An elder care plan can provide critical guidance and support in emergencies: a severe accident, a sudden illness. However, planning is not just for emergencies.
Many people develop health conditions as they get older that gradually affect their mental capacity and physical abilities. While things may not take a sudden, dramatic turn in terms of their needs and capacity, having a plan can still be valuable when a person’s needs increase over time.
Long-term care expenses
Advanced financial planning is undoubtedly crucial if a person falls ill and goes from a hospital to a long-term care facility.
However, this is not the transition for everyone.
For many people, their needs change slowly. They might first need someone to come by their home every week or so to help with house-related duties. Eventually, that person may need to come over more frequently or help with more tasks. And when the time does come to move, it may be to an assisted living facility before a place like a nursing home.
A financial plan allows you to budget for your care needs, whatever they may be, and qualify for vital programs like Medicaid.
Flexibility and options
Flexibility can be crucial in ensuring you can adjust your plans as your needs change. If you do not take time to set aside savings, appoint decision-makers or transfer property in a specific way, you can wind up without the benefit of choice.
Think of an estate or elder care plan like a map for where you want to go. With legal guidance, you can create contingency strategies that help you and others if events arise that require a detour.
Preserving quality of life
As people’s health and needs change and decline, preserving their quality of life can get more complicated. However, when you have the financial aspects down and clear instructions for the care you want and do not want, you make it easier to enjoy your lifestyle despite any health or wellness challenges.
Having an elder care plan – and revising and updating it from time to time – can provide security in an emergency and in less urgent situations. And knowing that you have protocols in place no matter what the circumstances are gives you and your family some much-needed peace of mind.