Elder Planning Isn't Just For The Elderly

Why you need to plan for long-term care

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.

Archives

FindLaw Network