Including Eldercare in your Financial Care Plan
When an individual sits down to plan out his future financials, he often thinks about the following:
- Retirement planning
- Debt reduction
- Estate planning
- General Savings
Unfortunately, many of us neglect to consider elder care planning. Leaving elder care out of your financial plan may be a costly mistake. Countless seniors have lost their homes and savings as a result of poor planning and preparation for their golden years.
Why Plan for Elder Care Now?
If you’re relatively young, you may find it a bit premature to start thinking of elder care options. However, it is never too early to start planning for the inevitable. Putting a plan in place now will alleviate stress and anxiety later on.
As we age, our decision-making abilities may begin to deteriorate. Do you really want to leave important health decisions up to chance?
Creating your Elder Care Plan
Be sure to consider each of these issues:
- Power-of-attorney – who do you want to give control should you become incapacitated?
- Living expenses – how will you cover costs once you retire?
- Long-term care insurance – Is now the time to buy?
- Home care arrangements – is it your desire to “age in place” at home with the assistance of a family member or in-home health aide?
- Medicaid/Medicare – have you kept up with your state’s changes to such programs?
Your retirement savings and investment strategies should mesh with your elder care plan to ensure you have enough money to live off of. This is especially important as you grow older and need more daily care. Again, planning ahead will decrease the chances of your life and independence being taken out of your control.
If the research and resources for elder care planning leave you overwhelmed, consider speaking with a geriatric care manager or attorney who specializes in senior care. Be open with your family as you develop your care plan. Sweeping elder care issues under the rug only leads to confusion and resentment down the road.
Take charge of your future and make elder care a part of your financial plan today.