Why It’s Important to Have a Long-Term Care Plan

This blog was written by the consumer lending experts at ElderLife Financial Services.

As medical advancements continue to extend life expectancy, the importance of preparing for long-term care has never been greater. Whether it’s in-home support, an assisted living community or memory care services, planning early can help protect your assets, preserve independence and provide peace of mind.

No matter where you’re at in your long-term care planning process, here’s what you need to know as you consider your options.

The rising cost of long-term care

One of the biggest concerns facing older adults today is the high cost of long-term care, which is often not fully covered by Medicare or standard health insurance.

Studies suggest that a 65-year-old couple retiring this year will need approximately $330,000 to cover healthcare expenses during retirement – and that amount doesn’t include long-term care.

Common long-term care expenses include:

• In-home care services such as nursing or personal aides
• Adult day care or community-based support
• Assisted living communities
• Memory care neighborhoods in a senior living community
• Nursing homes
• Medical equipment and supplies not covered by insurance

These expenses can place a heavy financial burden on families who haven’t taken the time to plan ahead.

The benefits of having a long-term care plan

Creating a long-term care plan isn’t just a financial decision – it’s a decision about how you want to live in the future. Here are some key reasons why you should plan ahead.

Protect your assets

Insurance and financial tools can help prevent your savings from being drained by care costs.

Maintain a lifestyle of choice

Having a plan allows you to choose how and where you want to receive care and make informed decisions based on your preferences.

Ease the burden on family

A well-structured plan gives family members peace of mind and reduces the stress of having to make crucial decisions during a crisis or health event.

It’s never too early to start

Even if you’re in good health today, starting your long-term care planning early gives you more options and flexibility. Taking proactive steps now ensures that you can enjoy your retirement years without constantly worrying about whether you can afford care if the need arises.

Atria is here to help

Long-term care planning may feel overwhelming, but you don’t have to navigate it alone. Our team is here to answer any questions, provide guidance and help you find an option that works for your family.

If a senior living community is part of your long-term care plan, we’ve created a cost calculator to help provide a quick comparison between life at home versus an Atria community.

For those who are just getting started on their plan, Atria residents can receive a complimentary consultation with ElderLife Financial Services to help understand their financial landscape and explore options that can help pay for senior living and care services.

So, whether you’re just beginning your long-term care plan, wondering how to pay for senior living or simply curious about all your options, find a community and contact us today to get started.