Wednesday, September 11, 2013

Tips for Preparing for Long Term Care

There comes a time in a person’s life where you have to start thinking about long term care.  I know that it is nothing anyone wants to think about when their loved ones start to grow older.  Hopefully, you won’t need long term care but, it is good to have in case you do need it.  Planning long term care can be a long and daunting process.  First you have to sit down and find out what your loved one wants.  I am sure this is not something you want to have to discuss as the child or the parent.  My friends at Genworth have some great tips on how to talk to your family about long term care.  I wouldn’t really know how to bring it up to someone.

Do they have a living will; do they want to be resuscitated? Do they want to be at a certain facility? Maybe they have friends at a nursing home that they want to be with.  Will their spouse be able to join them if that is an option, like in assisted living? I know that is an option at some places.  Is there somewhere special they would like to live, like near a certain family member? I know when my Grandma Diana had cancer and in her last days, she wanted to be back in England. She was born there and she wanted to pass away there too.  That was very important to her to spend time with my aunt and cousin and other family members.

After you find out what your loved ones want for long term care, you need to decide on how you are going to pay for it. I read an article on Fox Business about howexpensive long term care is.  It is important that you and your spouse make these decisions before you are in the position where decisions have to be made quickly. Maybe you could start an account where you’re put in a certain amount each month as your long term care fund.  I find that with anything it is easier to put in small amounts than trying to come up with a large chunk of money at once. If you are over 65 Medicare will cover some of your costs.  It is pretty common that those who need long term care also have Medicaid.  Usually with Medicaid when you are in long term care, you have to give most of your monthly Social Security to the facility and Medicaid covers the rest. 
When my Grandma Rose was in need for long term care, my mom sold her house. That gave some money for long term care but you would be surprised how quickly it went.   A good healthcare facility can be pretty expensive. It doesn't include living expenses like clothes to wear, toiletries, books etc. Another good thing to consider doing is prepaying your funeral costs.  That way your family isn’t burdened with that expense in the middle of grieving. That way you can know that they will not have to worry about it. They won’t have to fight about it, trust me I have seen quite a few court shows where there are people suing family members over funeral and burial expenses.The last thing anyone wants is to be a burden to someone else.  

I hope I have helped you to start thinking about long term care and how important it is to plan just in case. With any luck, you will never need your back up plan and you grow older healthy and happy.

This post was inspired by Genworth and Brandfluential. All thoughts and opinions are my own.

1 comment:

  1. I think this is one of those things that people regret not looking into until it is too late. Also, some people just don't realize that it's an option. I am totally looking into this for my parents and for us. You just never know.