Plan for Long-Term Care

The New Year is upon us. Time to face our holiday spending and our waistlines! More importantly, it is that time of year when many reflect back on their accomplishments as well as disappointments. For many, making ends meet and trying to retire has been a struggle. Though our health may be co-operating for now, no one knows what the future may hold.

What we do know for sure is that if we do need long-term care in the upcoming years, it can be very expensive if we do not plan ahead. This can seem to be a daunting task, especially if as an aging adult you are still caring for children and parents. Finding a way to care for your future self is the last thing on your list.

You may be thinking, “Well, my kids will take care of me!” And you know what? They probably want to, and they will certainly try. If, though, you were to become incapacitated with Alzheimer’s, caring for you can become quite burdensome. For anyone who has experienced Alzheimer’s debilitating effects, the care of a loved one takes a serious physical and emotional toll.

So where do you start? Consider first “how” you want to age. For many, staying at home is their first choice. Medicaid does not pay for any in-home care services. Financial solutions include long-term care insurance or a reverse mortgage if you are at least 62 and you have enough equity in your home. Though there may be significant costs with each, the benefits far outweigh the actual cost of paying for services out of pocket. If it comes to a point that you are unable to stay at home, long-term care insurance will also pay for Assisted Living and Nursing Home facilities. Are you a veteran? There are care benefits available to qualifying veterans that pay for long-term care. Find out ahead of time what benefits and services may be available to you.

Though this article touches only very briefly on some of the options available, the point is to get you thinking about your future. Figure out how you would like to age. Plan for how that can be accomplished. Talk with your family and plan out how your future shall be handled, and who will help pay for it. Consult with professionals with an expertise in senior care. Plan now, so you are not disappointed in the future.

For help assessing the situation and navigating South Florida Alzheimer’s resources, consider the services of a Geriatric Care Manager. For Geriatric Care Management in South Florida, visit Advocare at http://www.caremanage.com.

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