As a senior living in Connecticut have you given any thought to long-term care planning? With less than half of all Americans today having an estate plan, it is not surprising even fewer have planned for their long-term care needs. What is long-term care planning? Long-term care planning addresses the need for a possible future where you may need to rely on another person each day due to physical or mental cognitive issues.
In our Connecticut office we often speak with seniors and their loved ones on what it means to need long-term care and how to plan successfully to meet those needs. We would like to share four tips you may need to both educate yourself and begin to get the answers that you need.
1. Planning should begin as soon as possible. Unfortunately, many people put off long-term care planning until it is too late. Understandably, no one wants to think about a future that might involve the need for long-term care, however, the best gift you can give yourself and your family is to have a plan in place so that should the time come you are prepared and are not at risk. In addition, be sure your estate plan is up-to-date and reflects what you want. With your estate plan you can give legal authority for healthcare and financial decisions to another person that you trust. You can also designate this person or persons the authority to make decisions when you are not able to do so independently.
2. Educating yourself on the cost of long-term care is necessary. Long-term care in any setting is expensive. You can learn the cost for the type of care in our state by using this link from the Genworth Cost of Care Survey. You need to learn the different types of long-term care. Most people do not want to live in a nursing home, however, there are many steps in between nursing home care and home care. From homebase care to independent care to assisted-living care and skilled nursing home care, there are many options. You can use this link we want to share with you from the AARP website.
3. Find out if long-term care insurance is an option for you. Are you aware that there is long-term care insurance? Long-term care insurance is a type of insurance that can provide financial assistance should you need long-term care. Do not put off speaking with a long-term care insurance agent to learn more about what your options are. In addition, meet and speak with an experienced Connecticut estate planning attorney who also understands elder law planning. An experienced elder law attorney will be able to educate you on what your options in regard to long-term care are in numerous circumstances and come up with a plan to make sure you, your family, and what you care about most, is protected.
4. Discuss the need for long-term care early with your doctors and specialists. Long-term care impacts every person differently. If you have a new diagnosis or a chronic condition, speak freely with your doctor about what you should expect in the future. While your long-term care needs are unique to you, your doctor knows you and will be able to give you advice on what to understand and potentially plan for. Before you meet, make a list of questions. Long-term care, the aging process, and family relationships are all complicated. Do not hesitate to make a list of what you are concerned about and the questions you need answered. Be aware, this list will change over time as you answer one question and encounter the next.
We know this list may seem daunting. We also know you may have more questions now that you have read it. We want you not to wait to learn more about this critical issue facing all of us, but most importantly Connecticut seniors. Remember, being prepared is the best defense you can have in place. The Northeast Law Center practices law in many Connecticut counties including Hartford, New London, Tolland and Windham. We encourage you to contact us and schedule a meeting.