Long-term care is a topic that you often hear discussed regarding the elderly community. As people age, they have three main concerns. One, if they will be able to age in place without needing help from others. Two, if their health is where it needs to be and if they have adequate healthcare. Three, if they have enough money on a day-to-day basis, ensuring that they don’t live beyond their means or outlive their assets. Regardless of age, we all should be thinking about these things. Even agile and healthy people should think about their future. If we’ve learned anything from this pandemic, it’s to expect the unexpected. The benefit of hiring Millman Law Group PLLC is that you don’t have to make tough decisions independently. We specialize in long-term care planning, and today we’re going to talk about the benefits of planning for it.
Long-Term Care Planning Helps Caregivers
According to AARP, in 2020, one in five Americans were caregivers. The U.S. Department of Health and Human Services also reports that over 70% of seniors will need long-term care. With demographics changing and people living longer, it puts their family members in a unique situation, especially if the senior has a degenerative condition. Lack of planning can impact one’s finances adversely and put family members in quite a bind.
Interestingly enough, although 70% of seniors will need long-term care, only about half have a plan. When you set up a plan, you put less of a burden on the people that love and care about you. This type of planning makes life more manageable for caregivers. It also ensures that you get the proper care that you need as you reach retirement age.
A Long-Term Care Plan Involves More Than Just Budgeting
This type of planning involves more than budgeting for expenses or covering a product’s risk through insurance. It puts seniors in control of how they’ll receive care, the type of care they’d prefer to receive, who is in charge of the care they receive, designated caregivers, and of course, financial planning. It’s always best to outline plans while you’re in the right frame of mind. Not only are there financial burdens that come with elder care, but not being able to provide a loved one with adequate care takes an emotional toll as well.
But…What About Medicaid?
The thing about Medicaid is that it benefits those with a lack of resources and income. Therefore, if you have a substantial amount of assets, you’ll have to spend them down. You also won’t have as much control over the type of care you receive due to Medicaid covering limited services and not all facilities accepting it.
It’s never too early in life to plan for anything, and putting forth actions to prepare for the future will always give you a higher quality of life.
MILLMAN LAW GROUP PLLC MAKES A BIG DIFFERENCE TO AN UNDERSERVED COMMUNITY
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.