You can feel secure knowing that you and your loved ones are in a good insurance hands.
One of the most essential challenges of our time is how to prepare for aging, and as the population ages, this need will only increase. Despite the fact that people are living longer, many are unaware of the additional financial, emotional, and physical strains that come with aging.
Planning ahead is crucial because the expense of care will rise as we age. To determine what could be best for you and your family, start a conversation about long-term care with your spouse, close friends, and parents. Here are five compelling arguments for starting long-term care planning right away.
Consider these important statistics
There are over 54 million Americans over the age of 65 and 70% of people over the age of 65 will require long terms care services and support at some point in their lives.
Health insurance and Medicare generally don’t cover the costs of long term care needs
Some of the costs of aged care, if any, may be covered by Medicare and health insurance. Start looking at nursing homes, assisted living communities, or in-home care prices. Many people need these services as they age. Until assets are exhausted, the majority of these costs are incurred directly out of pocket.
A durable power of attorney provides assurance
A durable power of attorney enables you or a loved one to name a person to take charge of affairs in the event of an emergency. To learn what legal paperwork your family might want to have in place, speak with a lawyer.
Good health is not a given
The state of anyone’s health is subject to change at any time. A long-term care plan can help ensure that you and your family will receive the care you need and desire. To learn what legal paperwork your family might want to have in place, speak with a lawyer.
Waitlists for facilities can be lengthy: Many facilities have waiting lists, some of which require future residents to be able to live independently prior to moving in.
The smaller challenges can take a toll: It isn’t always the big health problems that affect quality of life in golden years. In fact, the seemingly minor challenges such as having difficulty hearing, the inability to continue pursuing a much-loved hobby, or the fear of falling can take a bigger toll. As you consider long term care options, discuss these “minor” challenges and address them.
Start planning for your long term care needs today so you can account for rising costs, inflation, and other variables with confidence. The sooner you start planning, the easier and more cost-effective it can be in the future.