Health care costs are steadily climbing. Individuals who think they may face long-term senior care costs down the road are encouraged to start long-term care planning now. In Florida, Medicaid may not cover all the financial needs and some people choose to take steps to bridge the coverage gap.
Some experts recommend beginning the senior care planning process early while one is still relatively young and healthy. Not only will a person likely have longer to plan for expenses, but insurance coverage will likely be more affordable to buy when one is younger. Industry analysts expect the costs associated with senior care to continue their climb, as salaries and health insurance for professional caregivers increase along with the costs of medical care.
People are living longer, and most people are interested in staying in their own home as long as possible. By the time a person is ready for the nursing home, they have likely spent all their assets. But Medicare is not able to cover 100 percent of the cost of the nursing home care, putting a strain on facilities that will need to make up for the loss in some way.
floridaelderlaw.net/blog/">Long-term care planning can be an important part of anticipating future medical needs. This type of estate planning can also help protect one's assets. In Florida, some individuals choose to consult with insurance providers, financial professionals and lawyers for assistance. A lawyer can help a person ensure the plan they create will be an appropriate fit for their unique situation.
Source: whig.com, "Planning needs to start early as long-term costs climb", Matt Hopf, Oct. 4, 2017