As people age, they are at a higher risk of cognitive decline and physical impairments that can prevent them from doing the daily activities they did before. Unfortunately, the possibility of a stroke or heart attack can also increase with age. Therefore, many individuals will require long-term care at some point in their lives.
Long-term care planning should begin before you need it because you never know what type of care you might need and when you will need it. Some services allow an individual to live independently, while other, more common facilities and services focus on assisting elderly or disabled people in performing daily tasks. Planning for your long-term needs can allow you to make crucial decisions for yourself before it is too late.
Understanding the benefits of long-term care planning
Long-term care planning entails getting ready for the potential need for help with everyday tasks because of getting older, health issues or disabilities. You never know when an accident or unexpected illness can take away your ability to think and act reasonably. It is one area of elder law that can help you plan for the following:
- Where you will live as you age
- How will you care for yourself
- Who will care for you if necessary
- How you will pay for the care you need
- What type of care you will receive
Long-term care can be expensive, and Medicare or standard health insurance policies may not cover the costs. Planning can involve purchasing long-term care insurance, restructuring your assets for Medicaid eligibility or setting aside funds to cover these costs, helping protect your savings and assets. Here are some benefits of long-term care planning:
- Financial security
- Medicaid eligibility
- Control over long-term care decisions
- Reduced burden on your loved ones
- Estate preservation
- Tax benefits
By researching and planning your long-term care options, you can make informed decisions that prioritize quality care, potentially leading to a better quality of life.
Long-term care planning can give you peace of mind
Knowing that you have a plan in place can provide peace of mind for you and your loved ones. You can take comfort in knowing that your care preferences are legally enforceable no matter what happens to you. You will not be leaving unfair and difficult decisions to your loved ones.