Important Tips for Incorporating Long-Term Care Into Your Estate Plan
Many people equate estate planning with postmortem concerns. Basically, what happens to their property and money after they pass on. However, an estate plan can, and should, incorporate long-term care.
Why It is So Critical to Have a Plan in Place for Your Long-Term Care
If you or your spouse need to stay in a skilled long-term care facility, expect to pay on average $7,500 per month (depending on the type of care you need). Many people do not have sufficient savings to bear that financial burden. As a result, their financial assets are depleted much sooner than expected. This can place tremendous strain on you, and your family. Oh, and do not expect Medicare to pick up the tab. Many people are surprised to learn that traditional Medicare does not cover long-term care costs. Medicaid could potentially cover long-term care costs, but there are strict financial requirements and you have to effectively deplete your savings before you can expect to get Medicaid coverage.
Fortunately, a St. Charles estate planning attorney can help in numerous ways. You should schedule a time to sit down with an attorney to begin devising an effective, detailed plan for your long-term care.
Investigating Your Genetic Background and Taking Preventative Action
Do you know of any major diseases or medical conditions that run in your family? If so, you and your attorney can discuss the financial impact if you were to be diagnosed with that condition. In the estimated likelihood that you need treatment for a particular condition, at what age could you reasonably predict you will need treatment? Do you have any current health conditions to consider? Exploring these possibilities may not be the most enjoyable exercise, but it is more preferable than facing the harsh reality of scrapping pennies together in the hopes of paying long-term care (or, even worse, asking family and friends for financial assistance).
Research Long-term Care Insurance
A long-term care insurance policy can be a good way to protect yourself against draining your financial assets due to unexpected, or costly, medical treatment. You and your attorney can discuss ways to locate an affordable policy. It is best to take action now rather than later since the sooner you sign up for a policy, the lower your premium will be.
Take Action Today – Contact Polaris Law Group
The process of completing a long-term care plan can be intimidating. The Polaris Law Group is here to help. We take pride in offering an effective, streamlined experience to our clients. If you want to ensure that you and your family is properly cared for, contact the Polaris Law Group today. Our firm is comprised of experienced and skilled St. Charles trust and estate attorneys Scott Stork and Raymond Chandler. Schedule a meeting with Scott or Raymond today by phone or by filling out a quick contact form today.