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Have you made plans for long-term care needs?

As you get older, you may find yourself in need of some form of long-term health care. This situation strikes many individuals over the age of 65, and without the proper planning, you could potentially find yourself among those parties struggling to pay for care. If you worry about the possible financial burden that long-term care could place on you or your family, you may wish to determine what planning options could help you accommodate for such needs.

Reasons for long-term care

You may need extended health care for a variety of health-related issues. As you age, your mind may begin to show signs of dementia or Alzheimer's disease that results in an inability to effectively carry out daily tasks and care for yourself. Other long-term illnesses, such as Parkinson's disease or certain cancers, could also lead to needed assistance.

Serious injuries could also present a need for such care. Broken bones resulting from falls or car accidents could more severely impact your life at an older age than if you were younger. Recovery from serious injuries may take longer, and in some cases, you may not achieve a full recovery.

Assistance options

Many older individuals would like to stay in the comfort of their own homes, but at-home care services can prove costly. Additionally, many family members do not have the ability to stay home and care for an ailing loved one. As a result, you may find yourself living in a nursing home or other assisted living facility. Such facilities can provide excellent care, but again, the costs associated with these homes will need attention.

Addressing costs

Though you may have health insurance, many policies do not cover the expenses associated with long-term care. Specific types of long-term care insurance exist, and this option may prove beneficial to interested parties. Without insurance, you and your family may need to take money from savings accounts or other funds in order to cover the costs.

Planning ahead

Because many individuals face the likelihood of needing extended care, you may consider planning ahead a prudent step. Creating an estate plan could allow you to set up insurance accounts and set aside funds specifically for the costs of any long-term care you may need in the future. As a result, the financial burden may not cause as much strain.

Additionally, you may use your estate plan to detail how you would like your care handled. You may appoint health care agents, designate appropriate facilities for your care and detail any health care directives necessary parties should follow.

Because you likely want your estate plans to cover your needed care and other important aspects of your life, ensuring that you take the correct steps to create your plans may prove vital. The assistance of an experienced Oklahoma estate planning attorney could allow you to feel more at ease as you move through the process of making your wishes known.

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