With 10,000 people turning 65 each day, the subjects of aging and long-term care are of vital importance to millions of people and their loved ones. That’s why long-term care planning is an important task for so many. It not only gives peace of mind, but it can help save money in the long run if a plan is in place for a situation where you or your loved one may not be able to live independently.
Many people simply underestimate the cost of long-term care in the future, we offer free cost reports for anyone that is interested, but before we get into the 5 reasons Women should plan for long-term care expenses we should understand what long-term care planning is.
Planning for the day you or a loved one may need long-term care should be done as a family and early. Having a plan ahead of time gives you time to find a facility that is just the right fit, is within your budget and offers the quality of care you will want. Planning ahead means that you will be able to take your time in making decisions, and those decisions will be made while you are still able to make them.
Considerations that you need to keep in mind when planning for long term care include:
- Your current health and the level of care you may need in the future.
- The monthly cost of living in a long-term care facility.
- How you will pay for the cost, including retirement funds, savings, government programs, or long-term care insurance.
This type of planning is essential for women not only because they are more likely to need long-term care than men. Women are also more likely to earn less money than a man over their lifetime. Additionally, women are also more likely than men to drop in and out of the workforce, affecting their financial situation later in life. Therefore, planning for care and how to afford it is of particular concern for women.
Knowing the plan and sharing it with loved ones will guarantee that when the time arises, what and where you want your care to be can be followed. With a financial plan to coincide with it, you and your loved ones will have less stress when it comes to your transition.