Planning for Long Term Care

When to Start

Experts agree, the time to start planning for long term care is when an individual is young. By starting young, insurance premiums are lower and it gives a person their whole lifetime to build up ample savings. Many people wait until a traumatic event occurs before they are moved to action but the best time to prepare for long term care is before the need is imminent.

Personal Savings Tips

There is a wealth of advice available to those who plan to use a personal savings account as the main financial supporter for long term care. First, determine the amount of funds available in pensions, 401k plans, and savings accounts. All accounts should then be consolidated.

Shop Around

Review insurance policies to determine if long term care is covered and do not hesitate to meet with a care manager to talk through various options. Locate the nursing homes and care giving communities in the local area and visit them in order to determine if they are suitable facilities. Find out how much these facilities cost and what type of personnel are employed.

Preparing

Sit down and have a conversation with close family members concerning long term care and the future. Discuss possible options and be open to input provided by family and friends. Guard against the possible need for long term care by preventing accidents. Make home modifications in order to make the residence safer because it has long been said that the best offense is a good defense. Develop a good relationship with a reputable attorney. Work with the attorney to draw up a living will and develop a power of attorney that can make financial decisions incase an incapacitating event occurs. Begin planning early so the pressure of time constraints does not affect decisions. Never sign any document unless it has been explained clearly. Do not be afraid to ask questions and do not rush into making rash decisions. Seek out insurance experts and long term care specialists who have a wealth of experience and information to draw upon and can make the process of planning for long term care less stressful.