • Income
  • Personal assets
  • Long Term Care Insurance
  • Medicaid (limited services/locations for those who qualify)

Get Covered

For many families, affording the high cost of care services can be a challenge. Long Term Care Insurance (LTCI) is bought during your retirement planning years and transfers your risk to an insurer. Learn more about the value of LTCI and what it may cost you by browsing LTC Consumer’s resource guides.

Share Your Long Term Care Plans with Close Family or Friends

Once you make your plan, be sure to share with your close family or friends so they know what their role is and what to expect. If you buy LTCI, let them know you’re covered and where you keep your policy when it’s time to use it.

Ready to make your LTC plan? Get an instant, online quote for LTCI today.