According to surveys conducted among the elderly, their top three concerns about aging are:
- Remaining independent in their home without intervention from others
- Maintaining good health and receiving adequate health care
- Having enough money for everyday needs and not outliving assets and income
Addressing these concerns requires some pre-planning. Yet few people do it.
In fact, it’s been said that most people spend more time planning for a two-week vacation than they do planning for their “sunset years.” Lack of planning for that time of life can be devastating to an elderly person’s lifestyle, finances and security. It can drastically alter or completely eliminate the three main lifestyle wishes listed above. It can also have an adverse effect on the older person’s family, requiring sacrifices in their time, money and family lifestyle.
Clearly, planning ahead is essential.
Let’s look at some facts.
- As you create your plan, do the following:Medical science is preventing early sudden deaths, which means living longer with impaired health and greater risk of needing long term care.
- The Alzheimer’s Association estimates the risk of Alzheimer’s or dementia beyond age 85 to be about 46% of that population.
- It is estimated that 6 out of 10 people will need long term care sometime during their lifetime.
Determine how you will pay for care. Long term care insurance and/or a reverse mortgage are two resources to consider. Remember that with long term care insurance premiums will be lower if you purchase it when you are younger. Also, there are certain health issues that may disqualify you. Get it while you’re young and healthy!
Decide where you will live. Many assisted living facilities offer a range of options from independent living to partial care to a full-care nursing home.
Create an estate plan. A professional estate planner can guide you on how best to protect your assets for future needs.
Gather the essential paperwork. Be sure that all your important documents – trusts, wills, advanced directives, power of attorney, insurance documents, and bank records – are complete and filed somewhere accessible for you and designated family members.
Check out these additional resources:
The National Care Planning Council’s website — www.longtermcarelink.net— provides more than 700 pages of information for long term care planning, and lists the services of professional care providers in estate planning, long term care insurance, reverse mortgage, home care and many other important long term care services.
The National Care Planning Council’s book, “The 4 Steps of Long Term Care Planning”, provides information on what Medicaid and Medicare will cover as well as an overview of professional long term care service providers and how their services can help you create and execute your long term care plan. A checklist of what to do to create a plan, and forms for creating necessary paperwork are also included in the book.
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