You should act now to protect your future as part of October’s National Long-Term Care Planning Month. The national designation is meant to encourage seniors to plan for their potential care needs. This year’s observance is especially important given the number of Americans facing long-term COVID-19 recoveries.
Long-term care isn’t cheap. The Genworth Cost of Care Survey says nationally it will cost between $19,500 and $102,200 for one year of care. (Dependent on whether the care is in-home, assisted living or nursing home care.)
Long-Term Care Questions
Even healthy Hoosiers should ask themselves key questions this month to prepare for the future.
- What kind of care would I want if I am injured or sick? Do I want to be at home or in a nursing facility? Who will take care of me?
- What types of long-term care (if any) does my current insurance cover?
- What options do I have to pay for the care?
- Should I purchase long-term care insurance? How much would it be?
- What legal documents do I need to get in case I can’t take care of myself?
- Who will I share my long-term care plans with?
Why You Should Plan
Studies show there is a nearly 70 percent chance that someone turning 65 today will need some type of long-term care service in their lifetime and the average length of that care is three years. We often have clients come to us in a crisis situation because they haven’t planned in advance and that sometimes limits their care options.
Even people in their 40’s should start planning for future care needs by considering those key questions above and then formulating a long-term care plan.
Options to Get Started
People often don’t know where to start to plan. One solution is to learn more about Life Care Planning. This holistic approach involves a team that works with clients as they age to help them deal with legal, financial, medical and emotional issues involved in growing older. The Life Care team works with the client as health and financial conditions change to evolve their long-term care plans.
Without proper planning, care often falls on family members and friends. These unpaid caregivers provide an estimated 80 percent of all at-home long-term care in America according to the Administration for Community Living (ACL).
By creating a Life Care Plan, you are giving a gift to your loved ones who may someday need to take care of you. It may be the best gift you ever give them.
Even if Life Care Planning isn’t the option for you, our experienced attorneys are ready to help you plan for the future you want and deserve.