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Long-Term Care

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7 Things You Should Know About Your Loved Ones

 

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The Cost of Care – Long-term care (at home, in an assisted-living facility or nursing home) can easily run from $50,000 to more than $100,000 a year, depleting your hard-earned savings. Some options to consider are long term care insurance and family and retirement planning and protection.

The Medical Maze – Make sure one doctor oversees and coordinates all care, especially as your loved one ages. As care becomes more complex, multiple doctors may inadvertently prescribe conflicting treatments. Get to know your parent’s physician and stay in touch. Know what health insurance policies are in place and how to access them.

Life’s Closing Scene – It’s a hard fact of life that many people end up confused and afraid, largely because family members weren’t prepared to make tough choices. The best way to avoid this is to talk in advance, both specifically and in some depth, about your loved one’s fears and hopes, and how they want decisions handled. Then brace yourself to follow those wishes.

 

Source: Genworth Financial

 

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