Thinking and talking about your potential long-term care needs may not be easy or comfortable for you and your family members, but ignoring the topic would be a huge mistake.
It is important to know how you want your needs addressed and to have a plan in place for financing your care.
In-home care vs nursing home care
If you have a spouse or loved one who can physically care for you by helping you eat, bathe, dress and get around, then you may opt to stay at home. However, caregiving is a difficult job and if your family member suffers from burnout or cannot sustain a loss of income, then you may need to consider hiring a professional in-home senior caregiver.
If you require round-the-clock care and do not wish to stay at home, you can move into an assisted living or nursing home facility. This option is undoubtedly more expensive than in-home care, and the costs vary depending on your specific medical treatment needs.
Long-term care planning usually involves transferring assets to shelter your wealth or purchasing asset protection insurance for your elder care needs. You can generally obtain a stand-alone policy or add a rider to your existing life insurance.
If you have exhausted your own resources and require further care, Medicare and Medicaid may help cover certain costs.
Elder care is very expensive, but you deserve to be safe and comfortable as you age. Proper planning can help preserve wealth in the event you require long-term or end-of-life care.