Benefits to long-term care planning today

Georgia residents may benefit from thinking about long-term care planning years before they need it. This may make it possible to limit the impact of rising health care costs that could prevent an individual from enjoying his or her retirement. In some cases, health issues may appear without warning, and it is also possible that a spouse's health issues could derail long-term financial plans.

There is a strong possibility that an individual will experience medical or other health issues later in life. It is believed that 70 percent of those who are currently 65 or older will need long-term care. A 65-year-old today can reasonably expect to pay roughly $138,000 for the cost of care before they pass away. Those costs may include a hiring someone to help with eating or other daily activities or providing care for those who have dementia or similar conditions.

Buying a long-term care insurance policy may be one way to limit financial exposure to a health care costs later in life. As there are a variety of plans available, individuals might talk with a financial planner who may be able to help them choose an option that fits their needs and budget. In some cases, a long-term care policy may be used in conjunction with traditional health insurance to meet a person's needs.

While traditional health insurance policies may help to cover some medical expenses, it may not cover all of them. Long-term care policies may help to provide coverage for in-home caregivers or other costs that other policies won't cover. Buying hybrid life and long-term care insurance policies may further provide protection against possible increases in medical costs as time goes on. An attorney may be able to help an individual incorporate this into an estate or elder care plan.

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