You may be wondering whether it is worth the time and effort to plan for long-term care. You and/or your loved ones may be years and even decades away from being significantly elderly. However, care planning proactively can save you a substantial amount of money overall and can prevent care-related worries before they begin to take hold.
A study recently conducted by Genworth Financial indicates that families who engage in proactive care planning save nearly $11,000 annually on average in out-of-pocket costs. Families who wait until a loved one has suffered injury, illness or significant age to act fail to benefit from these savings. These families also often endure significant stress as they scramble to find care-related resources and the money to pay for them once a crisis has arisen.
To further emphasize the benefits of planning ahead, the study reveals that nearly 40 percent of family caregivers believe that if they had planned ahead, they could have avoided a significant amount of stress.
A number of additional study-related findings underscore the benefits of speaking with an attorney in order to draft a care planning strategy well in advance of when your family expects to need these resources.
The additional findings include the fact that over half of primary family caregivers lose income as a result of their role and that nearly 25 percent of individuals had no idea how to begin planning. Please, if you have not begun care planning, speak with an attorney experienced in such matters. Your future self will be glad that you did.
Source: AARP, “Advance Planning for Eldercare Saves Money, A New Study Shows,” Sally Abrahms, Oct. 31, 2013