How to participate in the November Long-Term Care Awareness Month
As the life expectancy increases, and more people reach senior years, long-term care is a necessity for many. The November Long-Term Care Awareness Month is dedicated to raising public awareness of the importance of planning for long-term care. The month is a great opportunity to educate yourself and plan for the future. It also allows you to take proactive steps in order to protect your family should you or a loved-one need long-term care. The Indianapolis attorneys at Frank & Kraft offer suggestions for how you can participate in Long-Term Care Awareness Month this November.
Learn About Long-Term Care Options
The first step to participating in Long-Term Care Awareness Month is to educate yourself about the various options available. Long-term care is a range of services that are designed to meet the needs and abilities of people who cannot perform daily activities independently. It includes in-home care as well as assisted living facilities, nursing home care, or specialized memory units for those with dementia or Alzheimer’s. Assess Your Long-Term Needs
At one point in your life you may need long-term support for yourself or your spouse due to age-related issues, chronic illnesses, or disability. The earlier you begin thinking about this possibility, the better you will be prepared. Assessing your long-term needs should also include evaluating how financially prepared you are for long-term services. It is important to plan for the cost of long-term care because it can be expensive. Medicare and traditional health insurance do not often cover these costs. As of 2024, the average cost of a year in a nursing home in Indiana was just over $115,000, highlighting the need to plan for the cost of LTC.
Consider Long-Term Care Insurance
Long-term care insurance helps cover the cost of services that may not be covered by regular health insurance or Medicare, such as in-home care, assisted living, or nursing home care. This may be a good option to consider if you are still young. The earlier you buy long-term care coverage, the cheaper it is. It is crucial to understand the terms of a LTC insurance policy, however, before deciding to purchase one, including exclusions, waiting periods, and maximum benefits.
Create or Update Your Estate Plan
Long-Term Care Awareness Month is also an ideal time to create or update your estate plan to reflect your long-term care preferences. Estate planning documents, such as a Power of Attorney for Healthcare and a Financial Power of Attorney, can help ensure your wishes are respected if you become incapacitated at a later time. Review your estate plan to ensure it is in line with your current situation and future needs. For example, you may need to update beneficiary designations, add provisions for long-term care, or ensure your financial Power of Attorney includes specific language authorizing your agent to make decisions related to your care.
Talk to Your Family About Long-Term Care
Long-Term Care Awareness Month also presents an excellent opportunity to have conversations with your family about your long-term care preferences. These discussions may be difficult but are necessary to ensure everyone understands and agrees on your LTC preferences. This can prevent confusion in the future. For more information, join us at an upcoming FREE seminar. Call
Frank & Kraft
or
(317) 684-500 for an appointment. Read More! Latest Posts by Paul A. Kraft Estate Planning Attorney (see all)
