Unfortunately, we never know when or if we will need long-term care. In fact, you might never need to take advantage of any of the plans that you have put in place. However, having them in place is vital to ensuring that you receive the care you desire as you age or if you become disabled. Why is long-term care planning so vital to the future of your loved ones and your family?
Make Decisions About Your Home
When considering long-term care contingencies, it’s important to think about where you would like to live as you age. The time to make modifications for aging-in-place is now, not when you’re in crisis mode as a result of not having a plan in place. Most older adults would prefer to stay in their own home, so their long-term care planning decisions might revolve around fitting the space with modifications like grab bars in the shower, ramps with handrails to the front door and additional light switches. Make your intention to stay in your home as long as possible clear to your children and family members.
Think About Your Health
Becoming ill or disabled is not something that anyone wants to think about, but it’s important to include any possible future outcomes in your long-term care planning. Work with an attorney at Mobley and Brown, LLP to work through preparing healthcare advance directives and other documents that are essential to the long-term care planning process, like a living trust.
Long-term care planning earlier in life is also essential because it gives you the opportunity to limit risk for certain illnesses and stay healthy and independent for as long as possible by identifying potential problems early. Talk with your doctor about your family history, medical history and lifestyle. Limiting risk activities like smoking, drinking alcohol and maintaining a more active lifestyle can increase your chances of staying healthy as long as possible.
Consider Your Financial Situation
Americans spend billions of dollars on healthcare annually, including long-term care. How you will cover the cost of long-term care varies depending on your current financial situation, the kind of services you anticipate needing to use and savings. In many cases, long term care plans incorporate numerous sources of funding, including:
· Government insurance programs, like Medicare and Medicaid
· Veterans’ benefits
· Services through the Older Americans Act
· Personal funds (pensions, savings, stocks, etc.)
· Private financing options, such as long-term care insurance
By planning ahead and organizing the information you have on your finances now, you will be prepared with all necessary information to implement your plan.
Need Help with Long-Term Care Planning? Call Mobley & Brown, LLP
Contact Mobley and Brown, LLP today. Our experienced legal team will work with you to meet your needs. Call us now at (410) 261-4952 or toll-free at (833) 355-9897.