The easy answer: “the sooner the better!” We usually suggest beginning planning in your 50s-70s, but the younger and healthier you are, the more options you will have available. If you have a family history of Alzheimer’s or Dementia, it’s recommended you begin planning even sooner as options can change upon receiving a diagnosis.
One item that benefits from pre-planning is long-term care insurance, the younger and healthier you are, the more affordable it will be. However, if you are past the standard age range or you are experiencing some health concerns, don’t assume it's too late. You will most likely have fewer planning options, but you will stall have options available!
Paying for Long-Term Care
Long-term care looks different from person to person. For one patient, long-term care may mean a home health aide coming in for a few hours during the day, For another patient, long-term care may mean living in a nursing home and receiving around-the-clock care. There are a variety of options for paying for long-term care.
These options can include:
- Traditional long-term care insurance
- Life insurance with a long-term care rider
- Annuity with a long-term care rider
- Private pay
- Veterans’ benefits
We Can Help You Develop a Long-Term Care Plan
We’ve helped many clients take an interdisciplinary approach to their long-term care planning by exploring both legal and financial options.A well-rounded long-term care plan will involve a combination of legal, health care, and financial tools to meet your goals and maximize your protection.
Having assisted many clients with long-term care planning, our team at Carolina Family Estate Planning understands that developing a long-term care plan is not just about protecting your own independence and dignity, but also about protecting those you love from the physical, emotional, and financial toll that caring for a loved one can take. We have seen first-hand what can happen when someone does not establish a long-term care plan, and we want to make sure that does not happen to you or your loved ones. By hiring an estate planning attorney, you can take comfort in knowing you have a plan in place if you ever need it and that your loved ones will not need to worry if that time comes.
For more information, check out our free guide to Alzheimer’s Care, or webinar, and give our office a call at 919-443-3035, and one of our friendly Client Welcome Specialists will be happy to tell you more about The Alzheimer’s Planning Center and our unique Memory Safeguard Planning, to help you determine the best path forward, and to help you take the next steps toward a more secure future and a better life.