I am curious because I never hear what happens. Is there a special place for them to go if they can’t prepare for their care or would the family would have to care or pay for it? Also how can I make sure I prepare for my own care for the future? I see where people tell me that they should have to prepare for my own care and should not have to suffer because they didn’t and other people given the same advice. I know how hard it is and don’t want to put anyone through that but what can I do because I don’t know where to start.
I DO understand that many folks have difficulty saving for retirement.
But by the same token, we often hear from folks who are supporting multiple adult children, addicted relatives and taking out loans to pay for cars for grandchildren.
People need to know that their financial choices are going to have an impact on their ability to get care down the road.
Folks need to appoint POAs, Health Care proxies and make their end of life wishes known.
They need to educate themselves about how Medicare and Medicaid work in their state and talk to the Area Agency on Aging about
case management, low cost senior housing and transportation options.
Becoming elderly should not come as a surprise.
If you have limited funds application for Medicaid would be done.
The best thing to do would be to prepare for your own future.
Make arrangements now to have someone act on your behalf for medical and financial decisions if you can not make decisions for yourself. Your doctors should be aware of your decisions about your wishes for EOL or End of Life care and the documents should be given to your Health Care POA as well as keeping a copy on your person at all times and a copy posted in your house where it would be visible to first responders.
A visit to an attorney to make sure all your papers are in order, POA’s, Will, and Trusts if needed.
You prepare for your own care by educating yourself about financial planning. There are myriad books, podcasts, websites, videos, etc. to be found. Dave Ramsey is a good place to start.