Starting a Care Plan Conversation
You might not need long-term care insurance, but you do need a long-term care plan and it's never too early to start planning with your family about how you want to be cared for.
In honor of Long-Term Care Awareness Month and the upcoming holidays, we urge you to have a care plan conversation sooner rather than later. When it comes to health, some things can be too late, but nothing is ever too early.
What’s a Care Plan, and Why do I Need One?
A care plan is what you and your family agree to do in order to take care of you or your spouse if either of you come to need long-term care.
Even if you’re healthy now, you might need long-term care later. In fact, 70% of adults age 65 and older require some sort of mental or physical assistance in their daily lives. Unexpected health care costs are one of the greatest risks to a successful retirement, especially since Medicare doesn’t cover long-term care costs, and they can be quite expensive.
An in-home health aide costs an average of $64,000 annually and assisted living facilities range from $50,000 to $70,000 a year and those prices are expected to increase dramatically in the next 20 years. Meaning, it is more important to have a care plan in place than ever before.
Checklist for forming a Care Plan
Talking about getting older is tough, especially with family, but it is a lot easier than facing disease, injury, or old age without a plan.
When forming a care plan, be sure to consider everyone it will affect, such as your family, friends, and even neighbors. Consider your pets, your house, your bills and other time sensitive information.
Make sure your loved ones know about your plans concerning:
- Finances
- Power of Attorney
- Trusts and Wills
- The location of important documents
- And any relevant medical history
If you’re interested in utilizing MetLife Legal, a benefit accessible to you through SDPEBA, in order to write your will, manage your trust, or other important legal proceedings, click here!
You should also discuss these questions with your family:
- What is your long-term care facility preference?
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- Who is responsible for setting up long-term care if you can’t?
- Do you have long-term care insurance?
- If you don’t, and if you need long-term care; how will you pay for it?
While these are tough questions, having this conversation with your family, is necessary to keep them from being blindsided and to make sure you get the care you want. Long-term care is all about options, the longer you wait to start planning, the less options you’ll have. Start planning with your family today to best prepare for the challenges tomorrow.
Click here to Schedule a Long-Term Care Call
If you’re looking for more resources about care plans and long-term care plan options, feel free to check out our last article here. You can also click the button above to speak with our long-term care specialist.
We’re also hosting a remote seminar and Q&A for members and family on December 2nd, 2020 - 9:00-9:30 with Q&A from 9:30-10:00am - Click here to RSVP!
You can also check out these articles on long-term care with SDPEBA/SDPCOA or this article on the five reasons you should invest in LTC insurance.
Reminder that SDPEBA/SDCPOA members can sign up for guaranteed issue long-term care insurance with Unum up until December 15th, 2020. Click here to set a meeting with us to learn more.
If you have any other questions check out our support page where you can ask us questions directly. You can also email us at [email protected] or give us a call at: 888-315-8027.