Are you a planner? Most of us are planners – up to a certain point. You know in general what you will be doing today, maybe even tomorrow, and perhaps even next week.
Most of us have organized a big part of our lives… we planned on attending college, we planned our life’s big events such as our wedding, we planned for the birth of our children, and where our children would go to college and how to pay for it.
Most of us even plan for retirement, carefully contributing to a 401K or some other mutual plan to help cover our expenses in hopes that one day we will retire.
The Ultimate Home Care Planning Guide
But how many of us actually plan and organize for that time in our life when we may no longer be able to care for ourselves?
1. Create a Living Will
There are several things you can do now. First of all – and one of the most important and simplest things you can do – is to have your wishes stated in a living will and/or an advanced directive and have a health care surrogacy in place. These forms are readily available online, through your physician or local hospital. In these forms, you have control over what your last wishes are and you also decide who you feel will be the one most likely to carry out your wishes. These forms become active only when you have been declared to be incapable of making a decision by your physician.
2. Plan Financially
There are Internet sites that will help you calculate your financial needs. One site is https://www.aarp.org/. Did you know that on average the annual cost of long term care is $74,460 and that most individuals need care for three to four years? Now that you know an estimation of costs you need to consider your options. A certified financial planner can help you choose the best option for you. Some of the options could be to start a savings fund. Another choice is to buy a long term care policy insurance plan. Someone once called this a “stay at home” policy. Be careful that you know the terms of your policy, if there is a waiting period, how many dollars per day of care does the policy payout, what are the requirements you must meet to tap into the policy, what is the limit it will pay out, and what level of care will the policy cover.
3. Discuss Your Plans With Family
Finally, make sure your family or responsible party knows what your plans are and where your important papers are filed. Discuss your wishes with them. Many families never get around to discussing these important decisions until it is too late. If you truly do not want to burden your family, give them the gift of knowing your wishes for your life. You may be surprised how easy this discussion will be.
If you follow these three steps it will lead to peace of mind – for you and your family!
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