Odds are good that you or a spouse will need long-term care during your lifetimes. According to the Medicare program, 40 percent of people age 65 or older spend time in a nursing home, and 10 percent of those will reside there five or more years.1
Many others rely on assisted living and in-home care services. Here are steps that can help ensure your future care needs will be met and your family’s wealth better protected broken down by recommended age:
20s – 40s:
Appoint a Durable Power of Attorney for Healthcare
Even as a young or middle-aged adult, it’s important to have someone lined up who can help you navigate your medical affairs if you become sick or disabled and cannot make such decisions yourself. Though it’s unlikely you will need it at such a young age, it’s an important protective measure in case you do.
Draft a Living Will
This document lays out your wishes if you become ill or disabled and can’t communicate with doctors; your power of attorney cannot override it, so this provides you greater control over how your future health care is handled.
50s:
Consider Working with an Elder Care Attorney
He or she can walk you through the key steps of planning for long-term care, including protecting financial resources, preparing legal documents in case you become ill or disabled and evaluating facilities and assistance programs in your community.
Evaluate Long-Term Care Insurance
Consider purchasing a policy that provides coverage for several types of long-term care, including nursing home care, adult caregiving and in-home care. Even if you have financial resources to cover these costs, insurance may protect your family’s estate and minimize financial risks.
60s+:
Make Plans
It’s worth preparing for the possibility of you or a spouse needing long-term care, even if you’re unsure you will. This can include evaluating long-term care facilities and services in your community and discussing details with your power of attorney and family members.
Your Regions Wealth Advisor can guide you through these steps and explain how to better shield your family’s financial resources from the possibility of extensive health-care needs in the future.
