It is helpful to look at how a serious illness or disability affects you and your family.You need to match your needs to the options available to you. Get over the denial that this will never happen to you. Please talk to your families and have a plan. The probability of needing Long-Term Care is very high. We are now living a long time, increasing the probability of needing care. This may be the largest financial risk Americans face.
It’s better to create a plan 10 years too soon than one day too late. And even more significant, the younger you are when you purchase a policy, the less you will pay over the life of the policy.There are many difficult questions to answer in respect to LTC planning and how it affects the financial and emotional well-being of your family. How is the family affected when this unexpected life event occurs?
The costs of care are high both now and in the future. Think about the cost of care in 20 to 30 years. The purchase of a LTC policy today solves a million-dollar LTCi problem in the future.
In respect to long-term care planning here are some difficult questions to answer.
- How much you are able/willing to spend on long-term care.
- Do you have any family members that are in a position to take me into their home (or move into my home) for an extended period?
- It is important to ask yourself exactly what your needs are, or what they could become when you first begin to do your LTC planning.
- If something does happen to your health you and family memers are asked to become a caregiver, and they will certainly be asked, nobody will be in a position to answer that.
- Long-Term Care planning is a consideration to you and your family to make preparations for whatever the future may bring.
- How will your planning-or lack there of-affect your family?
- Are your adult children ready to give up their jobs and families if it becomes necessary to become a caregiver?