Skip to Content

Do You Need to Plan for Long-Term Care? Learn How to Get Started

Do You Need to Plan for Long-Term Care? Learn How to Get Started

Author: Kat Stinson, Director, Trust Services

When you plan for retirement, you want to make the best of your golden years. Whether it’s traveling, spending time with the grandkids or more time on the golf course, we all look forward to having more time to do the things we love. However, one important aspect of planning for your future that you won’t want to overlook is planning for long-term care.

Fifty-two percent of people turning age 65 will need some type of long-term care services in their lifetimes. Even though planning for the later stage of your life may not sound like fun, it’s important to have a plan in place so that your wishes are followed. Having a plan for your long-term care will help you maintain your independence because you get to choose what this chapter of your life will look like. It also alleviates stress for family members who may otherwise have to make these choices for you down the road.

What Should My Long-Term Plan Include?

Creating a long-term care plan may seem like an overwhelming task. When it comes to creating a long-term plan, there are a few key elements you’ll want to include.

  • Where do you want to live?

    Whether you plan to be cared for at home, in an assisted living facility or retirement community, it’s important to plan out your wishes and consider at what point in life you will make this transition. You can also start thinking through some of the logistics like consolidating your personal belongings, possibly selling your home or researching different living facilities in your area that offer the accommodations you prefer.

  • Do you have the insurance coverage you need?

    Depending on your long-term care plan and financial situation, you may want to consider long-term care insurance.

  • Do you have a medical and financial power of attorney?

    Having both a power of attorney for financial decisions and a power of attorney for any decisions regarding medical care is an essential piece of any estate plan. You can learn more about estate planning basics, including powers of attorney, in this blog post.

  • How will you manage expenses?

    Consider how you will pay your bills and manage expenses. Will you rely on a family member of corporate trustee?

  • Who will help you day-to-day?

    Who will help you run errands or take you to appointments? You may rely on family and friends or an assisted living facility.

  • Do you have charitable gifts to consider?

    If you have charitable contributions that you regularly make, a power of attorney or trustee can help you continue giving to the causes you care about at the later stage of your life.

When Do I Need to Start Planning?

Even if the later stage of your life is decades away, it’s best to plan when you are healthy and able. It’s also wise to revisit the conversation every few years or when you have a life-changing event, along with your estate plan. If you plan on relying on long-term care insurance, planning early can be key, as a policy can be more expensive or difficult to secure as you age.

How Do I Get Started?

A good first step is to start thinking about your goals for the last stage of your life and what you want your life to look like at that age. Once you’ve determined your wishes, communicate your plans with your loved ones so everyone is on the same page.

It may also be helpful to meet with an advisor who can help you develop an estate plan that includes key aspects you won’t want to overlook.

Interested in learning more about long-term care planning? Learn how FNBO’s Trust Services can help.

About the Author

Kat attends to the needs of trust, investment management, estate and conservator accounts. She collaborates with business partners to address the holistic financial needs of clients, with a dedication to delivering exceptional service.

This material is provided for informational purposes only.  It does not constitute legal, tax, accounting, investment, insurance or other professional advice.  All expressions of opinion are subject to change without notice in reaction to changing market, economic or political conditions.  Information contained herein from third parties is obtained from what are considered reliable sources.  However, although it is intended to be accurate, its accuracy, completeness or reliability cannot be guaranteed.  Linking to any third-party materials in no way implies an endorsement or affiliation of any kind with any third party.  This material was created as of the date indicated and reflects the author’s views as of that date.  Neither the publisher nor any other party assumes any liability for loss or damage due to reliance on this material.

Investment Products are: