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What age is best to start long-term care planning?

Long-term care may not be something you think about in your younger years, but as the time creeps closer to when you may need these types of services, it is smart to begin working on your plan.

According to U.S. News and World Report, the ideal age to begin long-term care planning is 50.

Still in good health

At age 50, most people will still be in relatively good health. You are in a good position to begin thinking about what happens when your health declines. There is still likely a bit of time before you will need these services, but since you do not have current health worries, it makes it the ideal time to start planning for the long term.

Time to plan

Because you still have 10 or 20 years until you need long-term care, time is on your side. It is ideal to plan the financial aspects right now because it will give you time to save money or get your finances in order so that when the time comes, you can afford the long-term care you need or want.

If you wait too long, you will not have enough time to get things financially ready. You may end up needing the money you would put towards your long-term care for your care now. That is why it is best to begin planning before you start having health issues.

In addition, if you plan to use Medicaid to help with the costs of care as your age, you must plan ahead for it. Medicaid has income and asset limits. There are a lot of rules for qualifying as well. It takes time to get yourself in the right place to be able to get Medicaid.

Putting off long-term care planning past the age of 50 does not make sense. This is the perfect age to start because you have time left to plan and prepare.

 

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