As a part of your estate plan, something you may want to do is to look into long-term care planning. Long-term care planning gives you the opportunity to think about the situations you may run into as you age and take steps to make sure your wishes are known and be sure that financial support is available to you.
Generally speaking, your long-term care plan will focus on home and community-based services that you may need as an elderly adult. For example, you may want to look into different nursing homes to select one if you ever need daily care. You may also want to begin working on Medicaid planning, so you can qualify for the maximum amount of financial support without having to spend down your hard-earned assets.
What kinds of long-term care should you consider in your long-term care plan?
Your long-term care plan should consider different options for care depending on the level of incapacitation you face. Some options might include:
- Assisted living
- At-home care programs
- Continuing-care retirement community living
- Nursing home care
- Day programs
- Comprehensive at-home care programs
On top of choosing the programs that you may be interested in, you will need to look into how to pay for these services. Many people consider options like life insurance or a reverse mortgage to get the compensation they need to cover their medical care in their later years. Other options might include:
- Medicare
- Medicaid
- Long-term care insurance
When you are ready to work on your long-term care plan, it is beneficial to get to know the laws and regulations that may apply to you. You will want to talk about your care plan with your financial and health care power of attorney agents as well as your attorney, so you know that you’re as protected as possible.
Planning ahead is your best option for protecting yourself
Planning ahead will help you put your mind at ease knowing that you’re prepared for a decline in your health. Involve others in your long-term care planning, so you are sure that your plan is well-rounded and considers as many possible scenarios as possible.
