When you consider long-term care, you may immediately think of nursing homes. But, contrary to that belief, long-term care can include a wide variety of services to assist adults in living independently. We’re here to walk you through the process and help you understand what needs to be considered in long-term care planning.
What is Long-Term Care?
Before we examine the options for long-term care planning, it’s important to understand exactly what the phrase means. Long-term care encompasses a variety of services to help people live as independently as possible when they are no longer able to perform everyday activities on their own.
According to the National Institute on Aging, most long-term care is provided in the home by unpaid family and friends, but can also take place at a community facility or nursing home.
Personal care is the most common care type. This is when a person needs help with everyday activities like bathing, dressing, grooming, using the bathroom, eating and moving around. Though aging is a natural fact of life, the risk factors for needing long-term care go far beyond age alone. They include:
- Gender: Women generally live longer and are therefore at higher risk than men.
- Lifestyle: Poor diet and exercise habits may lead to a need for care.
- Family History: Degenerative diseases can be hereditary.
Starting the Planning Process
Preparation is crucial for long-term care because you never know if or when you will need it. Planning ahead allows you to understand the services available to you, as well as their price. The first step is to have a discussion with your family, friends and an attorney about who would be in a position to provide you care for a long period of time.
Next, you need to consider location—some opt for a nursing home or a community facility, but the majority of people receive care in their own homes. It’s important to consider whether your home is prepared to support your needs if necessary. You can use the Eldercare Locator, a public service from the U.S. Administration on Aging, to connect you or your family with services in your area.
Long-Term Care Planning with Powers Law Group
We use a strategic asset management approach for long-term care planning by considering your tax implications, cost of health care, owned businesses and the style of living you want as you age. We’ll look into:
- Businesses (family limited partnerships)
- Life insurance policies
- Bank accounts
- Investment property
Long-term care can be a sensitive subject to broach with older adults, and we know how difficult it is to consider its implications. That’s why we’re here to offer any assistance you may need to efficiently plan for the future. Contact us to set up your appointment today.