While people know the importance of wills and trusts, future health care should also top the list of your future plans.
According to LongTermCare.gov, a person currently aged 65 has nearly a 70% chance of requiring some form of long-term care support. While no one knows what the future holds, planning now helps you maintain your best interests and financially prepare for care costs.
While a difficult subject to tackle, planning for long-term care means preparing for the unexpected. A sudden injury or illness may lead to requiring extra care. By planning ahead, you get to learn about services available throughout Westchester County and start to have an idea of what they cost prior to needing them. It also allows you to make important decisions, easing the burden on your spouse or children. Key considerations to plan for include where you will live, what kind of care you want and how costly expenses will be covered.
Prepare for change
While you may have a plan ready to go, it’s important to ensure it remains flexible. In many cases, the level of care needed gradually changes. If you receive a diagnosis of a progressive condition, such as dementia, the necessary care will likely become more intense over time and require a move to a skilled nursing facility.
Long-term care planning allows you to take a broader view of your future. Along with your future care, going through the process makes it a perfect time to develop a living will, name a power of attorney and health care proxy, and plan for asset protection.