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Why Should You Plan Ahead for Long-Term Care?

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January 27, 2022 Advance Planning

It’s natural to assume you’ll never need long-term care. The last thing many of us want to think about is undergoing an adverse health event or experiencing gradual health deterioration as we age. Plus, you may assume that your spouse, children, or other loved ones will be able to provide the care you need at home. In reality, over 70% of individuals turning 65 will require some form of professional care in their senior years. So, why should you plan for this long-term care need?

1. To reduce the burden on your loved ones

Many people assume their spouse or children will be able to care for them as they get older. Unfortunately, even if your loved ones have great intentions, reality often gets in the way. Your spouse may be too frail to provide the care you need, and your children or other loved ones likely have their own families, jobs, and other responsibilities. Making other plans for your long-term care reduces the burden on your loved ones, allowing them to carry on with their lives and enjoy their time with you.

DID YOU KNOW? Being a family caregiver is a major responsibility that typically takes up about 20 hours per week on average. That’s on top of day-to-day tasks like working a full-time job and maintaining their own household and family. Plus, caregivers often experience burnout after expending too much time and energy without having a chance to recharge.

Read more: 8 Critical Mistakes Seniors Make with Long-Term Care Planning

2. To protect your life savings

Professional long-term care is expensive, and without a proper plan, seniors risk depleting their entire net worth in a matter of months. Nursing homes can cost upwards of $8,000 per month—almost $100,000 per year—so you can’t afford NOT to plan for your long-term care. Fortunately, when you put a long-term care plan into place before you need care, you have a chance to protect your hard-earned assets and set aside funds for a future long-term care stay.

3. To achieve peace of mind as you age

When you plan ahead for long-term care, you can rest assured knowing your savings is protected and you have a plan that works for your specific situation. Plus, planning ahead gives you more flexibility in choosing the type of long-term care facility, so you can maintain more independence and avoid entering a nursing home until absolutely necessary.

Learn more: 3 Common Solutions for Long-Term Care Pre-Planning

So, how can you plan ahead for your long-term care? Allow us to help. First, we recommend downloading our free planning guide, Paying for Care: The Essential Senior Guidebook. Then, give us a call at (844) 412-4222 to discuss your situation in more detail. We look forward to hearing from you!

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"Paying for Long-Term Care - The Essential Senior Guidebook"

This guide takes a deep dive into the landscape of long-term care and how to pay for it without going broke, including the answers to your top questions surrounding Medicaid.

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