Tips on Planning for Long-Term Care

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As you start thinking about your retirement plan, you should also consider your long-term goals and care. You want to spend your time enjoying your golden years, so planning for them financially now is an excellent way to do it. In addition, budget planning for long-term care before it becomes more challenging to do on your own will give you peace of mind.

Don’t let the cost of unexpected events take away from what you’ve been planning to do for years. Whether you plan to age in place or enjoy the benefits of an assisted living facility such as Plattduetsche Home Society, you must have your finances in order.

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Planning for Long-Term Care Costs Breakdown

From hiring a financial advisor to bringing lunch to work, here are a few suggestions on how to ensure you have the means for your long-term care:

1.      Hire a Financial Planner

Your money should always work harder than you did to earn it. Consider meeting with a financial planner and tell them your long term goals. You can discuss if a 401-k plan or a personal retirement account may work for you.

They should also discuss how insurance and government assistance plans may factor into your budgeting plans. Another item to consult with a financial advisor about is whether or not to convert life insurance into protected long-term benefit funds.

1.      Research Options

There are many long-term options to consider and plan for. It’s good to do a little homework and get an idea of what they have to offer and the costs involved. Know the difference between an independent or assisted living facility and a nursing home. Depending on your situation and needs, you may need to consider the expense of both.

2.      Understand Medicare and Medicaid

While they are both government-funded health programs, they have a few differences and apply differently depending on the care and services you need.

Medicare

A federal program that provides health coverage to those 65 and over or those with a disability regardless of their income. However, the program does not pay for long-term care.

Medicaid

A state and federal program providing health coverage to low-income people that covers long-term care expenses. Another factor is that since Medicaid is a state-run program, which means that even though the federal government issues guidelines, each state gets to determine how they will be implemented.

1.      Elder Lawyer

With all of the complexities of these government programs and how they can affect you and your loved ones, you may want to consider hiring an elder lawyer. Not only do they help you understand and utilize public benefits correctly, but they can also help with all aspects of planning for aging. They handle matters such as guardianship, estate management, trusts, and wills.

Hiring an elder lawyer will ensure that any Medicaid or Medicare concerns are addressed and will be another advocate for your financial matters.

If you or a loved one is interested in learning more about assisted living, contact the Plattduetsche Home Society today!

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