When the subject of long-term care planning comes up, some people in California have views and thoughts that conform to an old way of thinking about LTC. This essentially means assuming Medicare will pay for such expenses or that children will pick up the tab. Some other people believe they'll never need such care.
It is not uncommon for individuals in California and elsewhere to be responsible for finding long-term care for an elderly family member. However, a person will usually have many questions as it relates to finding such care. For instance, there may be questions about how to pay for it or which facility offers the best service. It can also be challenging to tell a parent or grandparent that he or she needs to be in a long-term care facility.
Those who are looking for a care facility for their aging parents in California often have questions as to how to choose the right one. The first thing that a person should do is determine how much care a family member needs. For instance, a person who is highly confused or can't groom themselves may need different levels of care than someone who can still live a relatively independent lifestyle.
Most California residents would prefer to spend their retirement years in their own homes, but this may not always be possible. Taking steps to prepare for the financial costs of long-term care is an important part of estate planning, but individuals face a number of other important decisions as they near retirement. Large homes that were once filled with children may be unsuitable for retirement living, and not paying attention to tax issues could cause Medicare premiums to rise.
Providing for long-term care is among the most important reasons for California residents to develop an estate plan, and yet many underestimate their need for it. The U.S. government estimates that 70 percent of people who are currently 65 years old will require long-term care of some kind during their lives. The costs associated with this type of care are often underestimated, and many people don't realize that health insurance will not cover all of it in many cases.
California music fans were shocked to learn of the sudden-death of rocker Tom Petty. After suffering cardiac arrest, the famous musician was treated but then removed from life support. The decision was made by Petty himself in the form of a do-not-resuscitate order that he had signed as part of his long-term care and estate planning.
Many LGBTQ Californians believe in spending for today instead of saving for tomorrow. Unfortunately, this approach may make it much more difficult when they grow older. If people need long-term care at some point in their lives, their partners may have trouble being able to pay for it.
In a survey conducted by a trade association, 65 percent of those who responded said they thought most people should have disability insurance. Only 48 percent thought they themselves needed it, though, and only 20 percent actually had it. California residents might do well to incorporate a long-term disability insurance policy as part of a comprehensive long term care plan.
As your loved ones get older, several difficult conversations may have to take place if you see that they are not able to make important life decisions on their own. Indeed, elderly loved ones may not feel comfortable giving up the autonomy and freedoms they have enjoyed for most of their lives. But as their faculties continue to erode, they may need help in maintaining a safe standard of living.