Finding the right fit for you
Tailoring Your Plan
“One size fits all” doesn’t apply to long-term care. Based on your expectations, your finances, and your personal needs, there are several ways you may want to address long-term care planning. We’ve tried to outline the pros and cons of each. But whichever option you choose, take ownership of your future by making some key decisions.
So what are your options?
Do Nothing
Unfortunately, this is the default for most Californians, and it may leave their dreams, their assets, and their care in the hands of others. Without a plan to cover long-term care needs, many of us could find ourselves facing potentially devastating emotional and financial costs that could stretch on for months, and in many cases, years.
Depend on Family and Friends
Historically in America, family members have provided long-term care. This may seem like an ideal option, but the changing dynamics of America make this a less and less viable option for most families.
As a nation, we are living longer, which means the adult children are often older and less able to undertake the physical rigors of caregiving – helping a parent in and out of the tub, clothing them, and moving them about. Secondly, families are more mobile and spread out today than they were a generation ago, meaning the challenge of caregiving generally falls on a single family member. While our hearts are in the right place, when conflicting priorities arise, such as caring for your parents or children and work responsibilities, how can you choose? Finally, it’s a scary statistic, but a third of partners who provide care to their spouses die before the spouse being cared for.
If this is your choice, make sure your wishes are known and written down to eliminate misunderstandings.
Family Caregiving: "Sometimes it arrives as a midnight crisis; for others, caring for an ailing loved one has become part of the family fabric over time."
Self Insure
For those with significant income, this is a realistic option. In essence, you put aside enough money to pay for your care. The obvious question is, how much is enough? Since none of us know how long we will need long-term care, this can be a challenge. It’s also challenging because inflation and the cost of care are rising dramatically.
Purchase Insurance
For many, the best option is to purchase long-term care insurance. Like other types of insurance (fire, health, auto), this provides you with coverage in the event of needing assistance in the future. The California Partnership for Long-Term Care works with four approved insurance companies to offer Californians a high-quality, flexible and affordable policy that meets all state requirements.
Learn More About Buying a Policy
Next Steps
- Review your financial situation
- Research the costs of care in your area or the area in which you wish to retire
- Develop a personal long-term care plan
- Determine when it's best for you to start preparing. Remember, the sooner, the better and usually, it's cheaper.
- Discuss ways to finance your ideal long-term care arrangement with trusted individuals
- Identify your community resources
