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What Is Your Long-Term Care Plan?

What Is Your Long-Term Care Plan?

October 09, 2018

Do you have a care plan for your long-term health and financial well-being as you age? You’d be surprised how many elderly adults don’t plan for their long-term care and end up in less-than-satisfactory situations. You deserve the care you want, so plan for it.

If you want something done right, do it yourself. That rings true with long-term financial planning. If you rely on your loved ones or on federal programs like Medicaid and Social Security for your retirement, long-term healthcare can leave you with gaps in coverage and lacking funds. Of course, if you lack other resources, these programs are vitally important. But planning for your long-term health and financial care can help keep you comfortable in your old age, both physically and emotionally.

Start Planning With A Financial Advisor

Without a plan, it can be difficult to travel the right financial course, encountering bumps and diversions along the way. But having a personalized strategy in place, with a supportive team guiding you along the way, may make the path ahead less strenuous. Through our interdisciplinary approach at Pilot Wealth Management, we address your varied needs and goals, wherever life may lead you along the way. Talk to us about your financial needs for old age before you get there.

Planning for long-term healthcare costs is just as important as planning for retirement and finally getting to use those frequent-flyer miles to see the world. The good news about retiring in your 60s is that you probably have another 20 years to explore the world. The bad news, however, is that your retirement savings need to be robust enough to cover not only those plane tickets, but also your healthcare needs as your health declines.

Will I Need End Of Life Care?

About half of all elderly adults will need long-term care in a nursing facility or other skilled nursing care. In fact, the average cost for end of life care during a person’s last five years is over $200,000. Weigh your options for buying long-term care insurance, because if you decide you want it, the best time to buy is between ages 50 and 60. After age 65, the cost goes up.

There are other alternatives to long-term care insurance, such as riders on life insurance policies and classic cash savings and investments. Insurance is an important part of a complete financial plan. Pilot Wealth Management can help you determine what type of coverage is best, from life to long-term care.

Share Your Preferences With Family

If you have early signs of Alzheimer's or dementia, or if you suffer from a chronic disease that will require ongoing care or daily assistance, do your homework; research facilities that offer the care you’d need and share your preferences with your family. Would you prefer to live in a nursing home or would you prefer nurses and assistants come to your residence? Do you prefer a religious community of care?

Having the option to make these choices yourself lends much-needed autonomy to your long-term care plan. If you wait until you need it, you may not be in good-enough health to make the decision. Of course, your preferences will need to be flexible based on your health and finances, so discuss those options with family members as well.

Speaking of your wishes, an important part of your care plan is to ensure you have an updated will and advance directives, signed and notarized as required by your state. This legal protection ensures that your wishes are carried out. Sit down with family members and share your wishes with them so they’ll be aware of your preferences and needs. If you lack the legal documents, be sure to get them completed.

Next Steps For Your Care

If you're interested in meeting to discuss these issues or have any questions, call me at 734-330-7033, email, or click here to book your free introductory meeting!You can also schedule a call online.

About Chris

Chris Rueger, AAMS® is the President and Founder of Pilot Wealth Management, a fee-based only financial advisory and investment management firm. With nearly two decades of experience, he serves as a financial planner who brings financial advice and investment guidance to families serious about their financial future. With all his clients, he strives to instill in them peace of mind that their life savings are being handled appropriately so they can maintain their desired lifestyle. Based in Ann Arbor, Michigan, he works with clients locally and across the country. To learn more about Chris, connect with him onLinkedIn.