Have you and your family started planning for your future health care and financial needs? America faces an aging population, with an anticipated doubling of the over 65 population by 2050 (An Aging Nation: The Older Population in the United States, May 2014). As more and more Americans live longer, the demands on our health care system will increase, as will the need for more senior services and support. Many people are outliving their savings and under budgeting for long term health care. These issues make long term care planning more important than ever.
According to the Centers for Disease Control and Prevention, almost 23% of noninstitutionalized persons over age 65 are in fair or poor health and over 7% need help with personal care from others. Many people may not plan ahead because they don’t know where to start. Longtermcare.gov is a great resource for anyone starting down the path of long term care planning. It can help answer your questions ranging from how long you might need care to what types of care Medicaid and Medicare will cover. For example, if you require skilled services or rehabilitative care, insurance may be responsible for some portion of your health care; however, if you require what is known as non-skilled care with day-to-day activities, you may not be eligible. Personal long-term care insurance policies can help fill the gaps, but it is a good idea to read all of the fine print to understand exactly what you are eligible for. An elder law attorney can help make sure you have the correct legal framework in place to protect your estate and see that your health care wishes are met. There is a lot to think about and plan for, so set aside time to sit down with your loved ones and discuss your options. You’ll be glad you did!
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