Three Steps to Successful Long Term Care Planning ...

Posted on September 2, 2011
Filed Under Long Term Financial Plan | Leave a Comment

Long term care never fails to be the center of discussion? from Congress to everyday chitchats?after a sudden spike in the costs of nursing homes in 2010 and the ever-increasing demand for these services. The economic crunch and the decline in family values have made the problem worse for more than a million American seniors and baby boomers who are still optimistic that the government and their families will help them get out of this dilemma.Over the years, many elders and their families have lost their assets and suffer the consequences of long term care. Most of them chose to self?insure, thinking that it was the best way to pay their care and manage their resources. In fact, self?insuring is unsound financial decision because it could lead you to impoverishment after you spent all the available resources for your care. If you want everything to go like clockwork, you should plan early for your care to prevent any sudden threats:

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Understand the costs, the types of care and settings

The majority of Americans prefer to be cared in the comfort of their own homes. Although it is a dream of everyone, many elders are no longer taken care of at home by their family members, and, if they do, they are normally moved in a facility after few months.
Aside from your own home, there are different long term care settings such as nursing homes, assisted living facilities, adult day care, and others. You may choose among those various living arrangements where you feel comfortable the most.

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To help you decide which care and setting is suitable, you may canvass the prices and the services offered from various institutions throughout your state or area. Make a comparison from various companies, and then choose the one that suits your needs and, of course, your budget.

Financing your Care

If you only had overflowing money, then long term care would not be a problem at all. You must determine what financing methods you can allot for your long term care needs. The common methods are self insuring, arranging reverse mortgage, using Medicaid benefits, and buying long term care insurance. These methods, however, are used according to purpose and condition, and there are always corresponding pros and cons in each financing options. You must spend time creating your long term care plan.

Seeking Help from Professionals

Aside from the fact that long term care is very costly, people must understand the services are also complicated that only health care professionals can handle. There are various services including assistance with daily living activities, respite care, hospice care, and medical assistance.

If you want to lessen the stress and make most of the time, then hire a the long term care expert to do the job for you. These professionals can help you manage your care, talk to attorney or mediator with regard to legal matters, and coordinate with your family members. Moreover, it?s best to have your plans come into writing to document all the instructions for the care giver or coordinator

Related posts:

1. Long Term Care Planning
2. Delaying Long Term Care Planning Is Risky
3. What to know about long term care plans?
4. Securing Health Care Costs with Long Term Care Plans
5. Don?t Be Hasty! Take Care With Long Term Financial Planning

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Source: http://www.choosechangeatm.com/2011/three-steps-to-successful-long-term-care-planning/

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