6 events that should give rise to elder-care planning

| Feb 1, 2020 | Estate Planning

Getting older typically comes with a host of changes. Whether these changes are physical, emotional, social or financial, they can take a toll on our lifestyles and health. 

As such, it is important to revisit our goals and care plans as our needs change. Such a review can be especially crucial after the following events:

  1. Diagnosis of a serious illness
  2. Death of a spouse, child or other caretakers
  3. Job loss or retirement
  4. Significant increase in financial assets
  5. Experiences that affect our medical wishes and end-of-life care plans
  6. Declines in health that result in loss of independence

In these situations, our plans for the future can change. People may develop strong feelings for or against specific measures, like nursing homes or life-saving efforts. They may need to identify different people to care for them, whether that is at home or in a care facility.

Financial losses can require us to shift money around or reassess what is feasible in terms of care. Alternatively, receiving more money could open up new opportunities for financial and medical planning.

Protecting your wishes

In order to receive the support and care you want as you get older, planning will be crucial. In addition to knowing what you want and do not want, you should know what you can afford. As noted in this Cost of Care Survey 2019 by Genworth, the monthly cost of care varies widely, based on the type and extent of care you require.

Because of this, a plan you made years ago may no longer be practical if your medical or financial needs have changed. And though you might have planned to stay in your home or live with your child, changes in your living situation and familial relationships can affect these arrangements.

However, periodically revisiting your care plans to make adjustments or decisions allows you to safeguard your wishes. It can also give you and your loved ones the peace of mind in knowing that you have measures in place to secure the care you want.