Creating an estate plan can be confusing, challenging and rewarding all at the same time. This is particularly true when you take into consideration long-term care planning, as it brings you face-to-face with the possibility that you may require regular health care assistance at some point in the future.
It’s critical to include a long-term care plan in your estate plan, with a focus on details such as:
- Nursing home care: In addition to choosing a potential nursing home, have a clear idea of how you’ll pay for it. Doing this in advance saves you from dealing with the hassle should you need care in the future.
- Long-term care insurance: It’s one of the best ways to pay for long-term care, as an insurance policy is designed to cover some or all of the expense. Buying when you are young and healthy will save you money.
- Medicaid planning: If you’re eligible for Medicaid now or want to qualify in the future, you need to take some key steps. Any mistake, such as ignoring the look-back period, can hinder your ability to receive this government benefit.
If you have an estate plan, review the long-term care portion to ensure that it puts your mind at ease. And if you’ve yet to touch on this, now’s the time to address the points above with the idea of making changes for the better.
Long-term care planning is something that every estate plan should entail. You’ll be glad that you have this in place should you require this type of care later in life.