Long term care and nursing home planning are important matters for families to consider. As Americans tend to live longer and longer, finances become a bigger and bigger issue. As we age, it can start to become difficult to do the things that we once could and it may become difficult to take care of our own health needs. Although these matters may be difficult to face, many aging residents in Pennsylvania and in other states need long term care and may need to make the decision to enter a nursing home. While these facilities have many benefits in providing care, these facilities also come with a hefty price tag.
Because of the cost of long term care, it is important for healthy individuals to consider how such care might be covered, whether in a nursing home, a personal care home or their own home. Although it might be difficult to plan now for such eventualities, the reality is that the chances are great that the majority of the older population will need long term care at some point in their lives.
In order to plan for long term care and its costs, it may be helpful to work with an elder law attorney along with your financial advisor. The elder law attorney could help to work out a long term care plan to help protect the family and its assets, while the financial professional could help to invest money for income and growth or to obtain long term care insurance to cover the costs of care. In the end, working with legal and financial professionals could greatly help individuals and their families when they are faced with the difficult decision concerning care.
Long term care and nursing home planning could help to protect a family's savings while ensuring that appropriate care is provided to frail and elderly loved ones. While elder law attorneys can help their clients understand their options for long term care and their rights, financial professionals can help to provide sound financial advice.
Source: Oprah.com, "Planning to Care for Those Who Cared for You," Nov. 28, 2016