Planning for our care is difficult because we never know what is in our future.  The best laid plans often fail because our jobs change thru no fault of our own, families are forced to move out of the area, often across country to find new employment, or a family member develops a life-changing health problem which can put the entire family in a state of financial chaos. However, early financial planning can ease the burden of such traumatic incidents.

The first principle of financial planning should be to learn to save a small amount of money each pay period.  As we age, we suddenly realize that we will not be able to work much longer at the income level we currently have.  Beside having to downsize our living arrangements, we eventually face having to pay for the cost of help for the things we can no longer do for ourselves.  This can become very expensive and occurs at the time our finances are rapidly depleting.  There are several steps to take to alleviate this situation.  First, as we mentioned before, develop a budget whereby you force yourself to save.  The best way is to set aside a small of moneyfin each pay period for saving.  If you receive a money gift, don’t spend it all.  Save a given amount.  Second, consider insurance.  During your working years, invest in a life insurance policy.  Talk to your insurance advisor or financial planner who can advise you of the best plan for you.  Rates are usually lower if you purchase the plan at a younger age.   Next, consider the health insurance plan which is best for you.  Health insurance is expensive but not having the right coverage could mean large co-payments or insufficient coverage in the event of a serious medical emergency.  While you are doing this, look for a good long term insurance policy which will cover the cost of caring for family members in the event of a long term illness or disability.

Finally, start now to plan what to do if a family member becomes seriously ill or injured and needs care.  There are several options.  First, a family member may be available to provide the care needed for the given period of time.  This can be a large sacrifice for the caregiver as well as other family members who are dependent on that person’s care.  Plus, if that caregiver leaves employment to be a caregiver, there is the loss of income.  Some medical insurance policies may pay the cost for short term nursing home care, but a stay beyond the term of the coverage can be expensive.   Usually, the most cost-effective way to provide care is to use a licensed home care agency to provide care.  Most long-term care policies provide for home care and Home Assist Senior Care does accept those policies.  You will usually need a doctor’s order stating the care needed, then call us.  As a licensed home care agency, we can provide everything from companion care to nursing, physical therapy, occupational therapy, speech therapy and many other services.

Start planning now for the future.  You will be glad you did.