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Do you know these long-term care planning misconceptions?

Mar 28, 2019 | Long-Term Care Planning

Aging is something that is not afforded to everyone, but that does not always make dealing with issues unique to aging an easy process. Long-term care needs are often confusing and difficult to navigate. Many people in Florida feel ill-equipped to handle these matters or are operating under false notions of what will and will not be covered in their future. Here are a few things everyone should understand about long-term care planning.

It is important to deal with a few common misconceptions. For example, many people believe that Medicare will cover all expenses related to long-term care. Medicare actually does not cover any type of long-term care, and while Medicaid does it only applies to those who have otherwise exhausted all of their other finances. It is not uncommon for some people to reach retirement with a sizable nest egg only to spend all of it on long-term care in a relatively short period of time.

Another common misconception is that adult children will help fulfill long-term care needs. While adult children might want to help their parents as best they can, many find themselves unable to do so. The financial burden and amount of time involved with providing care makes it impossible for some people to help even when they want to.

Rather than relying on Medicaid or hoping that children will fill in the gaps, individuals should plan for long-term care. Since 70 percent of all retirees in the United States end up needing at least some kind of long-term care, it is a good idea to consider the benefits of purchasing long-term care insurance. Making important changes to an estate plan can also help a person better structure his or her finances for the future.

The idea of needing long-term care can be an uncomfortable thought for Florida residents. While this is understandable, it is not a valid excuse to avoid planning for its possibility. For those who are confused or overwhelmed by the process, working with an attorney who is experienced in long-term care planning can help make things easier.