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.
Previous Post
Next Post
Let’s go
Hi, the Long-Term Care: How to Pay for the
Costs is very good, congratulations to inhometherapygr.com’ authors.
Love yourself and be happy! 🙂 Kisses!
Nice blog here! Also your web site rather a lot up very fast! What host are you the use of? Can I get your affiliate hyperlink for your host? I desire my site loaded up as quickly as yours lol
Excellent way of telling, and pleasant piece of writing to obtain facts regarding my presentation subject, which I am going to deliver in school.
Glad to be one of several visitants on this awe-inspiring web site :D.
Thanks for sharing.
Do you mind if I quote a couple of your articles as long as I provide credit and sources back to your website? My blog site is in the exact same niche as yours and my visitors would genuinely benefit from some of the information you present here. Please let me know if this ok with you.
Thanks!
That would be fine if you quoted a couple of the articles or link back to this website.
I have suggested this web site by way of my cousin. I’m not positive whether or not this put up is written via him as no one else understand such specific about my difficulty.
You are incredible! Thanks!
This is my first time pay a quick visit here and I am really happy to read everything at single place.
That is a great tip especially to those fresh to the blogosphere. Brief but very accurate information… Thanks for sharing this one.
A must-read post!
Good post. I learn something new and challenging on websites I stumbled upon every day. It’s always interesting to read content from other writers and practice a little something from other web sites.
I must express some appreciation to this writer just for bailing me out of this particular circumstance. As a result of checking throughout the online world and meeting techniques which are not helpful, I thought my life was done. Living minus the approaches to the issues you’ve sorted out as a result of your good blog post is a crucial case, and those that would have in a negative way damaged my career if I had not encountered your web blog. Your competence and kindness in controlling a lot of stuff was very useful. I don’t know what I would have done if I hadn’t come across such a step like this. I am able to at this time relish my future. Thanks for your time very much for your impressive and effective help. I won’t be reluctant to endorse the website to any person who wants and needs direction about this area.
Good post however, I was wondering if you could write a little more on this subject? I’d be very thankful if you could elaborate a little bit further.
Thanks!
I truly love your site.. Pleasant colors & theme. Did you create this web site yourself? Please reply back as I’m trying to create my very own website and want to learn where you got this from or what the theme is called. Kudos!
You’re so awesome! I do not think I’ve read through a single thing like this before. So wonderful to discover somebody with original thoughts on this subject. Seriously.. thanks for starting this up. This web site is something that is required on the web, someone with a bit of originality!
Awesome site you have here but I was curious about if you knew of any forums that cover the same topics talked about here? I’d really love to be a part of group where I can get opinions from other experienced people that share the same interest. If you have any suggestions, please let me know. Appreciate it!
whoah this blog is wonderful i like studying your articles.
Stay up the great work! You know, many persons are hunting round for this info, you could help them greatly.
Tremendous things here. I am very satisfied to peer your article.
Thank you so much and I’m looking forward to touch
you. Will you kindly drop me a e-mail?
Thanks for your personal marvelous posting! I seriously enjoyed reading it, you could be a great author.
I will be sure to bookmark your blog and will often come back in the foreseeable future.
I want to encourage you to continue your great job, have a nice evening!
Just wish to say your article is as astonishing. The clearness in your post is just great and I can suppose you are knowledgeable on this subject. Fine with your permission allow me to grasp your feed to keep up to date with coming near near post.
Thank you one million and please continue the rewarding work.