At some point in their lives, most people will need some long-term care whether that's at an assisted living community or at-home medical care. When preparing for this future, it can be hard to know where to start.
And preparing for long-term care isn't just about your future. Other people in your family, like your spouse or parent, could need this type of care as well. Prepare for the future with these questions.
How do you plan and pay for long-term care?
Let's start with what long-term care is.
What is long-term care?
Long-term care is care for an individual who has a long-term physical, mental or cognitive disability. This can be at home with in-home nurses, in residential facilities like an assisted living community or a combination of both.
How do you plan for long-term care?
Depending on the duration and type of care needed, long-term care can range anywhere from $19,000 to 106,000 per year, according to Statista.
You likely have other future expenses you're saving for, but keeping your long-term care in mind now will help you save for your retirement and possible long-term care in the future.
Financially preparing for long-term care now means that you're saving while you have a steady income, and you're placing a smaller financial burden on your spouse or children.
You can also consider long-term insurance as a financial resource.
What is long-term care insurance?
A long-term care policy pays for a range of services, including skilled nursing home stays and inpatient rehabilitation. It can also cover some types of at-home support like personal attendants or nurses. Along with this coverage, long-term insurance can include the costs associated with assisted living facilities, adult daycare centers and the medical equipment and supplies used in your residence during periods of recovery.
Long-term care can be a significant expense, so do everything you can to prepare for it and use the resources at your disposal to learn more.
If you'd like help preparing for long-term care for you or your family, contact the office to find out more.
This material was developed and prepared by a third party for use by your Registered Representative. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security. The content is developed from sourcesbelieved to be providing accurate information.