Three weeks ago while I was on a quick trip to the store to buy bags of my father’s favorite candy, he fell and broke his hip. From that day on, both of our lives have been turned upside down from the moment we arrived at the hospital to the move to a rehabilitation center after his surgery. We are now forced to make a decision as to whether he can return home or will require 24-hour care.
As days turn into weeks, the need to make choices about long-term care has come knocking with force at my front door. I thought the challenge would be finding the perfect location for my father to receive the care he now needs full-time. However, I’m finding that there’s much more to it. Though my journey is just beginning, I’m learning very quickly that we all need to have a budget plan in place, as well as an idea of how we want to live out our lives, if the time comes that we need long-term care.
Paying for long-term senior care can be a challenge for all families, no matter what your circumstances may be. There are so many unknowns. We don’t know how long we will live or if those years will be spent in good health. We all hope to get lucky and stay healthy until our end, but in reality most people will face health challenges that will increase the need for assistance. Unfortunately, the majority of Americans significantly underestimate the amount of care they’ll need and how long they’ll need it. People are outliving their resources AND they are living much longer than years gone by.
When you plan for your golden years, here are some things to consider.
- Anticipate escalating health needs
- Ask about Medicare policies
- Consider inflation increases
- Give advance notice of limited funds
- Be conservative in your choices
- Don’t be afraid to ask for help
Luckily for me, I have friends who have dealt with or are currently dealing with making choices about long-term care for their loved ones, whether it be independent or assisted living. All of them have graciously offered their help in guiding me to the correct avenues to enable me to make the best choices for my father’s future in long-term care.
For more information on budgeting and long-term care options, go to www.aarp.org or www.longtermcare.gov