When thinking of our overall fiscal situation we do not typically consider how a health crisis could and would impact our finances. We worry about funding our retirement with little regard for what an illness or accident will do to that plan. We barely consider the impact our aging bodies will have on our lifestyle and we hardly ever discuss this with our significant others; the very people we will burden.
Why not put a plan in place, even a small one, while we still have our health? Options that will not be available once we need extended care. Then, consider adjusting that plan every few years as we age and we have a clearer picture of our needs and the costs related to provide them.
Funding a plan while younger and healthier beats having no plan when we are in crisis. Would you know where to find care? How will that care be delivered? How long will you need that care? What your care will cost? Where will the money come from? Your checking account? How long will that last when care is costing as little as $80.00 per day, or $2,400.00 each month? Once you have exhausted your checking account where will you go to get the money to pay for your care needs? Your savings? How long will your savings last? Was the cost of extended care part of your original plan? Have you discussed this with your family? Most of us have not.
Funding a plan also provides you and your loved ones assistance and guidance from the insurance company, who offer care coordination that can be invaluable at crisis time. Time that you can spend on what really is important to you rather than dealing with service providers and vendors. They know the service providers in your area. They can offer pricing options, care ratings and overall invaluable information critical to your decision making thereby saving you valuable time and effort.
Speak with a specialist in the long term care industry on how best to fund a plan that works for you and your loved ones. You will be so glad you did when you need it. You’ll wonder how you would have managed without having a plan in place.
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