As you go about formulating your plan for long-term care, there are several factors that you need to consider. These are the following:
Have a clear assessment of what your needs are. It is unknown as to what your future health condition and care needs will be, but there’s a way on how you can sort of have a forecast. First, take into consideration your activities, job and lifestyle. Do they have possible long-term effects on your health and ability to perform activities?
Health is the primary factor to consider when planning for long-term care. Are you suffering from any medical conditions now? Is there a possibility that you can inherit illness from family? In order to determine these things, you need to consult a doctor. Asking a professional can give you a concrete evaluation when it comes to your health status now and its possible standing in the future.
The cost of long-term care is continually rising; on the other hand, it’s not something that you should be thrifty on. Since long-term care must be paid off with a considerable amount, it’s just right that you evaluate your financial capability.
Seek the advice of a financial advisor. Discuss your current financial standing and determine whether it has the capability to pay for long-term care in the future. If not, study the different ways on how you can grow and manage your wealth so that it will be enough to cover your long-term care expenses.
Another crucial factor to determine is how you intend to pay for long-term care. Determine whether you will apply for long-term care insurance, pay privately or out-of-pocket, rely on government programs or combine any of these long-term care options. It is important to note though that these modes have advantages and disadvantages.
Decide who will administer your long-term care requirements and where you want to be taken care of. Typically, this responsibility is charged upon loved ones. In the United States, 80% of long-term care is being given by family members. However, you should consider caregiver options outside of your family should your loved ones cannot be available to provide you with care.
Most people would want to live in their homes as long as they can, that’s why home care is the top choice for long-term care. Should home care is no longer suited for your needs, consider other facilities such as nursing homes and communities.
Formulate advanced directives. These documents are official and legal. They include your requests and preferences when it comes to long-term care. They also state who will be responsible for making long-term care decisions should time come that you can no longer speak up or decide for yourself. If you intend on doing this, you may seek legal advice from a lawyer.
These documents are usually in the form of a health care power of attorney or living will.
Creating a plan for long-term care requires a lot of research, preparation and discussion among family members and experts. It requires an intensive process, that’s true, but the time and effort you put in during its creation will definitely pay off by the time that you require long-term care.