Long-Term Care: How to Pay for the Costs
Planning for your future healthcare needs is never easy. Few of us know exactly what we’ll require five or 10 years down the road. For seniors, this kind of planning is crucial. You want to think about your current health while considering all the things that you may need to pay for down the road. In some cases, preventative care may work in your favor, but you also need to make sure you’re prepared for the possibility of long-term care. Medicare can be a huge benefit for many seniors, but it doesn’t cover everything, meaning you could be left with massive medical bills should you require hospitalization.
Fortunately, there are several things you can do to plan for your future. Long-term care insurance can help immensely, as can downsizing to a smaller home in order to save money. Taking good care of yourself now is another great way to prepare for your post-retirement years.
Keep reading for tips on how to plan ahead for long-term care and the costs associated with it.
Sign Up for Long-Term Care Insurance
Long-term care insurance can be hugely beneficial when it comes to paying for hospital or nursing home stays during your senior years, but it’s a good idea to look for a plan as soon as possible. The younger you are when you find a good plan the better. Rates increase between 2 and 4 percent when you’re in your 50s and 6 to 8 percent when you’re age 60 and above. Many seniors don’t want to add another expense to their finances, but keep in mind that long-term care insurance can help you pay for many different things, from a hospital stay to home health care.
An Ounce of Prevention
Sometimes, the more you can do to prevent health issues, the better off you’ll be down the road. Paying for the cost of care is a lot more expensive than taking good care of yourself, so start thinking about the best ways to keep your mind and body healthy. Reduce stress and anxiety, eat a well-balanced diet, exercise daily, and remove safety issues from your home. This might include trip hazards or anything that might cause a fall. Talk to your doctor about the best ways to ensure your safety and wellbeing in order to prevent any issues.
Downsize
Downsizing to a smaller home can be a big job, but for many seniors, it’s a great way to save money for future needs. At the same time, you’ll be taking steps to ensure that your surroundings are as safe as possible. A smaller home means less to take care of. Making the decision to downsize is one that will benefit you for years to come. Look for a home that already has modifications for easy mobility and accessibility — such as widened doorways — and set a budget that will help you save as much money as possible.
Use a Life Insurance Policy
If you have a life insurance policy with a cashout option, you may benefit from taking a payout. If you’re worried about not having the funds to pay for medical bills, having a lump sum put aside can help reduce that stress so you can focus on other things. Do some research into your policy to see what sort of penalties, if any, you might face for taking a loan against your plan.
Long-term care comes in many forms, but for most seniors, it’s almost always a financial strain if a good plan isn’t present. Think about what your future needs might be, talk to your doctor about the best ways to create a good plan, and start saving so you won’t be caught in a hard spot.
This was a special guest article by Hazel Bridges from AgingWellness. She can be reached at hazel@agingwellness.org.
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