Longevity intensifies the need to plan for extended or long-term care—and we’re not just talking about health-care needs. There are also lifestyle needs and financial needs. Worrying about running out of money or being forced to move out of familiar surroundings is stressful. These issues affect a family’s financial stability and relationships. The COVID-19 pandemic was a nasty wake-up call for the entire world. It opened all of our eyes to the limitations of the government, the health-care system, staffing issues, and even families’ abilities to provide safe and adequate care when things go wrong at a local, state, national, or global level. If these realities aren’t a trigger for you, then let me be clear: You need to have these important family conversations today and move toward a plan. The earlier you plan, the more options you have.
However you define family, unplanned limited, extended and long-term care issues can pull a family’s financial stability and relationships apart. The only remedy is to plan; and the best plan is a result of becoming organized and educated about which options work best for your situation.
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