Planning Long-Term Care Part II: Assets, Finances, and Cost of Care
The cost of advanced care is expensive, and many people are unaware that Medicare doesn’t cover most long-term care needs, so planning ahead for your care not only allows you time to determine how to pay for it, but it may offer you more opportunities to receive payment assistance.
According to the National Institute of Aging, people use a variety of payment methods and options, including personal funds (i.e. pensions, savings, stock income), private long-term care insurance, veterans’ benefits, government health insurance (i.e. Medicare, Medicaid, etc.), and services provided through the Older Americans Act. For more detailed information on the description of such payment options, visit the National Institute of Aging’s website.
While the cost of care is an important decision to make in planning for long-term care, asset protection is equally as vital and is commonly a huge concern for individuals. Many people worry about what will happen to their assets and whether or not their care will affect inheritances planned for family members. We highly recommend relying on an attorney to help you navigate preserving your assets, as attorneys understand the complexities of the law and the protections and rights you have as an individual.
At KTF Law Firm, we offer the following legal services to help families prepare for the future:
- Medical Assistance Planning
- Probate Administration
- Trust Administration
- Estate Property Distribution
- Power of Attorney
- Incapacity Planning
- Health Care Directives
- And More!
Working with an attorney will give you peace of mind, knowing that your assets and plans for your family are protected.
Honoring Your Health Care Wishes
One important component in planning for long-term care is clearly laying out your health-care wishes. Think about the aspects of long-term care we’ve mentioned above and decide what works best for you and your family. Once you’ve made a plan, we suggest completing a health care directive, which helps to honor your wishes for you and your loved ones by identifying the patient’s wishes on how to approach medical decisions if he/she is incapacitated or unable to communicate. It may be helpful to seek the help of an attorney when completing a health care directive, as he or she can guide you through the process, ensuring your health care and your wishes are protected and clearly expressed.
While planning for long-term care can be emotional and overwhelming, we recommend tackling those tough decisions and conversations as soon as possible. Having a plan for living arrangements, payment of care, asset protection, and a clear health care directive will alleviate stress and provide equanimity in knowing your desires are clearly defined and represented when and if the time should come where you need advanced care.
Find an Experienced Legal Team Near You
The best way to ensure a secure long-term care plan for you and your family is by consulting with a medical assistance and estate planning attorney. Our Minnesotan attorneys at KTF Law Firm are here to help guide you through any of your medical assistance planning and estate planning needs.
By offering various planning services, including assisting in health care directives, we help you feel rest assured that you, your wishes, and your loved ones will be well represented and protected. Contact us today to learn how we can help or to schedule a free consultation today!