Most people fail to plan for their long-term care. More often than not the reason given for this is that people don’t start to think about growing old and what is going to happen to them simply because it is so far off. What is important to them is the present: remaining healthy, independent, and not out living their income. Although they may not be worried about the future it is important for us as family member to help stress the importance for them to create a long-term care plan for the inevitable.
When it comes to considering our inability to care for ourselves, natural human nature is to shut down thoughts that it will ever happen to us. Although long-term care is not of a high concern to many because it isn’t happening, and, in our face, it is crucial that we take the necessary steps to plan ahead for events beyond our control. No one can be sure that they will not fall victim of the effects of aging such as increased accidents, more illnesses, & a rise in hospital visits; all which could involve the need to have prepared a long-term care plan. We plan for many risks such as fire, car accidents, theft, and more so why wouldn’t we plan and prepare written documentation of our long-term care plan, our power of attorney, and estate plans.
For aging individuals one of the most earth-shattering events that can take place is the need for long-term care. Typically, the need for long-term care comes along with the removal of a person’s ability to care for themselves. When needing long-term care, elderly people most often lose their independence, experience a loss of their health, and uses up financial assets. The need for long term care is really the most overwhelming late in life event that can occur. There is very little wonder why so many of us are reluctant to plan for this event.
It is important for individuals to start planning early for retirement as long-term care can be costly. Not only should we be putting money towards retirement and savings for Medicare and other expenses, we need to start putting money towards long-term care insurance. Planning for the risk and need for long-term care, is less expense than the results of having a financial need that you cannot fulfill leaving the burden to fall on your family.
Learn more about attorney Sean J. Nichols and the legal services he provides for clients including: estate planning, elder law issues, Medicaid planning, elder care, probate law, guardianships, and power of attorney (POA) at www.seanjnichols.com. To contact the offices of Sean J Nichols, call 734.386.0224 today.