Individuals typically require more health care as they age. That is why many people incorporate long-term care planning as part of their estate plans. To fully understand one’s long-term care funding sources in Florida, individuals will want to become familiar with the benefits that can be provided by two government programs, Medicare and Social Security.
Medicare is a 53-year-old health care program that will cover the costs of some medical expenses starting around one’s 65th birthday. It is divided into four parts, with Parts A and B known as “old Medicare.” Parts A and B cover a variety of hospital and physician costs. Medicare Part C works with private insurers to cover medical costs, but some premiums are involved for the recipient. Part D is a prescription drug insurance program that also may come with premiums.
Social Security benefits provide financial security for older people starting at the age or retirement, although a person may be able to file for the benefits earlier or later. There are incentives to waiting to receive the benefits, in the form of greater payouts. Each person’s benefit will be calculated using the government’s rules and mathematical formulas.
When weighing the options for funding medical and financial needs, Medicare and Social Security will be included in the plan. Since neither program is likely to provide 100 percent of a person’s retirement needs, and timing is important to maximize these programs, many people choose additional floridaelderlaw.net/Elder-Law/Medicaid-Planning.shtml”>long-term care planning help in Florida. Some individuals have chosen to hire an experienced long-term estate planning attorney for more assistance in creating a plan to help provide for them in their later years.
Source: columbusceo.com, “Estate Planning: Medicare vs. Social Security”, Craig Lovelace, Jan. 19, 2018