The most-dreaded topic of discussion that adult children have regarding their aging parents involves the older adults' perceived need for assisted living and long-term care, according to respondents to a recent poll. While this is really no surprise, the consequences of not planning in advance can cause great stress on family. Read on –
The financial costs and burdens of aging impact all of us at some point. Without an advance plan crisis management comes into play. Decisions are made that may not be well thought out nor to everyone’s liking. Default family caregivers can’t keep up, paid care is put in place, money is drained and even quality care can be impacted. This is why it is in everyone’s best interests to think about these things well before you age. Long Term Care planning should be part of your overall retirement plan and put in place in your 50’s at the latest. Affordable LTC insurance will provide the resources for quality caregivers, safeguard savings and income (401k, IRA, 403b), provide choice of care (home, assisted living, nursing home. Adult daycare, etc.) and ease the burden on family. Plus many plans have case management so a professional can help make recommendations and arrangements for care. This will allow family members to be loving and supportive. This is also ensure you get the type and quality of care you want while protecting your assets and the lifestyle (yours and your spouses).
You think you are too young to think about long-term care? Answer these questions:
- Are you working and saving money in a 401k, 403b, SEP or other retirement plan?
- Do you have assets over $50,000?
- Do you want to avoid burdening your family?
If the answer is yes to those questions than you should learn your options. Plus, many states have partnership plans which provide additional dollar-for-dollar asset protection. Don’t allow a crisis situation happen years from now when your adult children may have to dread making decisions about aging and long-term care. An advance plan today will help you have a successful future retirement and allow you to enjoy peace-of-mind.