Home Ask Your Agent Compare Plans Cost Calculators Planning Checklist IID Home Page
Planning Checklist
 
When you self-fund, you are responsible for paying long-term care yourself. A "pay as you go" strategy, however, does not mean you can just "wait and see." To avoid disrupting your long-term investment plans or running out of money requires discipline. Since your financial situation will change over time, this approach involves constant vigilance to make sure you stay on track. Your family can be an important safety net in case you outlive your resources.

IDENTIFY ALL SOURCES OF RETIREMENT INCOME
  • Calculate the funds you have accumulated in pensions, 401(K) or other savings plans.
  • Use your Social Security statement to identify gaps in your retirement income.
  • Consolidate accounts.
DETERMINE HOW MUCH YOU NEED FOR LTC EXPENSES
  • Review your life insurance policy to see if it covers LTC.
  • Find out how much services cost in your area or where you plan to retire.
  • Visit retirement communities and assisted living communities to see if these are right for you.
  • Do a benefits checkup to identify community resources.
  • Consider working with a care manager to discuss cost-effective options.
DEVELOP A FINANCIAL PLAN THAT INCLUDES LTC

    FOR FUTURE NEEDS
  • Establish a long-term care savings plan and keep saving.
  • Manage your investment portfolio and include growth potential.
  • Understand the impact of taxes on your retirement income.
  • Maximize home equity if you plan to stay at home.
  • Minimize credit card and other debt.
    FOR IMMEDIATE NEEDS
  • Set aside cash or other funds that can be easily converted to cash for LTC.
  • Consider purchasing an annuity to avoid running out of funds.
  • Consider working with an elder law attorney or estate planner.
TALK TO YOUR FAMILY
  • Make clear your expectations for family support and caregiving.
  • Discuss the possibility of living with your kids.
EVALUATE YOUR LIVING SITUATION IN RETIREMENT
  • Check the safety of your home to avoid accidents that can lead to LTC.
  • Consider home modifications to help you cope with physical or mental changes.
  • Contact your bank to learn about reverse mortgages.
WORK WITH AN ATTORNEY
  • Develop a durable power of attorney to deal with finances in case of incapacity.
  • Draw up a will.
  • Develop a living will or advance directive for health.
Above Information from the American Association for Long-Term Care Insurance Web site.

 
  The Iowa Insurance Division (IID) has general control, supervision and direction over all insurance and securities business transacted in the state, and enforces Iowa's laws and regulations. The IID investigates consumer complaints and prosecutes companies, agents and brokers engaging in unfair trade practices. Consumers with insurance or investment questions or complaints may contact the IID toll free at 877-955-1212 or visit the division on the web at www.iid.state.ia.us.  

330 Maple Street   |   Des Moines, IA 50319   |   877-955-1212   |   info@TravelWisely.Iowa.gov