There is no right or wrong approach to long-term care planning, but there are some things you should absolutely include. Without the right approach today, you could find yourself lost and looking for answers in the future.
Here are some of the many questions to answer as you move through the process of creating a long-term care plan:
- Who will make medical decisions on your behalf? If you’re unable to make medical decisions, you want to be sure that the right person is able to step in and do so on your behalf. The creation of a health care power of attorney allows you to make the proper designation.
- Who will manage your finances? Just the same as your health, you need someone to manage your finances if you can’t do so. This is where a financial power of attorney can give you peace of mind. You can give your agent the power to do things such as manage your investments, pay your bills and maintain insurance coverage.
- How will you pay for long-term care? Don’t assume that you’ll answer this question if the time comes. Tackle it right now, so that you don’t have to deal with this if you’re facing a serious situation in the future. There are many ways to pay for long-term care, ranging from long-term insurance to Medicaid to personal assets.
- Do you qualify for Medicaid? First off, determine if you qualify for Medicaid right now. If you do, apply. If you don’t, proper Medicaid planning can help you obtain this government benefit in the future.
- Have you selected a nursing home? You don’t have to do this, but it’s never a bad idea to choose a nursing home facility in advance. This allows you to efficiently make the move in the event that it’s necessary.
Once you answer these questions associated with long-term care, you’ll find yourself feeling better about your ability to deal with anything that comes your way.
Remember this: The long-term care planning that you do today is designed to make your life easier in the future. When you take the right legal steps, you’ll put your mind at ease.
