You may be wondering when you should start planning and how much it’s going to cost? It’s a topic that you should consider, and preferably with enough time to develop a solid plan.
On FOX61 News, The Rev. Carl Anderson, VP for Mission Effectiveness for Masonicare and Johnson Brunetti’s Managing Partner, Eric Hogarth, CFP® give their opinions on how to begin preparing yourself from a health and financial standpoint. Find the full video below.
On the Health Side:
According to The Rev. Carl Anderson, “The worst time to be trying to find a Long-Term Care placement is when you absolutely need it.” He recommends getting started at a time when you don’t need Long-Term Care yet. Start by making a list of places you would feel comfortable. Take tours of the facilities you have on your list. See how the places look. Determine what services and types of medical care are offered.
In addition to starting early, Carl says it’s important to be educated. Look at the organizations and facilities in the area. Think about your needs and make sure these organizations can fulfill them.
On the Financial Side:
Eric Hogarth, CFP® explains that costs for Long-Term Care are high, and relative to the type of care you will require. Since it’s impossible to predict the exact costs, Eric he believes that “you have to anticipate it being one of, if not the biggest parts of your finances in extended retirement.”
Long-Term Care Insurance can be a great resource to many people, but it’s still costly. Eric reiterates that it’s important to anticipate and prepare for exposure, whether or not you think you’ll need to. He says, “by the time you have to deal with it, it might be too late. And you might then just pay everything you saved to that exposure.”