If you’ve been contemplating the benefits of long-term care, it’s well worth it to look at this issue many years in advance. Most people have heard on a regular basis about updates to Medicaid and Medicare. This information can be extremely confusing or even overwhelming for someone who does not know at what point in their life they might need the support of Medicaid or Medicare.
Most people misunderstand how Medicaid or Medicare can apply to long term care insurance situations. Medicare is a health insurance program for those people over age 65, whereas Medicaid kicks in with health insurance benefits for those who meet particular asset or income requirements. Many people get confused because Medicare will pay for certain rehabilitative services and nursing home, but not all of them. This can be especially confusing for someone who is approaching the long-term care planning process well in advance.
The support of an experienced estate planning attorney can go a long way towards helping you understand how long-term care planning can support you. Long term care insurance is often a very expensive option, and it may not be available to people past a certain age or those who have developed serious health issues over the course of the last several years.
Sitting down with an experienced estate planning lawyer is the best way to approach the long-term care planning process and to ensure that all needs have been addressed appropriately.
