Long Term Care is one of the most pressing issues and likely the greatest retirement expense facing Americans today– it will only get more urgent as the nation ages. While people are living longer, many have little idea about the added pressures on their “long life care” to their family – financially and emotionally. Those who had planned to tap their hard-earned nest egg to cover the future long term cost of care may face a shock.
It is never too soon and almost always better to have talked and made plans in advance. Talk with your parents and family. Having the right plan in place now can help make sure your loved one has the financial resources to cover the exorbitant costs while receiving the right quality of care. It will help them maintain their dignity and provide the flexibility to participate in making choices that impact their care.
It’s important to consider care options while a person is healthy. That’s when the best rates and options are available and families are in much better emotional shape to discuss long term care-related planning. The simple truth is that during a crisis, situations can quickly escalate and cause tension or introduce issues that could have otherwise been avoided.
While there is much to gain by talking as soon as possible, there’s a staggering amount to lose if we miss the chance. The list is long, but here are just a few things you should know now, rather than discovering them the hard way later:
Being prepared will mean less work, less stress, less worry and fewer regrets. Talk. Talk now. Because we need to prepare for aging like we prepare for everything else in life.
While there can be several components to creating a retirement strategy, there are two key questions that you need to ask yourself for long term care planning: