Plan Today for Tomorrow's Care
Thinking about future care isn't always easy. But for many families, it can be an important part of preparing for the years ahead.
Extended care planning involves considering what could happen if you or someone you love needs assistance with daily activities or ongoing care later in life—and how those needs could affect your financial plan.
Ascend Financial Partners helps families throughout Northeast Ohio consider their options and incorporate potential care needs into broader financial planning.
Why Extended Care Belongs in the Conversation
Future care needs can affect more than healthcare decisions.
They can influence retirement income, savings, investments, family members and the assets you hope to preserve.
Planning ahead can give you an opportunity to think through those possibilities before a family is faced with an immediate decision.
Questions We Help You Consider
- What types of extended care might you need?
- How could future care expenses affect your financial plan?
- What resources could potentially be available?
- How might care for one spouse affect the other?
- What assets would you want to preserve for your family?
- When should extended care become part of your planning conversation?
Planning for More Than the Cost of Care
Extended care planning isn't simply about estimating a future expense.
It can also involve thinking about who might provide care, where care could take place, how your family might be affected and what financial resources may be available.
The goal is to consider the possibilities before circumstances make the decisions for you.
How Extended Care Fits Into Your Financial Plan
Retirement Planning
Potential care needs can be considered when developing a retirement strategy.
Risk Management
Insurance and other risk-management strategies may be part of the conversation.
Estate Strategies
Care planning can also be considered alongside goals for preserving and transferring assets.
Money Management
Understanding potential future expenses can help put current savings and spending decisions into context.
Extended Care Planning in Northeast Ohio
Ascend Financial Partners works with families throughout Northeast Ohio, including Akron and Summit County. We understand that conversations about future care are personal, which is why our approach begins with understanding your family, priorities and broader financial picture.
Frequently Asked Questions
What is extended care planning?
- Extended care planning involves considering potential future care needs and how those needs could affect your financial and family circumstances.
When should I begin thinking about long-term care?
- There is no single age that applies to everyone. The conversation can become increasingly relevant as part of broader retirement and financial planning.
Does Medicare cover all long-term care expenses?
- Coverage depends on the specific situation and type of care. Individuals should review their circumstances and consult appropriate healthcare and insurance professionals.
How can extended care affect a spouse?
- A significant care need can affect household income, savings and other financial priorities, making it useful to consider both spouses in the planning process.
Is long-term care insurance the only option?
- No. The appropriate approach depends on individual circumstances and available resources.