The older you get, the more likely it is that you may experience a condition that could necessitate long-term care, whether in the community or in a skilled nursing facility. Suffering from Alzheimer’s disease, severe arthritis or certain disabilities are just a few circumstances that can render long-term care for an individual necessary.
Long-term care refers to the treatments that make life more comfortable for individuals with permanent medical conditions. Though younger adults are not as likely to need this type of care, the question remains as to when you should start your own long-term care planning.
What is the best age to start long-term care planning?
While there is no one-size-fits-all answer for creating a long-term care plan, the reality is that it is never too early to start. The Administration for Community Living estimates that 70% of adults age 65 or older will need some degree of long-term care, but you can begin saving for this eventuality as early as your 20s.
How can you prepare for long-term care early in life?
Long-term care might be the last thing on a young adult’s mind, but making the right kinds of preparations early can minimize the risk of a worst-case scenario later in life. If you are earning income, you can make contributions to a pension plan or IRA. Paying off the mortgage on your home is another way to prepare, which means sticking to a strict repayment plan in your early years of homeownership.
You can start basic long-term care planning in your 20s but should adopt a more involved strategy as you approach your 60s and beyond. Proper planning ensures a lesser burden on yourself and your loved ones when the need for involved care becomes unavoidable.