Don’t Get Caught Off Guard: Prepare Now for Future Long-Term Care Needs
Submitted by Lydia Chan
Most of us spend our working years focused on planning and saving for retirement, but you may have spent less time thinking about the possibility of needing long-term care. After all, no one can predict the future, so there’s no way to know for sure what your needs will be. You can anticipate and prevent some health concerns that raise your risk, though. You can also plan now for how you would pay for long-term care in the event that you need it later on.
Who Needs Long-Term Care?
Unfortunately, this is a question that doesn’t have a definitive answer, but you can ask yourself a few questions to assess the likelihood that you or a loved one will require long-term care.
What lifestyle choices are you making now, and how can you reduce the risk of injury or onset of illness?
There are many good reasons to take care of your health, and reducing the risk of injury or illness later in life is top among them. No matter what age you are now, eating the right foods and getting enough exercise can reduce your risk of diseases such as diabetes, heart disease, and even some types of cancers. Make sure you see your doctor regularly for health screenings too because you can slow or reverse many diseases with early detection.
Having the right health coverage makes it easier to stay on top of your medical care and maintain a healthy lifestyle. Consider looking into Medicare Advantage plans like Humana Medicare Advantage plans which offer the same coverage as Medicare (Parts A and B), with some plans including benefits for prescriptions, dental, vision, fitness services, caregiver support, and a 24/7 nursing advice line. These comprehensive health benefits will serve you now and well into the future.
Are there any home modifications you need to make?
Some people enter a long-term care center because they are no longer able to live independently at home, or they feel as though their safety is a concern. Think about your home’s floor plan and other daily necessities that may not be fully accessible if you were to have limited mobility in the future. Look into whether you would need to make some home modifications to be able to stay put, weighing the costs vs. benefits of doing so.
Are there hereditary illnesses and conditions that could impact you?
Prevention and early detection of disease can help you live healthier longer, but you also want to look at your family history and whether there are hereditary illnesses or conditions that increase your risk. For example, Alzheimer’s disease has a strong genetic link, and according to Science Daily, even the age at which a family member experienced the onset of Alzheimer’s can affect your likelihood inheriting it.
How Do You Pay for Long-Term Care?
There are a number of factors that come into play when paying for long-term care. Below are just a few of the options you can explore.
- Long-Term Care Insurance Purchasing long-term care insurance may be a good option if you are not yet very close to retirement age, ideally no later than mid-60s. If you wait until later, you may not be eligible, or the cost of a policy may be much higher. The primary benefits of long-term care insurance are to protect your savings and provide more choices for care.
- Other Insurance Options: Instead of traditional long-term care insurance, some people are now choosing to add a rider to a life insurance Doing this establishes certain criteria that can allow you to access early benefits as a way to cover the costs of long-term care.
- Savings: You can also start saving now to be prepared to handle the costs of long-term care. One option is to open a health savings account, which allows you to deposit money tax-free to be used for future healthcare expenses, including long-term care.
When it comes to paying for long-term care, it pays to explore your options and start planning early. It helps to start by weighing your likelihood of eventually needing long-term care. You may not have a crystal ball, but you can anticipate needs so you’re prepared when the time comes.
