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 II: Assessing Current and Future Care Needs
You know the importance of thinking ahead and understanding your options when it comes to long term care. But how do you know what kind of care you may need? No one can see the future, but by taking a realistic look at your current scenario and asking hard questions about what may lie ahead, you can set yourself up for success.
Consider your current health status (and that of your spouse, if applicable). Are you living with any chronic health conditions, or are you at risk of developing them? You may be functioning at an exceptionally high level right now, but consider the possibility that some day you may not. One in eight Americans over the age of 65 has dementia, which results in a decline in memory and cognitive ability, and usually prevents an older person from being able to live alone without assistance.
Think about your support system. What type of assistance can you reasonably expect from your spouse, children, neighbors, and friends? Do you live in a community where you are surrounded by these types of natural "helpers," or is your network more limited? What kind of help are you going to be willing to accept from your friends and family, and for what types of tasks would you prefer the help of a professional?
Begin giving these questions some thought, and next month we'll begin exploring the range of at-home and community-based options that are available to those who require long term care.
