Long-term care planning is not a mystery, but when you’re young and healthy, you assume that you’ll have many years before you need to think about long-term care. And even if you’re older, it’s natural to assume that you can maintain your independence.
While it’s your hope that you never require long-term care, a functional plan should consider anything and everything that could go wrong in the future, especially given the prevalence of the need and expense of long term care.
And, Like most things in life, when it comes to law and finance, there’s more to long-term care planning than meets the eye. Here are some frequently asked questions to address in the near future:
- Do you have a plan for paying for long-term care? This can include everything from long-term care insurance to Medicaid to using personal assets. By planning in advance, you can outline a strategy for protecting your finances no matter what comes your way.
- Where do you want to receive long-term care? You don’t have to make this decision upfront, but it’s generally better than neglecting to do so and hoping that things work out. If there’s a facility that best suits your personal and financial requirements, make your wishes known in your estate plan.
- Is long-term care insurance worth the money? The cost of long-term care continues to rise. The national annual median cost of care has reached $102,200 for a private room in a nursing home. In Maryland, the cost for 2021 is over $122,280 for a semi-private room. If you don’t plan in advance, even a short stay could have a big impact on your finances. That’s not a risk most families are willing to take.
While these are among the most important questions to address, don’t stop here. If there’s anything else on your mind, figure it out today. You may not have time to do so in the future.
At our law firm, we can assist you with all aspects of long-term care planning. Contact us to learn more about our services and set up a consultation with an experienced long-term care planning attorney.