LONG-TERM CARE AND MEDICAID PLANNING: IT'S TIME TO TAKE ACTION
With people living longer than ever before, it's important to consider the fact that you may require long-term care at some point in the future. Adding to this, you don't want to lose sight of the fact that long-term care can be costly.
It doesn't matter if you receive care in a nursing facility or at home, the cost can quickly add up. As a result, it's not out of the question for your assets to take a hit in no time at all.
With this in mind, you want to spend as much time as necessary on long-term care and Medicaid planning. You don't want to stop until you are confident that you have the right plan in place.
WHAT IS LONG-TERM CARE INSURANCE?
Long-term care insurance is exactly what it sounds like - an insurance policy that kicks in if you require any type of extended medical or palliative care, such as in a nursing home.
It's vital to learn about what services are covered before buying a policy, as you don't want to run into a bad surprise in the future.
Long-term care insurance can go a long way in helping you preserve assets in the event that you require any type of extended health care.
MEDICAID PLANNING IS IMPORTANT AS WELL
You may not realize it right now, but there are steps you can take to improve your chance of obtaining Medicaid benefits in the future. With access to this government program, you'll find it much easier to pay for the long-term care that you require.
As a resident of California, you'll want to learn more about Medi-Cal and how the right planning can put you in position to have your nursing home costs paid for (if that becomes necessary).
There is more to estate planning than thinking about what will happen to your assets upon your death. You also want to make decisions that will benefit you later in life. This is why a focus on long-term care and Medicaid planning is so important.