Eldercare Planning

In Eldercare Planning:

1. Plan for different levels of care. For instance, think long-term instead of focusing on immediate needs.
2. Evaluate whether aging in place is an option. While attractive to many, staying at home can be costly and dangerous.
3. Explore senior living options before needed. As a result, you learn what you want and don’t want, and the related costs of each.
4. Consider the typical path of expenses in retirement. For example, expenses tend to be high early on, lower in the middle and increase again in our elder years.
5. Evaluate adult daycare options. This way, you identify and choose without relying on a busy caregiver with limited time searching for a safe place for you.
6. Know your options in the case of a health event, cognitive impairment or incapacity. Additionally, update estate documents with those related wishes.
7. Understand what Hospice Care provides. Then, include this information and any related desires or instructions in estate documents.
8. Protect yourself from financial fraud. For example, use strong passwords maintained in a private place or via password protection software.
9. Understand the taxation and income planning opportunities and impacts. For instance, some medical expenses associated with senior living options can be deducted. Additionally, family members may be able to receive a dependent care tax deduction for expenses paid on your behalf.