Unlike a lightning strike, most people can expect to need some extra help at the end of their lives. Since the need is anticipated, a person can make the time period a little less stressful with long-term estate planning. Some consider this an essential part of estate planning for Florida folks reaching retirement age.
Long-term care costs are climbing, and many people are not aware of just how much is not covered by Medicare insurance. When personal assets and Medicare can't fill the gaps, individuals will need to rely on Medicaid or their other plans. One option that some people are choosing is long-term care insurance to cover the shortfalls.
Medicare and Medicaid are good programs, but they often do not cover the full cost of assistance. The programs provide care for nursing home residents, but do not give funds for unskilled living assistance. It can also be helpful to discuss preferences for at-home, day care and residential treatment options with the family. For example, if a person would like to stay at home as long as possible, would the preference be for an in-home assistant or an adult day care option?
In Florida, floridaelderlaw.net/Elder-Law/Medicaid-Planning.shtml">long-term estate planning will help bring all the different options to the table, help the individual sort through them and finalize a plan for care. Whether this will include the use of savings, insurance and help from others will depend on the circumstances of the individual. Many people will choose to use the services of an attorney for help in covering the details and with understanding the particular laws in their state.
Source: newpittsburghcourieronline.com, "Retirement planning should include long-term care costs", Alexandra Olson, Nov. 20, 2017