While many of us are anxiously waiting for all the well-deserved rest in retirement, this time can only remain stress-free if we know that all the matters regarding our well-being are settled. Planning for our long-term care needs after retirement is essential if we wish to enjoy a comfortable and secure future. We want to give you a few tips to make this planning easier.
Assess Your Needs
While many can be uncomfortable with the thought that our health and mental state can severely deteriorate, it is important to be honest with yourselves about your possible future needs. You can start by evaluating your health, family history and your lifestyle. Create a list of possible future medical conditions that may require long-term care. If you are not very confident doing that alone, you can always ask your doctor for assistance. Early assessment can help you identify the type and extent of care you might need.
Research Care Options
Educate yourself about the different types of long-term care to ensure that you will make informed decisions. Here are the general care options you should be familiar with:
- Home Care: This type of care is provided in the individual’s own home. It generally offers help with personal care, housekeeping and even medical care. This type of care allows you to stay in a familiar and comfortable environment which is very important for patients with cognitive impediments, such as Alzheimer’s Disease.
- Assisted Living: These facilities offer help with personal care and health services. They are ideal for individuals who need help with their activities of daily living (ADLs) but do not require constant care. Assisted Living is also recommended for those who enjoy spending time with people.
- Nursing Homes: They are recommended for individuals with more serious health conditions, which require 24-hour medical supervision.
- Independent Living: This way of living is rarely mentioned, but it is often the most desired. Independent living within their own homes is recommended for seniors who remain active and without major physical impediments. These residents can still practice activities such as housekeeping, dining, and most importantly transport themselves safely.
This is to name a few. There are still a lot of different types of care that you can opt for. You can read more about them here.
Create a Financial Plan
It is important to acknowledge that long-term care can be expensive. Create a thorough financial plan that includes this key information:
- Savings: If this is still an option, set aside funds that are meant specifically for your long-term care. You can consider using a dedicated savings account or investment fund. Several different consulting agencies can offer valuable advice on that topic.
- Insurance: Contact your insurance provider and ask about the long-term care insurance plans that could potentially help to cover the cost of services that are not covered by your regular health insurance or even Medicare.
- Medicare and Medicaid: Make sure that you understand what these programmes offer and what the eligibility requirements are like. You can read more about Medicare here and about Medicaid here.
Legal Preparations
It is easier to deal with important decisions before, so it is recommended to take care of things such as:
- Living Will: Discuss your healthcare preferences in detail in case you will not be able to do this yourself.
- Power of Attorney: Choose someone to make financial and legal decisions on your behalf, if you are unable to do so.
- Health Care Proxy: Choose someone to make medical decisions on your behalf, if you are unable to do so.
- Trusts and Estate Planning: Create a plan to manage your assets and trust funds.
Talk to Your Family
Be open about your plans with your family. Discuss your preferences and wishes that they might help you with. This can help them with any potential future decisions.
Research Care Providers
If you have chosen a type of care that you wish to receive, you can research and select a specific care provider. Here are some things to look for:
- Accreditations and Certifications: Make sure that the care providers have proper education.
- Reviews and Ratings: Recommendations are very important. Check for online reviews and ask for a contact of the provider’s clients for a real testimony.
These are a few steps that can make this planning easier. However, while this planning is important, your health and mental state can be negatively impacted faster if you do not take proper care of them. Stay healthy, maintain a balanced diet, practice mindfulness and do not forget about mental exercises, since they can help you live independently longer.
Credits:
Planning for Retirement? Include Long-Term Care Needs
What are my other long-term care choices?
Long-Term Care
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