If you are young, you probably do not think much about either retirement or the final years of your life. As you reach middle age, though, your outlook is likely to change. If you have not thought about long-term care, you may be missing the boat.
A growing number of adults are opting to add long-term care planning to their overall estate plans. That is, no longer do estate plans solely address the distribution of property and other assets. Instead, diligent planners often decide to include medical directives, funeral wishes and long-term care insurance in their estate plans. Here are three reasons you may want to address your long-term care in your plan.
1. You get the care you need
While you may be healthy and active now, your good health may not last forever. As you age, your body may become less effective at combatting illnesses and recovering from injuries. With a long-term care plan, you ensure you get the care you need in the final years of your life.
2. You can relieve stress for your loved ones
Few things in life can be more heart-wrenching than watching a loved one age. If you do not have the financial means to receive excellent care, though, your children or other relatives may feel downright powerless. With long-term care planning, you relieve stress for those you love the most. Instead of asking your loved ones to figure out how to provide the care you need, you take care of the responsibility yourself.
3. You avoid having difficult discussions
As you probably know, talking about the end of your life can be difficult. When you begin the process of planning for long-term care, though, you address tough subjects in a proactive way. Remember, you do not want to wait until you need care to talk about your wishes with your family. By addressing the issue early, you have time to weigh your options and make good decisions.
You likely do not want to think about the last few years of your life. If you are feeling well, putting off long-term care planning may be tempting. For at least three reasons, though, including long-term care in your estate plan makes good sense.