Food for Thought Financial Questions when contemplating your possible future healthcare needs.
1. What type of financial planning do you have in place, in the event you require care outside of your current residence? Do you have an advisor at your financial institution, or otherwise? Have you reviewed your assets, debts, and income? Is there budget planning in place for retirement?
2. Have you researched Power of Attorney information: Personal care and Property? More information available here.
Have you secured a list somewhere of your banking information (for your Financial Power of Attorney), in the event you suddenly become incapable of managing your own financial affairs?
3. Have you investigated Long Term Care insurance, and is this an option that is available to you, or may meet your future needs?
Do any of your private insurers cover any costs, should you require 24/7 care? Are you aware of any free services offered by your governmental health plan?
4. If a couple shares a pension, what provisions are in place should the pension holder need care outside of their current home? What income supplements may be available for the marriage partner? : Canadians Check out “Involuntary Separation" via this link (type involuntary separation in the search box).
5. Would you be entitled to a rate reduction, with a small comfort allowance in a LTC home, because your income is below the minimum charges? Are you maxing out on any additional governmental monies that may be available for low income seniors?
Avoid procrastination when looking at current, and future planning for retirement. The buck can certainly stop here, but without continued growth it's just a dollar. (And unlike these new miracle fabrics...it's not stretching as far as you would like!)
A big part of financial freedom is having your heart and mind free from worry about the what-ifs of life. –Suze Orman