There are so many things that make Long Term Care planning incredibly important. Here is our Top 10 list for 2022. We also created a cool infographic to share. Check it out.
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1. 70% of people 65 and older will experience a long-term-care event
Most people will need care with Activities of Daily Living at some point in their life, so it’s typically a question of IF, but WHEN. 70% of people 65 and older is a big majority of the population, so the chances are pretty good that if you’re reading this, you’re going to have a situation in your life where you’ll need help taking care of various activities of daily living (ADLs) in your life. Having a long term care plan can help you be ready.
2. Costs of long-term care rose in 2020 between 3.24% and 6.15%
Ranging from homemaker services to various facility options, the costs of care continue to rise. And there are no signs that things are heading in the opposite direction anytime sooner. So, part of your plan needs to include how you’ll pay for long term care. Whether it’s using savings, other investment vehicles, long term care insurance, or some other means, the sooner you start planning the better off you’ll be.
3. Establish peace of mind
Talk to your loved one’s about making a plan so you can know you’re covered before it’s too late. Nobody wants to have to scramble and have their back up against the wall. Thinking and talking to your loved one’s about a long term care plan before an event occurs is the best way to get things settled and create peace of mind. If you worry so much for your parents, get long term care for your parents.
4. Preserve your savings
If you don’t want to spend all of your hard earned savings on long term care needs, then the the sooner you start planning the better off you’ll be in terms of minimizing the amount of savings you’ll have to touch for your care.
5. Planning doesn’t happen overnight
There are so many variables you need to consider, so making a long term care plan is something that will take a lot of time, research, and conversations with family & friends, and you’ll want to seek the expert help from a licensed long term care insurance agent. Without a plan, you’ll be riding shotgun, so whether it’s medigap planinng or long term, get one.
6. What’s so different?
You make plans for retirement, saving for college, buying a home, or other far-off needs and wants. This is no different. Making a plan for your future long term care needs should be no different. In fact, the sooner you start to make a plan, the better off you’ll be so you can have things ready for when you need to execute that plan. Long Term Care planning should be treated like retirement planning, college planning, or other life events planning.
7. Get in front of the 8-ball
If you don’t plan before you need care, then you might not be able to get the care you need or be able to get Long Term Care Insurance if that’s intended to be part of your plan. So, get in front of the 8-ball and get going!
8. Save money by purchasing earlier
If you’re considering long-term-care insurance as part of your long term care planning, then the sooner you look into it, and the sooner you talk to an agent to understand policy options, coverage considerations, and costs, the sooner you can get that piece of your long term care planning in place. And it’ll also save you money over the long haul. In short, the sooner you get long term care insurance, the cheaper it will typically be. Also don’t forget to check what does disability insurance cover.
9. Reduce stress on family & friends
Putting a long term care plan in place can help your loved one’s know what to expect and how to help get things arranged when needed. We all have people in our lives who care about us, but nobody really wants to have to burden those loved ones when it comes to caring needs. It creates stress, the strain on relationships, and also can drain nest eggs pretty quickly if there isn’t the right plan in place. So, if you don’t want to do it for yourself, then think of your loved ones and start making a long term care plan today!
10. It just feels good to check the box on important things
You check the boxes on having plans for life, auto, and your home coverages, so planning for long term care coverage will round things out. As we do with certain life stages, we think about things that we need to do to take care of those we love and help protect them, and ourselves. We get life insurance when we get married. We increase that life insurance when we have a child. We start saving for the college fund. We put aside money for that tropical vacation in a year. Those things feel good to us because it’s doing the right thing and gets us prepared. Making a long term care plan is no different. It should be part of our bigger life plan.
2020 U.S. Department of Health and Human Services (https://acl.gov/ltc/basic-needs/how-much-care-will-you-needopens in new window).