When was the last time you thought about your healthcare? If you are an older adult, it may have been pretty recently.
Healthcare costs tend to increase with age. Now, when was the last time you thought about how you would pay for long-term care? For many adults, the answer is “never,” and that can lead to serious problems. Planning for long-term care should be on your mind just as much as your healthcare. If it’s not, Nona Title offers some ways you can put together a good plan to prepare and pay for long-term care should you or a loved one need it.
Plan to Pay for Long Term Care
Research says that most older adults will need some form of long-term care in the future. That’s why it is always a good idea to think about how you would pay for care if you or a loved one requires it. Selling your home could be a viable option, but that can depend on the current average listing prices of homes in your area. For example, in St. Cloud, Florida, homes have sold for a median price of $298,098. Knowing this information will help you determine if the profits from a home sale would be enough to cover long-term care costs. Aside from selling your home, there are other ways to financially plan for care. Starting now gives you a much-needed advantage over waiting until care is actually needed.
In most cases where long-term care is needed, Medicare offers little to no coverage. The most you can expect is for Medicare to cover any needs directly related to healthcare. With this in mind, you need to think about other ways insurance may be able to help you afford care. Planning when you are younger has its benefits in this regard, as you are more likely to be able to afford options like long-term care insurance. Premiums tend to be cheaper for those in their 40s or 50s, as opposed to adults who are closer to the age of retirement, and you can shop around for coverage and plan options. If you carry life insurance, you may also be able to sell one of your policies to obtain cash for care needs in the future, but it may be best to make this your last option for paying for long-term care.
Determine Whether You Will Need Care
When it comes to long-term care, the odds tend to be stacked against many seniors. However, there are a few ways you can better estimate whether you or a family member will require care. Take a look at your lifestyle and how your health is right now. Are you eating a healthy diet and getting enough exercise? Both of these healthy habits can reduce the need for long-term care as you get older. If dementia or Alzheimer’s disease is a concern, some studies even suggest that a Mediterranean diet, or one that includes healthy fats, can greatly reduce the odds of needing long-term care. You should also look into your family history to see if there are any hereditary conditions you need to consider. Finally, it’s important to know that many long-term care situations arise as the result of a fall. You can prevent fall-related injuries with certain exercises, but you can also make modifications inside your home. As you grow older, think about installing basic safety features, such as grab bars and seated showers, in your bathroom and take other steps to prevent falls at home.
The costs of long-term care do not have to catch you by surprise. Whether you are a senior or have senior loved ones, planning ahead for long-term care can take a weight off your shoulders. Plus, planning ahead gives you so many more options for covering costs, and finding compassionate care you can trust. So the next time you think about your health or the health of a loved one, think about the costs of long-term care as well. You will be glad that you did.
For more information about our title insurance and settlement services, please get in touch with Nona Title at (407) 556-3798.