Procrastination Perils:

The High Costs of Delaying Long-Term Care Planning

In a rapidly aging society, the stakes for long-term care planning have never been higher. Discover the critical importance of timely planning and gain insights into the potential financial and emotional toll on your family.

Have You Said Or Thought Any Of The Following?​

Delaying long-term care planning exposes individuals and families to asset depletion. Running out of money is a real possibility. Addressing these concerns now is vital to safeguarding your economic well-being and securing a future where the emotional and financial burden on your family is minimized. We are here to help you strategize.

Benefits of Long-Term Care Planning

Not Being a Burden

Proactive planning ensures you won’t become a financial burden on your loved ones. You can take steps now to ensure your spouse will have money for their needs and make it possible to still leave a financial legacy to your children. You can eliminate the need for your children to deplete their assets for your care.

Affording Quality Care

Explore the financial advantages of securing quality care tailored to your preferences. Most people want to age in place. But, the cost of aging in place is usually more expensive than you might think. The cost of care is steadily increasing.

A 2021 study done by Genworth found that from 2020 to 2021, there was a 10.64% increase in the cost of Homemaker services and a 12.50% increase in the cost of Home Health services. These costs are going to continue to rise.

Securing Your Family's Future

Delve into the ways planning safeguards the financial and emotional well-being of your spouse and loved ones. I’ve found that most people don’t want their spouse to be left destitute by medical expenses and they want to leave something for their kids or grandkids.

Don't let procrastination diminish your planning options—
act now to protect what matters most.

By 2050, the U.S. Census Bureau predicts there will be 86.7 million citizens age 65 and older living in the U.S. and will comprise 21% of the total population. People in the 65 and older age group will grow by 147% between 2000 and 2050, compared to 49% growth in the population as whole.

Pitfalls of Not Planning:
Unveiling The Hidden Costs

1. Underestimating the need and cost of care

Studies have shown that 70% of people will need long-term care. However, only 35% of people actually believe they will need it.

According to a Genworth study done in 2021, in the Dallas-Fort Worth area, the average cost of 365 days of:

These costs may be higher depending on the facility and service providers used and the number of hours. The average hourly cost for a home health aide and homemaker services is $26. This adds up quickly if you need someone to care for your spouse or parent for 8 hours a day 5 days a week.

2. Not seeking professional guidance early enough

Long-term care planning is something that takes skill. You will find a great deal of information on the internet but understanding what to do with that information and the documents that likely need to be drafted requires the skill of legal and financial professionals. Google can’t tell you how and when to use a certain strategy.

3. Waiting until you are in crisis mode to start planning

I have seen it many times. Help is sought only when the crisis is upon the family. This waiting often eliminates planning strategies that could have saved the family a lot more money and reduced their emotional stress. Waiting until crisis mode leads to:

Planning Beyond Costs

The impact of caring for a loved one who requires long-term care goes beyond money. There are many things to consider after how are we going to pay for it. For instance:

Emotional Strain

How the caregiver’s freedom will change, how the care recipient’s freedom will change, the emotional stress that can be created between children, siblings, and spouses of the caregiver and care recipient.
How many hours of care will be needed if family members decide to provide the care? How will the time dedicated to caregiving of a biological parent, in-law, or stepparent impact a marriage and the family dynamic? Will money issues be exacerbated?

Consequences of Delayed Planning

Uninsured Medical Expenses

The prospect of facing significant medical expenses without adequate insurance coverage is a major concern. Unforeseen healthcare costs, particularly those associated with long-term care, can pose a substantial financial burden.

Impact on Retirement Savings

You should consider the potential need to dip into your retirement savings to cover long-term care expenses. There is a real possibility of exhausting savings meant for a comfortable retirement due to the high costs associated with extended care.

Financial Contributions from Family

The fear of becoming a financial burden on family members is prevalent. Adults aged 55 and above often worry about their children having to contribute financially for out-of-pocket costs, potentially impacting the financial well-being of the entire family. Long-term care costs may lead to a need for family members to cut back on their own expenses. The financial strain on the family dynamic is common, as individuals contemplate the potential need to adjust their lifestyles and budgets to accommodate the costs of caregiving.

Work-Related Financial Consequences

The financial implications of missed work due to caregiving responsibilities are a significant concern. Children caring for an elderly parent face losing income, career opportunities, or even their jobs due to repeated absences or lateness caused by the demands of providing care.

The issues the often necessitate planning for long-term care may involve the need to establish a guardianship.

Click here to learn more about guardianship in Texas.

Please confirm that you understand the consultation is paid and the fee is $350.