Plan Your Future With A Long-Term Care Plan
According to the U.S. Department of Health and Human Services Administration on Aging, someone in the U.S. who is turning 65 years old has a 70 percent chance of needing long-term care at some point in their lives.
Considering that more than two-thirds of the population over 65 will likely need long-term care, it is important to understand exactly what long-term care planning involves.
What Is Long-Term Care Planning?
Planning for the future of your financial and medical needs is commonly referred to as long-term care planning. This process is typically very complex and solutions vary from person to person. A long-term care plan can be customized to address the short- or long-term needs of an individual.
People often find it advantageous to work with an elder law attorney throughout this process.
Kentucky ElderLaw, PLLC, located in Louisville and Bowling Green, can help ensure that your medical and financial wishes are documented and fulfilled.
What Do Long-Term Care Plans Cover?
While every plan is different depending on the unique needs and life circumstances of the individual, long-term care plans often cover:
- Asset protection: This is a vital part of long-term care planning. It can protect your finances and assets, even when you are in an expensive nursing home.
- Medicaid: For qualifying individuals, Medicaid pays for nursing home costs. It is a needs-based or entitlement program: you must meet the income and assets criteria set by the federal government and the state where you live.
- VA benefits: These are benefits for veterans and their surviving spouses through the Department of Veterans Affairs (VA). These benefits are available even if the veteran did not retire from the military or serve overseas and, in many cases, even if they did not suffer injuries while on duty.
- A durable power of attorney: This is a legal document that authorizes one person to act on behalf of another. It is crucial to create a power of attorney that allows for long-term care planning.
- A health care surrogate: Also known as a health care power of attorney, this is a person who makes medical decisions on behalf of another individual when he or she can no longer communicate with a doctor.
- A will: This is often the first thing people think of when they think of long-term care planning. A will is a document allowing you to state who gets your belonging after your death.
- A living will: This document states your wishes about the use of artificial life. Having a solid living will can save your family a lot of grief and give them peace of mind in the most difficult of times.
Why Long-Term Care Planning?
No one can predict the future. But the fact is, a large percentage of older adults will need long-term care at some point in their lives. The chances of needing long-term care go up for individuals with chronic illnesses. Lifestyle factors choices can have an effect.
Taking steps now to plan for the future can provide individuals and families with peace of mind. A long-term care plan allows individuals to map out a customized plan, so important decisions do not have to be made in haste in the future.
Talk to an attorney to find out about your specific options.
Get A Free Consultation With A Lawyer
What are the long-term care planning essentials? Start discussions with an attorney from Kentucky ElderLaw, PLLC, today. We will work with you every step of the way.