Health & Fitness
Financial Planning for Long-Term Care
How a person's long-term care will be financed should be one of the main items addressed in the planning process.
Preparing a long-term care plan may seem overwhelming, but having a plan in place can relieve a lot of stress regarding possible future care needs. How a person’s long-term care will be financed should be one of the main items addressed in the planning process.
The following are a few questions to consider when developing a financial plan for long-term care:
What are your assets? It’s important to establish roughly how much money you have available in cash, investments, and Social Security.
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Do you anticipate needing financial support? We’re living longer than ever, which means more people are outliving their retirement savings. Do you believe you have enough to sustain yourself for the rest of your life? If not, how much support will you need?
What types of insurance do you have? Understanding your policies or obtaining new ones to fill any gaps can save you time and money in the long run.
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Do trusted family members have access to passwords and account numbers? Keep a copy of all important account numbers and passwords, along with contact information for financial advisers and lawyers. This will make it easier for a family member to sort out affairs if you become ill.
Have you signed a power of attorney? Designate and finalize the paperwork for a power of attorney so that you know there is a responsible person you trust to make decisions on your behalf in the event of a medical emergency.
The expert staff at Heartwarming Care in Tacoma, WA are always happy to help you navigate long-term care planning. Call us at (888) 927-6227 to learn more about options for care or to learn more about our in-home care services in Pierce, Thurston and King Counties.