Are you prepared for long-term care?

Are you prepared for long-term care?

Proper planning for your senior years can pose a complicated and difficult task to some. You can compound this task exponentially by helping a loved one prepare along with you.

Consider these important questions so that you can adequately prepare for long-term care.

What will care likely cost?

Because no one can accurately predict just how well their body will weather the effects of age or what medical challenges they may face, it’s next to impossible to know exactly what to expect in terms of long-term care cost.

You can look at the general cost of care, however. Genworth Financial provides a handy Cost of Care calculator, where you can see the current and projected costs of care across the country and compare them with other cities and states. For instance, the current annual cost of care for an Indianapolis nursing home is more than $71,000, while similar care for an Houston nursing home runs just shy of $53,000 and a Boston-area nursing home will set you back more than $124,000.

Knowing general regional costs can help you decide if relocation might be a good part of your long-term care plan. If average care costs are lower near a family member than where you currently live, perhaps moving is worth discussing.

What can I do with my assets?

Most seniors get to retirement age owning their homes. Knowing how to get equity out of that property is a question best left to a financial planner. You should work out a plan for all or your investments with such as professional. Having a solid investment plan in place can help significantly ease the burden of unexpected costs.

What other details should I plan out?

Some parts of planning for long-term care don’t involve financial decisions at all. You should make sure that you have a living will to make sure that your decisions regarding your medical care are carried out. Because every state has different laws and statutes regarding the crafting of a living will, make sure you consult a professional to ensure that you leave no issues unplanned. Often, estate planners are also qualified to help you craft a living will.


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