You might also look into a long-term care insurance policy, which reimburses you up to a certain amount for the costs of home care or a nursing home. Medicare won’t cover the costs of most long-term care, and if you need it, care can be very expensive.
In some cases, long-term care premiums are deductible from federal and state taxes.
Experts are divided on whether everyone needs long-term care insurance. If you’re over 50, especially if you have no immediate family on whom you might depend if you became ill, it’s worth looking into what’s available, weighing the costs against the benefits, and deciding for yourself.
You might also consider establishing a healthcare power of attorney, which gives someone the authority to make your medical decisions if you’re unable. A healthcare power of attorney sometimes includes a living will. In a living will you can make it clear what your wishes are for life support and other medical issues.
