Why should I plan for long-term care?
The idea of long term care and the effects it can have on your lifestyle can be very intimidating. It is human nature not to worry about a situation like this until it occurs. The idea of long term care and the effects it can have on your lifestyle can be very intimidating. While you can’t predict when or how long care will be needed, you can prepare yourself for its financial, practical, and emotional challenges. Even though family or friends can sometimes provide care, often times they live too far away or are busy with other responsibilities and careers, making it necessary to hire someone to assist you. Whatever the case may be, whether care is provided in the comfort of your home or in a facility, for a few months or a few years, having a plan in place can provide you with peace of mind that your needs will be taken care of.
Planning for long term care now can help to protect your retirement assets, minimize dependence on family members and loved ones, and control how, where, and from whom you receive assistance. Consider the following factors when assessing your potential future need for care:
• Age: As the average life expectancy continues to increase, most of us will eventually need assistance, provide assistance to a loved one, or both. The older you are or expect to be, the greater the probability will be that you will one day need assistance.
• Gender: Women tend to live longer than men, and as a result, are more likely to need care at some point later in life.
• Marital status: If you are single, it will be more likely that you will need to plan for paid care as there may be fewer family resources readily available.
• Family health history: If you are genetically predisposed to certain long term illnesses, you could be more likely to need care at some point down the line.
• Lifestyle: Choices that you make in regards to your diet, exercise habits, and other behaviors can affect your risk of health problems, accidents, and need for future care.
• Financial status: Identify your financial options, including savings, and what will work for you and your family in covering potential long term care costs. Educate yourself on the options that are available and whether they are right for you. For most people, a financial plan that includes a combination of options is likely to be the best approach.
If you have questions or would like to learn more about how you can better plan for the future, contact your local CareFocus Companion Services office today.