Most of us have probably witnessed firsthand, or at least heard a story about how quickly a family's nest egg can be depleted from the high costs of long-term care. This causes not only stress on the individual who needs the care, but also on their family. By developing a long-term care plan, we will be better prepared for our financial future.
Like any other large expense, we need to consider how we are going to pay for long-term care. Some of us may rely upon our savings, some government benefits, and others a long-term care insurance policy. There are also other options available that are designed to help us protect our assets if we need long-term care while also giving us protection if we never use it. A financial advisor can help us determine which option is best for us, as well as offer valuable planning tips to protect our assets should we need long-term care.
- What types of care are available in my area? What are the costs?
- Am I eligible for Medicaid?
- How will my need for long-term care affect my spouse? My family?