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Now is the time to think about long-term care planning

On Behalf of | Jul 26, 2022 | Estate Planning

You are getting older, and it’s a reality that you may need help getting your daily tasks done. You might need help with your cleaning or cooking, or you might need help getting into or out of the shower.

In the future, you could need medical support, too.

For this reason, it’s a good idea to look into developing your long-term care plan. In fact, the AARP states that having a long-term care plan is essential, because it:

  • Allows you to direct the decisions that will affect you.
  • Gives you more choices later on.
  • Keeps you and your loved ones from becoming overwhelmed.

Your long-term care plan should contain several important decisions such as what kind of technology you want to use to maintain your independence, how you can make changes to your home to stay in it as you age, who you want to hire for housekeeping or other supports, if you plan to move to an assisted-living facility and how it will be paid for, and more.

Many people do decide to receive long-term care at home. Some others decide to get care in a facility. It is up to you to decide what you want and to include that long-term care plan in your estate plan.

Early planning pays off

Saving money is a part of long-term care planning, but so is making sure you have the insurances you need to protect your past earnings and assets. You may want to invest in a long-term care insurance policy to make sure you’re covered in the case that you need to go to a long-term care facility, for example, and to avoid having to spend down your own assets.

Your long-term care planning can also help you plan for Medicaid coverage. Using trusts and giving away gifts now might lower your estate’s value enough that you can qualify for benefits without spending down as many of your assets.

These are all things to think about when considering your long-term care. Long-term care planning can be complex, but it is essential if you want to protect yourself and your family as you age.