You may think that you can tell your family exactly what you want when the time comes. However, a medical condition or accident could take away your ability to communicate. For instance, a stroke can affect your ability to speak or write. And, a coma can take away all of your decision-making power. For these reasons and more, it is important to take care of your final wishes before the needs arise.
If you meet with a legal advisor, they can set up a number of documents indicating your wishes should something arise. A financial advisor can also work with you and your budget to determine what options you have available. Have you thought about what type of care you will need in the future?
As we age, our needs grow with us. You may need help with daily tasks, such as bathing and changing.
This level of care could mean living your last days outside of your home. Senior facilities include:
- Independent living apartments: Housing for seniors aged 55 and up.
- Assisted living programs: Housing for elderly people who need medical care.
- Nursing homes: Housing for elderly people who are no longer able to take care of themselves.
The option you choose will depend on the amount of care that you need.
Another option is continuing care retirement communities. These are retirement communities with options for independent living, assisted living and nursing home care.
Each of these facilities provides different levels of care at varying expenses. However, programs like Medicare and subsidize some of these expenses. Financial planning now can help you budget for the future and make smart financial decisions.