The best time to make long-term care decisions is long before you need it. But people often put those decisions off because needing long-term-care is an uncomfortable reality to confront. Even if you feel like it’s not time yet, putting some thought (and even action) into making a long-term care plan will ensure your wishes are carried out as you envision.
Here are some questions to ask yourself as you consider your long-term care plan:
Where do you want to age? Some people prefer to bring services into their home to make staying at home longer possible, like cleaning professionals, personal care assistants and other specialists. Others like the idea of moving into an independent or assisted living facility, so they have access to everything they need without the burden of managing a home. And some people prefer to move in with their adult children or other loved ones so they can get the help they need from family members.
Who will help care for you? Consider where you plan to age and if family members and friends nearby are available to help. Start by having a conversation with your trusted circle to determine if they can offer assistance as you age. If so, gain an understanding of what kind of care they’re able to provide. Some feel more comfortable with loved ones sharing in their care, while others would rather source outside help when they need it.
How do you plan to pay for care? AARP’s long-term cost calculator can help you find the cost of caretakers, adult daycare, nursing homes and other types of care in your area. It’s a good starting point, however we are happy to further discuss some of the options you can explore like long-term care insurance, life insurance policies, annuities, and trusts. You’ll want to take into account what kind of government assistance is available, but bear in mind Medicare does not cover long-term care expenses.
Once you’ve taken some time to think about how you want to age, we would welcome a conversation so we can help you bring your wishes to fruition. Remember, we are a resource and can offer knowledge and experience in navigating these important decisions.
Sources: nia.nih.gov; pnc.com
Insurance offered through the Raymond James Insurance Group, an affiliate of Raymond James & Associates, Inc. and Raymond James Financial Services, Inc.
This material has been created by Raymond James for use by its financial advisors.