By Ted James
While planning for long-term care for yourself or a loved one can be emotionally challenging, doing so can help reduce stress and minimize financial strain. Anticipating, preparing for, and financing long-term care seem like a daunting process; however, a little research and preparation, as laid out here by Retirement & Estate Advisors & Professionals (REAP), can make this process much easier.
Financing
As the Association for Long Term Care Planning notes, it is never too early to start planning for the costs associated with long-term care. The earlier you start, the more time you have to save. Consider how close you are to retirement. Your anticipated retirement date will be useful when seeking out savings and insurance programs.
Seeking advice from a financial adviser should be one of your first moves toward creating a plan. Before your appointment, familiarize yourself with the types of care options that appeal to you. Some examples are home health aides, adult daycare facilities, caregivers, and long-term care facilities. These care options range significantly with regards to scope and cost. Generally, the more help an individual needs, the more expensive care will be. Cost can also vary significantly based on what state you live in, so be sure to do your research and factor in inflation.
While most seniors are enrolled in a Medicare plan, it’s important to note that there are many circumstances where Medicare won’t pay for long-term assistance. With that in mind, that is a discussion you should have with your financial planner. Rates for these plans tend to increase the older you get because our health usually fades as we age. The sooner you sign up for a plan, the less you’ll pay for coverage.
One funding option that many seniors choose is to use proceeds from a home sale to help pay for long-term care when the time comes. Many older homes have gone decades without needed maintenance, which means many projects need to be addressed in order to prep the home for the market. When looking for contractors like home window repair professionals near you, make sure that they’re insured and, if required by the state, that they’re licensed to do the work. Also check online ratings and reviews, and ask for a handful of additional referrals just to be sure of their handiwork. With major repairs complete, you can rest a little easier about listing the property.
Planning for Long-Term Care
A good place to start when determining what type of long-term care you might need is to look at your family history. Consider if any hereditary illnesses and conditions run in your family. Hereditary illnesses often occur due to a combination of genetics and lifestyle factors. These are also known as multifactorial inheritance disorders.
Genetic makeup can make certain people more prone to certain multifactorial inheritance disorders, such as heart disease, high blood pressure, cancer, Alzheimer’s disease, and arthritis. If you are concerned about a hereditary illness in your family, talk to your doctor about possible preventative measures.
While genetics can be an indicator of needing long-term care, certain lifestyle choices can also factor into chronic illness. According to the World Health Organization, there is evidence to suggest that alcohol, poor diet, and a lack of physical activity can increase one’s risk of developing certain long-term illnesses. Eating healthy and staying active are great ways to keep your immune system strong and prevent illnesses.
Preventative Care
Additionally, keeping up to date with medical checkups can help with understanding your or a loved one’s eventual need for long-term care. Your medical practitioner can assist in going over anticipated care options. If you plan to make changes to your lifestyle, consider discussing them with your doctor.
If you anticipate a need for long-term care, consider making changes to reduce the risk of serious injury. Falling is the number one reason seniors need long-term care. Falls can result in cuts, bruising, broken bones, and cognitive impairment. Because the majority of falls occur at home, making home modifications can greatly reduce the likelihood and severity of falls. Slippery driveways, stairs, bathtubs, and toilets are all common culprits. Begin by doing your research into different home modification options and develop a plan for making these alterations. Doing so now will reduce emotional stress and financial strain in the future.
Planning for long-term care can significantly reduce future stress and provide you with peace of mind. By anticipating care needs, taking preventative measures, and learning more about your financial options, you are on the path to successful long-term care planning.
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Retirement & Estate Advisors & Professionals (REAP) is a professional firm designed to assist families in protecting their assets and maintaining their standard of living. Contact us to find out more! (855) 904-REAP
