Long-term care financial planning includes considering long-term care insurance, senior living costs, home care costs, and any other expenses related to care that might pop up in retirement.
Here are a few tips for long-term care financial planning that can come in handy as you look to the future.
- Don’t base your plans on living with your adult children or other family members. While some families initially plan this way, the reality of family caregiving is too challenging for most families to make it work. Adult children and other family caregivers can sometimes fill in gaps by doing tasks such as scheduling physician appointments, picking up prescriptions, or dropping off meals. Still, full-time caregiving is often simply not a realistic option.
- Remember that senior living is a viable long-term care option for even the most independent and active adults! Senior living residences are there to offer resources that support wellness and make meeting new friends even easier. While some residences offer around-the-clock caregiver assistance, residents are still active and involved with their greater communities. As a bonus, the predictable monthly expenses that are often all-inclusive simplify financial planning more than living at home.
- Good long-term financial planning doesn’t have to include long-term care insurance. You can plan responsibly without long-term care insurance, though you might need a bit more guidance.
- Understand what Medicare covers and doesn’t so that you can plan accordingly for any current or future needs.
- Realize your plans should include your partner. Things can get even more confusing when you think about the future for you and your partner, but it will benefit you if you work together to make the best plans possible.
How to Find Sound Long-Term Care Financial Advice
Finding the right long-term care financial advice can feel nearly impossible, especially after a quick internet search. Everyone has an opinion, along with a story about their own experiences. However, you can quiet the noise and find reliable information by consulting with any of these professionals:
A Financial Advisor
You likely already have a financial advisor as a part of your retirement planning committee, but if you don’t, now is the time to find one you trust. Look for an advisor with experience working with adults on the verge of or in the middle of retirement.
Your Physician
Believe it or not, your physician can play an essential and active role in your long-term care planning. Chat candidly with your physician about what type of care you might need in the future based on your current health and when you receive any new diagnosis.
Senior Insurance Advisor
Finally, a professional who understands Medicare and your insurance options is an excellent addition to your long-term care planning team. Find someone experienced with all types of Medicare, including Veterans assistance, if that applies to you.
How to Save for Long-Term Care
If you’re wondering about the first steps to take as you save for long-term care, start with knowing your insurance benefits, monthly expenses, income, and health goals. It’s never too early or too late to make an effort to put money away for your long-term care needs.
While planning, be sure to research senior living options as well. You might find that rightsizing to a low-maintenance lifestyle in a residence designed to make wellness more convenient is what you need to feel comfortable and energized in retirement.
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