LONG-TERM CARE

It often seems that, as we approach retirement age, the real worries begin. Mostly, they're about declining health and its effect not only on our independence, but also on our loved ones and our finances. These "worries" beg an important question:

• What happens if we can no longer manage everyday activities and need the help of others?
• Would I be a burden to my family if I needed caregiving round the clock or even part-time?
• Can I afford the level of care I'm used to―with competent and reliable caregivers?
• Will I be forced to take up residency in a nursing home or Medicaid facility?
• Will I have the option of receiving care in my own home?
• Do I have sufficient assets to pay for the care I need? For as long as I need?
• Do I want to preserve some of those assets to pass on to my children or grandchildren?
• How will I maintain control of my life and remain independent?

Good long-term health care is all about good planning. And, with the rising costs of services, it's important to understand our options and carefully formulate a strategy.

Traditional health insurance and Medicare cover services for medical necessity, not for providing caregiver services to help us manage our daily routines. They also do not cover at-home or custodial care beyond the need for medical necessity. And, if we rely on Medicaid as a source of support, those services are typically not available until we've spent down our assets. That's why we need a plan.