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Simply playing things by ear would not help you in making an informed decision about where and how to get your long-term care solutions in the future.
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Senior Long-Term Care Planning: How to Get Long-Term Care Solutions
• When planning for your long-term care needs, there are some things you should do in order to make your time more productive and arrive at the best options you can get.
• Simply playing things by ear would not help you in making an informed decision about where and how to get your long-term care solutions in the future.
• Worse, you might even feel frustrated and overwhelmed with the information you get from different sources causing you to simply give up in your planning.
Plan Early
• First, consider planning early and doing your own independent research about different long term care solutions available to you.
Get Professional Advice
• Second, it will be a huge advantage if you could get professional advice from long term care experts such as elder care advisers and lawyers.
Get Professional Advice
• They could point you to the right information sources and assist you in drafting legal documents for your personal preferences in the event of a long- term care need.
Get Professional Advice
• Also, you can approach financial advisers or retirement financial planners to better allocate your funds and know your paying capacity for future healthcare expenses.
Image courtesy of scottchan Freedigitalphotos.net
Get Professional Advice
• They can also make you aware of the different expenses you might need to face after you leave the workforce and help you prepare for such expenses.
Image courtesy of scottchan Freedigitalphotos.net
Include funding options for long-term care
• Finally, include in your plans options how to fund your long-term care needs.
• Medicare and traditional healthcare insurance do not pay for long term care services, so start looking into private long term care insurance policies, check premium rates and what possible discounts you can get.
Include funding options for long-term care
• Though not really an advisable strategy, you can also see if you are able to put a regular amount in your nest egg to basically “self-insure” for healthcare expenses in the future.
Include funding options for long-term care
• The risk involved in this funding option is that you might end up losing a big chunk of your savings and assets to extremely expensive long term care bills.
For more tips and advice on long term-care solutions, please visit www.infolongtermcare.org
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