Are you aware of the many long term care options that are available to seniors? Even though you may not need this type of care just yet, it is essential that you are familiar with the options and the details that govern each one. Each and every long term care option will affect your retirement and estate planning in some way, shape or form.
Some of the many services that are categorized as long term care include: home health care, community based services, in-law apartments, housing for aging individuals, assisted living, and nursing homes.
Paying for Long Term Care
Now is the time to consider how you will pay for long term care in the future, should it be needed. It is important to plan ahead for this situation to ensure that it does not take too much of a toll on your finances.
The cost of long term care can vary greatly based on the type of care that is needed, the part of the country in which you live, and how you are receiving the care. Some of the most common ways of paying for long term care include: long term care insurance, personal savings, family support, reverse mortgage, life settlement, Medicare, PACE, and Veterans benefits.
As you can see, how you pay for long term care is going to affect your retirement and estate planning. For example, if you have long term care insurance your policy may pay most or all of the care that you receive. In turn, you will not have to touch your savings which can then be left to your heirs.
On the other hand, you may opt for a reverse mortgage or paying for care out of your savings. In both of these cases, you are using money that would have otherwise been left behind.
The more you learn about long term care options and how they affect your retirement and estate planning, the easier it is to plan ahead to ensure the best future.