Life is full of transitions, some easier than others: growing up, having kids, watching your kids move away, losing a parent. One of the more formidable transitions you may need to make is employing extra help in old age. While it can be difficult to give up some independence in this stage of life, you can ease this transition by preparing for the costs associated with assisted living sooner than later.
Care and cost go hand-in-hand
The more assistance you may require, the more it will generally cost. Keep this critical fact in mind as you plan for your eldercare needs. Assistance options may include:
- Home care – If you need a little help around the house with things like cooking or cleaning.
- Assisted living facilities – These are residential facilities that offer personal care services, such as meals, housekeeping and entertainment, along with varying levels of assistance with daily activities.
- Nursing homes – These facilities are for people who may need the kind of round-the-clock care and supervision not generally offered in assisted living facilities.
Where will the money come from?
While Medicare and supplemental health insurance may cover most of your medical services, assisted living and nursing homes are not covered. As you and your financial professional plan for these costs, you may want to consider these questions:
- Should you liquidate assets, such as selling your house?
- What are your income alternatives?
- Do you qualify for any government or veteran’s benefits?
- Does your estate plan account for end-of-life expenses?
- Does your cash value life insurance policy have a critical illness rider?
Plan now, enjoy the benefits later
The sooner you prepare for the possibility of assisted living, the better. Discuss the issues now with your family and loved ones – it can help make the transition easier for everyone when the time comes. Throughout the planning process, you can work with your financial professional to get the assistance and guidance you need.
Securities offered through Voya Financial Advisors, Inc. member SIPC.
Neither Voya nor its affiliated companies provide tax or legal advice. Please consult with your tax and legal advisors regarding your individual situation.
This material is provided for general and educational purposes only; it is not intended to provide legal or investment advice. All investments are subject to risk. We recommend that you consult an independent legal advisor or financial professional for specific advice about your individual situation.