Senior long-term care is essential for many older adults, but planning for it can be challenging. Some seniors are able to remain independent well into their golden years, while others require the level of medical assistance a senior living facility can give early on in retirement. In either case, it’s important to take a proactive approach.
Overwhelmed by planning for senior long-term care? We have you covered with a few simple tips to effectively plan for your future. Learn about our many senior care services at Westminster Place by calling 903.329.6520 or visiting us online today.
How to Plan for Senior Long-Term Care
Research Options and Costs for Senior Long-Term Care
Long-term care services for seniors can take many forms, which means that your specific expenses associated with it will vary greatly. For example, hiring a part-time caregiver while remaining at home will be less expensive than a full-time caregiver or moving into a senior living community.
Depending on your current circumstances, it may be difficult to know what type of long-term care you will need. However, having done your research on the topic will help you and your loved ones to make a more informed decision when the time comes.
If long-term care is still many years away for you, make sure to incorporate the following factors as you save:
- Expected inflation
- Other life expenses
- Lifestyle needs
- Current and expected future medical costs
Having these details in mind can help you save for long-term care more effectively.
Determine Your Resources
How do you plan to pay for your senior care? There are a few different ways to cover your living expenses when you’re receiving in-home care or living in a retirement facility. For many older adults, their pension and 401k or IRA have accrued significantly and are able to go toward the essential costs of long-term care.
Some seniors pay out of pocket or purchase an insurance policy for long-term care. It’s also common for the adult children of seniors to pool resources among themselves and pay for their parent’s care.
Talking about money with family members can be uncomfortable, but it’s better to put a plan in place now than to scramble to make one once long-term care becomes necessary.
Save for Senior Care Ahead of Time
If you’re still many years away from senior care, don’t wait to create a retirement account or savings account specifically dedicated to your care. Keep in mind that 401k accounts are great for this purpose as you can’t access the funds until age 59 and ½ without penalty, disincentivizing people from touching that money until retirement.
If you don’t receive a 401k through your employer, you can sign up for a solo 401k or an independent retirement account. High-yield savings accounts can also be a good option for saving income over time and earning interest.
Consider Government Funding Options for Long-term Care
In some cases, seniors may be able to take advantage of government-issued resources to pay for their long-term care. Medicaid, in particular, is known for assisting seniors with their living expenses once they require full-time care and can’t work.
This type of financial aid can be life-changing for seniors who need it, but you must meet certain requirements in order to qualify for it.
Long-Term Care Services in Senior Living at Westminster Place
Now is the perfect moment to explore senior living options. One of the most enticing reasons to choose Buckner Westminster Place is our special, limited-time offer! Take advantage of incredible savings of up to $17,000 when you secure your spot before December 31, 2024. At Westminster Place, we provide specialized long-term care for seniors in Texas tailored to their unique needs. Call 903.329.6520 to learn more today!