We all age; it’s a fact of the human condition we can’t change. Fortunately, we have time to prepare for the possibility that age will bring with it physical or mental decline that would prohibit us from taking care of ourselves. If this has been on your mind, whether for yourself or an aging parent, keep reading.
Medicare coverage and long-term care
It is important to understand that Medicare offers very limited benefits when it comes to skilled nursing care (up to 100 days per incident/illness) and virtually no coverage for custodial care. Even most private health insurance plans won’t cover chronic care needs, according to the Federal Long-Term Care Insurance Program.
Fortunately, there are options to help offset the cost of assisted living or in-home care. If you have life insurance, you may be able to cash in early to utilize your benefits by adding on a policy rider. Regardless of age, if you have dependent children or do not have the financial assets to cover your final expenses, including long-term care, you should look into life insurance coverage.
A second option is to obtain a reverse mortgage on your primary residence. A reverse mortgage is available only to seniors and is essentially the process of selling your home to the bank over time. The money you receive can be used to cover daily living expenses, including paying for private in-home care if you aren’t able to live independently.
Will I need care?
The older you get, the more likely you are to need assistance, but age isn’t the only factor that comes into play. There are many health conditions common in seniors, including cognitive decline, osteoporosis, and hearing loss. Hereditary diseases, such as Alzheimer’s, heart disease, and type I diabetes should also be considered as you plan for the future. If you have a family history of debilitating conditions, your chances of developing that condition may be significant.
In addition, if you lead a stagnant lifestyle, engage in risky behaviors, or fail to prioritize proper nutrition, your health will likely deteriorate rapidly with age. Further, age-related mobility issues put you at a greater risk of being injured in a falling accident, which can rob you of your independence without warning. Keeping your mind sharp and your body strong throughout your lifetime can lessen your chances of a significant injury.
If you’re reading this, consider yourself lucky that you have time to plan for your future. First, know your risks and start planning for your needs. Remember, Medicare doesn’t cover everything, and it is up to you to see that your needs are met on your terms.
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