Seniors: Making Choices Before Its too Late

Mar 8th, 2010 | By | Category: Senior Moments Blog

There is a whole series of choices to make in post retirement years. These are choices which need  to be made before making them compromises and limits your choices. Today and Tomorrow we will deal with seven of those issues.

Examples are Long Term Care Insurance, Moving into a Care Facility, Working Out your Estate Plan, Eliminating Accumulated Stuff, Deciding where you can Live, Keeping Up with Annual Physicals, and Working out Issues which affect Mobility.

*Long Term Care Insuarance is very high on the list.  It is one of those things, if put off, risks rejection.  Having the necessary physical when you are at your healthiest is wise.  Your medical history will influence your acceptance, your rates, and your qualifying to be in a good position to save money in the future.  Of course, you may pay premiums longer.  But the pay off is that when you require the services that LTC  insurance covers, you will be glad you made the right choice.

Include the inflation rider.  Costs escalate annually and you will be glad that your care insurance reflects the rise in costs.  Income, at this point, will be largely, if not completely, dedicated to care and housing in a facility.  Anticipating these costs, planning for them and absorbing much of them with LTC insurance will be a smart, wise and prudent move.  Do it today.  Delay will cost you more.

*Choosing the time to move into a Care Facility is a critical move.   Again delay is your worst enemy.  Identifying a care facility which has a good reputation, is acceptable to your desires and needs is another decision requiring smart and careful consideration.  Applying for a place in a Care Facility, i.e. getting your name on the list, is a necessary decision.  Waiting until the moment one must make such a move often means no bed is available. 

Going through the process of identifying the options, determining the type care required, interviewing others who have experience will make your choice easier and wiser.  Be clear before the move in is made what the situation will be regarding the use of an automobile, if there is still one available.  Do not leave this to external forces to influence the decision.

 *Collaborating with family members, your attorney and others who may assist in wisely working out your estate plan, which should have been addressed by the time of retirement, is another critical priority.  Again, and we cannot emphasize this too much, delay will cost you and your family.  A studied approach with counsel from well prepared professionals needs to put you and your estate in a position of protection, preparedness and prudence.  This is one area which can prompt more tension, stress and difficulty than almost any other.  Head it off with well thought through choices and conclusions. 

The additional four concerns on our list will be dealt with tomorrow under the rubric:  Choosing Before Its too Late, Part 2.

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