Many adults don’t think that they’ll need long-term care in the future. The fact of the matter is that the older you get, the more likely you’ll need long-term care at some point in your life. Planning for this now can help you to ensure that your assets are protected so that your loved ones can receive the assets you intend them to get.
One of the keys to proper long-term care planning is that you can’t wait until you need the care to get things in order. In some cases, such as when you need to use needs-based or asset-based programs to help with the costs, there are lookback periods that apply. Even if you don’t think that you’re going to need long-term care, consider these points.
Who might need long-term care?
Only around 30% of people who are 65 years of age or older won’t ever need long-term care. More than 66% of people in this age group will need long-term at some point during their life. Around 20% of people who are at least 65 years of age will need five years of long-term care or longer.
Men and women may both need long-term care; however, women are more likely to need it due to living an average of five years longer than men. On average, around 60% of men who are at least 65 and 80% of women will require long-term care. Men need an average of 2.2 years of long-term care but women need an average of 3.7 years.
Do you have a plan in place?
Long-term care planning is an important part of your estate plan. Taking the time to plan for what’s possible can give you peace of mind and help to reduce the stress your loved ones feel if something happens to you that requires you to receive care.