It has been estimated that by year 2030 there will be over a million adults aged over 6o with no children to look after them. Out of those millions, it is estimated that several hundred thousands of those individuals will require daily care with no one to administer the care. It is often assumed, that as we age and can no longer care for ourselves, our children will assume the role of the caretaker we were once for them. Perhaps a more obvious issue for those without children, however the same issue still remains for those with children as the children may me unable to provide care. In many cases these children will grow up to have lives on apposite ends of the country or a career that requires their full attention rendering them unable to provide around the clock care for their parents. If you find yourself a member of the aging population without children or simply unsure if your children will be able to provide the care you require, you may be asking yourself how to plan for the inevitable challenges of aging?
Have a Plan in Place
The best advice would be to form a plan of action prior to reaching the dependent stage of your life, often times we tend to postpone planning for major life events such as aging, assuming we will not be deeply affected by it. Start preparing a power of attorney and next consider options such as long-term care, assisted living, or a nursing home should the need arise. If you are approaching a stage of interdependence where you now require additional help carrying out daily tasks, consider hiring an in home caregiver or joining an assisted living community. When it comes to the stresses of financing these needs, it is important to start planning for the financials now. Although it is impossible to predict the amount of care you will require in the future years to come, it is best to assume you will need care at some point. This especially important for those without children to rely on or for those who wish to have a plan of action in place so that they may have a say in how and where they wish to age.
If you or someone you love is interested in learning more about Long Term Care Insurance be sure to visit: LTC TREE for more information.