It’s February, and our thoughts turn to love. 
Who doesn’t love love?
There’s a unique kind of comfort in knowing there’s someone special who loves us, faults and all, shares our interests, keeps our secrets, wants us when we’re old and gray. That someone might be your spouse, a best friend, one of your kids, your knitting group, or even your parakeet. No judgment here.
Whoever you love and plan to grow old with, you can show them how much you care by thinking ahead about your Golden Years together. That means having conversations about long-term care with your loved ones, so when the time comes, your parakeet can continue to enjoy their favorite birdseed.
Why Long-Term Care Planning Matters
According to the U.S. Department of Health and Human Services, 70% of people aged 65 and older will require some form of long-term care in their lifetime (source). Without proper planning, the costs and decisions surrounding care can become overwhelming for loved ones.
Long-Term Care Planning ensures hard-earned assets stay protected, wishes are honored, and dignity is upheld.
Planning ahead for both their and your own comprehensive Long-Term Care can help ensure hard-earned assets stay protected, personal wishes are honored, and dignity is upheld.
Exploring Your Long-Term Care Options
The first step in Long-Term Care planning is looking at all your options and figuring out your preferences (while understanding that even the best laid plans go awry).
Parents can move in with, or near, children who are ready and willing to provide varying levels of care. Couples may wish to age in place together in their shared home or downsize together to an active retirement community.
Understanding Different Care Settings
When it comes to retirement living and long-term care, not all “homes” are created equal!
There’s a wide range of senior communities, assisted living communities, and long-term care facilities for seniors with different options, including:
- Independent Living Communities: Housing and social activities but minimal medical support.
- Assisted Living Facilities: Meals, housekeeping, and help with daily activities.
- Memory Care Units: Specialized care for individuals with Alzheimer’s or dementia.
- Skilled Nursing Facilities: 24-hour medical care for those with complex health needs.
It’s important to fully understand the services offered, the costs involved and the admission guidelines for any residential community or facility. Even care homes in which residents can “age in place” with a full continuum of care may only admit new residents who are able to live independently for the first several years, so it’s crucial to plan accordingly.
The Risks of Not Planning for Long-Term Care
Aging happens differently for everyone: a couple happily aging in place together may realize at some stage that they require very different levels of support. A plan to care for a loved one at home may no longer work if the individual has a stroke and subsequently requires round-the-clock care.
Even active and healthy seniors need a plan; it only takes one hospital stay or injury to put their care and security at risk. Without a long-term care plan, families often find themselves making rushed decisions in times of crisis, leading to financial strain, uncertainty, and unnecessary stress.
Key Considerations in Planning
Long-Term Care Planning empowers you and your loved ones to talk openly about possibilities, eventualities, and preferences.
Now is the time to learn about your options, well in advance of any emergency, to avoid having to make decisions from a place of anxiety and pressure.
Here’s a list of things we talk about with our clients, so they can consider all the options, benefits and resources they and/or their loved ones may need in the future:
- Powers of attorney
- Healthcare directives
- How to protect assets for children or a spouse still living at home
- How to hold title to bank accounts
- Legal and financial plans to help care for a loved one with a disability
- The pros and cons of insurance policies, annuities, etc.
- How to access public benefits like Medicare, Medicaid, and Veterans Benefits
- Paying for long-term care with strategies like Reverse Mortgages, Life Settlements and Senior Living Lines of Credit
Love and Legacy: The Gift of Preparation
“Planning is bringing the future into the present so that you can do something about it now.” — Alan Lakein
Okay, so Long Term Care Planning doesn’t sound terribly romantic. But it is an act of love. Making and sharing smart decisions about the future eases everyone’s fears that nursing home care will be sudden and surprising, prohibitively expensive, require selling your house, leaving your spouse homeless and destitute, and your children on the hook for inherited debt.
Love means supporting someone to be their best self and live their best life, with access to the very best care when they – or you – need it.
Ready to start the conversation? Contact us today to discuss your Long-Term Care Planning options.
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