Legal Solutions

Long-term care planning in the present times

On Behalf of | Feb 17, 2021 | Estate Planning

If the past year has taught us anything, it is evident that the unexpected can occur despite one’s careful preparation and planning. This has created new thoughts and conversations for those in Texas and elsewhere when it comes to estate planning and preparing for one’s care if he or she were to need long-term care. It is not just about one’s wishes for long-term care but also how and where it will be received.

Long-term care planning

The health crisis has caused many to view long-term planning differently. It is now a more critical issue to address. One must not only consider how they will receive long-term care but also how they will pay for it. While some aging adults question whether they want to receive care at home or a nursing home facility, most make this plans part of their retirement blueprint.

Data suggests that roughly 70% of Americans will need some form of long-term care during his or her retirement years. Thus, it is imperative to consider how this will be carried out.

The importance of planning

The costs associated with long-term care can be astounding and not a cost one can assume in their retirement years. Thus, one needs to consider either obtaining insurance or creating a plan. For many, the premiums for insurance are out of their reach, which leads many to rely on Medicaid. However, Medicaid is not always an option. Thus, planning and segregating funds could help one save up for these costs if they are determined necessary later in life.

Elder law issues do not just occur when one is elderly. Many individuals plan and prepare for these issues well into their youth. While no one can tell what the future will bring, it is possible to consider certain possibilities, laying out their wishes in these matters. Those dealing with long-term care planning or other similar matters should understand their options and rights when moving forward with this planning.