When the Future Becomes Now: Care and Finances
Many would prefer to deny their loved one’s age. However, when it comes to financial planning, thinking of the future becomes essential for all parties involved. Some families may have already started providing financial or personal assistance to a loved one. However, as one continues to age the need for assistance steadily increases. This may potentially cause strain on the family and caregiver.
Families and individuals with aging loved ones want to show support by providing a range of care. Over time, the responsibilities of full-time, long-term care of another individual while managing other commitments become unreasonable. It is important to begin thinking about financial and long-term care options early.
Why Plan Early?
As many have experienced, life can alter at any moment. Sudden ailments such as having a stroke or fall can result in hefty medical and care bills. All of which can have a huge impact on financial stability. Planning can help ensure that everyone can navigate any health-related changes in the best way possible.
Steps You Can Take
There are a variety of relief options that are available and accessible that can assist in long-term care. Families may decide on different options as listed below. With any important decision, if you are doubtful or have questions, you should always seek professional guidance.
- Life Settlements
Life settlements are popular options because it enables your loved one to sell the life insurance policy that they no longer require, thus providing a savings stash for investing in your long-term care plan.
- Reverse Mortgages
This solution is also known as a ‘home equity conversion mortgage’ which allows your loved one to release home equity without having to make monthly repayments, or indeed pay the money back during their lifetime. This option requires one to own the home, this can be a great choice, as they’ll receive payments from the bank, in a way like an income. This can allow your loved one to remain in their own home or afford accommodations in an assisted living location.
- Government Programs
Due to the high traffic through these programs one may incur long wait times. However, it is worth remembering that there are also a variety of government programs that can provide support with finances or medication expenses.
Even if your family is not ready to commit to larger planning options; one can put a basic plan in place through these simple steps demonstrated. Having a plan in place for your family and loved one potential needs can help everyone live a happier, more stress-free life without the worry of financial woes.
Below are helpful resources and links for managing and navigating future care and finances as we age.
Honoring Choices offers a free Health Care Directive Online: Honoring Choices MN
The Office of Minnesota Attorney General Guidebook for Seniors: Guidebook for Seniors