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Don't wait to plan for long-term care

Estate planning is an important part of planning for your retirement. While many people put off creating an estate plan until they get older, even more people forget to plan for their long-term care.

Many Americans worry about their health when they reach retirement and often wonder how their health care and living expenses will be paid. Despite many Americans being worried about the care they will receive once they retire, reports show that many people do not plan for their long-term care needs until it's too late.

Roughly 70 percent of people over the age of 65 will need long-term care so it is vital for people to plan for their long-term care needs now instead of waiting. One way to plan for long-term care is to purchase long-term care insurance that can help cover the expenses once you retire. However, many long-term care insurance plans are expensive and not everyone wants to pay for an insurance policy they may never use.

Even if you don't purchase long-term care insurance, it is still important to plan for long-term care needs. It is best to investigate all the long-term care options available and decide which option will work the best for you, your family and your budget. When deciding what option will be the best, investigate nursing home facilities, assisted living communities and home health care agencies to see what type of care is necessary and most beneficial.

Many people feel more comfortable staying in their own home and receiving care by a home health aide while others may require 24-hour assistance or monitoring and may be more suited to stay in an assisted living or nursing home facility.

While understanding and determining what type of long-term care will work for you can be a complicated process but in the end, it will help ease the stress and fear often associated with retirement and health care decisions in the future.

Source: USA Today, "Long-term care: Investigate your options early," Christine Dugas, May 28, 2013

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