Share:

It may be difficult to think about a time when you will no longer be able to tend to your own needs. However, planning for this possibility will ensure you are well taken care of in your golden years. Take steps now to prepare for future long-term care and health insurance needs, so you’ll have an easier time adjusting to the associated lifestyle changes and increased costs.

3 Steps to Facilitate a Smoother Transition Into Long-Term Care 

1. Learn Your Care Options

Many long-term care options are available depending on the level of assistance a person needs. Research what these are, such as home health services, independent living, assisted living, adult day care, and hospice, so you are familiar with the services each one provides. You can then determine which setting is most suitable for your condition if you decide it’s time for long-term care.

2. Explore Ways to Finance a Long-Term Care Plan

health insuranceEven with a sizable nest egg set aside, long-term care costs can quickly deplete life savings. That’s why you need to plan to pay for healthcare long before you require help. Medicaid and private insurance are some of the most effective methods for financing long-term care. Medicaid, a health insurance program for low-income individuals, will cover long-term care services, but you must meet the eligibility requirements. A long-term care insurance policy or life insurance policy with long-term care benefits are other options to consider.

3. Know the Types of Conditions That Affect Your Need for Care 

While most people will need some kind of long-term care as they age, some conditions increase the probability of requiring assistance; for example, chronic illnesses, cognitive decline, being overweight, and having a physical disability. Additionally, being female, having a family history of physical or mental ailments, living alone, and using tobacco, drugs, or alcohol make you more likely to need long-term care.

 

Credit for the information provided in the article goes to June Duncan. June is the co-creator of Rise Up for Caregivers, which offers support for family members and friends who have taken on the responsibility of caring for their loved ones. She is the author of the upcoming book, The Complete Guide to Caregiving: A Daily Companion for New Senior Caregivers.

If you need assistance researching the various insurance policies that can help fund long-term care, contact Mutual Underwriters. They have been in the industry for more than six decades and provide quality products, including life and health insurance. With locations in Honolulu, Waipahu, Wailuku, Kona, and Hilo, it’s easy for Hawaii residents to find an experienced agent to handle all their coverage needs. Call (808) 532-2888 to discuss your long-term care goals, or visit them online to learn more about their life and health insurance services. 

tracking