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What does your long-term care plan look like?

On Behalf of | Nov 6, 2020 | Long-Term Care Planning, Long-Term Healthcare |

There could come a point in your life when you require long-term care, such as at a nursing facility. While you hope to avoid this, it’s something you must plan for nonetheless. Neglecting to do so could leave you, your family and your estate in a bad place.

Here are some of the most important questions to answer as they pertain to your long-term care plan:

  • How do you plan on paying for long-term care? This varies from person to person, but there are several options to consider. For example, you can purchase long-term care insurance to protect your finances in the event that you require care. Or maybe you qualify for Medicaid. Regardless of your plan, make sure you have one that you can trust.
  • Who do you want to manage your finances in the event of incapacity? If you’re unable to manage your own finances, someone else will need to step in. Through the creation of a financial power of attorney, you can name an agent who is responsible for things such as paying your bills, managing your bank accounts and filing tax returns.
  • Do you have a living will? With this in place, you can outline the type of care you wish to receive should you be unable to communicate your wishes to your medical team and loved ones.
  • Have you chosen a nursing home? Some people do this in advance, while others don’t. If you have a preference, do your homework now. This saves you and your family from having to make a rushed decision if you require long-term care.

When you answer these questions, among others, you’re able to decide what your long-term care plan should look like. You’re also able to give yourself peace of mind, as you’ll have a plan that you can trust.

If you’ve yet to create a long-term care plan, sit down and begin to answer these questions and address any concerns that are bogging you down. Once you have a clear idea of what you want to accomplish, you can then begin to move through the process. You’ll be glad that you did once you’re finished.