When to Start Planning for Long-Term Care

 Part 5 in our long-term care series! In week 1, we learned what long-term care encompasses and who might need it. In the second installment we learned that for the most part, Medicare does not pay for long-term care. In part 3, we learned about Medicaid and how to qualify without spending your entire nest egg. Week 4 looked at long-term care insurance. This week, we look at a few important questions about timing.

When should I start planning for long-term care?
The short answer is, as soon as possible. As we have already learned, a person turning age 65 today has almost a 70% chance of needing some type of long-term care in the future. Don’t wait until you need it. Planning ahead — in your fifties, or even earlier — provides several benefits, including:

• More choice and control — Planning early means you will have more time to research and choose the type of care you prefer. As a younger person you will have more choice of insurance policies. 
• Lower costs — Insurance premiums are typically lower for younger healthier people. 
• Better chance of eligibility — Younger people are more likely to meet the health requirements for long-term care insurance policies. 
• Financial security — We have already discussed the fact that long-term care can be costly. Early planning lets you explore options to protect your assets and retirement savings, and gives you ample time to develop a financial strategy.
• Reduced family burden — taking the initiative to plan ahead can avoid emotional stress and strain on your family who might otherwise have to make difficult decisions for you. 

Is it ever too late to plan for long-term care?
No! It is never too late. Planning, even at an older age or while not in the best of health, is better than being completely unprepared. Even when an individual cannot qualify for long-term care insurance, there are other means to help pay for long-term care, such as Medicaid, as discussed earlier in this series. 

The bottom line
Planning ahead for potential long-term care needs is the best option! If you have not yet started then now is a good time to begin.