Planning Ahead

No one wants to think about growing older and aging. It’s never too early to start planning for what might come. Planning for the unexpected and the possibility of        long-term care will make life transitions easier on you and your loved ones. With a plan in place, you and your family will be prepared and ready for that next step in life.

To help you get started, we’ve outlined some general tips to help guide you in planning for the future.

List your concerns and priorities.

Listing your wishes and worries for the future will lead you in the right direction of what options will be the best fit for you.

Examples:

• “I want to remain at home, but I want to feel safe and know that I am being cared for.”
• “What happens when I become sick? What options are out there for me?”
• “I want to leave an inheritance and pass along my assets to my family.”

 Look at your current health condition.

Your health and well-being will determine what type of housing and care management you might need.

• When was your last physical? What conditions do you have, if any?
• What did your doctor recommend that you do more/less of, and/or better monitor?
• What types of medication do you take? Are they being taken correctly?
• Is there a consolidated health history for yourself that is easily accessible in case of emergencies?

 Review your financial and medical situation.

Caring for yourself as you grow older can become expensive. Getting your finances in order and knowing what medical coverage you have will help determine what you can and cannot afford.

• Do I have a complete list of current assets and their value? Is the location of this list easily accessible to a family member? Is it in a safe and secure place?
• Do I have a pension? Where/how is it received?
• What is my social security amount? Where/how is it received?
• What other sources of income do I have? (Stocks, bonds, IRA’s, CD’s, savings accounts, etc.)
• What are my debts? (Mortgages, car payments, etc.)
• Is there a need to apply for Supplementary Security Income?
• What medical insurance do I have? What does it cover?
• Is Medicare of Medicaid adequate?
• Are there other insurance policies in place? What do they cover?
• Is there a prescription drug plan?
• Is there a need to apply for long-term care insurance?

 Take legal action.

Having a legal plan in place will make situations easier on your loved ones in the event that you are unable to make decisions for yourself or in your passing. 

• Is my will up to date?
• Do I have a power of attorney? Who is it?  Who do I want to make decisions for me?
• Do I have a living will? What are my conditions for medical care?

 Research what types of housing and services are available.

There are several types of housing options and community programs for seniors. Know what they are and what amenities are offered with each. Make a list of what you would like in an apartment or community to help you better decide. Knowing what you want and what is available will help you decide on the best living situation for you.

• Where do I want to live? Do I want to stay in my home?
• Under what circumstances will I accept being in an assisted living or nursing care community?
• What services are available in my community that can help me remain in my home for as long as possible?

Communicate your wishes.

Making your preferences known to your family and friends will help them know how to execute your wishes for when the unanticipated happens. Communication is key to making sure your decisions are met in future life situations.

• Who will be my principal caretaker?
• What involvement will my family members have in my care? What responsibilities will they have?
• Where are the important documents? (Wills, insurance policies, power of attorney, trust documents, tax returns, banking records, etc.)