Long Term Care Planning: Why It’s Important to Start Early
As we age, it becomes increasingly important to plan for the future but it is easy to put our long term care planning off until a crisis arises. Failure to create a long term care plan can bring unwanted stress and unexpected costs to you and your family.
A proper long term care plan can include measures to maintain an independent and comfortable lifestyle but should also include plans to address the needs that can arise due to disability or incapacity.
Typically, long term care planning involves a review of how you will pay for long term care in the event of illness, disability or injury.
Why Do I Need to Plan for Long Term Care?
In Pennsylvania, the average cost of nursing home care for one individual can exceed $100,000.00 annually. Families who want to protect themselves and their assets will make important decisions before a crisis arises. The ideal time to determine your long term care plan is before you need it.
Robert and Linda: “Now we know how important it is to start early.”
At age 48 and 49, Robert and Linda, weren’t very concerned about their long term care planning until Robert’s father was diagnosed with Alzheimer’s disease. Not long after the diagnosis, it became too difficult for Robert’s mother to care for his father and the decision was made to move him in to a nursing home where he would be safe and receive around-the-clock care.
“Mom wanted to have in-home care for dad but that just wasn’t an option when he got sick,” Robert confided.
While Robert’s parents had enough savings to cover his father’s nursing home costs, by the end of each month, Robert’s mother was left with barely enough to cover her expenses.
Robert and Linda began to realize the danger of facing their golden years without sufficient savings. As parents of two teenaged sons, they wanted to ensure that they would have enough coverage so they wouldn’t find themselves in a similar situation 20 years down the road.
“Until this happened,” Robert admitted, “I thought we would just cross that road when we got there but I don’t want to become a burden on my sons.”
With the help of their elder care attorney, Robert and Linda decided to make a plan for their long term care. They purchased long term care insurance so if one or both of them were to require in-home care or if they needed to move to a nursing home, they would be able to take care of it financially and not depend on their children or government assistance.
“We thought we had a lot of time to plan, but now we know how important it is to start early,” Linda said.
Creating your long term care plan early protects your family and your assets. Avoid having to deal with these difficulties in a time of crisis: plan today so you are ready for what tomorrow brings.
Different Ways to Pay for Long Term Care
There are several different ways you can secure payment for long term care. If you don’t have sufficient savings or income to pay for care, like Robert and Linda, you can obtain long term care insurance which will help to cover larger long term care costs. Medicare, Medicaid and Medical Assistance are also available for those who qualify.
To discuss your specific needs and to find out how our long term care planning attorneys in Pittsburgh can help you, please call Fingeret Law at 412.281.8222 or contact us online.