People over age 65 have a 70% chance of needing care at some point in their lives. With statistics that high, everyone needs a long term care plan for their future. A solid plan also includes preparing your home and finances for when you may need care. The following are a few ways you can feel more prepared for your future and care needs.
If you are in the retirement planning ages of 45-65, it’s important to think about how you’ll pay for care. The cost of care is continually rising each year and financial surprises are never a good thing.
Long Term Care insurance is bought with your health and premiums are based on your age. LTC coverage helps pay for the cost of home care services, community care, assisted living, or nursing home care. When you have coverage, you have more options for the type of care you receive in the location of your choice. It offers families peace of mind knowing they have access to helpful resources and financial assistance for your care.
Define Your Wishes
When you plan ahead for long term care, you get to decide what’s best for you. Someday, you may not be physically or mentally able to call the shots. But if you clearly define what you want early on, your wishes can be followed. If you prefer to receive care in your home, define your wishes in writing and provide step-by-step instructions, including how your care will be funded.
Talk About Your Wishes with Your Close Family
After you have defined and written down your wants and needs, share this document with your close family. While these conversations aren’t always easy to start, explain the importance of planning and the steps you took to make sure they and you are taken care of. Share your wishes for end-of-life care and give them an opportunity to ask clarifying questions. Keep the conversation light with humor.
“People over age 65 have a 70% chance of needing care at some point in their lives.”
Downsize Your Home and Belongings
If you have a multi-level home, it may be time to downsize to a single level home of a manageable size. It’s also a great time to purge items or belongings you no longer use or pass down memorable pieces to loved ones. Passing down items to family members while you are still alive can be special and create lasting memories for the recipient.
It’s never too early to prepare for the future. Are you ready for when you need care? Get a quote for Long Term Care insurance to start creating a plan today.