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4 Steps To Long Term Care Planning
It is a story being played out across the country. Aging parents losing their homes and moving in with their adult children. Adult children losing jobs and no longer able to help provide financial support to Mom and Dad for assisted living or home care. Planning ahead for long term care is important because there is a good chance you will need some long term care services if you live beyond the age of 65. If you are in your 40s, 50s or 60’s, here are four steps to take now to plan for your own long term care needs. 1. Assess Your Risk Most of us would just as soon not think about being in the situation where we need long term care services. But the reality is that about 60 percent of people over age 65 require some services, and the likelihood of needing care increases as you age. So the first step is to take a long, hard look at your family health history and your own health. A family history of Alzheimer’s, dementia, MS, Parkinson’s, stroke, or diabetes makes it more likely you will need long term care services as you age. In fact, it is often helping a family member cope with one of these debilitating diseases that triggers us to move ahead and plan for our own long term care. 2. Talk with your family about caregiving What are your expectations? What are the resources and capabilities of your family (siblings, spouse, children etc.) to be able to provide care if you need it? Caregiving can be a full time job. It is a process, not an event. It is best to have this discussion before the need and a crisis arises. For information and resources on caregiving go to www.medicare.gov/caregiving. 3. Where do you want to receive care? At home, or in an assisted living facility? Does a continuing care community, which provides different levels of care as you need it, meet your needs? If you are married, are you and your spouse in agreement about the best housing for both of you. Talking about this now will help you plan for home modifications if you want to stay in your home or begin to explore the cost of living in a community designed to support the needs of older persons. 4. Paying for long term care. Having a plan is one thing; paying for it is another. Medicare generally does not pay for long term care. If you have limited assets, you will quickly run out of money and qualify for Medicaid. But, if you have retirement savings your choices are two: to pay for long term care out of your own savings or to purchase long term care insurance that will shift the risk of paying for long term care from you to an insurance company. Long term care insurance has the benefit of providing independence and choice in where you receive care. Most policies cover care at home and in a facility. It also reduces the burden of care that fall on family members. A long term care policy will also provide the assistance of a care manager who can help you and family members find the right care. When to buy long term care insurance The younger and healthier you are, the lower the cost of the insurance will be. Like other types of insurance, long term care insurers look at your current health to determine how much of a risk you are to the insurer. If you have a condition that indicates you may need care soon or need care now, you won’t qualify. If you are re-evaluating your financial plan in light of today’s economy, a long term care insurance specialist can help you sort through the options and levels of coverage to find a policy that meets your needs and your budget. Article Directory: http://www.articledashboard.com Laura Rossman heads up marketing and communications for Longevity Alliance, an independent national insurance broker who helps seniors find the best Medicare health insurance plans , long term care insurance and term life insurance for their needs. Laura has been in the health and senior care services industries for over 20 years. |
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