Preparing For Long-Term Care

Have you priced long-term care lately?

Financial planning for future senior care is important. The costs can be staggering. A 2023 study by Genworth Financial analyzed the median annual cost of 3 types of long-term assistance. At-home care, which brings in healthcare professionals to those who can remain at home, ran around $75,000. Assisted living, for those needing minimal medical support but benefit from a community, cost $64,000. Nursing homes offer more intensive care and medical supervision. The median cost for a private room ran over $100,000.

Covering these costs can be challenging, especially when memory care is needed. Ease the burden on yourself and loved ones by planning early and assessing future needs. Examine your family health history, lifestyle, and financial resources. Will you prefer to live at home or in a facility? Research the cost of long-term care insurance. You can add a rider to a life insurance policy. The higher premium may justify the financial support needed to reduce stress for families. Otherwise, build a separate saving or investment account. Keep your legal documents up to date. A will or trust, power of attorney, and healthcare directives will simplify decisions and make it easier for loved ones to honor your wishes. Do some wise estate planning. Open discussions with family members will facilitate their support and reduce any misunderstandings.

And if credit card debt is preventing you from saving for the future, Christian Credit Counselors wants to help. They’ll create a debt management plan specifically for you. For more information, visit online at crown.org/ccc.