How to Plan for Long Term Care
One of the hardest topics to bring up with your parents or loved one is planning for long term care. No one wants to get sick or be in a situation where they can’t care for themselves, but putting a financial plan in place now can protect your loved one’s assets and give them (and you) peace of mind. While no one can predict when long-term care will be needed, or for how long, you can prepare yourself for its financial, practical, and emotional challenges.Family and friends can sometimes provide caregiving, but paid care often becomes a necessity. Whether care is provided at home or in a facility, for a few months or a few years, the costs quickly add up.
Talking to your parents (or loved one) might be difficult but here are some points you need to know about why you should plan for long term care:
Why should I bother planning for long term care?
* Protect your retirement assets
* Minimize dependence on family members and others
* Control how, where, and from whom you receive care
Identify what financial options, including savings, will work for you and your family in paying for possible costs of long term care. Learn about these options and whether they are right for you. For most people, there isn’t just one right answer. The best plan includes several elements. For example, you might look to family members to help out (if so, you should let them know your expectations now) but also plan to use personal savings, a long term care insurance policy or a reverse mortgage. A plan that includes a combination of financial options is likely to be the best approach. Once you’ve identified the options, begin taking steps to learn more about and secure these resources. For example, if you plan to have family members help you, talk to them about your expectations. If you think long term care insurance will be worthwhile, shop around for the best policy (you can use our checklist to help).
Do I really need to worry about possible long term care costs?
As life expectancy continues to increase, most of us will eventually need assistance, provide assistance, or both.
Consider the following factors in assessing your risk:
* Age: The older you are or expect to be, the greater the probability that you’ll need care.
* Marital status: Single people tend to require more paid care, since they generally have fewer family resources.
* Gender: Women are more likely than men to need care because they tend to live longer.
* Lifestyle: Diet, exercise, and other behaviors (riding a motorcycle or smoking, for example) can affect your risk of health problems and accidents.
* Family health history: Those who are genetically predisposed to long term illness are more likely to need care.
For more information please check out the following information and resources from AGIS.com:
Planning for Long Term Care
Paying for Long Term Care
How much life insurance do I need?
Tips for Communicating with Your Loved One
Filed under: Long Term Care
The hardest thing I ever had to do was research a place for my parents long term care. My father was on kidney dialesis for 9 years and it slowly just did not help and my mom had memory problems.
This was hard to convince two usually very independent peopl to seel their home for an enviroment that to my father was in his Words No Privacy.
A year after they have settled in a little better. Now because of this for myself now 65 I hate to think about the same happening to my wife and I but my son will find it tough.
Jack
Jack,
Thanks for sharing your own story. It is important to plan ahead so that it’s not as tough a transition from independent to a care facility. It’s not a easy decision, that’s for sure. But I’m glad you could be there for your father and someday your son can be there for you.
Tabitha
I would like to add that I am sorry for the typing errors, but you can only teach an Old Dog so much.
I would like to aso say thatmy father being on dialessis so long was his amin health problem.
He phoned me one evening in June 2006 and said that he thought I should come down to Southern Ontario to see him because he had decided to stop the treatments.
We went down next morning and I was there when he passed I guess peacefully…
He had written letters to all the family explaining his decission and letting everyone know he loved us all!
When I met his Doctor a couple of days later I was … well surprised she was a very young lady and I would say unconventional she said my father also had prostate cancer but she believed that the kidney problem was the cause of his death.
She also told me that my mother would improve because she had her on a regimen of 1 drug and the rest of the medication for the memory loss was naturl remedies like Vitamin E.
These must work because my mother is much better.
So because of this young doctor I think the future for all younger folks as far as medication is concerned because she believes that just using drugs is not the whole answer!
My doctor who is the same age as me would never prescribe some natural remedies for anything!
Jack