The Importance of Long-Term Care Planning
Did you know that 60% of us will need long-term care at some point in our lives? It’s essential to plan for IF and WHEN that day comes.
We often prepare for disasters by insuring our homes, cars, and health, but few of us plan for the possibility of needing long-term care. This can have a significant impact on an elderly person’s lifestyle, finances, and security. Long-term care can affect three core retirement goals:
- Staying independent at home without outside help
- Maintaining good health and receiving adequate care
- Having enough money to cover everyday needs without outliving our money and assets
Unfortunately, many Americans fail to plan for long-term care, which can create financial and emotional strain for families. The burden of care can take a toll on caregivers’ health, finances, and family life.
With changing demographics and uncertain government support, it’s more important than ever to plan for long-term care before the need arises.
What Is Long-Term Care?
Long-term care refers to the help someone needs with medical care or daily living activities due to age, illness, or disability. This could involve assistance with dressing, bathing, eating, using the bathroom, and managing medications. In some cases, cognitive impairments like dementia or Alzheimer’s require supervision or confinement.
Often, family members provide this care at home, but the demands can be overwhelming. Those demands can also require more medical skills than a family member possesses.
What Is Long-Term Care Planning?
Long-term care planning ensures you or a loved one is prepared for future care needs. While the process may seem simple, it’s often complex and time-consuming. Finding the right care services and navigating the system can be difficult without prior knowledge and preparation. That is why it is crucial to plan, and not wait for time of crisis.
Taking action now includes:
- Hold a family meeting and talk about your wishes
- Evaluating and deciding on preferred care settings and services
- Planning for how to cover the costs of care, especially if government programs fall short
- Making necessary legal and financial arrangements
- Creating a written care plan to guide future caregivers
- Assigning a care coordinator and determining the roles of family and friends involved in caregiving
Four Key Steps in Long-Term Care Planning
- Knowledge and preparation are essential.
- Having the funds to pay for care gives you more options. Plan now, and reduce expenses later.
- Using professional help reduces stress and saves time and money.
- Creating a written plan ensures everyone is aligned.
Part II, we will dive deeper into these four steps for successful long-term care planning. Need help with getting started? Contact us.
