A special "thank you" to Hazel Bridges who has written another informative article on long-term care.
Long-Term Care
Planning
for long-term care can be tricky, to
say the least; you never know what might happen in the next five or 10 years,
and it can be difficult to think about financial planning when you’re unsure of
what the future may bring. For seniors, however, it’s imperative to start
thinking about how you might pay for your care should you need to stay in a
hospital or nursing facility for an extended amount of time. Health insurance
and Medicare are wonderful resources, but they only cover so much of the cost associated with
long-term care.
For
now, think about how to boost your savings and ensure that you are doing
everything in your power to prevent issues down the road. This means making
your health and mobility a priority and making changes to your home to make
it more accessible. This will ensure that you are able to live in it longer,
even if your health should fall into decline, and that you will stay safe.
Keep
reading for some great tips on how to plan for long-term care.
Turn Your Home Into a Safe Haven
Prevention
is one of the best ways to ensure that your health and safety are a priority.
Making changes to your home is a great way to start, as it will help you remain
there longer without the need for an assisted living facility. For example, you
might add grab bars in the shower, place sturdy railings on both sides of the
stairs, widen doorways to allow for medical equipment, add lighting to prevent
falls, or remove loose rugs or carpeting that can be trip hazards. Think about
what each room in your home needs in regard to safety and comfort, and do a
little research to figure out what the cost will be to make the changes. Check
out this guide for some great tips on
which changes you should make and how to get started.
Know Your Policies
You
may have a health insurance policy that will help pay for care down the road,
but how much will it cover in the long term? Take a good look at your policy,
and carefully read over your Medicare or Medicaid paperwork to see exactly
what you will be responsible for should you need long-term or daily care due to
an injury or major health issue.
Consider Selling Your Life Insurance Policy
If
you need a large sum of money to cover care costs, or if you just want to pad
your savings account, consider selling your life insurance policy or see if
your policy offers a cash value option that would allow
you to take money from the total benefit amount now. This will reduce the
amount that your loved ones would receive in the event of your death, but it
could be a viable option if you need cash to pay medical bills or to put aside
for your future needs.
Make Lifestyle Changes
Along
with the changes to your home, you can make changes to your lifestyle that will allow you to
stay healthy, which, in turn, can possibly reduce the risk that you will need
long-term care down the road. This includes eating right, getting daily
exercise, and eliminating bad habits, such as smoking or using substances such
as alcohol to excess.
Planning
for long-term care does not have to be stressful. By starting now, you are on
the right track toward ensuring that your healthcare needs won’t be
overwhelming in the future. Make the necessary changes to help your body and mind
stay healthy, and remember to ask for help when you need it.
Photo
via Pixabay by Sabinevanerp
