What Is Your Long-Term Care Plan?

By Clear Insight Wealth Management

No one particularly enjoys the aging process, but there are factors that must be addressed as each year passes. Have you thought about how you’ll manage your care as you age? Relying solely on family, Medicaid, or Social Security for long-term financial planning can leave you with gaps in healthcare coverage and insufficient funds to maintain your well-being. Planning ahead is key to maintaining both physical comfort and financial stability in your later years.

Have you thought about your long-term care plan? Do you have a strategy in place for your health and financial needs as you age? Many people fail to plan or delay planning and find themselves in challenging situations—ones that could have been avoided. You deserve quality care and financial stability, so take action today and start planning for the future.

Long-term care refers to the kind of support you may need if you’re unable to do daily tasks on your own, such as eating, bathing, getting dressed, or using the bathroom. The goal of long-term care is to help you continue living comfortably as you age. It’s worth knowing that Medicare, Medicare supplement plans, and most employer health insurance plans don’t usually cover these services.

The need for long-term care can come from situations like accidents, illness, aging, strokes, or ongoing health issues. Cognitive disorders, such as dementia and Alzheimer’s, are becoming more common. Right now, about 6.9 million Americans have Alzheimer’s , and that number is steadily increasing—expected to double by 2050. On average, someone diagnosed with Alzheimer’s may live another 8 to 10 years, often needing specialized long-term care during that time.

Statistics project that the number of people using paid long-term care services in any setting (e.g., at home, residential care such as assisted living, or skilled nursing facilities) will likely reach 27 million people by 2050 . In fact, the national average costs for long-term care in the United States comes in at a whopping $330 a day, or $10,025 per month, for a private room in a nursing home. With a price tag that high, it is imperative that you weigh your options for funding long-term care needs. In some situations, insurance may be a viable solution. If long-term care insurance fits your plan, it is typically least expensive when purchased between ages 50 and 60.  After age 65, the cost generally goes up.

If you anticipate needing long-term care in the future, it’s crucial to plan well in advance—don’t wait until you’re faced with a serious health issue like Alzheimer’s, dementia, or a chronic illness. Research your options now and communicate your preferences with your family. Would you prefer care at home or in a facility? Do you prefer a religious community of care?

Having the option to make these choices yourself lends much-needed autonomy to your long-term care plan and helps alleviate stress on your loved ones. The sooner you begin, the more choices you’ll have when considering your long-term care plan. If you wait until you need care to make a plan, you may not be in a position to arrange the care you desire. Everyone’s circumstances are different, depending on health and finances, so discussing options and plans with loved ones is important. Regardless of where you are in life and your financial circumstances, our ongoing financial planning services at Clear Insight Wealth Management can guide you toward a confident and stable future.

Estate planning is a key element for any financial plan, including long-term care planning. It is  vital to confirm you have an updated will or trust, powers of attorney, and advance directives, signed and notarized as required by your state. This legal protection ensures that your care wishes are carried out. Share your wishes with your loved ones so they’ll be aware of your preferences and needs.

At Clear Insight Wealth Management , we are committed to offering professional guidance, education, and personalized support to each and every client. Take the first step toward pursuing greater financial confidence for your future by establishing a long-term care plan today. 

To set up a Get to Know You meeting, schedule online here . 

Clear Insight Wealth Management is a wealth management firm for military families, government employees, and small business owners looking for a clear path to living their best lives. The firm’s team of CERTIFIED FINANCIAL PLANNER® professionals and a Certified Public Accountant is committed to helping clients navigate the complexities of today’s financial landscape by providing realistic advice, a distinct plan of action, and helping them progress toward their goals. With an emphasis on relationships and services including financial planning, investment management, and tax planning & preparation, Clear Insight Wealth management helps clients build—not just maintain—wealth in Spokane, Washington, Tyson’s Corner, Virginia, and across the United States.