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  • Writer's pictureJohn C. Rexford

5 Keys to Long Term Planning and Elder Care

Long Term Elder Care Chatanooga Tennessee

Most everyone hopes to live a long life, in the most responsible way, allocating and budgeting our finances appropriately., then leave something to those we love. But the cost of long term care can cut into those dreams. Here are a few thoughts to consider:

1. It is important to approach retirement with a solid understanding of one’s financial ability to meet their expenses in each stage of life, especially as one approaches older age.

Income streams may change or reduce, medical or care expenses may increase, and having a good grasp of your financial needs is an important first step. Anticipating what expenses may occur is important to think through. For example, many individuals are under the impression that long-term care or a skilled nursing facility is always covered by their insurance. Unfortunately, this is not always the case and often

times health insurance or Medicare will not cover long-term care facilities, especially skilled nursing care, for an extended period of time. Often times there are strict guidelines, restrictions and qualifications that need to be met before health insurance or long term care insurance covers these costs. Many Americans do not have a long-term care insurance policy at all, to help cover these needs.

2. Consider if long-term care insurance is right for you or your loved ones.

Some individuals are able to purchase long-term care insurance to help cover potential expenses of living

in a nursing home, receiving support from a professional caregiver, or to cover custodial care. This type of insurance has benefits but can also be costly. To pursue this, it is important to shop around to find a plan that is fitting for you and your unique needs, stage of life, and expenses anticipated.

3. You can also plan to self-fund long-term care with strategic financial planning.

At times long-term care and related expenses are unavoidable. Having a nest egg and additional avenues of financial support, or streams of revenue, can help to alleviate this demand. A financial advisor can help you explore financial options. Sound legal support can also help you understand opportunities to receive government benefits from state and federal sources of funding and programs specifically designed to support elders.

4. Begin planning for your care while you are healthy!

It is never too early. Consider ways to pursue holistic wellbeing, as important aspects of health. You may want to address ways to have social support as you age, identifying ways you will have community, engagement and interaction from family, friends, neighbors, a church community, etc..

It’s very helpful to identify an individual who can hold power of attorney for you as you age. An individual who holds power of attorney can be a friend or family member you trust, whom you can give legal authority to, to care for your legal, financial and medical needs, in case you are unable to make or execute those decisions for yourself.

5. Consider where you want to live.

Many want a home that has a certain climate; a certain floor plan—without stairs; or in a specific town or location. For some, this may mean downsizing or moving, staying in the home they currently have, or modifying their space to accommodate their changing needs. Our office can help you navigate the process of buying and selling property and can walk you through the important steps needed to do this in a financially prudent way.

Attorney John C. Rexford Chatanooga Tennessee


We recognize that planning for our financial future and elder care can be a complex and sensitive. John Rexford deeply values clients as people. He listens attentively to what is on your heart, your wishes, your concerns, your questions, and the needs that you have that are unique to your family. It is his desire to tailor each legal and financial recommendation to your specific circumstances and to fully honor your family’s needs. In addition to listening well, he explains concepts and ideas clearly, succinctly, and in everyday language to help clients fully understand the options they are considering.

The Chattanooga office is conveniently located near the Northgate Mall, in Hixson, Tennessee, with ample, free parking and an elevator for easy access. Massachusetts clients are served remotely, by phone calls, emails, Zoom conferences and UPS. We look forward to serving you!

Reach out to us today to learn more.

423-645-2017 (Tennessee Office) // 508-234-9160 (Massachusetts Office)


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