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  • Writer's pictureCaregiving Consultants

Being Prepared

Updated: Aug 6, 2019

Many of us will be caregivers at some point in our lives. Approximately 90% of caregiving situations occur with little or no warning. Loved ones age, debilitating disease strikes, chronic health conditions develop, or there could be a car accident or unexpected life-altering injury.

While some are able to employ paid providers, most rely on unpaid assistance from families, friends and neighbors. We won't always know when we'll be needed as a caregiver, but there are things we can do to feel more prepared.

Here are three important things to do while you and your family are healthy:

1.  Obtain long-term care insurance - private caregiving at home is not covered by insurance. The only exception is that Medicare will cover 90 days in an improved rehab facility or nursing home. The cost for caregivers in your home is approximately $33 per hour. Depending on your long-term plan, it will cover around 40% of this cost. But you must be healthy to apply for a policy.

2.  Update your wills - this is important as you need to prepare for the possibility that your loved one will not survive. It is critical to plan for the unexpected and ensure your family is protected and your tax liabilities are secured.

3.  Consult with a financial planner - because the caregiving at home is not covered by your health insurance plan, and only partially offset by long-term care insurance, you need to determine how you are going to afford it. At $33 per hour for 24 hours per day for six months, as an example, your cost without loan-term care insurance would be approximately $142,500. A financial planner can assist you in being able to construct a financial plan to assist you in determining your level of affordability.

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