You may think it is too early to plan for Long-Term Care needs, or maybe you just don't see it as part of your overall financial or retirement plan. However, over 70% of Americans will require Long-Term Care in retirement.
So here is a list of 7 considerations for your decision to plan or not.
1. Someone else in the family will be responsible for making the decisions about who will be caring for you, who will be paying the bills, and where you will stay.
Having a professional to plan for your care at home that you were a part of creating; providing all types of services related to your particular illness, injury or condition.
2. You could be forced to use as much as $100,000 a year to pay for care out of your savings/income.
Having the money to pay for long term care expenses, without having to deplete your family nest egg for that care. You will be able to leave some of your hard earned savings/assests to your heirs.
3. Family members involved in providing care will be chained to your needs, and they may come to resent the situation or other family members being seen as not doing their part.
Your loved ones can carry on a more normal life. There will be less friction between family members, as they won't be burdened with the responsibility of providing you care.
4. Your family will have no other choice but to deal with your health problem - at their own expense.
Your family will attend to your needs out of love, instead out of obligation.
5. Your family may have to make choices based on their ability to pay, rather than your needs or preferences.
Because you have a plan, you will be able to choose your own facility or stay at home, whichever is more appropriate.
6. Your family may not be able to keep you in their home and provide care for you.
You will be able to stay with your children without depending on them for all your care.
7. One of the biggest financial risks you face is the potentially devastating cost of future long term care needs.
You can feel good knowing that all of the money you've worked hard to save will not be used up in a few short years.
Ensuring multi-generational financial security is a concern all of us have. Contact us today to begin discussing how Long Term-Care planning will benefit you and your family