Most people will need long-term care at some point in their lives. The older you get, the more likely you are to contract cancer or Alzheimer’s disease. You could also have a stroke or arthritis.
About 70 percent of those who are 65 or older will eventually need long-term care according to the Department of Health and Human Services. There is a good chance that you will need long-term care sometime in the future.
What is long-term care?
Long-term care means caring for a person who has a disability for a long period of time. It can include both medical and non-medical needs. The goal of long-term care is to provide a person with independence and quality of life.
Still, long-term care can be expensive, especially if you need to go into a nursing home. If you choose a less expensive option such as home health care, it can still be costly.
How can I plan for long-term care?
There are ways you can plan for long-term care to potentially help lessen the impact on your bottom line.
- Set aside money now by putting it either into a pension plan or in an IRA.
- Obtain long-term care insurance. Note that this type of insurance needs to be purchased before you actually need it. Also, long-term care insurance does not always pay all your costs.
- Pay off your mortgage, sell your home or get a reverse mortgage.
- Apply for Medicaid.
- Seek guidance from an attorney experienced in long-term care planning.
No one likes to think about long-term care, but planning for it now will better help you prepare should you need it. Include this care as part of your estate planning strategy.