Long term care planning is something that many people begin to look into early in life. However, some continue to put this off, hoping that they are not negatively impacted as a result.
Our New York readers, as well as every other person in the United States who is closing in on retirement age, need to consider the importance of long term care planning.
Approximately seven out of 10 people that reach age 65 will eventually require some sort of long term care during their lives. Those with a plan in place don’t have to concern themselves with how they will be affected. Those without an idea of what they will do in this case simply hope for the best.
It is easy to believe that Medicare will take care of all long term care costs, but nothing could be further from the truth. This only pays for certain expenses, at certain times, for a particular period of time.
With the ability to purchase long term care insurance, it is possible to protect against future problems, ensuring that if something does happen that there will be enough money to cover the cost of treatment.
People age 50 or older should think about focusing on long term care planning. Of course, starting early is better than starting too late.
With seven out of 10 people who reach age 65 eventually needing some form of long term care, it is a must to formulate a plan as soon as possible. The assistance of an experienced estate planning attorney can be beneficial as you determine how to best proceed with your long term care planning goals.
Source: Nevada Appeal, “John Bullis: 7 out of 10 will need long-term care insurance” John R. Bullis, Mar. 10, 2014