We were recently invited to write a series of brief articles for the monthly newsletter of our friends at MDK Insurance Services, describing the continuum of long term care, and how to navigate oneself through it. You can sign up for the newsletter on their website, and each month we will provide a copy of the article here as well. Please share the information with someone you know, who is thinking ahead about how to plan for (and pay for) their own or a loved one's long term care.
Volume I: Establishing Your Objectives
Recent survey information reveals that 75% of those aged 65 and older will eventually require long term care. Thinking ahead and understanding the options that are available helps us make better-nformed long term care choices when the needs arise. Planning before a crisis that is brought on by a sudden change in status empowers the older or disabled individual to make well thought-out decisions about their own care, versus having decisions made quickly by someone else during a time of great stress. Ensuring that everyone is working with the same information, and effectively delegating tasks preserves relationships between family members and friends.
Start by establishing your objectives: Are you looking to make a short-term decision to deal with a specific and time-limited issue, or are you thinking ahead about future care and housing decisions? Agree on who will participate in the decision-making process, and what their duties and responsibilities will be. Perhaps one sibling will research and identify potential home care providers, while another takes responsibility for making phone calls and conducting interviews. Gather information, and then take the time to weigh your options together. Remember that the landscape of long term care is constantly changing; the options available today are different from those that were available just a few years ago.
Next month, we'll look at ways to conduct an accurate assessment of an individual's current and future care needs, before examining the range of care and housing options available along the continuum of long term care.
