Long Term Care Planning
Long term care planning is the process of reviewing your finances, your health and your wishes to understand your possible future needs and how you will get them met. It is estate planning with a booster rocket.
Long term care considerations include, whether to purchase long term care insurance, how to title your assets, whether an annuity is appropriate, are there any special circumstances that need to be taken into account such as a disabled child. This is only the beginning of the list. A thorough conversation with an experienced professional can help you focus on what you can do now and what your options might look like in the future.
When there is a recent diagnosis of any type of progressive illness, the sooner this conversation is had the better.
Emergency Long Term Care Planning
If you have a loved one soon to be discharged from the hospital, but not healthy enough to come home, you are generally given very little time and few choices. In addition to finding the appropriate level of care in a facility that is convenient and has an open bed, you need to address the cost. Most budgets do not allow for a $5,000 to $10,000 a month additional expense.
Much of the time Medicare or other health insurance will cover a loved one’s placement for a short while (say from 3 to 20 days). Then what?
You may have more options than you think. Especially if you are married and your spouse is the one needing care.
If you are going to consult with a qualified professional, the sooner the better. If you wait, it may be too late to take some steps available to preserve your assets.