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If everyone had a crystal ball, they would be able to predict whether they would need to pay for long-term care in the future or not. Unfortunately, that’s not a reality. That’s why it’s critical for individuals and families to plan ahead for potential long-term care.
Below we outline steps to consider when preparing for long-term care.
Options for Long-Term Care
Long-term care looks different for everyone. Some are able to stay in their homes and have nurses or aides provide assistance. Others may feel more comfortable being at a facility where care is provided on-site. You may think that one option is the better fit for you, but no one can predict the type of physical and mental care they may need down the road.
Well before you or a loved one may need this type of care, look at the options available and what amenities each long-term care option offers.
Cost for Long-Term Care
This is a significant consideration that needs to be made when planning for the future. Just as you don’t have a crystal ball to look ahead for the type of long-term care you or a loved one may need, it’s impossible to know the exact cost you will have to pay for long-term care.
Many may assume that Medicare or Medicaid will cover all the costs, but that is not necessarily true. Medicare can help with short-term care needed at a nursing facility or if you meet certain specifications. Medicaid is only available to individuals who qualify based on a person’s assets and income.
Another option to pay for long-term care is long-term care insurance. However, this needs to be purchased sooner than later. Individuals and families could also use their personal income to pay for long-term care, but it might not be necessary if steps are taken ahead of time to finance long-term care.
Planning Ahead with Krause Estate Planning
Paying for long-term care is one aspect that many don’t necessarily plan for. Dan Krause has helped countless individuals and families prepare for the future including long-term care. It’s never too soon to plan ahead — reach out to Krause Estate Planning so you don’t face a potential crisis down the road. Our team helps families and individuals throughout Wisconsin including Janesville, Madison, Middleton, Milwaukee, Oregon, Sun Prairie, Verona, and Waunakee.