For the first time in our history, people of every demographic and income status are living beyond the age of 60. While longevity is an outstanding achievement of the modern era, quality of life can sometimes be overlooked. According to the Genworth 2019 Cost of Care Survey, 70% of people (roughly 7 out of every 10 people) will need some type of long-term care services during their lifetimes. It is essential to start planning for long-term care to avoid any of the unknown risks associated with being unprepared.
Long-term care is defined as the ongoing services and support needed by individuals living with chronic health conditions or disabilities. An individual unable to perform necessary daily functions may receive the following three levels of ongoing care:
It can be challenging to come to terms with the fact that a health issue may leave you or a loved one in need of assisted long-term care. With an uncertain future, it’s essential to begin planning for the possibility to allow you:
Remember, by making decisions today about long-term care, you can relieve your family of the burden of having to make decisions later.
As a healthy individual, the thought of planning for long-term care may seem unnecessary. Many people who find themselves needing it later in life rarely begin planning before it becomes an unavoidable reality. However, several adverse effects could occur if you neglect to plan appropriately, including:
Munn & Morris Financial Advisors is hosting a complimentary seminar on November 11 to discuss everything you need to know about appropriately planning for long-term care. Make sure to register or contact us if you need more information about coverage and available policies.