As you grow older, you are likely going to feel overwhelmed by decisions about health care, housing needs and home care. It’s prudent to start planning now to make sure that your elderly life isn’t tough. If you are approaching 60 years old, you need to do your own financial planning immediately to take care of your future. Here are the best elder care financial planning tips that you should know.
Create A Monthly Budget
You should create a monthly budget with a list of your current and expected income and expenses. Make sure this budget is reviewed every month to include any new expenses that might come up due to old age. You need to make sure that everything is covered.
Cater For Large Capital Expenses
Make sure you have a budget that caters to large capital expenses for a period of 3 to 5 years. Are you planning to sell your car, house or any other assets? Make sure you have a budget that caters to these financial decisions effortlessly.
Review Your Health Insurance Plan
Go through your life insurance plan to find out what’s covered and what isn’t. Remember, as you grow old, you are likely going to start feeling ill. Therefore, you need to have the right insurance policy to take care of whatever might come up effortlessly.
Overview Of Your Assets And Debts
Make sure your financial plan has a complete overview of your assets and debts. Leaving anything behind might come back to haunt you, especially for the debts. Certainly, you don’t want to be coupled with debts alongside your medical expenses.
Finally, as part of elder care financial planning, you need to choose someone to handle your finances and decision making. If you lose your cognitive abilities due to your old age, you need someone of sound mind to make the right decisions on your behalf so choose wisely.