A point of discussion we often have with our clients concerns the issue of long term care. On most days, we receive questions such as, “How do I protect my assets?” and “How do I make sure that I get the care I need as I age?”. Thinking about long-term care costs is a wise thing to do, even if it may not be the most pleasant topic to ponder. Here are some thoughts to consider:
1. Planning ahead:
The earlier you start planning for potential long-term care needs, the more options you’ll have and the better prepared you’ll be financially. Consider starting to save and invest specifically for this purpose.
2. Understanding costs:
Long-term care can be expensive, whether provided in a nursing home, assisted living facility, or through in-home care. Research the average costs in your area to get a better idea of what to expect.
3. Get to know your local resources:
Understand the services that may be offered in your area before you need them. Is there a local home care company? What communities are there near you that provide support as we age? What types of services are you looking for now or think you may need in the future?
4. Insurance options:
Look into long-term care insurance policies that can help cover some of the expenses. Compare different plans and consider factors like premiums, coverage limits, and eligibility requirements.
5. Family Dynamics:
Have open discussions with your family about your wishes and preferences for long-term care. Consider who might be able to provide support or caregiving if needed.
6. Health and lifestyle:
Making healthy lifestyle choices now, such as exercising regularly, eating a balanced diet, and managing stress, can help maintain your independence and potentially reduce the need for extensive long-term care in the future.
7. Government assistance:
Familiarize yourself with government programs like Medicaid that may help cover long-term care costs for those who qualify based on financial need.
Remember, while it’s important to plan for the future, don’t let worries about long-term care overshadow today. Long-term care planning is only one part of a well thought out plan for your aging future. With careful planning with an elder law attorney and a positive outlook, you can face the future with greater confidence and peace of mind.
Founded by a nurse attorney and with offices in Acton, Sudbury, and Andover, Massachusetts, Generations Law Group helps families navigate the complex areas of estate planning and elder law to inform and protect loved ones of every generation.
