Choice-Based Outcomes of a Long-Term Care Plan
You may not want to plan for Long-Term Care (LTC) or don’t yet see it as part of your comprehensive financial or retirement planning; however, most Americans will require some form of LTC as they age, so it’s simply a prudent measure to plan for the day you need care, and here are the various choice-based outcomes.
|
With A Long-Term Care Plan
You have a professional to plan for your care at home, providing all types of services related to your particular illness, injury or condition.
Your family can be part of the care plan, but they will not have to be the planning experts.
They will have the money to pay for LTC expenses without depleting your family's nest egg for that care.
Your loved ones can carry on a more normal life.
Your family will attend to your needs not out of a sense of obligation but because they want to do it.
Because you have a plan, you can choose a facility or stay at home, whichever is more appropriate.
You may be able to stay at home longer.
You may be able to pass on some of your hard-earned savings/assets to your heirs.
You can stay with your children without depending on them for Caregiving.
You can feel good knowing the money you’ve worked hard to save will not be used up in a few short years.
There will be less friction between family members, as they won't be burdened with the responsibility of providing you care. |
Without A Long-Term Care Plan
Someone in the family must decide who will care for you, who will pay, and where you will stay.
Your family must find the caregivers you need in order to stay home and maintain your independence.
You could be forced to use more than $100,000 a year to pay for care out-of-pocket.
Family members involved in providing care will be chained to your needs, and they may
resent the situation.
Your family will have no choice but to deal with your health problem - at their own expense.
Your family may have to make choices based on their ability to pay rather than your needs or preferences.
You may enter a nursing home prematurely.
You may be forced to use a large portion of your assets/savings to pay for your care.
Your family may not be able to keep you in their home and provide care for you.
One of the most significant financial risks you face is the potentially devastating cost of future LTC needs.
Family members often resent one another for not doing their part if you need assistance
Please contact your advisor to discuss how Long-Term Care planning will benefit you and your family to help ensure multi-generational financial security.
Print 