The same exact limits of liability and deductibles you have on your full coverage vehicle AUTOMATICALLY EXTEND to a PRIVATE PASSENGER vehicle that you rent from any car rental company....
By guest blogger June Duncan, caregiver and author of the upcoming book, The Complete Guide to Caregiving: A Daily Companion for New Senior Caregivers
Planning for the future is never easy; there are so many things to consider, and when it comes to your senior years, there are sometimes painful questions that need to be answered. Making sure you have the financial stability to get through your golden years without any issues is imperative, so you’ll need to begin planning well before retirement age.
For many seniors, the question of whether long-term care is necessary becomes a focus. Even if you’re in good health now, injuries or disease could create problems down the road. Having a good plan will give you peace of mind and allow you to start preparing by taking care of yourself. Think about what sort of changes you can make at home to ensure you don’t suffer falls or other injuries in the future; sometimes, downsizing is the best option, especially if your current home has a lot of stairs or a large yard to take care of.
Read on for some great tips on how to prepare for long-term care.
It’s imperative to do some research to figure out what the likelihood is that you or a loved one will need long-term care in the future. Your current age will factor in; how close are you to retirement? If you have a family history of disease or other health issues that could affect you, do some homework to find out what the costs associated with these are and whether they require long-term care with a hospice or nursing facility.
It’s also a good idea to make some decisions about your home and estate now by planning out a will with a lawyer. it’s difficult to think about the possibility that you won’t be able to make these decisions in the future, but in the event that you are diagnosed with Alzheimer’s disease or are otherwise incapacitated, your family will still be well taken care of.
Downsizing is another a great way to start planning for the future, especially if your house is very large or offers too many chances for potential injury once you reach your senior years. It’s also a wonderful way to start saving money, and having a smaller home will mean less work when it comes to cleaning and chores, meaning you can reduce stress at the same time.
Additionally, it’s important to take your health into consideration regardless of your age, so start by taking care of your physical and mental needs. Exercise daily, avoid stress as much as possible, spend time with family, and know when to take a break when you feel overwhelmed. Learning how to say “no” when someone is asking for too much of your time can also help.
Financing and Insurance
Some life insurance policies will help you prepare for your senior years by helping you pay for long-term care. According to the American Association of Long-Term Care Insurance, the costs of these policies may vary, as will the number of premiums you’ll pay. There are certain things to take into consideration depending on which company you use, however, such as whether having a long-term care policy will affect the life insurance payout total.
If you need help with financing for the future, a life insurance policy settlement can help you pay for long-term care and may be the better option for you. Your age, health, policy type, and policy amount will all affect your eligibility to sell.
Planning for the future can be an emotional time, so make sure you take care of yourself during this process. Spend time with your loved ones, practice hobbies that bring you joy and allow you to relax, and take your time with making preparations. Don’t feel as though you have to rush, which can bring on anxiety. Once you have a good plan in place, you’ll have peace of mind.
Please be sure to pick up June’s new book,
Filled with lots of useful information.