One of the biggest challenges facing seniors or family caregivers of seniors is how to pay for the cost of long-term care when that time comes.
The solution is not an easy one, in part because of the excessive cost of long-term care. So the first thing any family needs to do is start planning early.
There are four key ideas when it comes to long-term-care planning – knowing what to expect, seeking professional help, start saving for that day or getting long-term-care insurance and making sure that everyone involved understands the plan for the future.
Unfortunately most families don’t plan in advance and deal with the issue when there is a crisis in front of them.
If financial steps are taken early in the process one of the biggest obstacles is averted. In addition to long-term-care insurance, a family could consider a retirement savings account or selling property if that is an option.
However, even if the financial aspect is not an issue, the decision-making process of when and how to introduce long-term professional care is challenging. In most cases, changes in day-to-day living are met with resistance, so the emotional toll on a family is often as challenging as the financial.
For the family, it is critical to include professionals. Often it is much easier for older family members to hear about necessary life changes from their doctor than it is to hear it from their children. An attorney who specializes in elder law can also be invaluable in this process.
They key is to start to plan early, expect resistance and use the professionals available to you.