Considering the cost of long-term care is an integral part of financial planning. Preparing for the unexpected, the need for care in the event of a long-term illness or disability, may be one of the wisest considerations you can make in your financial planning efforts. Making arrangements ahead of time will spare your spouse or children from bearing that unexpected financial burden. Protect your future by considering how your financial plan will affect your health and well-being.
The best time to make decisions about long-term care is before it is needed. Hopefully you won’t need extensive medical care, but even if you’re in perfect health as you advance in age you may need other kinds of services. “Long-term” care is more than just medical services, it’s the assistance that you may need for everyday tasks when you age, such as dressing, paying bills, and housework. These kind of costs are often not covered by health insurance.
Considering your need for long-term care often involves thoughtful discussions with loved ones. Your ability to financially withstand the impact of a long-term illness also warrants consultation with your financial advisor, estate planner and perhaps your doctor and lawyer. We look forward to creating the financial plan that you will use throughout your lifetime.