The importance of being prepared
Do you know what percentage of Americans will require long term care? There is a discrepancy between the number of Americans who think they will need long term care in their later years, and the number who actually do end up needing it. About one third of adults think they will need long term care at some point, and a full two thirds actually will need it. The message here is that no one really knows for certain whether they will need long term at some point in the future. The important point is that we all need to prepare for the possibility of needing long term care someday, and if we end up not needing it, nothing is lost. On the other hand, the consequences of being unprepared for long term care can be devastating. In general, if you have prepared, you have a lot more choice in the care you receive. If you are unprepared, you have less control over the kind of care you receive. For families who have not prepared, the financial and emotional stress can become a huge burden. Often family members end up with the responsibility for becoming the caregivers. Being unprepared can also result in a depletion of assets or even bankruptcy. One of the most common misconceptions people have is that Medicare will cover the costs of long term care services. This is not what happens. Most people have too little money to pay for long term care, but have too much money to qualify for Medicaid. Here are some solutions the experts offer to help you prepare for the possibility of long term care.
- Maintain an ongoing dialogue with your family about your long term care plan. Keep the lines of communication open.
- Create a team of trusted advisers, which may include family members, your financial planner, an estate planning attorney, and others.
- Long term care should be part of your retirement planning.
- Gather as much knowledge as you can from people who have had experiences with long term care.
- Be your own advocate. Build a plan that includes the necessary legal and financial documentation.
- Take care of your health now to reduce risks.
It should be clear how being proactive and being prepared will only benefit you and your loved ones when it comes to long term care planning. Learn more about Dyer Skilled Nursing Home and Rehabilitation Center and how it can be part of your plan.