Most people’s attitude toward long-term care and nursing home planning is “I’ll get around to it someday.” The truth is this: the best time to plan for your long-term care is today.
Why? Well, wouldn’t it be easier to plan your future while you’re healthy, clear-minded, and in control of your assets? The longer you wait, the higher the risk that something will go wrong and someone else will be doing the planning for you.
So, what are some suggestions to “set your standards” for long-term care?
Define What You Want from Long-Term Care
Setting your standards now means defining what kind of care you’ll receive, the place you’ll get it, and the quality of life you expect as you get older. It also accounts for potential issues related to disability, disease, or injuries. Making proactive, informed choices now can save your family a great deal of emotional turmoil down the road.
Let’s look deeper into the specifics of what this really means:
Everyone has an idea of what quality care looks like. However, your idea may not be the same as your family’s. For some, it means aging in place with in-home assistance. Others may want to move into a luxury retirement community with a full range of medical and social support. Of course, budget is also a factor in these decisions.
Start by asking yourself a few key questions:
Do I want to receive care at home, in a facility, or using a hybrid model?
What kind of daily routine or lifestyle do I want to maintain?
Is it important to me to receive care that is faith-based or otherwise aligned with my values?
What standards do I expect for food, privacy, cleanliness, and social engagement?
Your answers should form the core of your long-term care preferences. These personal standards matter, and they should be documented clearly so that your wishes are respected, even if you’re no longer able to speak for yourself.
Using Legal Tools to Protect Your Wishes
Once you’ve defined your preferences, let’s back them up with the right legal documents. A comprehensive estate plan should include some combination of the following:
Medical Power of Attorney. Designates someone you trust to make medical decisions on your behalf if you’re incapacitated.
Living Will (Advance Directive). Details your preferences regarding life-sustaining treatments and the kind of care you do (and don’t!) want to receive.
Long-Term Care Directive. This is a lesser-known but powerful document that outlines your personal criteria for long-term care, including the type of facility you want to be in, religious or cultural considerations, and more.
These documents ensure your voice is heard, even if you can’t speak for yourself. They also relieve your loved ones from having to make these kinds of difficult decisions for you without guidance.
How to Pay for Long-Term Care
As you’re probably aware, high-quality long-term care can be expensive. Whether through long-term care insurance, Medicaid planning, the use of trusts, or a combination of the three, the bottom line is the same: you need a strategy to afford the care you want without jeopardizing your family’s financial future.
Unfortunately, this type of planning can be complicated. Missteps are both common and often costly, which is why a good estate planning attorney is valuable. They can look at your situation and walk you through suggestions that fit your timeframe, budget, and needs. Planning ahead as much as possible will give you the most time and options you need to feel secure about your future.
Setting your legal and financial standards now allows you to maintain control over the kind of life you want to live and prevents loved ones from being put into an awkward position.Long-term care planning isn’t just wise, it’s a gift to yourself and your family. Interested in learning how we can help? Get in touch today.