When creating a long term care plan for yourself, it’s important to make sure that no detail is overlooked. A well-rounded plan can help direct your family to make smart, sound decisions for your future when you are no longer able to make them for yourself. If you’re not sure where to begin, start by considering the three following components of long term care planning.
Deciding where you want to live as you age is a big factor in developing your care plan. Do you want to remain in your home if possible? Or would you prefer to move somewhere that will provide more assistance and amenities?
If you want to remain in your home there are a few things you need to consider:
- Can your home be modified to accommodate physical impairment?
- Are there are services in your area that can assist you in your home?
- Is your community is accessible, through public transportation or otherwise, should you no longer be able to drive?
If you are unable to make healthcare decisions for yourself in the future, who do you want to make those decisions for you? As a part of your planning, you should legally designate an individual as your Healthcare Power of Attorney. Make sure that the person you’ve chosen knows and understands your wishes.
To help make your designees job a little easier, provide them with an Advanced Healthcare Directive to help guide them in the future. Also, be sure to assign a backup designation in case your original Healthcare Power of Attorney becomes unable to serve on your behalf
Have you considered the cost of your long term care? Things to consider to ensure you have the funds to carry-out your plan are:
- Long-term care insurance
- Medicare and Medicaid
- Social Security
- Pensions and retirement accounts
- Savings or other investments that can be used
Depending on which assets are available to you and the plan to have in place, you should create a financial plan to ensure your wishes are carried out. Remember that you may not be able to make financial decisions for yourself at some point so be sure to designate someone through a Power of Attorney who can manage your funds and assets for your benefit. Consider trust planning, as well.
We know we asked more questions than gave answers here. Asking yourself questions is the first step to creating an effective long-term care plan. The goal is that your wishes are made clear and are able to be carried out by your loved ones in the future. Of course, if you are unsure of the answers to any of the questions you are asking yourself, we are here to help you find the right answer for you.