While many adults know that they need a long-term care plan, they may keep putting off the planning process. However, people should create a plan before they become seniors.
According to CNBC, people should start planning for their long-term care while they are still in their 40s and 50s. People do not always know when they will need their care plan. An illness or a disability may require someone to use this plan earlier than expected. In this situation, people need all the elements of their care plan to be in place already.
How much will long-term care cost?
The cost of long-term care depends on the type of care people want to receive. One study reports that 96% of people would prefer to stay in their homes as they age, while 93% plan to reside in an assisted living facility. In 2017, hiring a home health aide cost $49,192 on average. Seniors paid $97,455 annually for their own room in a nursing home. Experts suggest that these expenses will be significantly higher by 2027.
Many people may expect their health insurance and Medicare benefits to cover the cost of their care. However, they may need access to more resources. Some people may decide to invest in long-term care insurance to fill this gap. This protection may be most affordable if people purchase it when they are younger. If people create their care plan early, they can ensure that they have the necessary financial resources to afford their preferred care.
What kind of care is available?
People also need time to fully understand which resources are available to them. According to the Mayo Clinic, there are several different kinds of care that seniors might receive. Adults may live in retirement communities or receive care at home. What types of senior housing are available in their neighborhood? Which nursing homes provide high-quality care? What kind of care do people think they might need as they age? These are some of the questions people should consider.
If people create their long-term care plan early, they can ensure that all the essential elements are in place long before they need them.