There are many considerations when addressing your long-term care needs:
Maintaining sufficient income
Deciding whether to spend savings
Managing healthcare services (Deciding between in-home care, nursing home care, etc.)
Your estate planning needs are only a part of your over all long-term care planning. Have your children or other family members assist you in making these important decisions.
At Mateya Law Firm, we work with many private companies and county agencies to help ensure that our clients have all of the care and services they need. We will be happy to assist you in any way we can to make well-informed long-term care plans. Long-term care insurance is one way you can begin to address some of these issues.
When you are approaching old age, you want these to be your best years, not simply your ‘final’ years. Estate planning should be a vital part of your long-term plans, but it is not the only part. You have many important decisions to make:
Where will you live?
How will you get around (to the grocery store, to church or synagogue, to the movies)?
How much assistance will you need in your daily life?
When you have addressed some of these important questions, the estate planning questions are often easier to answer. To not plan at all is to plan for failure. To address these questions, no matter how difficult it may be, is to be as prepared as you possibly can be.
Additionally take a moment to read anarticle pertaining to long term care.
Long-term care insurance is not only “nursing home” insurance. It is a hedge to protect your lifetime investments from rising health care costs. We refer to it in our office as “401(k) insurance.”
We have had many clients who were in a rehabilitation center for short-term stays prior to returning home. Their long-term care insurance often picks up where traditional medical insurance leaves off. We highly recommend that you talk with your insurance agent about this important subject.
The most common argument that I hear against long-term care insurance is that it is expensive. When comparing its costs to the cost of medical care, it is a bargain.
Talk with a trusted insurance agent about long-term care insurance. Our office will be glad to work with you in crafting an estate plan which takes into account your long-term care insurance.