Planning for Long-Term Care: 3 Questions You Need to Ask

Picture this: You've finally retired. No more alarm clocks, no more Monday morning meetings. Instead, you're spending your days exactly how you want—whether that's working on projects in the garage, tending to your garden, traveling to places you've always dreamed of seeing, or spoiling those grandkids rotten.

You've worked hard your whole life, and you've been smart about it too. You've been diligently contributing to your IRA and building your retirement nest egg. But here's something that might keep you up at night if you haven't thought about it yet: Are you financially prepared for long-term care?

The Reality We Need to Talk About

Let's be honest—nobody wants to think about needing help with daily tasks or spending time in a nursing home. It's uncomfortable. But here's a reality check: studies show that roughly 58% of men and 79% of women over 65 will need some form of long-term care during their lifetime. That's not a small number. In fact, it's the majority of us.

So while we don't love thinking about it, planning ahead is essential. Not just for your own peace of mind, but to protect your assets, safeguard your estate, and ensure your spouse and family remain financially secure.

At ARD Strategies for Seniors, we help families throughout the Phoenix Valley navigate these tough questions. Here are three important ones you should be asking yourself right now.

Question #1: Where Would I Want to Live?

If you needed skilled medical care or help with everyday activities like bathing, dressing, or eating, where would you choose to receive that care?

Most of us would say, "At home, of course!" And that's a great answer if it's financially and medically feasible. In Arizona, home care runs around $20.75 per hour on average for custodial care. Add in medical care, and those costs climb even higher.

But what if staying home isn't an option? Maybe your medical needs are too complex, or your home isn't set up for the level of care you require. In that case, you're looking at a skilled nursing facility—and we're talking about costs in the ballpark of $100,000 per year nationally.

Here's the thing: having a financial plan gives you choices. It means you get to pick where you receive care, not just accept whatever's available or affordable in the moment.

Question #2: Who Would I Want to Take Care of Me?

When you're financially prepared, you have options. You can be selective about which care providers or facilities you choose.

Not all nursing facilities are created equal - not even close. Some offer beautiful amenities, excellent food, top-notch medical care, and enriching activities. Others... well, let's just say they're more bare-bones.

The difference between a positive, comfortable experience and a frustrating, difficult one often comes down to one thing: whether you have the financial freedom to choose. And that freedom comes from planning ahead.

Question #3: How Am I Going to Pay for It?

This is the big one, isn't it? If you or your spouse needs care for two, three, four, or even five years, how will you cover those costs without draining everything you've worked so hard to build?

The good news? There are strategies that can help protect your assets and give you peace of mind but most of them require advance planning. Here are a couple of options worth considering:

Life Insurance as a Legacy Tool: You might consider purchasing a life insurance policy specifically designed to become your children's inheritance. This way, if your personal resources need to go toward long-term care, your kids still receive the legacy you intended for them.

Strategic Gifting: Another approach involves gifting your inheritance to your children (assuming they're trustworthy and willing to help if needed) as part of qualifying for Medicaid. But here's the catch, Medicaid has a five-year look-back period, so this strategy requires planning well in advance.

Don't Wait Until It's Too Late

We get it—planning for long-term care isn't exactly fun dinner conversation. But waiting until you're in crisis mode? That's when options disappear and families face impossible choices.

The best time to plan is always now, while you still have time to explore all your options and put protective strategies in place.

If you're in the Phoenix Valley and want to talk through your long-term care planning with experienced elder care attorneys who actually care about your family's future, we're here to help. Reach out to us at ARD Strategies for Seniors and we'll help you get ready for whatever the future holds, without leaving your family in financial hardship or losing the legacy you've worked so hard to build.

Contact us today: 602-550-7365 or 602-332-0780

Ready to take the next step? Join our free webinar starting soon to learn more about protecting your legacy.