As we age, our healthcare needs increase, and we may require long-term care. Long-term care includes nursing homes, assisted living facilities, and in-home care with a personal care assistant (PCA) or caregiver.
The majority of Americans believe it's unlikely that they'll require home care services. But, experts estimate that 70% of adults over 65 will need long-term care support at some point. Therefore, long-term care must be planned so you, and your loved ones, don’t experience financial hardship later in life.
Planning for long-term care is essential because it helps us ensure access to the care we need while protecting our finances and assets. Let’s discuss a long-term care planning checklist in today’s blog.
Take Control Over Your Future
Long-term care planning gives us control over our future. By planning, we can decide about the care we want to receive, where we want it, and who will provide it. It also allows us time to see if we qualify for certain financial programs to assist with long-term care costs. This gives us peace of mind and reduces the burden on our loved ones, who would otherwise have to make these decisions on our behalf.
Protect Your Assets
Another benefit of long-term care planning is that it helps us protect our assets. With proper planning, long-term care can be relatively inexpensive; otherwise, we may need to empty our savings or sell our homes to pay for it. Therefore, by planning, we can take steps to protect our assets and ensure that they are used to benefit our loved ones and ourselves.
Choose the Care You Want
By planning, we can ensure that we have the resources and support to access quality care, whether finding a good nursing home, hiring a home care provider, or receiving care from a family member.
Prepare for the Unexpected
Long-term care planning allows us to prepare for the unexpected. Of course, none of us can predict the future, especially regarding our health, but by planning, we can try our best to prepare for whatever comes our way. This includes preparing for an unexpected chronic illness, becoming disabled, or needing long-term care due to a sudden accident or injury.
Find a Qualified Financial Professional
At Best Care, we believe that financial planning for long-term care is essential to preparing for the future. However, we are not financial planners; therefore, we recommend you work with a professional to develop a plan that meets your needs and goals.
Working with a financial planner can ensure a plan that addresses your unique situation and helps you achieve your long-term care goals.