Few people in Brooklyn or elsewhere in the country would gasp at the notion that health problems increase with age. As people get older, they have more need for medical care as well as long-term care for ongoing health concerns.
Despite this well-known trend, few people take the time to prepare for the possibility that they might one day need long-term care. With the rising cost of care, even the wealthiest people can benefit from careful planning. So, where should you start?
The earlier you can begin planning, the easier it will be to establish the resources necessary to ensure you have appropriate care when you need it. Younger people may want to consider long-term care insurance. Although you will be paying into it for a long time, it is much more accessible when you are younger — possibly through your employer.
For individuals with significant assets, certain life insurance plans can double as estate planning tools and long-term care resources. The right plan may allow you to protect some assets for your heirs while using others to pay for health costs.
Those without the finances to pay for a special insurance plan may want to consider Medicaid planning. By transferring some of your assets to your heirs now, you can set yourself up to qualify for Medicaid when you need it.
If you have not yet considered what kind of long-term care planning you may need in the future — or if you have begun thinking about it but would like more guidance — it may be beneficial to speak with an attorney who is experienced in estate planning and elder law matters.
Source: CNBC, “Wealthy need to worry about health costs, too,” Berta Coombs, May 28, 2015