When it comes to your retirement, you want to ensure you prepare yourself for everything. This is especially true when it comes to long term senior care in Pottstown, PA. After all, there’s no sense in spending your golden years in a nursing home if you can avoid it.
But where do you start? We’ve put together a list of steps to help you plan for your later years to be packed with happiness and peace of mind. Here are a few steps you must take to prepare yourself for retirement.
Assess Your Financial Situation
Before you can choose a long-term care community, you need to assess your financial situation. Here are some steps to get you started:
- Set a Budget
How much money do you have? How much income will be coming in each month? What are your assets and liabilities? Ensure that you account for everything. You must account for the obvious stuff like checking and savings accounts and your investments and retirement accounts.
If possible, also get an estimate of how much long-term care might cost per month or year from an elder law attorney or another professional specializing in this field (for example, a geriatric care manager).
- Know Your Current Financial Situation
Consider where all this money comes from now and how you’ve distributed your assets among various accounts at banks, credit unions, etc. Ensure you include your salary, Social Security benefits, and revenue from your business. If there’s anything left over after you’ve paid your bills, consider putting that into a savings account for emergencies (or just having fun!).
Consider The Costs Of Care Not Covered By Medicare Or Medicaid
While Medicare and Medicaid provide some coverage for long-term care, they don’t cover everything. Either program does not cover the costs of certain types of care. These include:
- Specialized equipment, such as a hospital bed or walker
- Services that aren’t considered “skilled” or “intermediate,” such as bathing, dressing, and eating
- Transportation to medical appointments
If you know you’ll need these services, make sure your retirement community has them available before signing on the dotted line. Ask how often these communities provide their services. Some communities charge more if offered less frequently than others (for example, only once a week vs. twice). Once again, doing your homework up front can save you thousands down the road!
Start Planning Early On
The best time to start planning for long-term senior care in retirement communities is early on. The reason for this is simple: if you wait until it’s too late and you can’t afford the care you need, it will be much harder on everyone involved.
The sooner you can get into a position where you have the funds to pay for your senior living needs, the better off everyone will be.
Visit Different Retirement Communities
Once you’ve completed your research, it’s time to visit the retirement communities you’re considering. While visiting the retirement communities, talk with care teams and residents about what matters most to them. This will help you figure out what’s essential for you and your family when deciding where to live.
As you can see, planning for long-term senior care in retirement is a complex process that requires careful consideration of your needs and goals. Even if you don’t plan on moving to an assisted living community anytime soon, it’s always good to have a backup plan just in case!