Thinking about your long-term care needs can be stressful. It requires you to consider the possibility of being unable to care for yourself, and the potential costs associated with long-term care can be overwhelming. But you don’t want to make the mistake of foregoing long-term care planning simply because of the challenges associated with it.
We understand that’s easier said than done, which is why it’s a good idea to break the process down a little bit so that it’s easier to get through. In this blog post, we will look at some long-term care planning tips that you can utilize to create the effective plan needed to protect your interests, your assets and the financial positioning of your loved ones.
Consider using these tips to help you craft the holistic legal strategy that you want and need:
- Know your options: Before you can figure out how much your long-term care could cost, you need to consider your care options. The intensity of your care will likely dictate its cost. So, make sure you understand the options and the level of care you want as you age so that you have a target to shoot for as you engage in the planning process.
- Consider the insurance coverage that’s available to you: One way to pay for long-term care is with a long-term care insurance While these policies can be expensive to secure, they might provide you with enough protection to rest easy as you age. That said, you need to carefully review the terms of any policy that you’re considering so that you understand the requirements that have to be met before benefits will be paid and so that you’re aware of any exclusions.
- Talk to your family: If you have ideas of how you want your long-term care to play out, then it’s a good idea to discuss it with your loved ones. That way everyone is on the same page as far as your wishes are concerned and they can all act in conjunction to protect your well-being if the time comes to seek long-term care. Estate planning tools such as a power of attorney or a healthcare directive can provide additional protection here.
- Understand Medicaid planning: Given the exorbitant costs associated with long-term care, a lot of people are unable to cover these expenses out-of-pocket. And if a long-term care insurance policy isn’t a viable option for you, then you might feel like you’re out of luck. But that isn’t the case. There are ways to use estate planning vehicles to reduce your assets and income to the point that you qualify for MassHealth benefits. If you’re successful in doing so, then you can shield some of your assets while securing government assistance in covering your long-term care needs.
Don’t let long-term care planning slip away from you
Nobody likes to think about long-term care. Some simply think that they’ll be healthy enough to remain in their own home and will be able to take care of themselves. Others don’t prioritize the considerations that accompany the possibility of long-term care. Don’t make either of those mistakes. If you do, then your estate will be quickly gobbled up by your long-term care costs.
That’s why now is the time to start developing your long-term care planning strategy. This can be a hyper-technical process, though, so it’s risky to navigate on your own. For this reason, many individuals seek out assistance in crafting a legal plan that works for them. If you think you could similarly benefit, then be sure to seek out any help that may be needed along the way.