I’ve talked to many groups and many seniors over the past 11 years about homecare services and options. The vast majority are emphatic that they want to stay living in their own homes for as long as possible, however when you ask them if they have financially prepared to stay home, the majority usually shrinks down to a small minority. Many are completely unaware of the potential costs of homecare, Retirement homes and Long Term Care Facilities.
It is easy to say that you are going to stay in your home indefinitely but if you or your spouse become ill then you may not have a choice on where you live if you have not financially prepared. So how do you prepare financially?
The first step should be to select a Wealth Advisor, hopefully you have done this long ago, if not it is never too late. How to select a Wealth Advisor could be the subject of many blogs, so we are going to assume you already have one and a good one who has brought up the subject of homecare and long term care in your retirement plan.
Together with your advisor you can explore what your options are. Some possibilities are:
- Self-funding, putting aside enough to cover future care cost, and
- Long Term Care Insurance
I recently conducted an interview with Leanne Teston, Wealth Management Specialist of Cunliffe Wealth Management Group RBC Dominion Securities Inc. on the Savvy Senior Show about Long Term Care Insurance, it is definitely a possible solution that you should be discussing with your Wealth Advisor.
You can listen to my interview with Leanne Teston by clicking here.
Christian Bullas, Owner of Senior Homecare by Angels