Most people don’t think about long-term care planning until the necessity for it becomes a reality that can no longer be ignored. It’s better, however, to sit down with an elder law attorney to discuss and determine the best long-term care option for you now–and not when you need it. Here are a few reasons why getting an early start on your long-term care planning is a good idea.
- Longer life expectancies. People are living longer these days, therefore, there is a greater likelihood that you will need long-term care. According to the U.S. Department of Health and Human Services, 70 percent of adults age 65 and older will require long-term care at some time in their lives.
- Cost. Gemworth Financial recently released a cost of care study that showed that long term care can cost tens of thousands of dollars per year. In some states, long-term care costs are more than $100,000 per year.
- Availability of family caregivers. Adult children typically leave and move far away from home, and your partner may need to work outside the home. Your partner or adult children may not be able to step in as your caregiver when long-term care becomes necessary.
- Asset protection. Early long-term care planning helps you preserve your assets and avoid having to use all of them to for pay for long-term care.
You never know what the future holds, and long-term care planning can help you prepare for the unexpected before the unexpected happens.
