Step 1: Knowledge & Preparation are Key
Understanding the different care options and living arrangements available is essential. People often believe the government will fully cover long-term care, but that’s untrue.
Take time to research the short and long-term care options in your area. Knowing your choices, the costs involved, and potential waiting lists will make future decisions easier.
According to the National Care Planning Council, only 16% of long-term care is covered by government programs. The remaining 84% comes from family, friends, volunteers, or private funds.
Step 2: Funding Long-Term Care
While long-term care insurance and reverse mortgages are often suggested as ways to pay for care, they’re not widely used. Less than 2% of Americans and only 9% of seniors have long-term care insurance. Similarly, few seniors use reverse mortgages for care expenses. This might be due to a lack of information.
Planning financially for long-term care is crucial. There are more investment options available today than ever before. Consulting a financial professional can help you determine the best approach for your needs.
Step 3: Use Long-Term Care Professionals
Navigating long-term care services can be overwhelming; many families try to handle it themselves. However, using professionals like senior advisors, care managers, elder law attorneys, or mediators can save you time, money, and stress. They can also help prevent family conflicts that often arise during caregiving.
Just as you would hire experts for taxes, legal issues, or car repairs, relying on long-term care professionals makes sense. Their expertise and experience help you manage the complexities of caregiving.
Step 4: Create a Written Plan
The final step is to create a written long-term care plan that outlines your wishes and is accepted by all involved. A clear plan will make the process more manageable, reducing stress, costs, and family disputes.
We encourage you to consult a professional who truly understands Long-term care planning and your estate. They have the experience and resources to help you create a plan that protects you and your loved ones. The best time to plan is now!
