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Insurance Becomes More Important Over Time

The average cost of a semiprivate room in a nursing home in the United States is thousands of dollars a month. Certainly not a bill you’d like to burden your family or other loved ones with. But paying for long-term care isn’t the only potential burden of not preparing for the possibility you may need such care in the future.

An older couple and their son talking in their home.

Research your care options and facilities in your community and family members’ communities. Look at the costs of the options. What you may pay for different types of care varies throughout the United States.

Write down your care wishes and instructions

Some considerations: Many people prefer to stay in their homes as long as possible. Is there a relative or friend you would or would not want to move in with? You should designate someone to plan for your care if you’re unable. Also think about who would handle your finances for you. Have a general durable (or springing) power of attorney drafted in case you are unable to handle your own finances. Also draft a health care proxy and living will.

Basically, you can pay long-term care costs out of pocket, which could require a significant investment now in order to have the funds you may need later. Or you can protect yourself and your loved ones by purchasing long-term care insurance. Your financial professional can give you information about how to prepare for potential long-term care costs.

Share your arrangements with your family

If you’re just putting together information, bring them into the process by sharing the information you gather. They may have helpful suggestions. And just by talking about the subject, they may feel more comfortable about their possible role in your long-term care.

Notices & Disclosures

Article is adapted from content provided by DTS.

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