At SilverSavvy, we know how important long-term care planning is for securing peace of mind—for yourself and your loved ones. In October, we covered a lot of ground on this crucial topic. To make it easy for you, we’ve pulled together the most important takeaways. Whether you’re planning for yourself or helping a family member, these insights will help you feel more confident and prepared for the future.
1. Start Planning Early
Taking the time to plan ahead allows you to make informed choices, without the stress of last-minute decisions. By starting early, you’ll have the time to explore your options—whether it’s the type of care you prefer or the best ways to finance it. Waiting until a crisis can create unnecessary pressure on you and your family.
Tip: Begin conversations with family and start exploring your options now, before a crisis occurs.
2. Know the Costs
Long-term care can be expensive, but understanding the costs in advance allows you to plan effectively. Here’s a quick overview of average monthly expenses for common types of long-term care:
- In-home care: $5,148 to $5,243
- Assisted living: $4,774
- Nursing home (private room): $9,034
Planning for these costs now opens the door to options like long-term care insurance, Medicaid, and even Veterans Benefits if you qualify.
Tip: Start researching different financing options now to ease the financial burden later.
3. Secure Control Over Medical Decisions
One of the most important steps you can take is to ensure your medical decisions are respected. Setting up a healthcare proxy or advance directive lets you appoint someone you trust to make medical decisions on your behalf if you can’t. This not only protects your wishes but also alleviates stress for your loved ones during challenging times.
Tip: Have open conversations with family members about your healthcare preferences and ensure your documents are up to date.
4. Prepare Financial and Legal Documents
Estate planning is key to protecting your assets and ensuring that everything is handled according to your wishes. Tools like wills (a legal document that outlines how your assets will be distributed after your death), trusts (a legal arrangement where assets are held by a third party for the benefit of another), and powers of attorney (a document that authorizes someone to make financial or legal decisions on your behalf) are essential for outlining exactly how your finances and other affairs should be managed if you’re no longer able to. Starting early can prevent unnecessary legal complications and protect your loved ones from stressful situations.
Tip: Regularly review your estate plan and update it to reflect any changes in your situation.
5. Plan for Daily Living Support
Long-term care isn’t just about medical needs; it’s about maintaining your quality of life. Planning for help with tasks like bathing, dressing, and meal preparation allows you to remain independent for longer. Whether through caregiving services or home modifications, thinking ahead about these needs is key to ensuring your future comfort.
Tip: Consider your future daily living needs and explore available options for in-home care or assisted living now.
6. Have Open Conversations with Family
Discussing long-term care may feel difficult, but starting these conversations early helps avoid confusion and stress down the road. Being clear about your wishes—and talking openly with family members—ensures everyone is aligned on your care preferences and financial plans. This helps prevent conflicts and guarantees your choices are honored.
Tip: Host a family meeting or work with a mediator to guide these discussions in a supportive environment.
Additional Resources for Long-Term Care Planning
Planning for long-term care is a big step, and to support you, we’ve curated trusted resources to guide you. Whether you’re exploring insurance, legal advice, or financial aid like Medicaid and Veterans Benefits, these tools offer valuable insights to make the process easier:
- AARP’s Long-Term Care Planning Tool
A comprehensive, free tool from AARP that helps you create a personalized plan based on your unique needs and preferences.
Visit AARP’s Long-Term Care Planning Tool - National Institute on Aging – Legal and Financial Planning for Older Adults
Offers valuable advice on managing legal and financial affairs, including wills, powers of attorney, and advance directives.
Learn More About Legal and Financial Planning
- Veterans Benefits for Long-Term Care
If you or a loved one served in the military, you may be eligible for financial support through the Department of Veterans Affairs (VA).
Explore VA Benefits for Long-Term Care - Medicaid Long-Term Care Services
Medicaid may help cover long-term care costs for those who qualify. Learn about eligibility and services in your state.
Find Medicaid Services - Eldercare Locator
A free public service connecting you to local services and resources for older adults and their families.
Find Local Services - Genworth Long-Term Care Insurance Calculator
Understand long-term care insurance costs and coverage options to make informed decisions.
Try the Genworth Cost Calculator - Advance Care Planning Guide
Learn how to start advance care planning by visiting the Institute for Healthcare Improvement’s Conversation Project.
Start Your Advance Care Plan
Not Sure Where to Start? We’re Here to Help!
Long-term care planning doesn’t have to be overwhelming when you start early and explore your options. By addressing key areas—costs, medical decisions, and family conversations—you’ll be better prepared for the future and can ease the burden on your loved ones.
If you have questions or need guidance, SilverSavvy is here for you. Visit us at silversavvy.com or contact us at [email protected] to schedule a free consultation. Let our team of experts guide you toward peace of mind and a well-planned future.
To You, Aging Well,
The SilverSavvy Team