What Is Long-Term Care Planning?
Long-term care is often necessary when you suffer a serious injury or life-threatening illness. This may include assistance with personal care and everyday activities of daily living, such as bathing, grooming, dressing, eating, walking, and transferring into and out of a chair or bed. Services might also include managing important tasks, cooking, housekeeping, making and keeping medical appointments, transportation, and other necessary chores.
Support and assistance with daily tasks are unique for each person, but the goal is to ensure a comfortable lifestyle when you’re ailing or injured. While family members bravely care for sick relatives, constant care and medical support from professionals are also typically needed. These services can be expensive and quickly erode your hard-earned wealth.
We know no one likes to think about getting older, needing help with personal care, and potentially losing some of their independence; however, from a financial standpoint, you must prepare early because your chance of needing long-term care only increases the older you get. Our financial advisors can help evaluate your long-term care options so we can determine the type of planning that’s appropriate for you.
Why Prepare For Long-Term Care?
You might not want to think about long-term care for numerous reasons. Like many people, you may not want to consider that you could become dependent on someone else for your care. You might also lack knowledge about the high cost or payment options for care.
Planning is the smart thing to do because there’s a distinct chance that you’ll need long-term care services one day, especially after age 65. If you put off long-term care planning until you or a loved one needs care, it could leave you with limited options and insufficient resources to pay for the services you’d prefer to receive. Don’t wait until you’re in immediate need of care. Let us help you plan to ensure you have control over your future.
Long-Term Care Versus Health Insurance
While many assume that health or disability insurance covers long-term care, this isn’t always true. When long-term care is needed, you and your family must make hard decisions about housing, medication management, and financial capabilities. Medicare and Medicaid can help, but they both limit what’s covered. There are specific rules that affect each case differently, and our experts at HighPoint Advisors, LLC, are well-versed in these rules and how to leverage them to get you the necessary benefits you deserve.
In a time of great uncertainty or failing health, the last thing a person wants to worry about is financial pitfalls or complex decisions. Our experienced advisors are instrumental in working with your needs to incorporate long-term care into a sound financial plan. Through our client-first approach and clear, open communication, we’ll put you at ease as you explore your long-term care options. Contact us at 315-627-0474 today to begin planning for any surprises sooner rather than later.