When to explore long-term care insurance?
Planning ahead for yourself can alleviate stress for your loved ones
Everyday Stewardship
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In my experience, long-term care concerns typically arise when my clients watch a family member struggle. They’re impacted when they see the difficulties of:
• Determining when a family member needs care.
• Figuring out where that care comes from – at-home help, assisted living or nursing care.
• Finding a space for the affected family member at a retirement community, which can be greatly impacted by who pays for care – the family, an insurance policy or Medicaid.
No one wants to deal with the stress of this decision-making, not for a family member and not for themselves. However, planning ahead for yourself can alleviate this stress for your loved ones. So how do you start to prepare – and when?
Start having these conversations when you are in good health. For most people, between the ages of 50-60 is a good window. If you wait until you’ve started losing control and independence, it’s too late to use most financial tools.
While you’re still in good health, think about the time between retiring and needing skilled nursing. Who do you want to tell you when it’s time to stop driving? What if you need a little help with taking your medicine or cooking, but don’t need skilled nursing care?
Then work with your Everence representative to explore long-term care insurance, both hybrid and traditional policies. Go through financial planning to see if you can afford to self-insure.
Last, talk to your family about your hopes and expectations. The goal is to set the stage so that you can focus on what’s best for your health and your relationships as you age.
• Determining when a family member needs care.
• Figuring out where that care comes from – at-home help, assisted living or nursing care.
• Finding a space for the affected family member at a retirement community, which can be greatly impacted by who pays for care – the family, an insurance policy or Medicaid.
No one wants to deal with the stress of this decision-making, not for a family member and not for themselves. However, planning ahead for yourself can alleviate this stress for your loved ones. So how do you start to prepare – and when?
Start having these conversations when you are in good health. For most people, between the ages of 50-60 is a good window. If you wait until you’ve started losing control and independence, it’s too late to use most financial tools.
While you’re still in good health, think about the time between retiring and needing skilled nursing. Who do you want to tell you when it’s time to stop driving? What if you need a little help with taking your medicine or cooking, but don’t need skilled nursing care?
Then work with your Everence representative to explore long-term care insurance, both hybrid and traditional policies. Go through financial planning to see if you can afford to self-insure.
Last, talk to your family about your hopes and expectations. The goal is to set the stage so that you can focus on what’s best for your health and your relationships as you age.