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A long-term care plan needs a financial plan

Planning for the future is not an easy feat. But because there are so many what "ifs," it is imperative that Michigan residents take this process seriously. Additionally, it is also crucial to begin the process sooner rather than later. No one can predict when he or she can no longer care for him or herself or make their own decisions, and, while this is typically when we are elderly, this could unfortunately occur much sooner in life than one expects.

The expenses associated with end of life care, such as assisted living or a nursing home, can be extensive. Thus, it is important to understand how these costs will be addressed. In most, if not all instances, one does not want their loved ones to absorb the costs. Therefore, considering a long-term care plan could be very resourceful and necessary.

Because Medicare and Medicaid do not cover much of these costs, and those who are 65-years-old and older have a 52 percent chance of requiring some form of long-term service and support, it is important to address how these expenses will be paid. Whether it is through a policy or savings, a properly drafted long-term care plan could address these costs while also protecting heirs and beneficiaries.

Even if you do not like the idea of having a caregiver or living at a nursing home, it is a topic that needs to be considered and addressed. Whether it is stating how you want this situation handled or devising a financial plan to cover the costs associated with it, it is important to be clear about your wishes.

Drafting a long-term care plan is anything but enjoyable. No one likes to think about this topic or dig deeper than they want, but it is essential to have all your bases covered. Because we all age and will inevitably die, considering your end of life care is something that cannot and should not be avoided. Seeking legal guidance could help better answer any questions you might have, helping you take proper steps to develop a strong and adequate long-term care plan.

Source:," Financial planning needs to include long-term care needs," Chris Farrell, July 1, 2017

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