As we approach the end of the year, many people will evaluate what happened with the plans they had for 2014 and begin to make their plans for 2015. For some people it is about planning for a vacation, or buying a new home. Still for others, they will consider the need to plan for retirement.What is your plan in the event you have the need for long-term health care? The kind of care where you may need assistance with bathing, dressing or even assistance because of a cognitive impairment (i.e. Alzheimer’s or other forms of dementia). If you have purchased long-term care insurance – congratulations you have a plan. If you have not purchased long-term care insurance and you're insurable, you have a plan as well: to spend down your assets. If you spend them all, you could qualify for Medicaid. Its planning by default.
Though the need for long-term care services may seem far away, you owe it to yourself and your loved ones to make a conscious decision on your plan. Whatever you choose, the decision is yours, just make sure you have explored all your options.
As almost everyone’s grandfather or grandmother always told them – “no one plans to fail, they fail to plan.” There has never been a better time to see what your options are in planning for a potential long-term care event.