Have you cared for a loved one near the end of his or her life? Actively deciding on a plan for your own care is ultimately a gift you give to the loved ones who outlive you.
How we answer these five questions will, to a great extent, determine how we are remembered.
- Who might be my caregiver?
- Where do I want to receive care?
- How can I finance and coordinate my care?
- What type and amount of care could I need?
- When is it likely to happen?
Long-term care is an essential element of your overall financial plan because the likelihood of needing care to perform normal daily activities – like eating, dressing, bathing - is high. In fact, 70% of people 65 and older will someday need long-term care, according to the Department of Health and Human Services.
What about Medicare? Medicare is not long-term care insurance. Medicare pays only for approved charges, only for skilled and rehabilitative care, only after three days and nights of hospitalization, and only for a maximum of 100 days per diagnosis.
The Medicaid program will pay for required care only after your existing assets have been spent down to meet state and federal guidelines.
Denver Post article, “Spring financial to-do list should include planning for your own long-term care” by Cameron Morgan, A & I Financial Services’ Wealth Advisor.
Contact your wealth advisor or request an appointment to start the conversation about long-term care. We’ll discuss ways to optimize your care, communicate your care plan, reduce the burden on caregivers, and protect your financial resources. Create a plan that helps you - and your loved ones - rest easy!