I like to write my own stuff, love it actually. People ask me all the time if I would sponsor their guest articles, and my answer 99% of the time is a kind albeit emphatic no. But this time, I differed from the pattern. Whatever the condition, I believe it would help many. So here it is, written by Claire Wentz for Caringfromafar.com, asking the correct questions all who are in this situation should consider.
Claire writes:
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Ease Your Mind (and Financial Burden) by
Planning for Long-Term Care
More of us are living well into our golden years than ever before. While it’s a wonderful thing to live longer, that often means requiring long-term care at some point. What are your plans for long-term care? If you require care, how will you pay for it?
Planning Starts Today
Statistics indicate the majority of people over the age of 65 will need long-term care at some point. As many as 58 percent of men aged 65 and older spend over two years requiring care, and 79 percent of women over 65 require long-term care for over three. With that in mind, how likely are you to need care?
Assess Your Need
Ask the following questions to determine whether you may need long-term care now or in the future:
Are there any home modifications you need to make? Many people opt for aging in place, and home environments usually require alterations to support that choice.
What lifestyle choices are you making now? How can you reduce the risk of injury or onset of illness? For instance, do you participate in high-risk hobbies such as mountain climbing or skydiving? Do you enjoy an unhealthy indulgence like cigarettes?
Are there hereditary illnesses and conditions that could impact you? Many people are predisposed to cancers that run in their families or issues like diabetes or heart disease.
Paying for Care
Understand Costs and Living Options
Long-term care can be expensive. While what you will pay depends on where you live and the amenities you want, it is not unusual to pay $90,000 per year or more. Are you counting on assistance from Medicare? It’s important to understand that Medicare doesn't cover long-term care after the first 100 days. (At that point, Medicaid coverage may be available, if you’re eligible.) Furthermore, as CNBC points out, you need to qualify financially for these services, and you can’t have more than $2,000 in assets to do so. The best way to discern the costs for long-term care is by talking to and visiting various communities in the Philadelphia area. Single out a few different options that offer the amenities you want, and take tours. Even if you don’t need LTC right now, some communities offer future residents the chance to put down a deposit.
Think Things Through
These concerns may seem far off, but you or a loved one may benefit from investing in a care plan right now. For instance, long-term care insurance premiums are lower if you invest in a plan at a younger age. You can also use pre-tax funds from your health savings account (HSA), if you have one, to pay for care.
Think about these issues when deciding on your course of action:
How close are you to retirement? You may have temporary disability insurance through your employer, but that won’t help once you retire.
What are the savings and insurance programs available to you now to help pay for long-term care? Many health insurance plans don’t cover long-term care.
How do you plan on paying for the costs of long-term care?
Other Options
In addition to long-term care insurance, there are a handful of options available for financing care costs. US News & World Report explains veterans can receive special assistance through the Department of Veterans Affairs, or you can use an HSA or get a reverse mortgage to pay for care. While reverse mortgages are an increasingly popular option for seniors who are 62 or older to supplement their income, you should consider this option carefully, as it comes with pros and cons.
Other avenues include tapping into your retirement accounts or selling the family home. If you opt to sell, you’ll want to find a realtor who is familiar with senior moves like this and who can help you get the best price for your home.
Ease Into Your Golden Years
Planning for long-term care is a healthy choice. Weigh your needs and options, and determine how you will manage should a need arise.
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There! Very thought-out mission accomplished.
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